Gates Foundation Trust

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Gates Foundation Trust (Bill Gates / Michael Larson) reported 24 stock positions worth $42.0 billion. Its top holding was Microsoft (MSFT) at 28.5% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 21.2%) and Waste Management (WM, 15.5%). Compared with Q3 2024, it opened 1 new position, sold out of 1 and reduced 2. The biggest buy was a new position in McDonald's (MCD) and the biggest sale Berkshire Hathaway Class B (BRK.B, shares −11%).

Most Recent 13F
Q2 2026
Notable People
Bill Gates / Michael Larson
Location
KIRKLAND, WA
CIK
0001166559
Portfolio Value
$42.0B (Q4 2024)
SEC Filing
0001104659-25-014123 ↗ filed Feb 14, 2025

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 Q3 2024 Q4 2024: $42.0B $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 · $42.0B
MSFT Microsoft Corp. 28.55% 28,457,247 $12.0B Reduce -1.7%
BRK.B Berkshire Hathaway Inc. Class B 21.20% 19,655,024 $8.9B Reduce -11.2%
WM Waste Management Inc. 15.48% 32,234,344 $6.5B No change
CNI Canadian Natl Railway Co. 13.25% 54,826,786 $5.6B No change
CAT Caterpillar Inc. 6.35% 7,353,614 $2.7B No change
DE Deere & Co. 3.59% 3,557,378 $1.5B No change
ECL Ecolab Inc. 2.91% 5,218,044 $1.2B No change
WMT Walmart Inc. 1.95% 9,090,477 $821.3M No change
FDX FedEx Corp. 1.70% 2,534,362 $713.0M No change
KOF Coca-Cola Femsa Sab-SP ADR 1.15% 6,214,719 $484.1M No change
WCN Waste Connections Inc. 0.88% 2,149,175 $368.8M No change
CPNG Coupang Inc. 0.48% 9,248,045 $203.3M No change
SDGR Schrodinger Inc. 0.32% 6,981,664 $134.7M No change
MSGS Madison Square Garden Sports 0.32% 592,406 $133.7M No change
CCI Crown Castle Inc. 0.31% 1,420,072 $128.9M No change
PCAR Paccar Inc. 0.25% 1,000,000 $104.0M No change
MCD McDonald's Corp. 0.23% 334,900 $97.1M New
UPS United Parcel Service Class B 0.23% 755,089 $95.2M No change
DHR Danaher Corp. 0.20% 373,000 $85.6M No change
BUD Anheuser-Busch Inbev-SPN ADR 0.20% 1,703,000 $85.3M No change
KHC The Kraft Heinz Co. 0.19% 2,622,600 $80.5M No change
HRL Hormel Foods Corp. 0.16% 2,195,290 $68.9M No change
ONON On Holding AG Class A filed as ON HLDG AG 0.07% 500,000 $27.4M No change
VLTO Veralto Corp. 0.03% 124,333 $12.7M No change

Portfolio Sells Q3 2024 → Q4 2024
BRK.B Berkshire Hathaway Inc. Class B Reduce -11.2% 21.20% −1.39
VRMMQ Vroom Inc. Sold out 0.00% −0.00
MSFT Microsoft Corp. Reduce -1.7% 28.55% +0.91

Portfolio Buys Q3 2024 → Q4 2024
MCD McDonald's Corp. New 0.23% +0.23

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