Fund · 13F holdings
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.
How to read these tables. A Form 13F reports each holding's market value as of the quarter-end date and the share count — not the price the fund paid, when it bought, or any short positions. Buys and sells are inferred by comparing share counts across quarters. Put/call lines are options (often hedges), and their value is notional rather than a straight equity stake. Figures are the fund's US-listed 13(f) holdings only; private positions appear when the manager reports them.
History
1994
Gates Foundation Trust established
The trust is created to hold and grow the assets that fund the foundation's giving.
2000
Foundation formed
The Bill & Melinda Gates Foundation is established, with the trust as its endowment.
2020s
Steady blue-chip core
The portfolio remains anchored by long-held positions such as Microsoft, Berkshire Hathaway and Waste Management.
Q2 2026 holdings
Period end
2026-06-30
Filed
2026-08-14
Portfolio value
$34.42B
Positions
24
We track
3
| # | 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 Q2 2026 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 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|
| 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 | — | — | — |
Earlier filings
Q1 2026 · 22 positions · $31.67B · filed 2026-05-15
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | BRK-BBerkshire Hathaway Inc. Class B★ | CL B NEW | $8.17B | 17.0M | 25.8% | TRIM |
| 2 | Waste Mgmt Inc Del | COM | $6.35B | 27.6M | 20.1% | TRIM |
| 3 | Canadian Natl Ry Co | COM | $5.33B | 51.8M | 16.8% | HOLD |
| 4 | Caterpillar Inc | COM | $4.50B | 6.4M | 14.2% | HOLD |
| 5 | Deere & Co | COM | $2.00B | 3.6M | 6.3% | HOLD |
| 6 | Ecolab Inc | COM | $1.39B | 5.2M | 4.4% | HOLD |
| 7 | WMTWalmart Inc.★ | COM | $1.04B | 8.4M | 3.3% | HOLD |
| 8 | Fedex Corp | COM | $849.3M | 2.4M | 2.7% | HOLD |
| 9 | Coca-cola Femsa Sab De Cv | SPONS ADS REP | $606.2M | 6.2M | 1.9% | HOLD |
| 10 | Waste Connections Inc | COM | $331.2M | 2.0M | 1.0% | HOLD |
| 11 | Madison Square Grdn Sprt Cor | CL A | $190.4M | 592K | 0.6% | HOLD |
| 12 | Coupang Inc | CL A | $174.6M | 9.2M | 0.6% | HOLD |
| 13 | Anheuser Busch Inbev Sa Nv | SPONSORED ADR | $118.1M | 1.7M | 0.4% | HOLD |
| 14 | Paccar Inc | COM | $115.5M | 1.0M | 0.4% | HOLD |
| 15 | West Pharmaceutical Svsc Inc | COM | $111.4M | 444K | 0.4% | HOLD |
| 16 | Mcdonalds Corp | COM | $104.1M | 335K | 0.3% | HOLD |
| 17 | Schrodinger Inc | COM | $79.3M | 7.0M | 0.3% | HOLD |
| 18 | Danaher Corp Del | COM | $70.7M | 373K | 0.2% | HOLD |
| 19 | Kraft Heinz Co | COM | $55.6M | 2.5M | 0.2% | HOLD |
| 20 | Hormel Foods Corp | COM | $47.2M | 2.1M | 0.1% | HOLD |
| 21 | On Hldg Ag | NAMEN AKT A | $17.0M | 500K | 0.1% | HOLD |
| 22 | Veralto Corp | COM SHS | $11.0M | 124K | 0.0% | HOLD |
Q4 2025 · 23 positions · $35.36B · filed 2026-02-17
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | BRK-BBerkshire Hathaway Inc. Class B★ | CL B NEW | $9.75B | 19.4M | 27.6% | TRIM |
| 2 | Waste Mgmt Inc Del | COM | $6.36B | 28.9M | 18.0% | HOLD |
| 3 | Canadian Natl Ry Co | COM | $5.12B | 51.8M | 14.5% | HOLD |
| 4 | MSFTMicrosoft Corporation★ | COM | $3.72B | 7.7M | 10.5% | TRIM |
| 5 | Caterpillar Inc | COM | $3.64B | 6.4M | 10.3% | HOLD |
| 6 | Deere & Co | COM | $1.66B | 3.6M | 4.7% | HOLD |
| 7 | Ecolab Inc | COM | $1.37B | 5.2M | 3.9% | HOLD |
| 8 | WMTWalmart Inc.★ | COM | $934.8M | 8.4M | 2.6% | HOLD |
| 9 | Fedex Corp | COM | $688.7M | 2.4M | 1.9% | HOLD |
| 10 | Coca-cola Femsa Sab De Cv | SPONS ADS REP | $588.6M | 6.2M | 1.7% | HOLD |
| 11 | Waste Connections Inc | COM | $357.6M | 2.0M | 1.0% | HOLD |
| 12 | Coupang Inc | CL A | $218.2M | 9.2M | 0.6% | HOLD |
| 13 | Madison Square Grdn Sprt Cor | CL A | $153.2M | 592K | 0.4% | HOLD |
| 14 | Schrodinger Inc | COM | $124.8M | 7.0M | 0.4% | HOLD |
| 15 | West Pharmaceutical Svsc Inc | COM | $122.3M | 444K | 0.3% | HOLD |
| 16 | Paccar Inc | COM | $109.5M | 1.0M | 0.3% | HOLD |
| 17 | Anheuser Busch Inbev Sa/nv | SPONSORED ADR | $109.1M | 1.7M | 0.3% | HOLD |
| 18 | Mcdonalds Corp | COM | $102.4M | 335K | 0.3% | HOLD |
| 19 | Danaher Corporation | COM | $85.4M | 373K | 0.2% | HOLD |
| 20 | Kraft Heinz Co | COM | $60.0M | 2.5M | 0.2% | HOLD |
| 21 | Hormel Foods Corp | COM | $49.4M | 2.1M | 0.1% | HOLD |
| 22 | On Hldg Ag | NAMEN AKT A | $23.2M | 500K | 0.1% | HOLD |
| 23 | Veralto Corp | COM SHS | $12.4M | 124K | 0.0% | HOLD |
Q3 2025 · 23 positions · $36.58B · filed 2025-11-14
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | BRK-BBerkshire Hathaway Inc. Class B★ | CL B NEW | $10.94B | 21.8M | 29.9% | |
| 2 | Waste Mgmt Inc Del | COM | $6.39B | 28.9M | 17.5% | |
| 3 | Canadian Natl Ry Co | COM | $4.89B | 51.8M | 13.4% | |
| 4 | MSFTMicrosoft Corporation★ | COM | $4.76B | 9.2M | 13.0% | |
| 5 | Caterpillar Inc | COM | $3.03B | 6.4M | 8.3% | |
| 6 | Deere & Co | COM | $1.63B | 3.6M | 4.4% | |
| 7 | Ecolab Inc | COM | $1.43B | 5.2M | 3.9% | |
| 8 | WMTWalmart Inc.★ | COM | $864.7M | 8.4M | 2.4% | |
| 9 | Fedex Corp | COM | $562.3M | 2.4M | 1.5% | |
| 10 | Coca-cola Femsa Sab De Cv | SPONS ADS REP | $516.4M | 6.2M | 1.4% | |
| 11 | Waste Connections Inc | COM | $358.5M | 2.0M | 1.0% | |
| 12 | Coupang Inc | CL A | $297.8M | 9.2M | 0.8% | |
| 13 | Schrodinger Inc | COM | $140.1M | 7.0M | 0.4% | |
| 14 | Madison Square Grdn Sprt Cor | CL A | $134.5M | 592K | 0.4% | |
| 15 | West Pharmaceutical Svsc Inc | COM | $116.6M | 444K | 0.3% | |
| 16 | Mcdonalds Corp | COM | $101.8M | 335K | 0.3% | |
| 17 | Anheuser Busch Inbev Sa/nv | SPONSORED ADR | $101.5M | 1.7M | 0.3% | |
| 18 | Paccar Inc | COM | $98.3M | 1.0M | 0.3% | |
| 19 | Danaher Corporation | COM | $74.0M | 373K | 0.2% | |
| 20 | Kraft Heinz Co | COM | $64.4M | 2.5M | 0.2% | |
| 21 | Hormel Foods Corp | COM | $51.6M | 2.1M | 0.1% | |
| 22 | On Hldg Ag | NAMEN AKT A | $21.2M | 500K | 0.1% | |
| 23 | Veralto Corp | COM SHS | $13.3M | 124K | 0.0% |