Bill & Melinda Gates Foundation Trust portfolio & holdings
Bill & Melinda Gates Foundation Trust
Historical clone performance and limitations
Bill & Melinda Gates Foundation Trust (Bill & Melinda Gates Foundation Trust) discloses a $34.42B portfolio across 24 US-listed positions in the latest 13F filing (2026Q2, filed Aug 14, 2026). The largest holding is BRK/B at 21.4% of the book.
Q2 2026 reported changes: 2 new positions, 0 additions, 0 reductions, and 0 exits.
Holdings as of Jun 30, 2026; filed Aug 14, 2026. 13F filings do not reveal trade dates, prices, or reasons.
Open this manager's SEC filings ↗Latticework Follow
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Holdings (24) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | BRK/B | 21.4% | $7.35B | |||
| 2 | CAT | 19.7% | $6.77B | |||
| 3 | CNI | 18.0% | $6.18B | |||
| 4 | WM | 17.3% | $5.96B | |||
| 5 | DE | 6.6% | $2.26B | |||
| 6 | ECL | 4.2% | $1.45B | |||
| 7 | WMT | 2.8% | $950M | |||
| 8 | FDX | 2.2% | $747M | |||
| 9 | KOF | 1.9% | $660M | |||
| 10 | HD | 1.0% | $353M | |||
| 11 | WCN | 1.0% | $340M | |||
| 12 | MSGS | 0.7% | $238M | |||
| 13 | FDXF | 0.5% | $180M | |||
| 14 | CPNG | 0.5% | $161M | |||
| 15 | WST | 0.5% | $160M | |||
| 16 | BUD | 0.4% | $140M | |||
| 17 | PCAR | 0.3% | $120M | |||
| 18 | SDGR | 0.3% | $113M | |||
| 19 | MCD | 0.3% | $91M | |||
| 20 | DHR | 0.2% | $71M | |||
| 21 | KHC | 0.2% | $58M | |||
| 22 | HRL | 0.1% | $52M | |||
| 23 | H5919C104 | 0.1% | $18M | |||
| 24 | VLTO | <0.1% | $11M |
- port21.4%val$7.35BBerkshire Hathaway Inc-cl Bthis Q hold·40q
- 2CATport19.7%val$6.77BCaterpillar Incthis Q hold·40q
- 3CNIport18.0%val$6.18BCanadian Natl Railway COthis Q hold·40q
- 4WMport17.3%val$5.96BWaste Management Incthis Q hold·40q
- 5DEport6.6%val$2.26BDeere & COthis Q hold·20q
- 6ECLport4.2%val$1.45BEcolab Incthis Q hold·40q
- 7WMTport2.8%val$950MWalmart Incthis Q hold·40q
- 8FDXport2.2%val$747MFedex Corpthis Q hold·40q
- 9KOFport1.9%val$660MCoca-cola Femsa Sab-sp Adrthis Q hold·40q
- 10HDport1.0%val$353MHome Depot Incthis Q New·2q
- 11WCNport1.0%val$340MWaste Connections Incthis Q hold·16q
- 12MSGSport0.7%val$238MMadison Square Garden Sportsthis Q hold·20q
- 13FDXFport0.5%val$180MFedex Freight Holding COthis Q New·—1q
- 14CPNGport0.5%val$161MCoupang Incthis Q hold·22q
- 15WSTport0.5%val$160MWest Pharmaceutical Servicesthis Q hold·6q
- 16BUDport0.4%val$140MAnheuser-busch Inbev-spn Adrthis Q hold·13q
- 17PCARport0.3%val$120MPaccar Incthis Q hold·8q
- 18SDGRport0.3%val$113MSchrodinger Incthis Q hold·26q
- 19MCDport0.3%val$91MMcdonald's Corpthis Q hold·7q
- 20DHRport0.2%val$71MDanaher Corpthis Q hold·15q
- 21KHCport0.2%val$58MKraft Heinz Co/thethis Q hold·16q
- 22HRLport0.1%val$52MHormel Foods Corpthis Q hold·15q
- 23H5919C104port0.1%val$18MON Hldg AGthis Q hold·20q
- 24VLTOport<0.1%val$11MVeralto Corpthis Q hold·11q
2026Q2 moves, by size (2)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| HD | Home Depot Inc | NEW | 1.0% | +100% | $353M |
| FDXF | Fedex Freight Holding CO | NEW | 0.5% | +100% | $180M |
- NEWHD1.0%Home Depot IncΔ +100%·$353M
- NEWFDXF0.5%Fedex Freight Holding COΔ +100%·$180M
About Bill & Melinda Gates Foundation Trust
The Bill & Melinda Gates Foundation Trust is the investment arm managing the endowment assets of one of the world's largest private charitable foundations, with a mandate to generate returns that sustain the foundation's global health and development grantmaking. The portfolio is strikingly concentrated — 22 disclosed positions, with the top five accounting for roughly 83% of a ~$32B book — and skews heavily toward large-cap industrials and infrastructure-adjacent businesses: Berkshire Hathaway, Waste Management, Canadian National Railway, Caterpillar, and Deere. The Berkshire position partly reflects a long-standing relationship with Warren Buffett, who has directed substantial personal charitable giving through the foundation. What a reader of the 13F should understand is that this book is managed by external advisors under a long-horizon, low-turnover mandate; it is not a trading vehicle, and the 45-day disclosure lag introduces minimal distortion precisely because turnover is low. The -2.1% annual drag versus SPY over twelve years reflects the portfolio's deliberate tilt away from technology and growth, not a failure of execution relative to mandate.
2026Q2 brief
The Gates Foundation Trust's $34.4B portfolio was essentially unchanged this quarter — no trims, no adds — with the only activity being two modest new positions: HD (Home Depot, 1.0% of portfolio) and FDXF (0.5%), the latter likely a FedEx fixed-income or rights instrument. The core remains strikingly top-heavy: BRK/B (21.4%), CAT (19.7%), CNI (18.0%), and WM (17.3%) together account for over 76% of reported equity holdings, reflecting the Foundation's long-horizon, infrastructure-and-compounding philosophy. HD is an interesting addition alongside WM and CAT — all share durable demand characteristics — and could signal early-stage conviction in a housing-adjacent recovery thesis. The portfolio's extraordinary inertia means individual quarter moves carry outsized signal; watch whether HD or FDXF receive meaningful additions next quarter, which would confirm deliberate new-position building rather than opportunistic purchases.
AI-generated. Not investment advice.
Filing history
Bill & Melinda Gates Foundation Trust's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q2 2026 — what changed → | 24 | $34.42B |
| Q1 2026 — what changed → | 22 | $31.67B |
| Q4 2025 holdings | 23 | $35.36B |
| Q3 2025 — what changed → | 23 | $36.58B |
| Q2 2025 — what changed → | 25 | $47.78B |
| Q1 2025 — what changed → | 25 | $41.81B |
| Q4 2024 holdings | 24 | $42.02B |
| Q3 2024 holdings | 24 | $45.09B |
| Q2 2024 holdings | 23 | $47.67B |
| Q1 2024 holdings | 24 | $45.86B |
| Q4 2023 holdings | 24 | $42.28B |
| Q3 2023 holdings | 74 | $38.91B |
Values as disclosed at each quarter end. Older filings on EDGAR.
Manager evidence
4 material decisions, preserved in sequence.
See what Bill & Melinda Gates Foundation Trust bought, added, trimmed, or exited across eight quarters—plus disclosure lag, SEC sources, and observed outcomes versus SPY. No guru grade.
Open Bill & Melinda Gates Foundation Trust's decision evidence →Frequently asked questions
- What stocks does Bill & Melinda Gates Foundation Trust own?
- As of 2026Q2, Bill & Melinda Gates Foundation Trust's 13F discloses 24 positions worth $34.42B. The top five holdings: BRK/B (21.4%), CAT (19.7%), CNI (18.0%), WM (17.3%), DE (6.6%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Bill & Melinda Gates Foundation Trust buy this quarter?
- In 2026Q2, the filing shows 2 new positions and 0 additions to existing holdings. The largest positions touched by buying: HD, FDXF.
- How big is Bill & Melinda Gates Foundation Trust's portfolio?
- $34.42B across 24 positions per the latest 13F (filed Aug 14, 2026). The top five holdings account for 83% of the disclosed book.
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Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001166559). Not investment advice.