Gates Foundation Trust
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Gates Foundation Trust (Bill Gates / Michael Larson) reported 25 stock positions worth $47.8 billion. Its top holding was Microsoft (MSFT) at 27.3% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 24.5%) and Waste Management (WM, 15.4%). Compared with Q1 2025, it added to 1 and reduced 1. The biggest buy was Berkshire Hathaway Class B (BRK.B, shares +40%) and the biggest sale Microsoft (MSFT, shares −8%).
- Most Recent 13F
- Q2 2026
- Notable People
- Bill Gates / Michael Larson
- Location
- KIRKLAND, WA
- CIK
- 0001166559
- Portfolio Value
- $47.8B (Q2 2025)
- SEC Filing
- 0001104659-25-078647 ↗ filed Aug 14, 2025
Holdings Value
Holdings 25 stocks · $47.8B
| MSFT Microsoft Corp. | 27.27% | 26,191,207 | $13.0B | Reduce -8.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 24.53% | 24,123,684 | $11.7B | Add +40.5% |
| WM Waste Management Inc. | 15.44% | 32,234,344 | $7.4B | No change |
| CNI Canadian Natl Railway Co. | 11.94% | 54,826,786 | $5.7B | No change |
| CAT Caterpillar Inc. | 5.97% | 7,353,614 | $2.9B | No change |
| DE Deere & Co. | 3.79% | 3,557,378 | $1.8B | No change |
| ECL Ecolab Inc. | 2.94% | 5,218,044 | $1.4B | No change |
| WMT Walmart Inc. | 1.86% | 9,090,477 | $888.9M | No change |
| KOF Coca-Cola Femsa Sab-SP ADR | 1.26% | 6,214,719 | $601.1M | No change |
| FDX FedEx Corp. | 1.21% | 2,534,362 | $576.1M | No change |
| WCN Waste Connections Inc. | 0.84% | 2,149,175 | $401.3M | No change |
| CPNG Coupang Inc. | 0.58% | 9,248,045 | $277.1M | No change |
| CCI Crown Castle Inc. | 0.31% | 1,420,072 | $145.9M | No change |
| SDGR Schrodinger Inc. | 0.29% | 6,981,664 | $140.5M | No change |
| MSGS Madison Square Garden Sports | 0.26% | 592,406 | $123.8M | No change |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.24% | 1,703,000 | $117.0M | No change |
| MCD McDonald's Corp. | 0.20% | 334,900 | $97.8M | No change |
| WST West Pharmaceutical Services | 0.20% | 444,500 | $97.3M | No change |
| PCAR Paccar Inc. | 0.20% | 1,000,000 | $95.1M | No change |
| UPS United Parcel Service Class B | 0.16% | 755,089 | $76.2M | No change |
| DHR Danaher Corp. | 0.15% | 373,000 | $73.7M | No change |
| KHC The Kraft Heinz Co. | 0.14% | 2,622,600 | $67.7M | No change |
| HRL Hormel Foods Corp. | 0.14% | 2,195,290 | $66.4M | No change |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.05% | 500,000 | $26.0M | No change |
| VLTO Veralto Corp. | 0.03% | 124,333 | $12.6M | No change |
Portfolio Sells Q1 2025 → Q2 2025
| MSFT Microsoft Corp. | Reduce -8.0% | 27.27% | +1.71 |
Portfolio Buys Q1 2025 → Q2 2025
| BRK.B Berkshire Hathaway Inc. Class B | Add +40.5% | 24.53% | +2.65 |
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 |