GATES FOUNDATION TRUST

Endowment

CIK

1166559

Location

KIRKLAND, WA

Portfolio Value

Large $31,665,505,884

Diversification

Moderately concentrated

Filing Date

Global Rank

#124 / 8,232 ▲ 2

Top Industry

Insurance - Diversified 25.8%

3Y Alpha vs SPY

-6.0%

Period ended 2 months ago

Filed May 15, 2026 · 30d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+51.4%

SPY

+76.3%

Annualised alpha

-6.0%

Max drawdown

−11.1%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

22 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

25.8%

−1.8 pts

Top 5

83.2%

+2.4 pts

Top 10

96.5%

+0.9 pts

HHI

1,636

Moderately concentrated+73

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Industrials	61.6%	$19,490,324,592	8
Financial Services	25.8%	$8,169,547,276	1
Consumer Defensive	5.9%	$1,869,992,021	5
Basic Materials	4.4%	$1,388,104,064	1
Consumer Cyclical	0.9%	$295,696,660	3
Healthcare	0.8%	$261,441,983	3
Communication Services	0.6%	$190,399,288	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

No qualifying positions this quarter.

Trimmed

Positions the filer reduced

2 positions

Ticker	Company	Δ Shares	Shares	Value
BRK-B	Berkshire Hathaway Inc	−2,358,460	17,048,304	$8,169,547,276
WM	Waste Management Inc	−1,292,000	27,642,344	$6,351,934,227
No positions match the current search.

New Positions

Positions the filer opened this quarter

No qualifying positions this quarter.

Sold Out

Positions the filer fully exited

1 positions

Ticker	Company	Shares	Value	Open
MSFT	Microsoft Corp	7,691,207	$3,719,621,529
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

22 positions · $31,665,505,884 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Financial Services Healthcare Industrials

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	17,048,304	-2,358,460	$8,169,547,276	−16.3%	25.80%
WM	Waste Management Inc Industrials	Reduced	27,642,344	-1,292,000	$6,351,934,227	−0.1%	20.06%
CNI	Canadian National Railway Co Industrials	Held	51,826,786	0	$5,326,238,797	+4.0%	16.82%
CAT	Caterpillar Inc Industrials	Held	6,353,614	0	$4,501,281,374	+23.7%	14.22%
DE	Deere & Co Industrials	Held	3,557,378	0	$2,003,871,027	+21.0%	6.33%
ECL	Ecolab Inc. Basic Materials	Held	5,218,044	0	$1,388,104,064	+1.3%	4.38%
WMT	Walmart Inc. Consumer Defensive	Held	8,390,477	0	$1,042,768,481	+11.6%	3.29%
FDX	Fedex Corp Industrials	Held	2,384,362	0	$849,262,057	+23.3%	2.68%
KOF	Coca Cola Femsa Sab De CV Consumer Defensive	Held	6,214,719	0	$606,245,838	+3.0%	1.91%
WCN	Waste Connections, Inc. Industrials	Held	2,039,175	0	$331,243,587	−7.4%	1.05%
MSGS	Madison Square Garden Sports Corp. Communication Services	Held	592,406	0	$190,399,288	+24.3%	0.60%
CPNG	Coupang, Inc. Consumer Cyclical	Held	9,248,045	0	$174,603,089	−20.0%	0.55%
BUD	Anheuser-Busch InBev SA/NV Consumer Defensive	Held	1,703,000	0	$118,137,110	+8.3%	0.37%
PCAR	Paccar Inc Industrials	Held	1,000,000	0	$115,500,000	+5.5%	0.36%
WST	West Pharmaceutical Services Inc Healthcare	Held	444,500	0	$111,409,480	−8.9%	0.35%
MCD	Mcdonalds Corp Consumer Cyclical	Held	334,900	0	$104,083,571	+1.7%	0.33%
SDGR	Schrodinger, Inc. Healthcare	Held	6,981,664	0	$79,311,703	−36.5%	0.25%
DHR	Danaher Corp /De/ Healthcare	Held	373,000	0	$70,720,800	−17.2%	0.22%
KHC	Kraft Heinz Co Consumer Defensive	Held	2,472,600	0	$55,608,774	−7.3%	0.18%
HRL	Hormel Foods Corp /De/ Consumer Defensive	Held	2,085,290	0	$47,231,818	−4.4%	0.15%
ONON	On Holding AG Consumer Cyclical	Held	500,000	0	$17,010,000	−26.8%	0.05%
VLTO	Veralto Corp Industrials	Held	124,333	0	$10,993,523	−11.4%	0.03%