Bill and Melinda Gates Foundation

Gates Foundation Trust · Holdings as of Sep 30, 2025, filed by Nov 15, 2025 · US long stock positions only

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

Reported value

$37B

23 positions shown

Copycat since 2016

3.37x

13% per year

vs SPY

behind

SPY 3.57x same window

Top position

BRK.B

30% 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 · Sep 2025

BRK.B 30% WM 17% CNI 13% MSFT 13% CAT 8% DE 4% ECL 4% WMT 2%

+8 more 1%

Symbol	Value	% of book	vs prior quarter
BRK.B	$10.9B	30%	trimmed
WM	$6.4B	17%	trimmed
CNI	$4.9B	13%	trimmed
MSFT	$4.8B	13%	trimmed
CAT	$3.0B	8%	trimmed
DE	$1.6B	4%	unchanged
ECL	$1.4B	4%	unchanged
WMT	$865M	2%	trimmed
FDX	$562M	2%	trimmed
KOF	$516M	1%	unchanged
WCN	$358M	1%	trimmed
CPNG	$298M	1%	unchanged
SDGR	$140M	0%	unchanged
MSGS	$134M	0%	unchanged
WST	$117M	0%	unchanged
MCD	$102M	0%	unchanged
BUD	$102M	0%	unchanged
PCAR	$98M	0%	unchanged
DHR	$74M	0%	unchanged
KHC	$64M	0%	trimmed
HRL	$52M	0%	trimmed
unlisted	$21M	0%	unchanged
VLTO	$13M	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.