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Gates Foundation Trust

Q3 2015 13F · by Michael Larson, CIO

As of
Sep 30, 2015
Filed
Nov 13, 2015
US stock
$17.2B · prev $17.0B
Positions
19 · prev 17
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 · 1.0% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions80% of US stock

  1. BRK.B BERKSHIRE HATHAWAY Class B added+5.18 pp added+5.1860.0%
  2. CNI Canadian National Railway held held5.6%
  3. WM Waste Management, Inc. held held5.4%
  4. WMT Walmart Inc. held held4.4%
  5. CAT Caterpillar Inc. held held4.3%

Positions19 in this filing · 0 exited

BRK.BBERKSHIRE HATHAWAY Class B60.05%79,381,548$10.4Badded+16%+5.18 pp10 q
CNICanadian National Railway5.64%17,126,874$972Mheld—10 q
WMWaste Management, Inc.5.38%18,633,672$928Mheld—10 q
WMTWalmart Inc.4.36%11,603,000$752Mheld—10 q
CATCaterpillar Inc.4.27%11,260,857$736Mheld—10 q
ECLEcolab, Inc.2.78%4,366,425$479Mheld—10 q
UPSUnited Parcel Service, Inc. Class B2.59%4,525,329$447Mheld—4 q
TVGrupo Televisa S.A.2.55%16,879,103$439Mheld—10 q
FDXFedEx Corporation2.53%3,024,999$436Mheld—10 q
KOFCoca-Cola FEMSA, S.A.B DE C.V2.50%6,214,719$431Mheld—10 q
CCICrown Castle Inc.2.44%5,332,900$421Mheld—4 q
WBAWalgreens Boots Alliance, Inc1.68%3,475,398$289Mheld—4 q
BPBP p.l.c.1.09%6,134,939$187Mtrimmed−18%−0.67 pp10 q
LBTYKLiberty Global Ltd. Class C0.87%3,639,349$149Mheld—10 q
ANAutoNation, Inc.0.64%1,898,716$110Mheld—10 q
LBTYALiberty Global Ltd. Class A0.53%2,119,515$91Mheld—10 q
ARCOArcos Dorados Holdings Inc.0.05%3,060,500$8Mheld—7 q
1LGEUSDLiberty Global PLC Lilac - C0.04%181,967$6Mnew+0.04 ppnew
99998USDLiberty Global PLC Lilac - A0.02%105,975$4Mnew+0.02 ppnew

Source

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