Bill Gates Portfolio: All Stocks & Buys/Sells
Every US stock position Gates Foundation Trust reported in its most recent mandatory SEC filing — weightings, plus the buys and sells against the prior quarter.
As of Q1 2026 · reported on SEC Form 13F
Portfolio at a glance
That puts the replication 2.1 percentage points ahead of the S&P 500.
How this figure is built — and what it is not
This is NOT the fund's return. It is the return of a portfolio you would hold if you rebuilt the reported US stock basket at every quarterly reporting date, using the reported weights, and held it until the next one. Prices include dividends and the quarters are chained; the S&P 500 runs on the same basis. Whatever a 13F leaves out is missing here too: cash, short positions, bonds and everything outside the US. Options are deliberately excluded — a filing carries them at the value of the underlying shares, which would distort every weight. Between two filings a manager trades, and a quarterly replication cannot see those moves.
Calculated window: Q1 2021 to Q1 2026, in 19 quarterly steps.
What these numbers show — and what they don't
The source is SEC Form 13F, the disclosure institutional investment managers must file with the U.S. Securities and Exchange Commission (SEC). It covers long positions in US-listed securities — stocks, plus exchange-traded options and convertible notes, an option being carried at the value of the underlying shares. Cash, short positions, ordinary bonds and holdings outside the US never appear. Filings are quarterly and land up to 45 days after the reporting date, so these figures are an official but delayed and partial view — not a live portfolio.
Buys and sells this quarter
Comparing the Q1 2026 filing against Q4 2025.
New positions
Nothing in this group.
Added to
Nothing in this group.
Trimmed
- BRK-B 19,406,764 → 17,048,304
- WM 28,934,344 → 27,642,344
Sold out
- MSFT was 7,691,207
Every position in the portfolio
Scrolls sideways. Linked tickers lead to our own stock page for that company.
| # | Ticker | Company | Value | Weight | Shares | Shares vs. prior quarter |
|---|---|---|---|---|---|---|
| 1 | BRK-B | BERKSHIRE HATHAWAY INC DEL | $8.17B | 25.80% | 17,048,304 | -12.2% |
| 2 | WM | WASTE MGMT INC DEL | $6.35B | 20.06% | 27,642,344 | -4.5% |
| 3 | CNI | CANADIAN NATL RY CO | $5.33B | 16.82% | 51,826,786 | unchanged |
| 4 | CAT | CATERPILLAR INC | $4.50B | 14.22% | 6,353,614 | unchanged |
| 5 | DE | DEERE & CO | $2.00B | 6.33% | 3,557,378 | unchanged |
| 6 | ECL | ECOLAB INC | $1.39B | 4.38% | 5,218,044 | unchanged |
| 7 | WMT | WALMART INC | $1.04B | 3.29% | 8,390,477 | unchanged |
| 8 | FDX | FEDEX CORP | $849.3M | 2.68% | 2,384,362 | unchanged |
| 9 | KOF | COCA-COLA FEMSA SAB DE CV | $606.2M | 1.92% | 6,214,719 | unchanged |
| 10 | WCN | WASTE CONNECTIONS INC | $331.2M | 1.05% | 2,039,175 | unchanged |
| 11 | MSGS | MADISON SQUARE GRDN SPRT COR | $190.4M | 0.60% | 592,406 | unchanged |
| 12 | CPNG | COUPANG INC | $174.6M | 0.55% | 9,248,045 | unchanged |
| 13 | BUD | ANHEUSER BUSCH INBEV SA NV | $118.1M | 0.37% | 1,703,000 | unchanged |
| 14 | PCAR | PACCAR INC | $115.5M | 0.37% | 1,000,000 | unchanged |
| 15 | WST | WEST PHARMACEUTICAL SVSC INC | $111.4M | 0.35% | 444,500 | unchanged |
| 16 | MCD | MCDONALDS CORP | $104.1M | 0.33% | 334,900 | unchanged |
| 17 | SDGR | SCHRODINGER INC | $79.3M | 0.25% | 6,981,664 | unchanged |
| 18 | DHR | DANAHER CORP DEL | $70.7M | 0.22% | 373,000 | unchanged |
| 19 | KHC | KRAFT HEINZ CO | $55.6M | 0.18% | 2,472,600 | unchanged |
| 20 | HRL | HORMEL FOODS CORP | $47.2M | 0.15% | 2,085,290 | unchanged |
| 21 | ONON | ON HLDG AG | $17.0M | 0.05% | 500,000 | unchanged |
| 22 | VLTO | VERALTO CORP | $11.0M | 0.04% | 124,333 | unchanged |
The “Shares vs. prior quarter” column shows how the number of shares held changed compared with the previous quarterly filing — not the stock’s price performance.
About Bill Gates
Bill Gates co-founded Microsoft in 1975 and built one of the best-known personal fortunes in modern business. Most of that wealth now funds the Bill & Melinda Gates Foundation, whose investment assets are managed separately through the Bill & Melinda Gates Foundation Trust. The Trust exists purely to grow the endowment that underwrites the Foundation's philanthropic work in global health, agriculture, and education.
Warren Buffett has been a defining influence on the Trust's approach. After pledging in 2006 to give the bulk of his Berkshire Hathaway shares to the Foundation, his investment philosophy left a lasting mark on the portfolio: a handful of high-conviction positions, long holding periods, and minimal trading. Steady, cash-generative businesses in sectors like waste management, rail logistics, farm equipment, and infrastructure have traditionally formed the core of the book.
This page tracks every US equity position held by the Bill & Melinda Gates Foundation Trust, sourced from its SEC Form 13F filings and updated automatically, including portfolio weight and quarter-over-quarter buys and sells. Keep the format's limits in mind: a 13F only captures long US stock holdings, gets filed once per quarter, and can be published up to 45 days after quarter-end. Short positions, ordinary bonds, cash, non-US shares, and performance figures never appear in it — what you see here is holdings, not returns.
Frequently Asked Questions
The Bill & Melinda Gates Foundation Trust has traditionally run a small, high-conviction portfolio built around steady, cash-generative businesses in sectors like waste management, rail logistics, farm equipment, and infrastructure, alongside a historically significant stake in Berkshire Hathaway. The table on this page always reflects the most recently reported set of holdings and their weights.
Buys and sells only become public once a quarter, through the SEC's Form 13F filing, and can be published up to 45 days after the quarter ends. You'll find the Trust's latest reported moves versus the prior quarter in the table above.
Its approach mirrors the concentrated, long-horizon value investing Warren Buffett is known for: a small number of high-conviction positions, infrequent trading, and a preference for durable businesses over short-term price momentum.
A Form 13F is a quarterly disclosure that institutional investment managers must file with the US Securities and Exchange Commission (SEC) once they oversee more than $100 million in US equities. It lists all long US stock positions but excludes short positions, bonds, cash, non-US holdings, and performance figures, and can be filed up to 45 days after the quarter ends.
No. The Trust manages the Foundation's endowment and is separate from Cascade Investment, Bill Gates' personal investment vehicle. This page shows only the US equity positions the Foundation Trust reports through Form 13F.
Source
SEC Form 13F — the mandatory quarterly disclosure institutional investment managers file with the U.S. Securities and Exchange Commission (SEC). One filing per quarter, submitted up to 45 days after the reporting date; values are market values on that date, in US dollars.
These pages show reported holdings. They are not investment advice and not a recommendation to buy.