Gates Foundation Trust
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Gates Foundation Trust (Bill Gates / Michael Larson) reported 25 stock positions worth $41.8 billion. Its top holding was Microsoft (MSFT) at 25.6% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 21.9%) and Waste Management (WM, 17.9%). Compared with Q4 2024, it opened 1 new position and reduced 1. The biggest buy was a new position in West Pharmaceutical Services (WST) and the biggest sale Berkshire Hathaway Class B (BRK.B, shares −13%).
- Most Recent 13F
- Q2 2026
- Notable People
- Bill Gates / Michael Larson
- Location
- KIRKLAND, WA
- CIK
- 0001166559
- Portfolio Value
- $41.8B (Q1 2025)
- SEC Filing
- 0001104659-25-049456 ↗ filed May 15, 2025
Holdings Value
Holdings 25 stocks · $41.8B
| MSFT Microsoft Corp. | 25.55% | 28,457,247 | $10.7B | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 21.88% | 17,172,435 | $9.1B | Reduce -12.6% |
| WM Waste Management Inc. | 17.85% | 32,234,344 | $7.5B | No change |
| CNI Canadian Natl Railway Co. | 12.78% | 54,826,786 | $5.3B | No change |
| CAT Caterpillar Inc. | 5.80% | 7,353,614 | $2.4B | No change |
| DE Deere & Co. | 3.99% | 3,557,378 | $1.7B | No change |
| ECL Ecolab Inc. | 3.16% | 5,218,044 | $1.3B | No change |
| WMT Walmart Inc. | 1.91% | 9,090,477 | $798.1M | No change |
| FDX FedEx Corp. | 1.48% | 2,534,362 | $617.8M | No change |
| KOF Coca-Cola Femsa Sab-SP ADR | 1.36% | 6,214,719 | $567.3M | No change |
| WCN Waste Connections Inc. | 1.00% | 2,149,175 | $419.5M | No change |
| CPNG Coupang Inc. | 0.49% | 9,248,045 | $202.8M | No change |
| CCI Crown Castle Inc. | 0.35% | 1,420,072 | $148.0M | No change |
| SDGR Schrodinger Inc. | 0.33% | 6,981,664 | $137.8M | No change |
| MSGS Madison Square Garden Sports | 0.28% | 592,406 | $115.4M | No change |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.25% | 1,703,000 | $104.8M | No change |
| MCD McDonald's Corp. | 0.25% | 334,900 | $104.6M | No change |
| WST West Pharmaceutical Services | 0.24% | 444,500 | $99.5M | New |
| PCAR Paccar Inc. | 0.23% | 1,000,000 | $97.4M | No change |
| UPS United Parcel Service Class B | 0.20% | 755,089 | $83.1M | No change |
| KHC The Kraft Heinz Co. | 0.19% | 2,622,600 | $79.8M | No change |
| DHR Danaher Corp. | 0.18% | 373,000 | $76.5M | No change |
| HRL Hormel Foods Corp. | 0.16% | 2,195,290 | $67.9M | No change |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.05% | 500,000 | $22.0M | No change |
| VLTO Veralto Corp. | 0.03% | 124,333 | $12.1M | No change |
Portfolio Sells Q4 2024 → Q1 2025
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -12.6% | 21.88% | +0.67 |
Portfolio Buys Q4 2024 → Q1 2025
| WST West Pharmaceutical Services | New | 0.24% | +0.24 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 24 | $34.4B | BRK.B, CAT, CNI, WM, DE |
| Q1 2026 | 22 | $31.7B | BRK.B, WM, CNI, CAT, DE |
| Q4 2025 | 23 | $35.4B | BRK.B, WM, CNI, MSFT, CAT |
| Q3 2025 | 23 | $36.6B | BRK.B, WM, CNI, MSFT, CAT |
| Q2 2025 | 25 | $47.8B | MSFT, BRK.B, WM, CNI, CAT |
| Q1 2025 | 25 | $41.8B | MSFT, BRK.B, WM, CNI, CAT |
| Q4 2024 | 24 | $42.0B | MSFT, BRK.B, WM, CNI, CAT |
| Q3 2024 | 24 | $45.1B | MSFT, BRK.B, WM, CNI, CAT |
| Q2 2024 | 23 | $47.7B | MSFT, BRK.B, WM, CNI, CAT |
| Q1 2024 | 24 | $45.9B | MSFT, WM, BRK.B, CNI, CAT |