Bill & Melinda Gates Foundation Trust

The Gates Foundation Trust's $31.7B portfolio made headlines with a single but significant move: the complete exit of MSFT, which had represented 10.5% of assets (~$3.3B) — a continuation of the Foundation's multi-year de-concentration from Microsoft and likely tied to Bill Gates' philanthropic distribution obligations and diversification mandates. The remainder of the portfolio was untouched, leaving a remarkably stable top-four of BRK/B (25.8%, ~$8.2B), WM (20.1%, ~$6.4B), CNI (16.8%, ~$5.3B), and CAT (14.2%, ~$4.5B) — all long-duration infrastructure and capital-allocation compounders consistent with the Trust's perpetual-endowment orientation. DE (6.3%) and ECL (4.4%) reflect ongoing exposure to agricultural productivity and water/hygiene themes aligned with the Foundation's programmatic priorities. The MSFT exit frees up meaningful capital with no visible redeployment this quarter. Watch next filing for where the ~$3.3B in MSFT proceeds land — a new position would be the first addition in several quarters.