Gates Foundation Trust

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Gates Foundation Trust (Bill Gates / Michael Larson) reported 24 stock positions worth $45.1 billion. Its top holding was Microsoft (MSFT) at 27.6% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 22.6%) and Waste Management (WM, 14.8%). Compared with Q2 2024, it opened 1 new position, added to 1 and reduced 3. The biggest buy was FedEx (FDX, shares +65%) and the biggest sale Microsoft (MSFT, shares −17%).

Most Recent 13F
Q2 2026
Notable People
Bill Gates / Michael Larson
Location
KIRKLAND, WA
CIK
0001166559
Portfolio Value
$45.1B (Q3 2024)
SEC Filing
0001104659-24-119000 ↗ filed Nov 14, 2024

Holdings Value

0$10.0B$20.0B$30.0B$40.0B$50.0B Q1 2024: $45.9B Q1 2024 Q2 2024: $47.7B Q2 2024 Q3 2024: $45.1B $45.1B Q3 2024 Q4 2024: $42.0B Q4 2024 Q1 2025: $41.8B Q1 2025 Q2 2025: $47.8B Q2 2025 Q3 2025: $36.6B Q3 2025 Q4 2025: $35.4B Q4 2025 Q1 2026: $31.7B Q1 2026 Q2 2026: $34.4B Q2 2026

Holdings 24 stocks · $45.1B
MSFT Microsoft Corp. 27.64% 28,957,247 $12.5B Reduce -17.0%
BRK.B Berkshire Hathaway Inc. Class B 22.60% 22,137,613 $10.2B Reduce -10.1%
WM Waste Management Inc. 14.84% 32,234,344 $6.7B Reduce -8.5%
CNI Canadian Natl Railway Co. 14.25% 54,826,786 $6.4B No change
CAT Caterpillar Inc. 6.38% 7,353,614 $2.9B No change
DE Deere & Co. 3.29% 3,557,378 $1.5B No change
ECL Ecolab Inc. 2.95% 5,218,044 $1.3B No change
WMT Walmart Inc. 1.63% 9,090,477 $734.1M No change
FDX FedEx Corp. 1.54% 2,534,362 $693.6M Add +65.2%
KOF Coca-Cola Femsa Sab-SP ADR 1.22% 6,214,719 $551.4M No change
WCN Waste Connections Inc. 0.85% 2,149,175 $384.3M No change
CPNG Coupang Inc. 0.50% 9,248,045 $227.0M No change
CCI Crown Castle Inc. 0.37% 1,420,072 $168.5M No change
SDGR Schrodinger Inc. 0.29% 6,981,664 $129.5M No change
MSGS Madison Square Garden Sports 0.27% 592,406 $123.4M No change
BUD Anheuser-Busch Inbev-SPN ADR 0.25% 1,703,000 $112.9M No change
DHR Danaher Corp. 0.23% 373,000 $103.7M No change
UPS United Parcel Service Class B 0.23% 755,089 $102.9M No change
PCAR Paccar Inc. 0.22% 1,000,000 $98.7M New
KHC The Kraft Heinz Co. 0.20% 2,622,600 $92.1M No change
HRL Hormel Foods Corp. 0.15% 2,195,290 $69.6M No change
ONON On Holding AG Class A filed as ON HLDG AG 0.06% 500,000 $25.1M No change
VLTO Veralto Corp. 0.03% 124,333 $13.9M No change
VRMMQ Vroom Inc. 0.00% 31,250 $293K No change

Portfolio Sells Q2 2024 → Q3 2024
MSFT Microsoft Corp. Reduce -17.0% 27.64% −5.08
WM Waste Management Inc. Reduce -8.5% 14.84% −0.93
BRK.B Berkshire Hathaway Inc. Class B Reduce -10.1% 22.60% +1.59

Portfolio Buys Q2 2024 → Q3 2024
FDX FedEx Corp. Add +65.2% 1.54% +0.57
PCAR Paccar Inc. New 0.22% +0.22

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 24$34.4BBRK.B, CAT, CNI, WM, DE
Q1 2026 22$31.7BBRK.B, WM, CNI, CAT, DE
Q4 2025 23$35.4BBRK.B, WM, CNI, MSFT, CAT
Q3 2025 23$36.6BBRK.B, WM, CNI, MSFT, CAT
Q2 2025 25$47.8BMSFT, BRK.B, WM, CNI, CAT
Q1 2025 25$41.8BMSFT, BRK.B, WM, CNI, CAT
Q4 2024 24$42.0BMSFT, BRK.B, WM, CNI, CAT
Q3 2024 24$45.1BMSFT, BRK.B, WM, CNI, CAT
Q2 2024 23$47.7BMSFT, BRK.B, WM, CNI, CAT
Q1 2024 24$45.9BMSFT, WM, BRK.B, CNI, CAT