GATES FOUNDATION TRUST

Endowment

CIK

1166559

Location

KIRKLAND, WA

Portfolio Value

Small $261,441,983

Diversification

Moderately concentrated

Filing Date

Global Rank

#202 / 8,578 ▼ 14

Top Industry

Insurance - Diversified 25.8%

3Y Alpha vs SPY

-6.7%

Period ended 3 months ago

Filed May 15, 2026 · 31d

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

+49.6%

SPY

+77.5%

Annualised alpha

-6.7%

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

3 positions · $261,441,983 total · Healthcare only · as of Mar 31, 2026

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

Ticker	Company	Type	Shares	Value (USD)	% Δ Value	% of Portfolio
WST	West Pharmaceutical Services Inc Healthcare	Held	444,500	$111,409,480	−8.9%	42.61%
SDGR	Schrodinger, Inc. Healthcare	Held	6,981,664	$79,311,703	−36.5%	30.34%
DHR	Danaher Corp /De/ Healthcare	Held	373,000	$70,720,800	−17.2%	27.05%