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Gates Foundation Trust

Q1 2014 13F · by Michael Larson, CIO

As of
Mar 31, 2014
Filed
May 15, 2014
US stock
$19.8B · prev $20.1B
Positions
20 · prev 18
Options notional
$0
Documents
1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

  • US stock listed on a US exchange 100.0%
  • Foreign stock not listed in the US 0.0%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves4 since the prior filing

The book

Very concentrated · behaves like 4 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 2.4% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions71% of US stock

  1. BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.10 pp trimmed+0.1048.6%
  2. KO Coca-Cola Company held held6.6%
  3. CAT Caterpillar Inc. held held5.7%
  4. MCD McDonald's Corporation held held5.4%
  5. CNI Canadian National Railway held held4.9%

Positions20 in this filing · 0 exited

BRK.BBERKSHIRE HATHAWAY Class B48.61%77,039,804$9.6Btrimmed−6%+0.10 pp4 q
KOCoca-Cola Company6.64%34,002,000$1.3Bheld—4 q
CATCaterpillar Inc.5.65%11,260,857$1.1Bheld—4 q
MCDMcDonald's Corporation5.38%10,872,500$1.1Bheld—4 q
CNICanadian National Railway4.86%17,126,874$963Mheld—4 q
WMTWalmart Inc.4.48%11,603,000$887Mheld—4 q
XOMExxon Mobil Corp4.02%8,143,858$795Mheld—4 q
WMWaste Management, Inc.3.96%18,633,672$784Mheld—4 q
KOFCoca-Cola FEMSA, S.A.B DE C.V3.31%6,214,719$656Mheld—4 q
TVGrupo Televisa S.A.2.84%16,879,103$562Mheld—4 q
ECLEcolab, Inc.2.38%4,366,425$472Mheld—4 q
FDXFedEx Corporation2.02%3,024,999$401Mheld—4 q
unresolvedCrwn Castle Int'l Corp.1.99%5,332,900$393Mheld—4 q
BPBP p.l.c.1.78%7,315,267$352Mheld—4 q
LBTYKLiberty Global Ltd. Class C0.73%3,532,529$144Madded×2.5+0.43 pp4 q
ANAutoNation, Inc.0.51%1,898,716$101Mheld—4 q
LBTYALiberty Global Ltd. Class A0.45%2,119,515$88Mheld—4 q
RSGRepublic Services Inc.0.23%1,350,000$46Mheld—4 q
ARCOArcos Dorados Holdings Inc.0.16%3,060,500$31Mnew+0.16 ppnew
THFGThai Fund Inc0.01%274,254$3Mnew+0.01 ppnew

Source

Form
13F-HR
Reading
0 defects · 1 unresolved
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet