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Gates Foundation Trust

Q3 2014 13F · by Michael Larson, CIO

As of
Sep 30, 2014
Filed
Nov 14, 2014
US stock
$21.7B · prev $20.0B
Positions
19 · prev 20
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 3 equal-sized positions

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

Low turnover · 9.9% a year, about 10.1 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions73% of US stock

  1. BRK.B BERKSHIRE HATHAWAY Class B added+7.55 pp added+7.5553.2%
  2. CNI Canadian National Railway held held5.6%
  3. CAT Caterpillar Inc. held held5.1%
  4. MCD McDonald's Corporation held held4.8%
  5. KO Coca-Cola Company trimmed−3.00 pp trimmed−3.004.2%

Positions19 in this filing · 1 exited

BRK.BBERKSHIRE HATHAWAY Class B53.21%83,625,314$11.6Badded+16%+7.55 pp6 q
CNICanadian National Railway5.60%17,126,874$1.2Bheld—6 q
CATCaterpillar Inc.5.14%11,260,857$1.1Bheld—6 q
MCDMcDonald's Corporation4.75%10,872,500$1.0Bheld—6 q
KOCoca-Cola Company4.21%21,429,710$914Mtrimmed−37%−3.00 pp6 q
WMTWalmart Inc.4.09%11,603,000$887Mheld—6 q
WMWaste Management, Inc.4.08%18,633,672$886Mheld—6 q
XOMExxon Mobil Corp3.53%8,143,858$766Mheld—6 q
KOFCoca-Cola FEMSA, S.A.B DE C.V2.88%6,214,719$626Mheld—6 q
TVGrupo Televisa S.A.2.63%16,879,103$572Mheld—6 q
ECLEcolab, Inc.2.31%4,366,425$501Mheld—6 q
FDXFedEx Corporation2.25%3,024,999$488Mheld—6 q
unresolvedCrwn Castle Int'l Corp.1.98%5,332,900$429Mheld—6 q
BPBP p.l.c.1.50%7,405,614$325Madded+1%−0.43 pp6 q
LBTYKLiberty Global Ltd. Class C0.67%3,532,529$145Mheld—6 q
ANAutoNation, Inc.0.44%1,898,716$96Mheld—6 q
LBTYALiberty Global Ltd. Class A0.42%2,119,515$90Mheld—6 q
RSGRepublic Services Inc.0.24%1,350,000$53Mheld—6 q
ARCOArcos Dorados Holdings Inc.0.08%3,060,500$18Mheld—3 q
THFGThai Fund Inc—−95,586—exited−0.01 pp—

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