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Gates Foundation Trust

Q2 2025 13F · by Michael Larson, CIO

As of
Jun 30, 2025
Filed
Aug 14, 2025
US stock
$47.8B · prev $41.8B
Positions
25 · prev 25
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 · 9.4% a year, about 10.6 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions85% of US stock

  1. MSFT Microsoft Corp trimmed+1.72 pp trimmed+1.7227.3%
  2. BRK.B BERKSHIRE HATHAWAY Class B added+2.65 pp added+2.6524.5%
  3. WM Waste Management, Inc. held held15.4%
  4. CNI Canadian National Railway held held11.9%
  5. CAT Caterpillar Inc. held held6.0%

Positions25 in this filing · 0 exited

MSFTMicrosoft Corp27.27%26,191,207$13.0Btrimmed−8%+1.72 pp16 q
BRK.BBERKSHIRE HATHAWAY Class B24.53%24,123,684$11.7Badded+40%+2.65 pp49 q
WMWaste Management, Inc.15.44%32,234,344$7.4Bheld—49 q
CNICanadian National Railway11.94%54,826,786$5.7Bheld—49 q
CATCaterpillar Inc.5.97%7,353,614$2.9Bheld—49 q
DEDeere & Company3.79%3,557,378$1.8Bheld—16 q
ECLEcolab, Inc.2.94%5,218,044$1.4Bheld—49 q
WMTWalmart Inc.1.86%9,090,477$889Mheld—49 q
KOFCoca-Cola FEMSA, S.A.B DE C.V1.26%6,214,719$601Mheld—49 q
FDXFedEx Corporation1.21%2,534,362$576Mheld—49 q
WCNWaste Connections, Inc.0.84%2,149,175$401Mheld—12 q
CPNGCoupang, Inc.0.58%9,248,045$277Mheld—18 q
CCICrown Castle Inc.0.31%1,420,072$146Mheld—43 q
SDGRSchrodinger, Inc.0.29%6,981,664$140Mheld—22 q
MSGSMadison Square Garden Sports Corp.0.26%592,406$124Mheld—16 q
BUDAnheuser-Busch INBEV SA/NV0.24%1,703,000$117Mheld—9 q
MCDMcDonald's Corporation0.20%334,900$98Mheld—3 q
PCARPaccar Inc0.20%1,000,000$95Mheld—4 q
WSTWest Pharmaceutical Services, Inc.0.20%444,500$97Mheld—2 q
UPSUnited Parcel Service, Inc. Class B0.16%755,089$76Mheld—43 q
DHRDanaher Corporation0.15%373,000$74Mheld—11 q
HRLHormel Foods Corporation0.14%2,195,290$66Mheld—11 q
KHCThe Kraft Heinz Company0.14%2,622,600$68Mheld—12 q
ONONOn Holding AG0.05%500,000$26Mheld—16 q
VLTOVeralto Corporation0.03%124,333$13Mheld—7 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