GATES FOUNDATION TRUST
Long book
$31.67B
Q1 2026
Positions
22
Top-10 weight
97%
concentration
Last quarter
+11.7%
SPY +14.8%
Turnover
4%
of book per quarter
Strategy in plain words
auto-generated from filingsGATES FOUNDATION TRUST is a concentrated fundamental stock-picker, running a $31.67B US long book across 22 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: BERKSHIRE HATHAWAY INC-CL B, WASTE MANAGEMENT INC, CANADIAN NATL RAILWAY CO, CATERPILLAR INC, DEERE & CO.
Over the last 9 quarters its long book ran on average 1.4pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.6%
Q2 2024
+3.1%
Q3 2024
-3.8%
Q4 2024
+2.7%
Q1 2025
+9.2%
Q2 2025
+1.5%
Q3 2025
+2.0%
Q4 2025
+1.9%
Q1 2026
+11.7%
Sector allocation
Industrials 41%
Financials 26%
Utilities 22%
Other 5%
Consumer discretionary 4%
Healthcare 1%
Services media 1%
Consumer staples 0%
Long book by quarter
What does GATES FOUNDATION own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 17.0M | $8.17B | 25.8% | -12.2% |
| WM WASTE MANAGEMENT INC | Utilities | 27.6M | $6.35B | 20.1% | -4.5% |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 51.8M | $5.33B | 16.8% | Held |
| CAT CATERPILLAR INC | Industrials | 6.4M | $4.50B | 14.2% | Held |
| DE DEERE & CO | Industrials | 3.6M | $2.00B | 6.3% | Held |
| ECL ECOLAB INC | Other | 5.2M | $1.39B | 4.4% | Held |
| WMT WALMART INC | Consumer discretionary | 8.4M | $1.04B | 3.3% | Held |
| FDX FEDEX CORP | Industrials | 2.4M | $849.3M | 2.7% | Held |
| WCN WASTE CONNECTIONS INC | Utilities | 2.0M | $331.2M | 1.0% | Held |
| MSGS MADISON SQUARE GARDEN SPORTS | Services media | 592.4K | $190.4M | 0.6% | Held |
| CPNG COUPANG INC | Consumer discretionary | 9.2M | $174.6M | 0.6% | Held |
| PCAR PACCAR INC | Industrials | 1.0M | $115.5M | 0.4% | Held |
| WST WEST PHARMACEUTICAL SERVICES | Healthcare | 444.5K | $111.4M | 0.4% | Held |
| MCD MCDONALD'S CORP | Consumer discretionary | 334.9K | $104.1M | 0.3% | Held |
| SDGR SCHRODINGER INC | Healthcare | 7.0M | $79.3M | 0.3% | Held |
| DHR DANAHER CORP | Technology | 373.0K | $70.7M | 0.2% | Held |
| KHC KRAFT HEINZ CO/THE | Consumer staples | 2.5M | $55.6M | 0.2% | Held |
| HRL HORMEL FOODS CORP | Consumer staples | 2.1M | $47.2M | 0.1% | Held |
| ONON ON HOLDING AG-CLASS A | Other | 500.0K | $17.0M | 0.1% | Held |
| VLTO VERALTO CORP | Technology | 124.3K | $11.0M | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 22 | $31.67B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 23 | $35.36B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 23 | $36.58B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 25 | $47.78B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 25 | $41.81B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 24 | $42.02B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 24 | $45.09B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 23 | $47.67B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 24 | $45.86B | canonical | SEC ↗ |
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