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Gates Foundation Trust

Q3 2018 13F · by Michael Larson, CIO

As of
Sep 30, 2018
Filed
Nov 14, 2018
US stock
$25.8B · prev $22.1B
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 3 equal-sized positions

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

Low turnover · 14% a year, about 7.0 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions81% of US stock

  1. BRK.B BERKSHIRE HATHAWAY Class B added+6.28 pp added+6.2851.5%
  2. MSFT Microsoft Corp trimmed−3.64 pp trimmed−3.6410.6%
  3. CAT Caterpillar Inc. held held6.7%
  4. WM Waste Management, Inc. held held6.5%
  5. CNI Canadian National Railway held held6.0%

Positions19 in this filing · 0 exited

BRK.BBERKSHIRE HATHAWAY Class B51.49%62,078,974$13.3Badded+16%+6.28 pp22 q
MSFTMicrosoft Corp10.63%24,000,000$2.7Btrimmed−25%−3.64 pp6 q
CATCaterpillar Inc.6.65%11,260,857$1.7Bheld—22 q
WMWaste Management, Inc.6.52%18,633,672$1.7Bheld—22 q
CNICanadian National Railway5.96%17,126,874$1.5Bheld—22 q
WMTWalmart Inc.4.22%11,603,000$1.1Bheld—22 q
FDXFedEx Corporation2.82%3,024,999$728Mheld—22 q
ECLEcolab, Inc.2.65%4,366,426$685Mheld—22 q
CCICrown Castle Inc.2.30%5,332,900$594Mheld—16 q
UPSUnited Parcel Service, Inc. Class B2.05%4,525,329$528Mheld—16 q
KOFCoca-Cola FEMSA, S.A.B DE C.V1.47%6,214,719$381Mheld—22 q
TVGrupo Televisa S.A.1.16%16,879,104$299Mheld—22 q
WBAWalgreens Boots Alliance, Inc0.98%3,475,398$253Mheld—16 q
LBTYKLiberty Global Ltd. Class C0.40%3,639,349$102Mheld—22 q
ANAutoNation, Inc.0.31%1,898,717$79Mheld—22 q
LBTYALiberty Global Ltd. Class A0.24%2,119,515$61Mheld—22 q
ARCOArcos Dorados Holdings Inc.0.07%3,060,500$19Mheld—19 q
LILAKLiberty Latin America Ltd. Class C0.05%636,044$13Mheld—3 q
LILALiberty Latin America Ltd. Class A0.03%370,424$8Mheld—3 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