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Gates Foundation Trust

Q1 2025 13F · by Michael Larson, CIO

As of
Mar 31, 2025
Filed
May 15, 2025
US stock
$41.8B · prev $42.0B
Positions
25 · prev 24
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 6 equal-sized positions

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

Low turnover · 0.9% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions84% of US stock

  1. MSFT Microsoft Corp held held25.6%
  2. BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.68 pp trimmed+0.6821.9%
  3. WM Waste Management, Inc. held held17.9%
  4. CNI Canadian National Railway held held12.8%
  5. CAT Caterpillar Inc. held held5.8%

Positions25 in this filing · 0 exited

MSFTMicrosoft Corp25.55%28,457,247$10.7Bheld—15 q
BRK.BBERKSHIRE HATHAWAY Class B21.88%17,172,435$9.1Btrimmed−13%+0.68 pp48 q
WMWaste Management, Inc.17.85%32,234,344$7.5Bheld—48 q
CNICanadian National Railway12.78%54,826,786$5.3Bheld—48 q
CATCaterpillar Inc.5.80%7,353,614$2.4Bheld—48 q
DEDeere & Company3.99%3,557,378$1.7Bheld—15 q
ECLEcolab, Inc.3.16%5,218,044$1.3Bheld—48 q
WMTWalmart Inc.1.91%9,090,477$798Mheld—48 q
FDXFedEx Corporation1.48%2,534,362$618Mheld—48 q
KOFCoca-Cola FEMSA, S.A.B DE C.V1.36%6,214,719$567Mheld—48 q
WCNWaste Connections, Inc.1.00%2,149,175$419Mheld—11 q
CPNGCoupang, Inc.0.49%9,248,045$203Mheld—17 q
CCICrown Castle Inc.0.35%1,420,072$148Mheld—42 q
SDGRSchrodinger, Inc.0.33%6,981,664$138Mheld—21 q
MSGSMadison Square Garden Sports Corp.0.28%592,406$115Mheld—15 q
BUDAnheuser-Busch INBEV SA/NV0.25%1,703,000$105Mheld—8 q
MCDMcDonald's Corporation0.25%334,900$105Mheld—2 q
WSTWest Pharmaceutical Services, Inc.0.24%444,500$100Mnew+0.24 ppnew
PCARPaccar Inc0.23%1,000,000$97Mheld—3 q
UPSUnited Parcel Service, Inc. Class B0.20%755,089$83Mheld—42 q
KHCThe Kraft Heinz Company0.19%2,622,600$80Mheld—11 q
DHRDanaher Corporation0.18%373,000$76Mheld—10 q
HRLHormel Foods Corporation0.16%2,195,290$68Mheld—10 q
ONONOn Holding AG0.05%500,000$22Mheld—15 q
VLTOVeralto Corporation0.03%124,333$12Mheld—6 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