Gates Foundation Trust
The Gates Foundation Trust is managed by the Bill & Melinda Gates Foundation, one of the largest private philanthropic foundations globally. The trust is overseen by a team of experienced investment professionals who focus on maintaining a diversified portfolio to support the foundation's long-term philanthropic activities. Their investment philosophy typically emphasizes stability and includes a mix of assets that align with the foundation’s mission of enhancing healthcare and reducing extreme poverty.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 22 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| BRKB | $8.17B | 25.80% | — | — | 25.8% | ||
| WM | $6.35B | 20.06% | $228.80 | $237.20 | +3.7% | 20.1% | |
| CNI | $5.33B | 16.82% | $102.21 | $122.08 | +19.4% | 16.8% | |
| CAT | $4.50B | 14.22% | $707.11 | $925.24 | +30.9% | 14.2% | |
| DE | $2.00B | 6.33% | $561.84 | $595.69 | +6.0% | 6.3% | |
| ECL | $1.39B | 4.38% | $265.30 | $283.14 | +6.7% | 4.4% | |
| WMT | $1.04B | 3.29% | $124.04 | $111.77 | -9.9% | 3.3% | |
| FDX | $849.3M | 2.68% | $285.94 | $310.93 | +8.7% | 2.7% | |
| KOF | $606.3M | 1.91% | $96.53 | $105.12 | +8.9% | 1.9% | |
| WCN | $331.2M | 1.05% | $162.08 | $172.87 | +6.7% | 1.1% | |
| MSGS | $190.4M | 0.60% | $321.40 | $389.29 | +21.1% | 0.6% | |
| CPNG | $174.6M | 0.55% | $18.88 | $18.38 | -2.6% | 0.6% | |
| BUD | $118.1M | 0.37% | $68.36 | $79.89 | +16.9% | 0.4% | |
| PCAR | $115.5M | 0.36% | $115.14 | $123.80 | +7.5% | 0.4% | |
| WST | $111.4M | 0.35% | $250.45 | $354.53 | +41.6% | 0.3% | |
| MCD | $104.1M | 0.33% | $310.79 | $282.33 | -9.2% | 0.3% | |
| SDGR | $79.3M | 0.25% | $11.36 | $16.66 | +46.6% | 0.3% | |
| DHR | $70.7M | 0.22% | $189.21 | $193.18 | +2.1% | 0.2% | |
| KHC | $55.6M | 0.18% | $22.09 | $25.39 | +14.9% | 0.2% | |
| HRL | $47.2M | 0.15% | $22.33 | $24.69 | +10.6% | 0.1% | |
| ONON | $17.0M | 0.05% | $34.02 | $36.23 | +6.5% | 0.1% | |
| VLTO | $11.0M | 0.03% | $88.29 | $92.95 | +5.3% | 0.0% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions
None this quarter
Exited Positions (1)
| Ticker | Issuer | Notional |
|---|---|---|
| MSFT | $3.72B |
Increased
None this quarter
Trimmed (2)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| BRKB | $-1585.3M | -12.2% | ||
| WM | $-5.2M | -4.5% | +3.7% |
Quarter Activity
During the quarter, the Gates Foundation Trust exited its position in Microsoft, marking a significant portfolio change. The fund also reduced its holdings in Berkshire Hathaway and Waste Management, though these adjustments were relatively minor in scale. No new positions were added, and there were no increases in existing holdings.
AI Commentary
<p>The Gates Foundation Trust's portfolio is heavily concentrated in a few key sectors, with significant investments in industrial and consumer services. As of the latest reporting period, the top holdings include Berkshire Hathaway Inc. (BRKB) with a 25.8% portfolio weight, Waste Management Inc. (WM) at 20.1%, and Canadian National Railway Co. (CNI) at 16.8%. Other notable positions are in Caterpillar Inc. (CAT) and Deere & Co. (DE), emphasizing a strong focus on construction and agricultural machinery, which together account for over 20% of the portfolio. This concentration suggests a strategic conviction in infrastructure and essential services.</p> <p>The recent portfolio adjustments indicate a shift in the fund's strategy, particularly highlighted by the closure of a substantial position in Microsoft Corp. (MSFT) valued at $3720M. Additionally, the fund has reduced its stakes in its largest holdings, Berkshire Hathaway and Waste Management, by 12% and 4% respectively. These changes might signal a cautious approach towards market volatility or a strategic reallocation towards other sectors or investment opportunities. The lack of new positions and increased stakes further underscores a possible strategy of consolidation and risk management in an uncertain economic environment.</p>