Bill & Melinda Gates Foundation Trust
Bill Gates · Seattle, WA · Founded 1994
The Bill & Melinda Gates Foundation Trust is the endowment that funds the Gates Foundation's philanthropy. Its investment portfolio is managed by Cascade Investment under Michael Larson — Bill Gates's long-time money manager — rather than by Gates day-to-day, and is run conservatively around a core of long-held blue-chip equities.
Typical holdings include Microsoft, Berkshire Hathaway, Waste Management, Canadian National Railway, Caterpillar and Ecolab. The 13F reports the trust's US-listed equity positions.
History
The trust is created to hold and grow the assets that fund the foundation's giving.
The Bill & Melinda Gates Foundation is established, with the trust as its endowment.
The portfolio remains anchored by long-held positions such as Microsoft, Berkshire Hathaway and Waste Management.
2026 Q2 holdings
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | BRK-BBerkshire Hathaway Inc. Class B★ | CL B NEW | $7.35B | 14.7M | 21.4% | TRIM |
| 2 | Caterpillar Inc | COM | $6.77B | 6.4M | 19.7% | HOLD |
| 3 | Canadian Natl Ry Co | COM | $6.18B | 51.8M | 18.0% | HOLD |
| 4 | Waste Mgmt Inc Del | COM | $5.96B | 26.7M | 17.3% | TRIM |
| 5 | Deere & Co | COM | $2.26B | 3.6M | 6.6% | HOLD |
| 6 | Ecolab Inc | COM | $1.45B | 5.2M | 4.2% | HOLD |
| 7 | WMTWalmart Inc.★ | COM | $950.3M | 8.4M | 2.8% | HOLD |
| 8 | Fedex Corp | COM | $746.6M | 2.4M | 2.2% | HOLD |
| 9 | Coca-cola Femsa Sab De Cv | SPONS ADS REP | $660.3M | 6.2M | 1.9% | HOLD |
| 10 | HDThe Home Depot, Inc.★ | COM | $352.7M | 1.0M | 1.0% | NEW |
| 11 | Waste Connections Inc | COM | $339.9M | 2.0M | 1.0% | HOLD |
| 12 | Madison Square Grdn Sprt Cor | CL A | $238.1M | 592K | 0.7% | HOLD |
| 13 | Fedex Fght Hldg Co Inc | COMMON STOCK | $180.0M | 1.2M | 0.5% | NEW |
| 14 | Coupang Inc | CL A | $160.6M | 9.2M | 0.5% | HOLD |
| 15 | West Pharmaceutical Svsc Inc | COM | $159.6M | 444K | 0.5% | HOLD |
| 16 | Anheuser Busch Inbev Sa Nv | SPONSORED ADR | $140.3M | 1.7M | 0.4% | HOLD |
| 17 | Paccar Inc | COM | $120.1M | 1.0M | 0.3% | HOLD |
| 18 | Schrodinger Inc | COM | $113.5M | 7.0M | 0.3% | HOLD |
| 19 | Mcdonalds Corp | COM | $90.5M | 335K | 0.3% | HOLD |
| 20 | Danaher Corp Del | COM | $71.0M | 373K | 0.2% | HOLD |
| 21 | Kraft Heinz Co | COM | $58.4M | 2.5M | 0.2% | HOLD |
| 22 | Hormel Foods Corp | COM | $51.8M | 2.1M | 0.2% | HOLD |
| 23 | On Hldg Ag | NAMEN AKT A | $17.7M | 500K | 0.1% | HOLD |
| 24 | Veralto Corp | COM SHS | $11.0M | 124K | 0.0% | HOLD |
Notable 2026 Q2 moves
New positions
- HD The Home Depot, Inc. $352.7M
- Fedex Fght Hldg Co Inc $180.0M
Exited
None this quarter.
Position history in tracked names
Quarter-end value of each holding that has a page on R40, most recent first.
| Stock | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc Del | $7.35B | $8.17B | $9.75B | $10.94B |
| WMTWalmart Inc | $950.3M | $1.04B | $934.8M | $864.7M |
| HDHome Depot Inc | $352.7M | — | — | — |
| MSFTMicrosoft Corp | — | — | $3.72B | $4.76B |