Gates Foundation Trust

Q3 2023 13F · by Michael Larson, CIO

As of: Sep 30, 2023
Filed: Nov 14, 2023
US stock: $38.9B · prev $42.1B
Positions: 74 · prev 23
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%

Moves55 since the prior filing

+0.6 pp in · −0.1 pp out

New 51 +0.43 pp
Added 3 +0.19 pp
Trimmed 1 −0.10 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.8% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions86% of US stock

Positions74 in this filing · 0 exited


MSFTMicrosoft Corp	31.88%	39,286,170	$12.4B	added0%	+0.09 pp	9 q
BRK.BBERKSHIRE HATHAWAY Class B	20.28%	22,529,601	$7.9B	trimmed−10%	−0.10 pp	42 q
CNICanadian National Railway	15.26%	54,826,786	$5.9B	held	—	42 q
WMWaste Management, Inc.	13.80%	35,234,344	$5.4B	held	—	42 q
CATCaterpillar Inc.	5.16%	7,353,614	$2.0B	held	—	42 q
DEDeere & Company	3.80%	3,917,693	$1.5B	held	—	9 q
ECLEcolab, Inc.	2.27%	5,218,044	$884M	held	—	42 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	1.25%	6,214,719	$487M	held	—	42 q
WMTWalmart Inc.	1.25%	3,030,159	$485M	added0%	+0.12 pp	42 q
FDXFedEx Corporation	1.04%	1,534,362	$406M	held	—	42 q
WCNWaste Connections, Inc.	0.74%	2,149,175	$289M	held	—	5 q
SDGRSchrodinger, Inc.	0.51%	6,981,664	$197M	held	—	15 q
CPNGCoupang, Inc.	0.40%	9,248,045	$157M	held	—	11 q
CCICrown Castle Inc.	0.34%	1,420,072	$131M	held	—	36 q
UPSUnited Parcel Service, Inc. Class B	0.30%	755,089	$118M	added+2%	−0.02 pp	36 q
MSGSMadison Square Garden Sports Corp.	0.27%	592,406	$104M	held	—	9 q
BUDAnheuser-Busch INBEV SA/NV	0.24%	1,703,000	$94M	held	—	2 q
DHRDanaher Corporation	0.24%	373,000	$93M	held	—	4 q
KHCThe Kraft Heinz Company	0.23%	2,622,600	$88M	held	—	5 q
HRLHormel Foods Corporation	0.21%	2,195,290	$83M	held	—	4 q
CVNACarvana Co.	0.06%	520,000	$22M	held	—	6 q
ONONOn Holding AG	0.04%	500,000	$14M	held	—	9 q
AAPLApple Inc.	0.02%	52,815	$9M	new	+0.02 pp	new
METAMeta Platforms, Inc. Class A	0.02%	27,035	$8M	new	+0.02 pp	new
IYWiShares U.S. Technology ETF	0.02%	57,600	$6M	new	+0.02 pp	new
ADBEAdobe Inc.	0.01%	5,485	$3M	new	+0.01 pp	new
GOOGLAlphabet Inc. Class A	0.01%	38,400	$5M	new	+0.01 pp	new
AMZNAmazon.Com Inc	0.01%	44,000	$6M	new	+0.01 pp	new
AMPAmeriprise Financial, Inc.	0.01%	12,400	$4M	new	+0.01 pp	new
AMGNAmgen Inc	0.01%	11,050	$3M	new	+0.01 pp	new
ELVElevance Health, Inc.	0.01%	8,500	$4M	new	+0.01 pp	new
AMATApplied Materials Inc	0.01%	22,800	$3M	new	+0.01 pp	new
BKNGBooking Holdings Inc.	0.01%	1,650	$5M	new	+0.01 pp	new
AVGOBroadcom Inc.	0.01%	6,500	$5M	new	+0.01 pp	new
CVSCvs Health Corporation	0.01%	32,500	$2M	new	+0.01 pp	new
CVXChevron Corporation	0.01%	21,500	$4M	new	+0.01 pp	new
CSCOCisco Systems, Inc. (DE)	0.01%	62,000	$3M	new	+0.01 pp	new
XOMExxon Mobil Corp	0.01%	17,000	$2M	new	+0.01 pp	new
GSGoldman Sachs Group Inc.	0.01%	7,060	$2M	new	+0.01 pp	new
KBWBInvesco KBW Bank ETF	0.01%	50,270	$2M	new	+0.01 pp	new
JPMJPMorgan Chase & Co.	0.01%	29,600	$4M	new	+0.01 pp	new
JNJJohnson & Johnson	0.01%	14,945	$2M	new	+0.01 pp	new
LMTLockheed Martin Corp.	0.01%	5,900	$2M	new	+0.01 pp	new
MSMorgan Stanley	0.01%	27,880	$2M	new	+0.01 pp	new
NSCNorfolk Southern Corp.	0.01%	11,700	$2M	new	+0.01 pp	new
NVDANvidia Corp	0.01%	9,165	$4M	new	+0.01 pp	new
ORCLOracle Corp	0.01%	39,800	$4M	new	+0.01 pp	new
PNCPNC Financial Services Group	0.01%	17,400	$2M	new	+0.01 pp	new
PFEPfizer Inc.	0.01%	68,000	$2M	new	+0.01 pp	new
PGProcter & Gamble Company	0.01%	22,975	$3M	new	+0.01 pp	new
PHMPultegroup, Inc.	0.01%	53,500	$4M	new	+0.01 pp	new
SLBSLB Limited	0.01%	47,005	$3M	new	+0.01 pp	new
XLKState Street Technology Select Sector SPDR ETF	0.01%	24,300	$4M	new	+0.01 pp	new
TJXTJX Companies, Inc. (The)	0.01%	42,500	$4M	new	+0.01 pp	new
TMOThermo Fisher Scientific, Inc.	0.01%	5,675	$3M	new	+0.01 pp	new
TTENTotalenergies SE -spon ADR	0.01%	38,500	$3M	new	+0.01 pp	new
unresolvedUnilever Spn.Adr 1:1	0.01%	72,610	$4M	new	+0.01 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	5,665	$3M	new	+0.01 pp	new
VVISA Inc.	0.01%	14,000	$3M	new	+0.01 pp	new
VRMVroom, Inc.	0.01%	2,500,000	$3M	held	—	6 q
ETNEaton Corporation, plc	0.01%	26,100	$6M	new	+0.01 pp	new
TTTrane Technologies plc	0.01%	15,900	$3M	new	+0.01 pp	new
CBChubb Limited	0.01%	10,250	$2M	new	+0.01 pp	new
GOOGAlphabet Inc. Class C	0.00%	14,000	$2M	new	0.00 pp	new
AMTAmerican Tower Corporation	0.00%	11,000	$2M	new	0.00 pp	new
DISThe Walt Disney Company	0.00%	16,800	$1M	new	0.00 pp	new
EMNEastman Chemical Company	0.00%	25,000	$2M	new	0.00 pp	new
HDHome Depot, Inc.	0.00%	5,692	$2M	new	0.00 pp	new
LOWLowe's Companies Inc.	0.00%	8,983	$2M	new	0.00 pp	new
MRKMerck & Co., Inc.	0.00%	17,740	$2M	new	0.00 pp	new
PEPPepsiCo, Inc.	0.00%	9,700	$2M	new	0.00 pp	new
RTXRTX Corporation	0.00%	20,200	$1M	new	0.00 pp	new
XLPState Street Consumer Staples Select Sector SPDR ETF	0.00%	25,500	$2M	new	0.00 pp	new
TGTTarget Corporation	0.00%	15,200	$2M	new	0.00 pp	new