Gates Foundation Trust

Q4 2020 13F · by Michael Larson, CIO

Picture100.0% US stock

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

+1.4 pp in · −3.9 pp out

Very concentrated · behaves like 4 equal-sized positions

Low turnover · 2.8% a year, more than 30 years per position


BRK.BBERKSHIRE HATHAWAY Class B	43.71%	42,104,399	$9.8B	trimmed−11%	−1.72 pp	31 q
WMWaste Management, Inc.	9.84%	18,633,672	$2.2B	held	—	31 q
CATCaterpillar Inc.	9.18%	11,260,857	$2.0B	held	—	31 q
CNICanadian National Railway	8.35%	16,979,268	$1.9B	trimmed−1%	+0.09 pp	31 q
WMTWalmart Inc.	7.49%	11,603,000	$1.7B	held	—	31 q
ECLEcolab, Inc.	4.23%	4,366,426	$945M	held	—	31 q
CCICrown Castle Inc.	3.80%	5,332,900	$849M	held	—	25 q
FDXFedEx Corporation	3.52%	3,024,999	$785M	held	—	31 q
UPSUnited Parcel Service, Inc. Class B	3.41%	4,525,329	$762M	held	—	25 q
SDGRSchrodinger, Inc.	2.47%	6,981,664	$553M	added+40%	+1.40 pp	4 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	1.28%	6,214,719	$286M	held	—	31 q
TVGrupo Televisa S.A.	0.62%	16,879,104	$139M	held	—	31 q
AAPLApple Inc.	0.60%	1,002,088	$133M	trimmed−50%	−0.45 pp	4 q
AMZNAmazon.Com Inc	0.44%	30,230	$98M	trimmed−50%	−0.42 pp	4 q
LBTYKLiberty Global Ltd. Class C	0.39%	3,639,349	$86M	held	—	31 q
LBTYALiberty Global Ltd. Class A	0.23%	2,119,515	$51M	held	—	31 q
GOOGAlphabet Inc. Class C	0.17%	21,491	$38M	trimmed−50%	−0.12 pp	4 q
GOOGLAlphabet Inc. Class A	0.17%	21,554	$38M	trimmed−50%	−0.12 pp	4 q
TWTRTwitter, Inc.	0.07%	272,420	$15M	held	—	4 q
LILAKLiberty Latin America Ltd. Class C	0.03%	676,979	$8M	trimmed−28%	0.00 pp	12 q
LILALiberty Latin America Ltd. Class A	0.01%	276,443	$3M	trimmed−25%	0.00 pp	12 q
BABAAlibaba Group Holding Limited	—	−552,383	—	exited	−0.74 pp	—
BXPBXP, Inc.	—	−1,099,310	—	exited	−0.40 pp	—
UBERUber Technologies, Inc.	—	−26,767	—	exited	0.00 pp	—