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Gates Foundation Trust

Q3 2017 13F · by Michael Larson, CIO

As of
Sep 30, 2017
Filed
Nov 14, 2017
US stock
$25.8B · prev $23.1B
Positions
19 · prev 19
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 · 9.3% a year, about 10.8 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions82% of US stock

  1. BRK.B BERKSHIRE HATHAWAY Class B added+5.29 pp added+5.2948.8%
  2. MSFT Microsoft Corp trimmed−2.90 pp trimmed−2.9016.2%
  3. WM Waste Management, Inc. held held5.7%
  4. CNI Canadian National Railway held held5.5%
  5. CAT Caterpillar Inc. held held5.5%

Positions19 in this filing · 0 exited

BRK.BBERKSHIRE HATHAWAY Class B48.82%68,569,972$12.6Badded+16%+5.29 pp18 q
MSFTMicrosoft Corp16.20%56,000,000$4.2Btrimmed−13%−2.90 pp2 q
WMWaste Management, Inc.5.66%18,633,672$1.5Bheld—18 q
CNICanadian National Railway5.51%17,126,874$1.4Bheld—18 q
CATCaterpillar Inc.5.45%11,260,857$1.4Bheld—18 q
WMTWalmart Inc.3.52%11,603,000$907Mheld—18 q
FDXFedEx Corporation2.65%3,024,999$682Mheld—18 q
ECLEcolab, Inc.2.18%4,366,426$562Mheld—18 q
UPSUnited Parcel Service, Inc. Class B2.11%4,525,329$543Mheld—12 q
CCICrown Castle Inc.2.07%5,332,900$533Mheld—12 q
KOFCoca-Cola FEMSA, S.A.B DE C.V1.86%6,214,719$479Mheld—18 q
TVGrupo Televisa S.A.1.62%16,879,104$416Mheld—18 q
WBAWalgreens Boots Alliance, Inc1.04%3,475,398$268Mheld—12 q
LBTYKLiberty Global Ltd. Class C0.46%3,639,349$119Mheld—18 q
ANAutoNation, Inc.0.35%1,898,717$90Mheld—18 q
LBTYALiberty Global Ltd. Class A0.28%2,119,515$72Mheld—18 q
ARCOArcos Dorados Holdings Inc.0.12%3,060,500$31Mheld—15 q
1LGEUSDLiberty Global PLC Lilac - C0.06%636,044$15Mheld—9 q
99998USDLiberty Global PLC Lilac - A0.03%370,424$9Mheld—9 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