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Gates Foundation Trust

Kirkland, WA 20 processed 13Fs on this site, 2021 Q3 to 2026 Q2

  • $34.4B
  • 24 holdings
  • 2026 Q2
  • +8.7% QoQ
  • Top 5 82.8%

Portfolio

2026 Q2, filed 8/14/2026, top 12 of 24 holdings

Top 5 82.8%, top 10 94.9%

  1. BRK.B, Berkshire Hathaway 21.3%
  2. CAT, Caterpillar 19.7%
  3. CNI, Canadian National Railway 17.9%
  4. WM, Waste Management 17.3%
  5. DE, Deere 6.6%
  6. ECL, Ecolab 4.2%
  7. WMT, Walmart 2.8%
  8. FDX, FedEx 2.2%
  9. KOF 1.9%
  10. HD, Home Depot 1.0%
  11. WCN, Waste Connections 1.0%
  12. MSGS, MSG Sports 0.7%
  13. Other 3.4%

AUM over time

2026 Q2 $34.4B +8.7% QoQ
2021 Q3: $23.2B 2021 Q3: $23.2B
Q3 2021
2021 Q4: $23B, −0.9% QoQ 2021 Q4: $23B, −0.9% QoQ
Q4
2022 Q1: $19.8B, −14.0% QoQ 2022 Q1: $19.8B, −14.0% QoQ
Q1 2022
2022 Q2: $17.7B, −10.5% QoQ 2022 Q2: $17.7B, −10.5% QoQ
Q2
2022 Q3: $34B, +92.2% QoQ 2022 Q3: $34B, +92.2% QoQ
Q3
2022 Q4: $35.7B, +5.1% QoQ 2022 Q4: $35.7B, +5.1% QoQ
Q4
2023 Q1: $36.5B, +2.1% QoQ 2023 Q1: $36.5B, +2.1% QoQ
Q1 2023
2023 Q2: $42.1B, +15.4% QoQ 2023 Q2: $42.1B, +15.4% QoQ
Q2
2023 Q3: $38.9B, −7.5% QoQ 2023 Q3: $38.9B, −7.5% QoQ
Q3
2023 Q4: $42.3B, +8.7% QoQ 2023 Q4: $42.3B, +8.7% QoQ
Q4
2024 Q1: $45.9B, +8.5% QoQ 2024 Q1: $45.9B, +8.5% QoQ
Q1 2024
2024 Q2: $47.7B, +3.9% QoQ 2024 Q2: $47.7B, +3.9% QoQ
Q2
2024 Q3: $45.1B, −5.4% QoQ 2024 Q3: $45.1B, −5.4% QoQ
Q3
2024 Q4: $42B, −6.8% QoQ 2024 Q4: $42B, −6.8% QoQ
Q4
2025 Q1: $41.8B, −0.5% QoQ 2025 Q1: $41.8B, −0.5% QoQ
Q1 2025
2025 Q2: $47.8B, +14.3% QoQ 2025 Q2: $47.8B, +14.3% QoQ
Q2
2025 Q3: $36.6B, −23.4% QoQ 2025 Q3: $36.6B, −23.4% QoQ
Q3
2025 Q4: $35.4B, −3.3% QoQ 2025 Q4: $35.4B, −3.3% QoQ
Q4
2026 Q1: $31.7B, −10.4% QoQ 2026 Q1: $31.7B, −10.4% QoQ
Q1 2026
2026 Q2: $34.4B, +8.7% QoQ 2026 Q2: $34.4B, +8.7% QoQ
Q2

Book

2023 Q4 2023 Q3, filed 14 Feb, long equity only

Download CSV Download Excel All activity
MSFT, Microsoft 33.98% Reduce −2.7% 38,210,869 $376.04 $14.4B −1,075,301 +$2B
BRK.B, Berkshire Hathaway 16.80%, was 20.28% Reduce −11.6% 19,916,349 $356.66 $7.1B −2,613,252 −$789M
CNI, Canadian National Railway 16.29% Hold 54,826,786 $125.63 $6.9B — —
WM, Waste Management 14.92% Hold 35,234,344 $179.10 $6.3B — —
CAT, Caterpillar 5.14% Hold 7,353,614 $295.67 $2.2B — —
DE, Deere 3.36%, was 3.80% Reduce −9.2% 3,557,378 $399.87 $1.4B −360,315 −$56M
ECL, Ecolab 2.45% Hold 5,218,044 $198.35 $1B — —
KOF 1.39% Hold 6,214,719 $94.64 $588M — —
WMT, Walmart 1.13% Hold 3,030,159 $157.65 $478M — —
FDX, FedEx 0.92% Hold 1,534,362 $252.97 $388M — —
WCN, Waste Connections 0.76% Hold 2,149,175 $149.27 $321M — —
SDGR, Schrodinger 0.59% Hold 6,981,664 $35.80 $250M — —
CCI, Crown Castle 0.39% Hold 1,420,072 $115.19 $164M — —
CPNG, Coupang 0.35% Hold 9,248,045 $16.19 $150M — —
UPS 0.28% Hold 755,089 $157.23 $119M — —
BUD, Anheuser-Busch InBev 0.26% Hold 1,703,000 $64.62 $110M — —
MSGS, MSG Sports 0.25% Hold 592,406 $181.83 $108M — —
KHC, Kraft Heinz 0.23% Hold 2,622,600 $36.98 $97M — —
DHR, Danaher 0.20% Hold 373,000 $231.34 $86M — —
HRL, Hormel Foods 0.17% Hold 2,195,290 $32.11 $70M — —
CVNA, Carvana 0.07% Hold 520,000 $52.94 $28M — —
ONON, On Holding 0.03% Hold 500,000 $26.97 $13M — —
VLTO, Veralto 0.02% New 124,333 $82.26 $10M +124,333 +$10M
VRM, Vroom 0.00% Hold 2,500,000 $0.6025 $1.5M — —

Exits / last held

Gone since 2023 Q3, shown at their last reported size.

Stock % of portfolio Recent activity Shares Reported price* Value Share change $ change
AAPL, Apple 0.02% Exit 0 $171.20 $9M −52,815 −$9M
META, Meta Platforms 0.02% Exit 0 $300.20 $8.1M −27,035 −$8.1M
iShares Trust 0.02% Exit 0 $104.91 $6M −57,600 −$6M
AMZN, Amazon 0.01% Exit 0 $127.11 $5.6M −44,000 −$5.6M
ETN, Eaton 0.01% Exit 0 $213.30 $5.6M −26,100 −$5.6M
AVGO, Broadcom 0.01% Exit 0 $830.62 $5.4M −6,500 −$5.4M
BKNG, Booking Holdings 0.01% Exit 0 $3,084 $5.1M −1,650 −$5.1M
GOOGL, Alphabet Class A 0.01% Exit 0 $130.86 $5M −38,400 −$5M
JPM, JPMorgan Chase 0.01% Exit 0 $145.03 $4.3M −29,600 −$4.3M
ORCL, Oracle 0.01% Exit 0 $105.93 $4.2M −39,800 −$4.2M
AMP, Ameriprise Financial 0.01% Exit 0 $329.68 $4.1M −12,400 −$4.1M
NVDA, Nvidia 0.01% Exit 0 $435.02 $4M −9,165 −$4M
XLK, Select Sector SPDR Trust 0.01% Exit 0 $163.91 $4M −24,300 −$4M
PHM, PulteGroup 0.01% Exit 0 $74.06 $4M −53,500 −$4M
TJX, TJX Companies 0.01% Exit 0 $88.87 $3.8M −42,500 −$3.8M
ELV, Elevance Health 0.01% Exit 0 $435.41 $3.7M −8,500 −$3.7M
CVX, Chevron 0.01% Exit 0 $168.60 $3.6M −21,500 −$3.6M
UL, Unilever 0.01% Exit 0 $49.40 $3.6M −72,610 −$3.6M
PG, Procter & Gamble 0.01% Exit 0 $145.85 $3.4M −22,975 −$3.4M
CSCO, Cisco 0.01% Exit 0 $53.76 $3.3M −62,000 −$3.3M
TT, Trane Technologies 0.01% Exit 0 $202.89 $3.2M −15,900 −$3.2M
V, Visa 0.01% Exit 0 $230.00 $3.2M −14,000 −$3.2M
AMAT, Applied Materials 0.01% Exit 0 $138.46 $3.2M −22,800 −$3.2M
AMGN, Amgen 0.01% Exit 0 $268.78 $3M −11,050 −$3M
TMO, Thermo Fisher Scientific 0.01% Exit 0 $506.26 $2.9M −5,675 −$2.9M
UNH, UnitedHealth Group 0.01% Exit 0 $504.15 $2.9M −5,665 −$2.9M
ADBE, Adobe 0.01% Exit 0 $509.94 $2.8M −5,485 −$2.8M
SLB 0.01% Exit 0 $58.29 $2.7M −47,005 −$2.7M
TTE, Totalenergies 0.01% Exit 0 $65.77 $2.5M −38,500 −$2.5M
LMT, Lockheed Martin 0.01% Exit 0 $408.98 $2.4M −5,900 −$2.4M
JNJ, Johnson & Johnson 0.01% Exit 0 $155.77 $2.3M −14,945 −$2.3M
NSC, Norfolk Southern 0.01% Exit 0 $196.92 $2.3M −11,700 −$2.3M
GS, Goldman Sachs 0.01% Exit 0 $323.51 $2.3M −7,060 −$2.3M
MS, Morgan Stanley 0.01% Exit 0 $81.67 $2.3M −27,880 −$2.3M
CVS, CVS Health 0.01% Exit 0 $69.82 $2.3M −32,500 −$2.3M
PFE, Pfizer 0.01% Exit 0 $33.18 $2.3M −68,000 −$2.3M
PNC 0.01% Exit 0 $122.76 $2.1M −17,400 −$2.1M
CB, Chubb 0.01% Exit 0 $208.20 $2.1M −10,250 −$2.1M
IVZ, Invesco 0.01% Exit 0 $40.06 $2M −50,270 −$2M
XOM, Exxon Mobil 0.01% Exit 0 $117.59 $2M −17,000 −$2M
EMN, Eastman Chemical — Exit 0 $76.72 $1.9M −25,000 −$1.9M
LOW, Lowe's — Exit 0 $207.84 $1.9M −8,983 −$1.9M
GOOG, Alphabet Class C — Exit 0 $131.86 $1.8M −14,000 −$1.8M
MRK, Merck — Exit 0 $102.93 $1.8M −17,740 −$1.8M
AMT, American Tower — Exit 0 $164.45 $1.8M −11,000 −$1.8M
Select Sector SPDR Trust — Exit 0 $68.82 $1.8M −25,500 −$1.8M
HD, Home Depot — Exit 0 $302.18 $1.7M −5,692 −$1.7M
TGT, Target — Exit 0 $110.59 $1.7M −15,200 −$1.7M
PEP, PepsiCo — Exit 0 $169.48 $1.6M −9,700 −$1.6M
RTX — Exit 0 $71.98 $1.5M −20,200 −$1.5M
DIS, Disney — Exit 0 $81.07 $1.4M −16,800 −$1.4M

Weight bar: held both quarters added sold at this quarter’s reported price

* Reported price is value ÷ shares from the 13F as of period end, not a live market quote. Weight % is each long-equity position ÷ full 13F AUM, so rows may not sum to 100% when the filing includes options or other non-equity (excluded from this table). Share change and $ change are vs 2023 Q3. Click a column header to sort, or New, Hold, Add or Reduce to bring those moves to the top. Exit opens the last-held block below.

Filings history

20 periods, with AUM normalized

Newest 13Fs
Period Holds AUM QoQ Form Filed Filing ID
2026 Q2 24 $34.4B +8.7% 13F-HR 8/14/2026 000110465926097175
2026 Q1 22 $31.7B −10.4% 13F-HR 5/15/2026 000110465926062592
2025 Q4 23 $35.4B −3.3% 13F-HR 2/17/2026 000110465926016458
2025 Q3 23 $36.6B −23.4% 13F-HR 11/14/2025 000110465925112544
2025 Q2 25 $47.8B +14.3% 13F-HR 8/14/2025 000110465925078647
2025 Q1 25 $41.8B −0.5% 13F-HR 5/15/2025 000110465925049456
2024 Q4 24 $42B −6.8% 13F-HR 2/14/2025 000110465925014123
2024 Q3 24 $45.1B −5.4% 13F-HR 11/14/2024 000110465924119000
2024 Q2 23 $47.7B +3.9% 13F-HR 8/14/2024 000110465924089650
2024 Q1 24 $45.9B +8.5% 13F-HR 5/15/2024 000110465924061949
2023 Q4 24 $42.3B +8.7% 13F-HR 2/14/2024 000110465924023662
2023 Q3 74 $38.9B −7.5% 13F-HR 11/14/2023 000110465923118104
2023 Q2 23 $42.1B +15.4% 13F-HR 8/14/2023 000110465923091369
2023 Q1 22 $36.5B +2.1% 13F-HR 5/15/2023 000110465923060842
2022 Q4 23 $35.7B +5.1% 13F-HR 2/14/2023 000110465923021739
2022 Q3 21 $34B +92.2% 13F-HR 11/14/2022 000110465922118573
2022 Q2 20 $17.7B −10.5% 13F-HR 8/15/2022 000110465922091260
2022 Q1 18 $19.8B −14.0% 13F-HR 5/16/2022 000110465922061355
2021 Q4 22 $23B −0.9% 13F-HR 2/14/2022 000110465922022859
2021 Q3 22 $23.2B — 13F-HR 11/15/2021 000110465921139188

About

Gates Foundation Trust

20 processed 13Fs on this site, 2021 Q3 to 2026 Q2

Location
Kirkland, WA
All SEC filings
View on sec.gov