Gates Foundation Trust

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Gates Foundation Trust (Bill Gates / Michael Larson) reported 23 stock positions worth $35.4 billion. Its top holding was Berkshire Hathaway Class B (BRK.B) at 27.6% of the portfolio, followed by Waste Management (WM, 18.0%) and Canadian Natl Railway (CNI, 14.5%). Compared with Q3 2025, it reduced 2. The biggest sale was Microsoft (MSFT, shares −16%).

Most Recent 13F
Q2 2026
Notable People
Bill Gates / Michael Larson
Location
KIRKLAND, WA
CIK
0001166559
Portfolio Value
$35.4B (Q4 2025)
SEC Filing
0001104659-26-016458 ↗ filed Feb 17, 2026

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 Q4 2024 Q1 2025: $41.8B Q1 2025 Q2 2025: $47.8B Q2 2025 Q3 2025: $36.6B Q3 2025 Q4 2025: $35.4B $35.4B Q4 2025 Q1 2026: $31.7B Q1 2026 Q2 2026: $34.4B Q2 2026

Holdings 23 stocks · $35.4B
BRK.B Berkshire Hathaway Inc. Class B 27.59% 19,406,764 $9.8B Reduce -10.8%
WM Waste Management Inc. 17.98% 28,934,344 $6.4B No change
CNI Canadian Natl Railway Co. 14.49% 51,826,786 $5.1B No change
MSFT Microsoft Corp. 10.52% 7,691,207 $3.7B Reduce -16.3%
CAT Caterpillar Inc. 10.29% 6,353,614 $3.6B No change
DE Deere & Co. 4.68% 3,557,378 $1.7B No change
ECL Ecolab Inc. 3.87% 5,218,044 $1.4B No change
WMT Walmart Inc. 2.64% 8,390,477 $934.8M No change
FDX FedEx Corp. 1.95% 2,384,362 $688.7M No change
KOF Coca-Cola Femsa Sab-SP ADR 1.66% 6,214,719 $588.6M No change
WCN Waste Connections Inc. 1.01% 2,039,175 $357.6M No change
CPNG Coupang Inc. 0.62% 9,248,045 $218.2M No change
MSGS Madison Square Garden Sports 0.43% 592,406 $153.2M No change
SDGR Schrodinger Inc. 0.35% 6,981,664 $124.8M No change
WST West Pharmaceutical Services 0.35% 444,500 $122.3M No change
PCAR Paccar Inc. 0.31% 1,000,000 $109.5M No change
BUD Anheuser-Busch Inbev-SPN ADR 0.31% 1,703,000 $109.1M No change
MCD McDonald's Corp. 0.29% 334,900 $102.4M No change
DHR Danaher Corp. 0.24% 373,000 $85.4M No change
KHC The Kraft Heinz Co. 0.17% 2,472,600 $60.0M No change
HRL Hormel Foods Corp. 0.14% 2,085,290 $49.4M No change
ONON On Holding AG Class A filed as ON HLDG AG 0.07% 500,000 $23.2M No change
VLTO Veralto Corp. 0.04% 124,333 $12.4M No change

Portfolio Sells Q3 2025 → Q4 2025
MSFT Microsoft Corp. Reduce -16.3% 10.52% −2.49
BRK.B Berkshire Hathaway Inc. Class B Reduce -10.8% 27.59% −2.32

Portfolio Buys Q3 2025 → Q4 2025
None this quarter.

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