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Bill & Melinda Gates Foundation

GATES FOUNDATION TRUST · CIK: 1166559 · Report Period: 2025-12-31 · Filed: 2026-02-17

Portfolio Concentration

Top 10 holdings by weight — hover for cross-investor insights

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Holdings Total: $35,360,093,535 · 23 positions

#	Ticker	Issuer	Class	% of Portfolio	Value ($)	Shares	Activity	Share Change
1	BRKB	BERKSHIRE HATHAWAY INC DEL	COM	27.6%	$9,754,809,925	19,406,764	REDUCE	-2,358,460
2	WMI	WASTE MGMT INC DEL	COM	18.0%	$6,357,164,720	28,934,344	-	-
3	CNI	CANADIAN NATL RY CO	COM	14.5%	$5,123,077,796	51,826,786	-	-
4	MSFT	MICROSOFT CORP	COM	10.5%	$3,719,621,529	7,691,207	REDUCE	-1,500,000
5	CAT	CATERPILLAR INC	COM	10.3%	$3,639,794,852	6,353,614	-	-
6	DE	DEERE & CO	COM	4.7%	$1,656,208,475	3,557,378	-	-
7	ECL	ECOLAB INC	COM	3.9%	$1,369,840,911	5,218,044	-	-
8	WMT	WALMART INC	COM	2.6%	$934,783,043	8,390,477	-	-
9	FDX	FEDEX CORP	COM	1.9%	$688,746,807	2,384,362	-	-
10	KOF	COCA-COLA FEMSA SAB DE CV	COM	1.7%	$588,596,036	6,214,719	-	-
11	WCN	WASTE CONNECTIONS INC	COM	1.0%	$357,589,728	2,039,175	-	-
12	CPNG	COUPANG INC	COM	0.6%	$218,161,382	9,248,045	-	-
13	MSGS	MADISON SQUARE GRDN SPRT COR	COM	0.4%	$153,225,812	592,406	-	-
14	SDGR	SCHRODINGER INC	COM	0.3%	$124,832,152	6,981,664	-	-
15	WST	WEST PHARMACEUTICAL SVSC INC	COM	0.3%	$122,299,730	444,500	-	-
16	PCAR	PACCAR INC	COM	0.3%	$109,510,000	1,000,000	-	-
17	BUD	ANHEUSER BUSCH INBEV SA/NV	COM	0.3%	$109,060,120	1,703,000	-	-
18	MCD	MCDONALDS CORP	COM	0.3%	$102,355,487	334,900	-	-
19	DHR	DANAHER CORPORATION	COM	0.2%	$85,387,160	373,000	-	-
20	KHC	KRAFT HEINZ CO	COM	0.2%	$59,960,550	2,472,600	-	-
21	HRL	HORMEL FOODS CORP	COM	0.1%	$49,421,373	2,085,290	-	-
22	ONON	ON HLDG AG	COM	0.1%	$23,240,000	500,000	-	-
23	VLTO	VERALTO CORP	COM	0.0%	$12,405,947	124,333	-	-

Position Changes 8 quarters available

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	BRKB	BERKSHIRE HATHAWAY INC DEL	REDUCE	-2,358,460	-10.8%	19,406,764	$9,754,809,925
2	MSFT	MICROSOFT CORP	REDUCE	-1,500,000	-16.3%	7,691,207	$3,719,621,529

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	FDX	FEDEX CORP	REDUCE	-150,000	-5.9%	2,384,362	$562,256,403
2	WCN	WASTE CONNECTIONS INC	REDUCE	-110,000	-5.1%	2,039,175	$358,486,965
3	KHC	KRAFT HEINZ CO	REDUCE	-150,000	-5.7%	2,472,600	$64,386,504
4	HRL	HORMEL FOODS CORP	REDUCE	-110,000	-5.0%	2,085,290	$51,590,075
5	CNI	CANADIAN NATL RY CO	REDUCE	-3,000,000	-5.5%	51,826,786	$4,887,265,920
6	BRKB	BERKSHIRE HATHAWAY INC DEL	REDUCE	-2,358,460	-9.8%	21,765,224	$10,942,248,714
7	CAT	CATERPILLAR INC	REDUCE	-1,000,000	-13.6%	6,353,614	$3,031,626,920
8	-	CROWN CASTLE INC	SOLD	-1,420,072	Exit	-	-
9	WMT	WALMART INC	REDUCE	-700,000	-7.7%	8,390,477	$864,722,560
10	MSFT	MICROSOFT CORP	REDUCE	-17,000,000	-64.9%	9,191,207	$4,760,585,666
11	-	UNITED PARCEL SERVICE INC	SOLD	-755,089	Exit	-	-
12	WMI	WASTE MGMT INC DEL	REDUCE	-3,300,000	-10.2%	28,934,344	$6,389,571,186

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	BRKB	BERKSHIRE HATHAWAY INC DEL	ADD	+6,951,249	+40.5%	24,123,684	$11,718,561,977
2	MSFT	MICROSOFT CORP	REDUCE	-2,266,040	-8.0%	26,191,207	$13,027,768,274

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	BRKB	BERKSHIRE HATHAWAY INC DEL	REDUCE	-2,482,589	-12.6%	17,172,435	$9,145,695,432
2	WST	WEST PHARMACEUTICAL SVSC INC	NEW BUY	+444,500	New	444,500	$99,514,660

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	-	VROOM INC	SOLD	-31,250	Exit	-	-
2	BRKB	BERKSHIRE HATHAWAY INC DEL	REDUCE	-2,482,589	-11.2%	19,655,024	$8,909,229,279
3	MCD	MCDONALDS CORP	NEW BUY	+334,900	New	334,900	$97,084,161
4	MSFT	MICROSOFT CORP	REDUCE	-500,000	-1.7%	28,457,247	$11,994,729,611

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	FDX	FEDEX CORP	ADD	+1,000,000	+65.2%	2,534,362	$693,604,192
2	BRKB	BERKSHIRE HATHAWAY INC DEL	REDUCE	-2,482,589	-10.1%	22,137,613	$10,189,057,759
3	PCAR	PACCAR INC	NEW BUY	+1,000,000	New	1,000,000	$98,680,000
4	MSFT	MICROSOFT CORP	REDUCE	-5,932,350	-17.0%	28,957,247	$12,460,303,384
5	WMI	WASTE MGMT INC DEL	REDUCE	-3,000,000	-8.5%	32,234,344	$6,691,849,814

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	-	CARVANA CO	SOLD	-520,000	Exit	-	-
2	BRKB	BERKSHIRE HATHAWAY INC DEL	ADD	+7,317,105	+42.3%	24,620,202	$10,015,498,174
3	MSFT	MICROSOFT CORP	REDUCE	-1,610,000	-4.4%	34,889,597	$15,593,905,379

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	-	VROOM INC	NEW BUY	+31,250	New	31,250	$419,688
2	BRKB	BERKSHIRE HATHAWAY INC DEL	REDUCE	-2,613,252	-13.1%	17,303,097	$7,276,298,350
3	-	VROOM INC	SOLD	-2,500,000	Exit	-	-
4	WMT	WALMART INC	ADD	+6,060,318	+200.0%	9,090,477	$546,974,001
5	MSFT	MICROSOFT CORP	REDUCE	-1,711,272	-4.5%	36,499,597	$15,356,110,450

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