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Gates Foundation Trust

Q2 2016 13F · by Michael Larson, CIO

As of
Jun 30, 2016
Filed
Aug 15, 2016
US stock
$16.8B · prev $17.2B
Positions
18 · 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%

Moves3 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 · 0.6% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions79% of US stock

  1. BRK.B BERKSHIRE HATHAWAY Class B trimmed−1.85 pp trimmed−1.8555.4%
  2. WM Waste Management, Inc. held held7.3%
  3. CNI Canadian National Railway held held6.0%
  4. CAT Caterpillar Inc. held held5.1%
  5. WMT Walmart Inc. held held5.0%

Positions18 in this filing · 0 exited

BRK.BBERKSHIRE HATHAWAY Class B55.42%64,381,548$9.3Btrimmed−7%−1.85 pp13 q
WMWaste Management, Inc.7.34%18,633,672$1.2Bheld—13 q
CNICanadian National Railway6.01%17,126,874$1.0Bheld—13 q
CATCaterpillar Inc.5.08%11,260,857$854Mheld—13 q
WMTWalmart Inc.5.04%11,603,000$847Mheld—13 q
CCICrown Castle Inc.3.22%5,332,900$541Mheld—7 q
ECLEcolab, Inc.3.08%4,366,426$518Mheld—13 q
KOFCoca-Cola FEMSA, S.A.B DE C.V3.07%6,214,719$516Mheld—13 q
UPSUnited Parcel Service, Inc. Class B2.90%4,525,329$487Mheld—7 q
FDXFedEx Corporation2.73%3,024,999$459Mheld—13 q
TVGrupo Televisa S.A.2.61%16,879,104$440Mheld—13 q
WBAWalgreens Boots Alliance, Inc1.72%3,475,398$289Mheld—7 q
LBTYKLiberty Global Ltd. Class C0.62%3,639,349$104Mheld—13 q
ANAutoNation, Inc.0.53%1,898,717$89Mheld—13 q
LBTYALiberty Global Ltd. Class A0.37%2,119,515$62Mheld—13 q
1LGEUSDLiberty Global PLC Lilac - C0.12%636,044$21Madded×3.5+0.08 pp4 q
ARCOArcos Dorados Holdings Inc.0.09%3,060,500$15Mheld—10 q
99998USDLiberty Global PLC Lilac - A0.07%370,424$12Madded×3.5+0.05 pp4 q

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