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Gates Foundation Trust

Q4 2025 13F · by Michael Larson, CIO

As of
Dec 31, 2025
Filed
Feb 17, 2026
US stock
$35.4B · prev $36.6B
Positions
23 · 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%

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 · 0.0% a year

  1. Low
  2. Moderate
  3. High

Top 5 positions81% of US stock

  1. BRK.B BERKSHIRE HATHAWAY Class B trimmed−2.32 pp trimmed−2.3227.6%
  2. WM Waste Management, Inc. held held18.0%
  3. CNI Canadian National Railway held held14.5%
  4. MSFT Microsoft Corp trimmed−2.49 pp trimmed−2.4910.5%
  5. CAT Caterpillar Inc. held held10.3%

Positions23 in this filing · 0 exited

BRK.BBERKSHIRE HATHAWAY Class B27.59%19,406,764$9.8Btrimmed−11%−2.32 pp51 q
WMWaste Management, Inc.17.98%28,934,344$6.4Bheld—51 q
CNICanadian National Railway14.49%51,826,786$5.1Bheld—51 q
MSFTMicrosoft Corp10.52%7,691,207$3.7Btrimmed−16%−2.49 pp18 q
CATCaterpillar Inc.10.29%6,353,614$3.6Bheld—51 q
DEDeere & Company4.68%3,557,378$1.7Bheld—18 q
ECLEcolab, Inc.3.87%5,218,044$1.4Bheld—51 q
WMTWalmart Inc.2.64%8,390,477$935Mheld—51 q
FDXFedEx Corporation1.95%2,384,362$689Mheld—51 q
KOFCoca-Cola FEMSA, S.A.B DE C.V1.66%6,214,719$589Mheld—51 q
WCNWaste Connections, Inc.1.01%2,039,175$358Mheld—14 q
CPNGCoupang, Inc.0.62%9,248,045$218Mheld—20 q
MSGSMadison Square Garden Sports Corp.0.43%592,406$153Mheld—18 q
SDGRSchrodinger, Inc.0.35%6,981,664$125Mheld—24 q
WSTWest Pharmaceutical Services, Inc.0.35%444,500$122Mheld—4 q
BUDAnheuser-Busch INBEV SA/NV0.31%1,703,000$109Mheld—11 q
PCARPaccar Inc0.31%1,000,000$110Mheld—6 q
MCDMcDonald's Corporation0.29%334,900$102Mheld—5 q
DHRDanaher Corporation0.24%373,000$85Mheld—13 q
KHCThe Kraft Heinz Company0.17%2,472,600$60Mheld—14 q
HRLHormel Foods Corporation0.14%2,085,290$49Mheld—13 q
ONONOn Holding AG0.07%500,000$23Mheld—18 q
VLTOVeralto Corporation0.04%124,333$12Mheld—9 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