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Gates Foundation Trust

Q2 2017 13F · by Michael Larson, CIO

As of
Jun 30, 2017
Filed
Aug 14, 2017
US stock
$23.1B · prev $18.9B
Positions
19 · 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%

Moves2 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 · 15% a year, about 6.8 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions80% of US stock

  1. BRK.B BERKSHIRE HATHAWAY Class B trimmed−13.33 pp trimmed−13.3343.5%
  2. MSFT Microsoft Corp new+19.10 pp new+19.1019.1%
  3. CNI Canadian National Railway held held6.0%
  4. WM Waste Management, Inc. held held5.9%
  5. CAT Caterpillar Inc. held held5.2%

Positions19 in this filing · 0 exited

BRK.BBERKSHIRE HATHAWAY Class B43.53%59,349,971$10.1Btrimmed−8%−13.33 pp17 q
MSFTMicrosoft Corp19.10%64,000,000$4.4Bnew+19.10 ppnew
CNICanadian National Railway6.01%17,126,874$1.4Bheld—17 q
WMWaste Management, Inc.5.92%18,633,672$1.4Bheld—17 q
CATCaterpillar Inc.5.24%11,260,857$1.2Bheld—17 q
WMTWalmart Inc.3.80%11,603,000$878Mheld—17 q
FDXFedEx Corporation2.85%3,024,999$657Mheld—17 q
ECLEcolab, Inc.2.51%4,366,426$580Mheld—17 q
CCICrown Castle Inc.2.31%5,332,900$534Mheld—11 q
KOFCoca-Cola FEMSA, S.A.B DE C.V2.28%6,214,719$526Mheld—17 q
UPSUnited Parcel Service, Inc. Class B2.17%4,525,329$500Mheld—11 q
TVGrupo Televisa S.A.1.78%16,879,104$411Mheld—17 q
WBAWalgreens Boots Alliance, Inc1.18%3,475,398$272Mheld—11 q
LBTYKLiberty Global Ltd. Class C0.49%3,639,349$113Mheld—17 q
ANAutoNation, Inc.0.35%1,898,717$80Mheld—17 q
LBTYALiberty Global Ltd. Class A0.29%2,119,515$68Mheld—17 q
ARCOArcos Dorados Holdings Inc.0.10%3,060,500$23Mheld—14 q
1LGEUSDLiberty Global PLC Lilac - C0.06%636,044$14Mheld—8 q
99998USDLiberty Global PLC Lilac - A0.03%370,424$8Mheld—8 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