Gates Foundation Trust
KIRKLAND, WA
$34.4bn in 24 US stocks at the end of 30 June 2026. The top 10 are 94.9% of the money. It changed about 8.7% of the portfolio this quarter.
Value
$34.4bn
Stocks
24
Top 10 share
94.9%
Turnover
8.7%
What changed this quarter
New
Bought for the first time this quarter.
- Home DepotHD1.0% of the fund
- FedEx Freight Holding CompanyFDXF0.5% of the fund
Added
Bought more of a stock they already held.
None this quarter.
Cut
Sold some of their stake.
- Berkshire HathawayBRK-B21.4% of the fund-14%
- Waste ManagementWM17.3% of the fund-3%
Sold out
Sold their entire stake.
None this quarter.
Holdings
- Canadian National RailwayCNI
- Share
- 18.0%
- Value
- $6.2bn
- Shares
- 51,826,786
Held
- Coca-Cola Femsa SAB de CVKOF
- Share
- 1.9%
- Value
- $660m
- Shares
- 6,214,719
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Berkshire HathawayBRK-B | 21.4% | $7.4bn | 14,689,844 | -14% |
| CaterpillarCAT | 19.7% | $6.8bn | 6,353,614 | Held |
| Canadian National RailwayCNI | 18.0% | $6.2bn | 51,826,786 | Held |
| Waste ManagementWM | 17.3% | $6.0bn | 26,720,744 | -3% |
| DeereDE | 6.6% | $2.3bn | 3,557,378 | Held |
| EcolabECL | 4.2% | $1.5bn | 5,218,044 | Held |
| WalmartWMT | 2.8% | $950m | 8,390,477 | Held |
| FedExFDX | 2.2% | $747m | 2,384,362 | Held |
| Coca-Cola Femsa SAB de CVKOF | 1.9% | $660m | 6,214,719 | Held |
| Home DepotHD | 1.0% | $353m | 1,000,000 | New |
| Waste ConnectionsWCN | 1.0% | $340m | 2,039,175 | Held |
| Madison Square Garden SportsMSGS | 0.7% | $238m | 592,406 | Held |
| FedEx Freight Holding CompanyFDXF | 0.5% | $180m | 1,192,181 | New |
| CoupangCPNG | 0.5% | $161m | 9,248,045 | Held |
| West Pharmaceutical ServicesWST | 0.5% | $160m | 444,500 | Held |
| Anheuser-Busch InBev SABUD | 0.4% | $140m | 1,703,000 | Held |
| PaccarPCAR | 0.3% | $120m | 1,000,000 | Held |
| SchrodingerSDGR | 0.3% | $113m | 6,981,664 | Held |
| McDonald'sMCD | 0.3% | $91m | 334,900 | Held |
| DanaherDHR | 0.2% | $71m | 373,000 | Held |
| Kraft HeinzKHC | 0.2% | $58m | 2,472,600 | Held |
| Hormel FoodsHRL | 0.2% | $52m | 2,085,290 | Held |
| On Holding AGONON | <0.1% | $18m | 500,000 | Held |
| VeraltoVLTO | <0.1% | $11m | 124,333 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 28.0% since 30 June 2025.
Where the money is
Industrials64.5%
Financial services21.4%
Materials4.2%
Everyday goods3.5%
Retail & consumer2.5%
Health care1.0%
Utilities1.0%
Other1.9%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.