Bill and Melinda Gates Foundation

Gates Foundation Trust · Holdings as of Mar 31, 2025, filed by May 16, 2025 · US long stock positions only

The foundation's book. Berkshire plus a handful of long holds.

Reported value

$42B

25 positions shown

Copycat since 2016

3.37x

13% per year

vs SPY

behind

SPY 3.57x same window

Top position

MSFT

26% of book

Copying these filings vs SPY

$1 at every deadline since 2016

Price returns, dividends excluded on both lines. A copycat of public filings traded at each deadline, not the fund's actual performance.

Mar 2026 Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 Sep 2023 Jun 2023

The book

tile = share of the filed book · tap a tile for the ticker · Mar 2025

MSFT 26% BRK.B 22% WM 18% CNI 13% CAT 6% DE 4% ECL 3% WMT 2% KOF 1%

+10 more 2%

Symbol	Value	% of book	vs prior quarter
MSFT	$10.7B	26%	unchanged
BRK.B	$9.1B	22%	trimmed
WM	$7.5B	18%	unchanged
CNI	$5.3B	13%	unchanged
CAT	$2.4B	6%	unchanged
DE	$1.7B	4%	unchanged
ECL	$1.3B	3%	unchanged
WMT	$798M	2%	unchanged
FDX	$618M	1%	unchanged
KOF	$567M	1%	unchanged
WCN	$419M	1%	unchanged
CPNG	$203M	0%	unchanged
CCI	$148M	0%	unchanged
SDGR	$138M	0%	unchanged
MSGS	$115M	0%	unchanged
BUD	$105M	0%	unchanged
MCD	$105M	0%	unchanged
WST	$100M	0%	new
PCAR	$97M	0%	unchanged
UPS	$83M	0%	unchanged
KHC	$80M	0%	unchanged
DHR	$76M	0%	unchanged
HRL	$68M	0%	unchanged
unlisted	$22M	0%	unchanged
VLTO	$12M	0%	unchanged

Positions built under SEC confidential treatment appear only after the SEC releases them. Cash, foreign listings and shorts never appear in these filings.