Gates Foundation Trust portfolio
Latest holdings of Bill & Melinda Gates Foundation Trust as of Q2 2026: 24 positions worth $34.4B, decoded into plain English.
Portfolio summary and charts
- Berkshire Hathaway (Class B) (BRK.B) is the largest position at 21.4% of a $34.4B portfolio.
- Biggest buy: opened a new position in Home Depot, about $353M of new money.
- Biggest sale: trimmed Berkshire Hathaway (Class B), about $1.2B.
- Very high conviction: the top 10 holdings make up 95%, and the portfolio behaves like 6 equal-sized bets.
Every box is a position, sized by its weight
What this meansBerkshire Hathaway (Class B) alone is 21% of the portfolio, and the top three make up 59%. Colors show what changed since last quarter, so you can spot fresh conviction at a glance.
Where the money is
What this meansIndustrials is the biggest slice at 47% of the portfolio.
How focused is the portfolio?
What this meansThe steeper the gold curve rises above the dashed line, the more the portfolio depends on a few big bets. It behaves like 6 equal-sized positions.
Biggest buys and sells
What this meansThe largest move was opening Home Depot, worth about $353M. Values are estimated at quarter-end prices.
Two years of reported value
What this meansValue changes with both market prices and new money in or out. It moved from $47.7B to $34.4B over 9 quarters.
How today’s top positions grew over time
What this meansWide, steady bands are long-term core holdings; bands that appear suddenly are recent bets.
All 24 positions
| # | Stock | Sector | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|---|---|
| 1 | BRK.B Berkshire Hathaway (Class B) | Financials | 21.35% | Trimmed −14% | 14,689,844 | $7.4B |
| 2 | CAT Caterpillar | Industrials | 19.65% | Hold | 6,353,614 | $6.8B |
| 3 | CNI Canadian National Railway | Industrials | 17.95% | Hold | 51,826,786 | $6.2B |
| 4 | WM Waste Management | Utilities | 17.30% | Trimmed −3% | 26,720,744 | $6.0B |
| 5 | DE Deere | Industrials | 6.56% | Hold | 3,557,378 | $2.3B |
| 6 | ECL Ecolab | Consumer Staples | 4.22% | Hold | 5,218,044 | $1.5B |
| 7 | WMT Walmart | Consumer Staples | 2.76% | Hold | 8,390,477 | $950M |
| 8 | FDX Fedex | Industrials | 2.17% | Hold | 2,384,362 | $747M |
| 9 | KOF Coca Cola Femsa Sab De Cv | Consumer Staples | 1.92% | Hold | 6,214,719 | $660M |
| 10 | HD Home Depot | Consumer Discretionary | 1.02% | New | 1,000,000 | $353M |
| 11 | WCN Waste Connections | Utilities | 0.99% | Hold | 2,039,175 | $340M |
| 12 | MSGS Madison Square Garden Sports | Consumer Discretionary | 0.69% | Hold | 592,406 | $238M |
| 13 | FDXF FedEx Freight | Industrials | 0.52% | New | 1,192,181 | $180M |
| 14 | CPNG Coupang | Consumer Discretionary | 0.47% | Hold | 9,248,045 | $161M |
| 15 | WST West Pharmaceutical Services | Health Care | 0.46% | Hold | 444,500 | $160M |
| 16 | BUD Anheuser-Busch InBev | Consumer Staples | 0.41% | Hold | 1,703,000 | $140M |
| 17 | PCAR Paccar | Consumer Discretionary | 0.35% | Hold | 1,000,000 | $120M |
| 18 | SDGR Schrodinger | Health Care | 0.33% | Hold | 6,981,664 | $113M |
| 19 | MCD McDonald's | Consumer Discretionary | 0.26% | Hold | 334,900 | $91M |
| 20 | DHR Danaher | Technology | 0.21% | Hold | 373,000 | $71M |
| 21 | KHC Kraft Heinz | Consumer Staples | 0.17% | Hold | 2,472,600 | $58M |
| 22 | HRL Hormel Foods | Consumer Staples | 0.15% | Hold | 2,085,290 | $52M |
| 23 | ONON On | Materials | 0.05% | Hold | 500,000 | $18M |
| 24 | VLTO Veralto | Technology | 0.03% | Hold | 124,333 | $11M |
Values as reported at quarter end (30 Jun 2026). Activity compares share counts with the Q1 2026 filing. Source: SEC filing 0001104659-26-097175 · all filings on EDGAR.
Positions closed
No positions were fully sold this quarter.
Gates Foundation Trust
The Gates Foundation Trust holds the foundation’s endowment, separate from its charitable work. Its large Berkshire Hathaway stake comes from Warren Buffett’s annual gifts, which the trust sells over time to fund the foundation’s grants.
Philosophy in brief
- Preserve capital to fund decades of grant-making.
- Hold durable, high-quality companies.
- Steady, long-term stewardship rather than trading.
How to read this page
Who else is trading these holdings
- 01BRK.B Berkshire Hathaway (Class B)21 congressional trades disclosed (12 buys) · insiders bought $250K in Q3 202621.4% of portfolio
- 02CAT Caterpillar3 congressional trades disclosed (2 buys)19.7% of portfolio
- 05DE Deere4 congressional trades disclosed (3 buys)6.6% of portfolio
- 06ECL Ecolab2 congressional trades disclosed (0 buys) · insiders bought $1M in Q3 20264.2% of portfolio
- 07WMT Walmart4 congressional trades disclosed (1 buys)2.8% of portfolio
- 08FDX Fedex7 congressional trades disclosed (3 buys)2.2% of portfolio
- 10HD Home Depot28 congressional trades disclosed (12 buys)1.0% of portfolio
- 16BUD Anheuser-Busch InBev2 congressional trades disclosed (1 buys)0.4% of portfolio
Investors who think alike
Cosine similarity of position weights (100 = identical portfolios). Chips show the biggest shared holdings.
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