Bill & Melinda Gates Foundation Trust
The Bill & Melinda Gates Foundation Trust manages the endowment behind the world's largest charitable foundation. Its U.S. equity portfolio has long been overseen with the help of Michael Larson's Cascade Investment.
Bill & Melinda Gates Foundation Trust manages a $31B U.S. equity portfolio of 22 positions, based on the latest SEC Form 13F-HR filing (Q1 2026). Below you'll find every holding, the biggest quarter-over-quarter buys and sells, position weights, and an estimated average buy price.
Portfolio Value
$31B
Positions
22
Top 10 Weight
96.54%
Largest Position
25.80%
As of
Q1 2026
Filed
May 15, 2026
Portfolio Composition
Strategy Snapshot
- › Portfolio value fell 10.4% quarter-over-quarter to $31B.
- › Highly concentrated portfolio — the top 10 holdings make up 96.5% of assets.
- › This quarter: 0 new buys, 0 adds, 2 trims, 1 full exits — net seller
- › Biggest exit: MICROSOFT CORP (MSFT) ($3B position closed)
Changes since Q4 2025
New Buys
None
Added To / Trimmed
Exited
Current Holdings
| # | Security | Value | % of Portfolio | Avg Buy Price | Price | Gain | vs 52W High | This Qtr | Last Activity | First Buy |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | BERKSHIRE HATHAWAY INC DEL BRK-B | $8B | 25.80% | ~$429.56 | $491.28 | +14.4% | −4.9% | −12.2% | Sold Q1 2026 | Q2 2024 |
| 2 | WASTE MGMT INC DEL WM | $6B | 20.06% | ~$213.34 | $215.85 | +1.2% | −13.0% | −4.5% | Sold Q1 2026 | Q2 2024 |
| 3 | CANADIAN NATL RY CO CNI | $5B | 16.82% | ~$118.13 | $113.96 | −3.5% | −7.0% | UNCH | Sold Q3 2025 | Q2 2024 |
| 4 | CATERPILLAR INC CAT | $4B | 14.22% | ~$333.10 | $955.92 | +187.0% | −2.0% | UNCH | Sold Q3 2025 | Q2 2024 |
| 5 | DEERE & CO DE | $2B | 6.33% | ~$373.63 | $588.47 | +57.5% | −12.7% | UNCH | Bought Q2 2024 | Q2 2024 |
| 6 | ECOLAB INC ECL | $1B | 4.38% | ~$238.00 | $269.06 | +13.1% | −13.0% | UNCH | Bought Q2 2024 | Q2 2024 |
| 7 | WALMART INC WMT | $1B | 3.29% | ~$67.71 | $118.13 | +74.5% | −12.6% | UNCH | Sold Q3 2025 | Q2 2024 |
| 8 | FEDEX CORP FDX | $849M | 2.68% | ~$289.52 | $325.93 | +12.6% | −5.6% | UNCH | Sold Q3 2025 | Q2 2024 |
| 9 | COCA COLA FEMSA KOF | $606M | 1.91% | ~$85.84 | $107.45 | +25.2% | −7.7% | UNCH | Bought Q2 2024 | Q2 2024 |
| 10 | WASTE CONNECTIONS INC WCN | $331M | 1.05% | ~$175.36 | $155.12 | −11.5% | −19.2% | UNCH | Sold Q3 2025 | Q2 2024 |
| 11 | MADISON SQUARE GRDN SPRT COR MSGS | $190M | 0.60% | ~$188.13 | $361.78 | +92.3% | −8.9% | UNCH | Bought Q2 2024 | Q2 2024 |
| 12 | Coupang Inc CPNG | $174M | 0.55% | ~$20.95 | $18.83 | −10.1% | −44.7% | UNCH | Bought Q2 2024 | Q2 2024 |
| 13 | ANHEUSER BUSCH INBEV SA/NV BUD | $118M | 0.37% | ~$58.15 | $80.68 | +38.7% | −4.5% | UNCH | Bought Q2 2024 | Q2 2024 |
| 14 | PACCAR INC PCAR | $115M | 0.36% | ~$98.68 | $117.34 | +18.9% | −11.0% | UNCH | Bought Q3 2024 | Q3 2024 |
| 15 | WEST PHARMACEUTICAL SVSC INC WST | $111M | 0.35% | ~$223.88 | $323.59 | +44.5% | −3.9% | UNCH | Bought Q1 2025 | Q1 2025 |
| 16 | MCDONALDS CORP MCD | $104M | 0.33% | ~$289.89 | $283.82 | −2.1% | −17.0% | UNCH | Bought Q4 2024 | Q4 2024 |
| 17 | SCHRODINGER INC SDGR | $79M | 0.25% | ~$19.34 | $15.53 | −19.7% | −34.6% | UNCH | Bought Q2 2024 | Q2 2024 |
| 18 | DANAHER CORP DEL DHR | $70M | 0.22% | ~$249.85 | $177.76 | −28.9% | −26.8% | UNCH | Bought Q2 2024 | Q2 2024 |
| 19 | KRAFT HEINZ CO KHC | $55M | 0.18% | ~$32.22 | $23.20 | −28.0% | −20.5% | UNCH | Sold Q3 2025 | Q2 2024 |
| 20 | HORMEL FOODS CORP HRL | $47M | 0.15% | ~$30.49 | $24.33 | −20.2% | −23.6% | UNCH | Sold Q3 2025 | Q2 2024 |
| 21 | ON HLDG AG ONON | $17M | 0.05% | ~$38.80 | $37.72 | −2.8% | −32.6% | UNCH | Bought Q2 2024 | Q2 2024 |
| 22 | VERALTO CORP VLTO | $10M | 0.03% | ~$95.47 | $82.77 | −13.3% | −24.8% | UNCH | Bought Q2 2024 | Q2 2024 |
Filing History
| Period | Portfolio Value | QoQ Change | Positions | Filed |
|---|---|---|---|---|
| Q1 2026 | $31B | −10.4% | 22 | May 15, 2026 |
| Q4 2025 | $35B | −3.3% | 23 | Feb 17, 2026 |
| Q3 2025 | $36B | −23.4% | 23 | Nov 14, 2025 |
| Q2 2025 | $47B | +14.3% | 25 | Aug 14, 2025 |
| Q1 2025 | $41B | −0.5% | 25 | May 15, 2025 |
| Q4 2024 | $42B | −6.8% | 24 | Feb 14, 2025 |
| Q3 2024 | $45B | −5.4% | 24 | Nov 14, 2024 |
| Q2 2024 | $47B | — | 23 | Aug 14, 2024 |
Frequently Asked Questions
What stocks does Bill & Melinda Gates Foundation Trust own?
As of Q1 2026, Bill & Melinda Gates Foundation Trust held 22 U.S.-listed positions worth $31B. The largest is BERKSHIRE HATHAWAY INC DEL (BRK-B) (25.80% of the portfolio). The full holdings list is in the table above.
What is Bill & Melinda Gates Foundation Trust's largest holding?
BERKSHIRE HATHAWAY INC DEL (BRK-B) — about 25.80% of the equity portfolio as of Q1 2026.
Do these holdings reflect Bill & Melinda Gates Foundation Trust's current portfolio?
They reflect the latest 13F filing (Q1 2026), which can lag actual trades by up to 45 days and excludes short positions, cash, and non-U.S. holdings.