Gates Foundation Trust Institutional Portfolio (13F)
Gates Foundation TrustCIK: 0001166559
Sector-focusedQuality / disciplined sizingConcentrated strategy
Total reported value
$31.7B
Reporting period: 2026-03-31 · Number of holdings: 22
GATES FOUNDATION TRUST disclosed 22 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $31.7B and a quarterly turnover rate of 21.6%.
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Personality snowflake
- Concentration
- 65.46
- Portfolio Stability
- 21.59
- Momentum/Contrarian
- 50
- Sector conviction
- 100
- Diversification
- 44
- Sizing Uniformity
- 83.5
Gates Foundation Trust's disclosed holdings carry a Herfindahl concentration index of 0.164 — mathematically equivalent to about 6 equally-sized positions, well below its 22 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.65), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Recent moves
Add CAT
0.0% $861.5M
Add CNI
0.0% $203.2M
Add WM
-4.5% -$5.2M
Trim BRK-B
-12.2% -$1.6B
Add DE
0.0% $347.7M
Add FDX
0.0% $160.5M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
Gates Foundation Trust is executing a deliberate capital rotation out of technology by exiting MSFT entirely, while trimming its two largest positions to pare overheating exposure. This is an aggressive concentration into Industrials and Financials — a conviction bet on cyclical value over secular growth, not a defensive pivot.
Macro & Fundamentals
63% Industrials and 26% Financials telegraph a bet on a sustained industrial upcycle and a steepening yield curve that bolsters Berkshire’s insurance float. The opposing thesis: a synchronized recession would compress multiples across both sectors simultaneously, exposing the portfolio to a sharp regime shift with no growth or healthcare buffer.
Blind Spots / Risks
The 89% combined weight in two macro-correlated sectors creates a reflexivity trap — an industrial slowdown would cascade through the concentrated book, exacerbated by low turnover (21.6) and a 22‑stock count that limits tactical flexibility. Single-name risk is extreme, with BRK/B alone at 25.8%, making a positioning squeeze the primary structural vulnerability.
The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 25.80% | -1.79% | -12.15% | |
| 2 | WM | Waste Management INC | Stock-Industrials | 20.06% | +2.08% | -4.47% | |
| 3 | CNI | Canadian Natl Railway Co | Stock-Industrials | 16.82% | +2.33% | — | |
| 4 | CAT | Caterpillar INC | Stock-Industrials | 14.22% | +3.93% | — | |
| 5 | DE | Deere & Co | Stock-Industrials | 6.33% | +1.65% | — | |
| 6 | ECL | Ecolab INC | Stock-Materials | 4.38% | +0.51% | — | |
| 7 | WMT | Walmart INC | Stock-Consumer Staples | 3.29% | +0.65% | — | |
| 8 | FDX | Fedex CORP | Stock-Industrials | 2.68% | +0.73% | — | |
| 9 | KOF | Coca-cola Femsa Sab-sp Adr | Stock-Other | 1.91% | +0.25% | — | |
| 10 | WCN | Waste Connections INC | Stock-Industrials | 1.05% | +0.04% | — | |
| 11 | MSGS | Madison Square Garden Sports | Stock-Comm Services | 0.60% | +0.17% | — | |
| 12 | CPNG | Coupang INC | Stock-Consumer Disc | 0.55% | -0.07% | — | |
| 13 | BUD | Anheuser-busch Inbev-spn Adr | Stock-Consumer Staples | 0.37% | +0.06% | — | |
| 14 | PCAR | Paccar INC | Stock-Industrials | 0.36% | +0.05% | — | |
| 15 | WST | West Pharmaceutical Services | Stock-Healthcare | 0.35% | — | — | |
| 16 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 0.33% | +0.04% | — | |
| 17 | SDGR | Schrodinger INC | Stock-Other | 0.25% | -0.10% | — | |
| 18 | DHR | Danaher CORP | Stock-Healthcare | 0.22% | -0.02% | — | |
| 19 | KHC | Kraft Heinz Co/the | Stock-Consumer Staples | 0.18% | +0.01% | — | |
| 20 | HRL | Hormel Foods CORP | Stock-Consumer Staples | 0.15% | +0.01% | — | |
| 21 | ✓ | On Hldg AG | Stock-Other | 0.05% | -0.02% | — | |
| 22 | VLTO | Veralto CORP | Stock-Industrials | 0.03% | -0.01% | — |
Portfolio Performance
Performance for Q3 2026
+4.2%
Performance Last 4 Quarters
+8%
Based on 5 months of available history
Based on 61% of reported portfolio value with available pricing
- Stdev
- +23.3%
- Beta
- +0.67
- Alpha
- +5.7%
- Max Drawdown
- -2.2%
- Annualized Perf
- +20.2%
- Batting Avg vs S&P
- +20%
- Sortino
- +2.14
- Stutzer
- —
- Treynor
- +0.31
- Sterling
- —
- Calmar
- +8.99
- Information Ratio
- -0.08
- Tracking Error
- +19.8%
- Stdev Down
- +9.7%
- Winning Months %
- +40%
- Losing Months %
- +60%
- Best 12 Months
- —
- Worst 12 Months
- —
- Efficiency Ratio
- +0.3
- Sharpe
- +0.89
- Stdev Sectors
- +21.6%
- Skewness
- +0.24
- Kurtosis
- -1.6
- Upside Potential
- +4.36
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 22 | $31.7B | 22 | |
| 2025-12-31 | 23 | $35.4B | 10 | |
| 2025-09-30 | 23 | $36.6B | 25 | |
| 2025-06-30 | 25 | $47.8B | 0 | |
| 2025-03-31 | 25 | $41.8B | 100 | |
| 2024-12-31 | 24 | $42.0B | 0 | |
| 2024-09-30 | 24 | $45.1B | 0 | |
| 2024-06-30 | 23 | $47.7B | 0 | |
| 2024-03-31 | 24 | $45.9B | 0 | |
| 2023-12-31 | 24 | $42.3B | 0 | |
| 2023-09-30 | 74 | $38.9B | 0 | |
| 2023-06-30 | 23 | $42.1B | 0 | |
| 2023-03-31 | 22 | $36.5B | 0 | |
| 2022-12-31 | 23 | $35.7B | 0 | |
| 2022-09-30 | 21 | $34.0B | 0 | |
| 2022-06-30 | 20 | $17.7B | 0 | |
| 2022-03-31 | 18 | $19.8B | 0 | |
| 2021-12-31 | 22 | $23.0B | 0 | |
| 2021-09-30 | 22 | $23.2B | 0 | |
| 2021-06-30 | 15 | $23.9B | 17 | |
| 2021-03-31 | 17 | $21.0B | 14 | |
| 2020-12-31 | 21 | $22.3B | 8 | |
| 2020-09-30 | 24 | $22.1B | 26 | |
| 2020-06-30 | 23 | $17.9B | 15 | |
| 2020-03-31 | 23 | $17.4B | 29 | |
| 2019-12-31 | 16 | $21.4B | 2 | |
| 2019-09-30 | 18 | $21.2B | 9 | |
| 2019-06-30 | 16 | $19.8B | 11 | |
| 2019-03-31 | 18 | $20.9B | 15 | |
| 2018-12-31 | 19 | $21.9B | 16 | |
| 2018-09-30 | 19 | $25.8B | 19 | |
| 2018-06-30 | 19 | $22.1B | 12 | |
| 2018-03-31 | 19 | $24.5B | 8 | |
| 2017-12-31 | 19 | $26.5B | 5 | |
| 2017-09-30 | 19 | $25.8B | 13 | |
| 2017-06-30 | 19 | $23.1B | 27 | |
| 2017-03-31 | 18 | $18.9B | 6 | |
| 2016-12-31 | 18 | $19.0B | 6 | |
| 2016-09-30 | 18 | $18.5B | 11 | |
| 2016-06-30 | 18 | $16.8B | 6 | |
| 2016-03-31 | 18 | $17.2B | 4 | |
| 2015-12-31 | 18 | $16.7B | 6 | |
| 2015-09-30 | 19 | $17.2B | 12 | |
| 2015-06-30 | 17 | $17.0B | 11 | |
| 2015-03-31 | 18 | $18.6B | 9 | |
| 2014-12-31 | 19 | $20.0B | 25 | |
| 2014-09-30 | 19 | $21.7B | 17 | |
| 2014-06-30 | 20 | $20.0B | 6 | |
| 2014-03-31 | 20 | $19.8B | 4 | |
| 2013-12-31 | 18 | $20.1B | 7 | |
| 2013-09-30 | 22 | $19.5B | 11 | |
| 2013-06-30 | 21 | $17.8B | 0 |
Holding changes this quarter
Gates Foundation Trust's most significant position changes for 2026-03-31: Sold out: Microsoft CORP (MSFT); Trim: Waste Management INC (WM) — shares -4.47%; Trim: Berkshire Hathaway Inc-cl B (BRK-B) — shares -12.15%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CAT | Caterpillar INC | +3.9% | — | Unchanged |
| 2 | CNI | Canadian Natl Railway Co | +2.3% | — | Unchanged |
| 3 | WM | Waste Management INC | +2.1% | -4.47% | Trim |
| 4 | DE | Deere & Co | +1.7% | — | Unchanged |
| 5 | FDX | Fedex CORP | +0.7% | — | Unchanged |
| 6 | WMT | Walmart INC | +0.7% | — | Unchanged |
| 7 | ECL | Ecolab INC | +0.5% | — | Unchanged |
| 8 | KOF | Coca-cola Femsa Sab-sp Adr | +0.3% | — | Unchanged |
| 9 | MSGS | Madison Square Garden Sports | +0.2% | — | Unchanged |
| 10 | BUD | Anheuser-busch Inbev-spn Adr | +0.1% | — | Unchanged |
| 11 | PCAR | Paccar INC | +0.1% | — | Unchanged |
| 12 | WCN | Waste Connections INC | 0% | — | Unchanged |
| 13 | MCD | Mcdonald's CORP | 0% | — | Unchanged |
| 14 | KHC | Kraft Heinz Co/the | 0% | — | Unchanged |
| 15 | HRL | Hormel Foods CORP | 0% | — | Unchanged |
| 16 | WST | West Pharmaceutical Services | — | — | Unchanged |
| 17 | VLTO | Veralto CORP | 0% | — | Unchanged |
| 18 | DHR | Danaher CORP | 0% | — | Unchanged |
| 19 | ✓ | On Hldg AG | 0% | — | Unchanged |
| 20 | CPNG | Coupang INC | -0.1% | — | Unchanged |
| 21 | SDGR | Schrodinger INC | -0.1% | — | Unchanged |
| 22 | BRK-B | Berkshire Hathaway Inc-cl B | -1.8% | -12.15% | Trim |
| 23 | MSFT | Microsoft CORP | — | EXIT | Sold out |
Filing History
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-13 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-13 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
FAQ
What is Gates Foundation Trust and what type of investor is it?
Gates Foundation Trust is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $31.7B, spread across 22 disclosed positions.
What are Gates Foundation Trust's largest equity positions?
Based on the latest 13F filing, Gates Foundation Trust's top holdings by market value are:
1. Berkshire Hathaway Inc-cl B (BRK-B) — $8.2B (25.8%)
2. Waste Management INC (WM) — $6.4B (20.1%)
3. Canadian Natl Railway Co (CNI) — $5.3B (16.8%)
4. Caterpillar INC (CAT) — $4.5B (14.2%)
5. Deere & Co (DE) — $2.0B (6.3%)
What changes did Gates Foundation Trust make in its most recent portfolio filing?
In the latest quarter, Gates Foundation Trust took a more defensive posture — trimming 2 positions and completely exiting 1 holdings. The largest of these moves: Sold out: Microsoft CORP (MSFT); Trim: Waste Management INC (WM) — shares -4.47%; Trim: Berkshire Hathaway Inc-cl B (BRK-B) — shares -12.15%
What sectors does Gates Foundation Trust focus on?
Gates Foundation Trust is concentrated in the following sectors based on its current disclosed equity portfolio:
• Industrials: 63.0%
• Financials: 26.4%
• Materials: 4.5%
• Consumer Staples: 4.1%
• Consumer Discretionary: 0.9%
• Communication Services: 0.6%
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