GATES FOUNDATION TRUST

Endowment

CIK

1166559

Location

KIRKLAND, WA

Portfolio Value

Large $34,424,791,923

Diversification

Moderately concentrated

Filing Date

Global Rank

#225 / 8,650 ▼ 17

Top Industry

Farm & Heavy Construction Machinery 26.6%

3Y Alpha vs SPY

-5.0%

Period ended 54 days ago

Filed Aug 14, 2026 · 9d

26 quarters · since Mar 2020

Clone Performance

Aug 2023–Aug 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+54.8%

SPY

+72.8%

Annualised alpha

-4.3%

Max drawdown

−11.5%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. Returns use comparable raw closes and exclude dividends; a captured split can shorten the simulated window. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

24 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

21.4%

−4.4 pts

Top 5

82.8%

−0.4 pts

Top 10

94.9%

−1.6 pts

HHI

1,544

Moderately concentrated−92

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Industrials	65.5%	$22,555,551,052	9
Financial Services	21.4%	$7,350,651,039	1
Consumer Defensive	5.4%	$1,861,106,227	5
Basic Materials	4.2%	$1,453,799,238	1
Consumer Cyclical	1.8%	$621,555,360	4
Healthcare	1.0%	$344,076,580	3
Communication Services	0.7%	$238,052,427	1

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

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	14,689,844	$7,350,651,039
WM	Waste Management Inc	−921,600	26,720,744	$5,955,519,422
No positions match the current search.

New Positions

Positions the filer opened this quarter

2 positions

Ticker	Company	Shares	Value
HD	Home Depot, Inc.	1,000,000	$352,680,000
FDXF	FedEx Freight Holding Company, Inc.	1,192,181	$180,019,331
No positions match the current search.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

24 tracked positions · $34,424,791,923 total · as of Jun 30, 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	14,689,844	-2,358,460	$7,350,651,039	−10.0%	21.35%
CAT	Caterpillar Inc Industrials	Held	6,353,614	0	$6,765,963,548	+50.3%	19.65%
CNI	Canadian National Railway Co Industrials	Held	51,826,786	0	$6,179,825,962	+16.0%	17.95%
WM	Waste Management Inc Industrials	Reduced	26,720,744	-921,600	$5,955,519,422	−6.2%	17.30%
DE	Deere & Co Industrials	Held	3,557,378	0	$2,256,551,586	+12.6%	6.56%
ECL	Ecolab Inc. Basic Materials	Held	5,218,044	0	$1,453,799,238	+4.7%	4.22%
WMT	Walmart Inc. Consumer Defensive	Held	8,390,477	0	$950,305,425	−8.9%	2.76%
FDX	Fedex Corp Industrials	Held	2,384,362	0	$746,615,273	−12.1%	2.17%
KOF	Coca Cola Femsa Sab De CV Consumer Defensive	Held	6,214,719	0	$660,313,893	+8.9%	1.92%
HD	Home Depot, Inc. Consumer Cyclical	NEW	1,000,000	NEW	$352,680,000	NEW	1.02%
WCN	Waste Connections, Inc. Industrials	Held	2,039,175	0	$339,910,080	+2.6%	0.99%
MSGS	Madison Square Garden Sports Corp. Communication Services	Held	592,406	0	$238,052,427	+25.0%	0.69%
FDXF	FedEx Freight Holding Company, Inc. Industrials	NEW	1,192,181	NEW	$180,019,331	NEW	0.52%
CPNG	Coupang, Inc. Consumer Cyclical	Held	9,248,045	0	$160,638,541	−8.0%	0.47%
WST	West Pharmaceutical Services Inc Healthcare	Held	444,500	0	$159,575,500	+43.2%	0.46%
BUD	Anheuser-Busch InBev SA/NV Consumer Defensive	Held	1,703,000	0	$140,327,200	+18.8%	0.41%
PCAR	Paccar Inc Industrials	Held	1,000,000	0	$120,120,000	+4.0%	0.35%
SDGR	Schrodinger, Inc. Healthcare	Held	6,981,664	0	$113,452,040	+43.0%	0.33%
MCD	Mcdonalds Corp Consumer Cyclical	Held	334,900	0	$90,526,819	−13.0%	0.26%
DHR	Danaher Corp /De/ Healthcare	Held	373,000	0	$71,049,040	+0.5%	0.21%
KHC	Kraft Heinz Co Consumer Defensive	Held	2,472,600	0	$58,402,812	+5.0%	0.17%
HRL	Hormel Foods Corp /De/ Consumer Defensive	Held	2,085,290	0	$51,756,897	+9.6%	0.15%
ONON	On Holding AG Consumer Cyclical	Held	500,000	0	$17,710,000	+4.1%	0.05%
VLTO	Veralto Corp Industrials	Held	124,333	0	$11,025,850	+0.3%	0.03%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.