Gates Foundation Trust

Q3 2020 13F · by Michael Larson, CIO

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

+6.0 pp in · −2.6 pp out

Very concentrated · behaves like 4 equal-sized positions

Low turnover · 1.9% a year, more than 30 years per position


BRK.BBERKSHIRE HATHAWAY Class B	45.43%	47,104,399	$10.0B	added+18%	+5.55 pp	30 q
WMWaste Management, Inc.	9.55%	18,633,672	$2.1B	held	—	30 q
CNICanadian National Railway	8.26%	17,126,874	$1.8B	held	—	30 q
CATCaterpillar Inc.	7.61%	11,260,857	$1.7B	held	—	30 q
WMTWalmart Inc.	7.35%	11,603,000	$1.6B	held	—	30 q
CCICrown Castle Inc.	4.02%	5,332,900	$888M	held	—	24 q
ECLEcolab, Inc.	3.95%	4,366,426	$873M	held	—	30 q
FDXFedEx Corporation	3.45%	3,024,999	$761M	held	—	30 q
UPSUnited Parcel Service, Inc. Class B	3.42%	4,525,329	$754M	held	—	24 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	1.15%	6,214,719	$253M	held	—	30 q
SDGRSchrodinger, Inc.	1.07%	4,981,664	$237M	trimmed−29%	−2.51 pp	3 q
AAPLApple Inc.	1.05%	2,004,176	$232M	held	—	3 q
AMZNAmazon.Com Inc	0.86%	60,460	$190M	held	—	3 q
BABAAlibaba Group Holding Limited	0.74%	552,383	$162M	held	—	3 q
TVGrupo Televisa S.A.	0.47%	16,879,104	$104M	held	—	30 q
BXPBXP, Inc.	0.40%	1,099,310	$88M	new	+0.40 pp	new
LBTYKLiberty Global Ltd. Class C	0.34%	3,639,349	$75M	held	—	30 q
GOOGAlphabet Inc. Class C	0.29%	42,981	$63M	held	—	3 q
GOOGLAlphabet Inc. Class A	0.29%	43,107	$63M	held	—	3 q
LBTYALiberty Global Ltd. Class A	0.20%	2,119,515	$45M	held	—	30 q
TWTRTwitter, Inc.	0.05%	272,420	$12M	held	—	3 q
LILAKLiberty Latin America Ltd. Class C	0.03%	935,282	$8M	added+47%	0.00 pp	11 q
LILALiberty Latin America Ltd. Class A	0.01%	370,424	$3M	held	—	11 q
UBERUber Technologies, Inc.	0.00%	26,767	$976,000	new	0.00 pp	new
ARCOArcos Dorados Holdings Inc.	—	−3,101,306	—	exited	−0.07 pp	—