Bill & Melinda Gates Foundation Trust
Bill & Melinda Gates Foundation Trust
Bill & Melinda Gates Foundation Trust (Bill & Melinda Gates Foundation Trust) discloses a $31.67B portfolio across 22 US-listed positions in the latest 13F filing (2026Q1, filed May 15, 2026). The largest holding is BRK/B at 25.8% of the book. The biggest move of the quarter: fully exited MSFT (was 10.5% of the book). Latticework's clone backtest puts this 13F book at -2.1%/yr vs SPY over 12.0 years.
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.
2026Q1 brief
The Gates Foundation Trust's $31.7B portfolio made exactly one meaningful change this quarter: a full exit from MSFT, which had represented 10.5% of the book — a position worth roughly $3.3B at prior weights. Given the Foundation's longstanding historical ties to Microsoft, this is a symbolically significant clean break, likely part of a long-running diversification mandate rather than a valuation call. The remainder of the book is unchanged, with BRK/B (25.8%), WM (20.1%), CNI (16.8%), and CAT (14.2%) comprising the dominant infrastructure and capital-goods backbone — a portfolio built for slow, durable compounding with embedded inflation protection. DE (6.3%) and ECL (4.4%) round out the quality-industrial tilt. No new positions were initiated. The Trust's 22-position, $31.7B structure changes rarely, making the MSFT exit the single most notable event in recent memory for this filer. Watch next quarter where the MSFT proceeds are redeployed — whether into existing holdings like WM or CNI, or a rare new addition.
AI-generated. Not investment advice.
In the news
all news →- Gates Foundation holds 78% of $34B portfolio in four stocksMSN ·
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- 10 Best Long-Term Stocks to Invest In According to Bill & Melinda Gates Foundation TrustInsider Monkey ·
- Canadian National Railway Co (CNI) Shareholder Structure: Major Shareholders & Institutional HoldingsTradingKey ·
- Schrodinger Inc (SDGR) Shareholder Structure: Major Shareholders & Institutional HoldingsTradingKey ·
Headlines via Google News. Links open in a new tab.
Holdings (22) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | BRK/B | 25.8% | $8.17B | |||
| 2 | WM | 20.1% | $6.35B | |||
| 3 | CNI | 16.8% | $5.33B | |||
| 4 | CAT | 14.2% | $4.50B | |||
| 5 | DE | 6.3% | $2.00B | |||
| 6 | ECL | 4.4% | $1.39B | |||
| 7 | WMT | 3.3% | $1.04B | |||
| 8 | FDX | 2.7% | $849M | |||
| 9 | KOF | 1.9% | $606M | |||
| 10 | WCN | 1.0% | $331M | |||
| 11 | MSGS | 0.6% | $190M | |||
| 12 | CPNG | 0.6% | $175M | |||
| 13 | BUD | 0.4% | $118M | |||
| 14 | PCAR | 0.4% | $116M | |||
| 15 | WST | 0.4% | $111M | |||
| 16 | MCD | 0.3% | $104M | |||
| 17 | SDGR | 0.3% | $79M | |||
| 18 | DHR | 0.2% | $71M | |||
| 19 | KHC | 0.2% | $56M | |||
| 20 | HRL | 0.1% | $47M | |||
| 21 | H5919C104 | 0.1% | $17M | |||
| 22 | VLTO | <0.1% | $11M |
- port25.8%val$8.17BBerkshire Hathaway Inc-cl Bthis Q hold·40q
- 2WMport20.1%val$6.35BWaste Management Incthis Q hold·40q
- 3CNIport16.8%val$5.33BCanadian Natl Railway COthis Q hold·40q
- 4CATport14.2%val$4.50BCaterpillar Incthis Q hold·40q
- 5DEport6.3%val$2.00BDeere & COthis Q hold·19q
- 6ECLport4.4%val$1.39BEcolab Incthis Q hold·40q
- 7WMTport3.3%val$1.04BWalmart Incthis Q hold·40q
- 8FDXport2.7%val$849MFedex Corpthis Q hold·40q
- 9KOFport1.9%val$606MCoca-cola Femsa Sab-sp Adrthis Q hold·40q
- 10WCNport1.0%val$331MWaste Connections Incthis Q hold·15q
- 11MSGSport0.6%val$190MMadison Square Garden Sportsthis Q hold·19q
- 12CPNGport0.6%val$175MCoupang Incthis Q hold·21q
- 13BUDport0.4%val$118MAnheuser-busch Inbev-spn Adrthis Q hold·12q
- 14PCARport0.4%val$116MPaccar Incthis Q hold·7q
- 15WSTport0.4%val$111MWest Pharmaceutical Servicesthis Q hold·5q
- 16MCDport0.3%val$104MMcdonald's Corpthis Q hold·6q
- 17SDGRport0.3%val$79MSchrodinger Incthis Q hold·25q
- 18DHRport0.2%val$71MDanaher Corpthis Q hold·14q
- 19KHCport0.2%val$56MKraft Heinz Co/thethis Q hold·15q
- 20HRLport0.1%val$47MHormel Foods Corpthis Q hold·14q
- 21H5919C104port0.1%val$17MON Hldg AGthis Q hold·19q
- 22VLTOport<0.1%val$11MVeralto Corpthis Q hold·10q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| MSFT | Microsoft Corp | EXIT | 10.5% | -100% | $0 |
- EXITMSFT10.5%Microsoft CorpΔ -100%·$0
Frequently asked questions
- What stocks does Bill & Melinda Gates Foundation Trust own?
- As of 2026Q1, Bill & Melinda Gates Foundation Trust's 13F discloses 22 positions worth $31.67B. The top five holdings: BRK/B (25.8%), WM (20.1%), CNI (16.8%), CAT (14.2%), DE (6.3%). 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?
- The 2026Q1 filing shows no new purchases — no new positions were opened and no existing holdings were added to this quarter.
- How big is Bill & Melinda Gates Foundation Trust's portfolio?
- $31.67B across 22 positions per the latest 13F (filed May 15, 2026). The top five holdings account for 83% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001166559). Not investment advice.