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Gates Foundation Trust

Q4 2018 13F · by Michael Larson, CIO

As of
Dec 31, 2018
Filed
Feb 14, 2019
US stock
$21.9B · prev $25.8B
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 · 0.0% a year

  1. Low
  2. Moderate
  3. High

Top 5 positions80% of US stock

  1. BRK.B BERKSHIRE HATHAWAY Class B trimmed+1.66 pp trimmed+1.6653.1%
  2. WM Waste Management, Inc. held held7.6%
  3. MSFT Microsoft Corp trimmed−3.22 pp trimmed−3.227.4%
  4. CAT Caterpillar Inc. held held6.5%
  5. CNI Canadian National Railway held held5.8%

Positions19 in this filing · 0 exited

BRK.BBERKSHIRE HATHAWAY Class B53.15%57,078,974$11.7Btrimmed−8%+1.66 pp23 q
WMWaste Management, Inc.7.56%18,633,672$1.7Bheld—23 q
MSFTMicrosoft Corp7.41%16,000,000$1.6Btrimmed−33%−3.22 pp7 q
CATCaterpillar Inc.6.53%11,260,857$1.4Bheld—23 q
CNICanadian National Railway5.79%17,126,874$1.3Bheld—23 q
WMTWalmart Inc.4.93%11,603,000$1.1Bheld—23 q
ECLEcolab, Inc.2.93%4,366,426$643Mheld—23 q
CCICrown Castle Inc.2.64%5,332,900$579Mheld—17 q
FDXFedEx Corporation2.23%3,024,999$488Mheld—23 q
UPSUnited Parcel Service, Inc. Class B2.01%4,525,329$441Mheld—17 q
KOFCoca-Cola FEMSA, S.A.B DE C.V1.72%6,214,719$378Mheld—23 q
WBAWalgreens Boots Alliance, Inc1.08%3,475,398$237Mheld—17 q
TVGrupo Televisa S.A.0.97%16,879,104$212Mheld—23 q
LBTYKLiberty Global Ltd. Class C0.34%3,639,349$75Mheld—23 q
ANAutoNation, Inc.0.31%1,898,717$68Mheld—23 q
LBTYALiberty Global Ltd. Class A0.21%2,119,515$45Mheld—23 q
ARCOArcos Dorados Holdings Inc.0.11%3,060,500$24Mheld—20 q
LILAKLiberty Latin America Ltd. Class C0.04%636,044$9Mheld—4 q
LILALiberty Latin America Ltd. Class A0.02%370,424$5Mheld—4 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