Gates Foundation Trust
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Gates Foundation Trust (Bill Gates / Michael Larson) reported 23 stock positions worth $36.6 billion. Its top holding was Berkshire Hathaway Class B (BRK.B) at 29.9% of the portfolio, followed by Waste Management (WM, 17.5%) and Canadian Natl Railway (CNI, 13.4%). Compared with Q2 2025, it sold out of 2 and reduced 10. The biggest sale was Microsoft (MSFT, shares −65%).
- Most Recent 13F
- Q2 2026
- Notable People
- Bill Gates / Michael Larson
- Location
- KIRKLAND, WA
- CIK
- 0001166559
- Portfolio Value
- $36.6B (Q3 2025)
- SEC Filing
- 0001104659-25-112544 ↗ filed Nov 14, 2025
Holdings Value
Holdings 23 stocks · $36.6B
| BRK.B Berkshire Hathaway Inc. Class B | 29.91% | 21,765,224 | $10.9B | Reduce -9.8% |
| WM Waste Management Inc. | 17.47% | 28,934,344 | $6.4B | Reduce -10.2% |
| CNI Canadian Natl Railway Co. | 13.36% | 51,826,786 | $4.9B | Reduce -5.5% |
| MSFT Microsoft Corp. | 13.01% | 9,191,207 | $4.8B | Reduce -64.9% |
| CAT Caterpillar Inc. | 8.29% | 6,353,614 | $3.0B | Reduce -13.6% |
| DE Deere & Co. | 4.45% | 3,557,378 | $1.6B | No change |
| ECL Ecolab Inc. | 3.91% | 5,218,044 | $1.4B | No change |
| WMT Walmart Inc. | 2.36% | 8,390,477 | $864.7M | Reduce -7.7% |
| FDX FedEx Corp. | 1.54% | 2,384,362 | $562.3M | Reduce -5.9% |
| KOF Coca-Cola Femsa Sab-SP ADR | 1.41% | 6,214,719 | $516.4M | No change |
| WCN Waste Connections Inc. | 0.98% | 2,039,175 | $358.5M | Reduce -5.1% |
| CPNG Coupang Inc. | 0.81% | 9,248,045 | $297.8M | No change |
| SDGR Schrodinger Inc. | 0.38% | 6,981,664 | $140.1M | No change |
| MSGS Madison Square Garden Sports | 0.37% | 592,406 | $134.5M | No change |
| WST West Pharmaceutical Services | 0.32% | 444,500 | $116.6M | No change |
| MCD McDonald's Corp. | 0.28% | 334,900 | $101.8M | No change |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.28% | 1,703,000 | $101.5M | No change |
| PCAR Paccar Inc. | 0.27% | 1,000,000 | $98.3M | No change |
| DHR Danaher Corp. | 0.20% | 373,000 | $74.0M | No change |
| KHC The Kraft Heinz Co. | 0.18% | 2,472,600 | $64.4M | Reduce -5.7% |
| HRL Hormel Foods Corp. | 0.14% | 2,085,290 | $51.6M | Reduce -5.0% |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.06% | 500,000 | $21.2M | No change |
| VLTO Veralto Corp. | 0.04% | 124,333 | $13.3M | No change |
Portfolio Sells Q2 2025 → Q3 2025
| MSFT Microsoft Corp. | Reduce -64.9% | 13.01% | −14.25 |
| CCI Crown Castle Inc. | Sold out | 0.00% | −0.31 |
| UPS United Parcel Service Class B | Sold out | 0.00% | −0.16 |
| HRL Hormel Foods Corp. | Reduce -5.0% | 0.14% | +0.00 |
| KHC The Kraft Heinz Co. | Reduce -5.7% | 0.18% | +0.03 |
| WCN Waste Connections Inc. | Reduce -5.1% | 0.98% | +0.14 |
| FDX FedEx Corp. | Reduce -5.9% | 1.54% | +0.33 |
| WMT Walmart Inc. | Reduce -7.7% | 2.36% | +0.50 |
| CNI Canadian Natl Railway Co. | Reduce -5.5% | 13.36% | +1.42 |
| WM Waste Management Inc. | Reduce -10.2% | 17.47% | +2.03 |
| CAT Caterpillar Inc. | Reduce -13.6% | 8.29% | +2.31 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -9.8% | 29.91% | +5.38 |
Portfolio Buys Q2 2025 → Q3 2025
| None this quarter. | |||
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 |