Bill Gates — Gates Foundation Trust 13F Holdings (24 Positions, Q2 2026)
Gates Foundation TrustCIK: 0001166559
Sector-focusedContrarianQuality / disciplined sizing
Total reported value
$34.4B
Reporting period: 2026-06-30 · Number of holdings: 24
GATES FOUNDATION TRUST disclosed 24 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $34.4B and a quarterly turnover rate of 17.1%.
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Personality snowflake
- Concentration
- 61.77
- Portfolio Stability
- 17.05
- Momentum
- 0
- Sector conviction
- 100
- Diversification
- 48
- Sizing Uniformity
- 83.19
Gates Foundation Trust's disclosed holdings carry a Herfindahl concentration index of 0.154 — mathematically equivalent to about 6 equally-sized positions, well below its 24 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 1.68), 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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd CAT
0.0% $2.3B
Trim BRK-B
-13.8% -$818.9M
Trim WM
-3.3% -$396.4M
Add CNI
0.0% $853.6M
New buy HD
Trim WMT
0.0% -$92.5M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
The filing shows an active trim of both anchor positions this quarter: BRK-B fell from 25.8% to 21.35% of the book and WM from 20.06% to 17.30%, a combined reduction of roughly seven percentage points, while the only additions were small initiations in HD (1.02%) and a CUSIP-only line item (0.52%). At a turnover ratio of just 17%, the pattern reads as a measured, top-heavy rebalance rather than a directional capital rotation.
Macro & Fundamentals
On its face, the 85.7% Industrials allocation aligns with the multi-year flow of capital toward industrial and conglomerate complex names. That said, one quarter of 13F positioning is thin evidence, so any link between these flows and the broader sector trend should be treated as inference, not an established causal claim.
Blind Spots / Risks
The most concrete vulnerability is single-sector dependence: with Industrials near nine-tenths of the portfolio and the top two holdings still around 39% combined, performance is effectively levered to one industry cycle — a crowded-trade profile if that consensus ever unwinds. Compounding this, roughly a quarter of assets sit outside the sector map (mapped value ratio ≈ 75.8%), leaving a material slice of exposure essentially unobservable.
The summary above is AI-generated directly from this institution's Form 13F filings on the SEC's EDGAR system and reflects historical holdings only. It is not investment advice — verify the details against the original filing linked below. View the original 2026-06-30 Form 13F filing on SEC.gov
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 | 21.35% | -4.45% | -13.83% | |
| 2 | CAT | Caterpillar Inc | Stock-Industrials | 19.65% | +5.43% | — | |
| 3 | CNI | Canadian Natl Railway Co | Stock-Industrials | 17.95% | +1.13% | — | |
| 4 | WM | Waste Management Inc | Stock-Industrials | 17.30% | -2.76% | -3.33% | |
| 5 | DE | Deere & Co | Stock-Industrials | 6.56% | +0.23% | — | |
| 6 | ECL | Ecolab Inc | Stock-Materials | 4.22% | -0.16% | — | |
| 7 | WMT | Walmart Inc | Stock-Consumer Staples | 2.76% | -0.53% | — | |
| 8 | FDX | Fedex CORP | Stock-Industrials | 2.17% | -0.51% | — | |
| 9 | KOF | Coca-cola Femsa Sab-sp Adr | Stock-Other | 1.92% | +0.01% | — | |
| 10 | HD | Home Depot Inc | Stock-Consumer Disc | 1.02% | +1.02% | NEW | |
| 11 | WCN | Waste Connections Inc | Stock-Industrials | 0.99% | -0.06% | — | |
| 12 | MSGS | Madison Square Garden Sports | Stock-Comm Services | 0.69% | +0.09% | — | |
| 13 | ✓ | Stock-Other | 0.52% | +0.52% | NEW | ||
| 14 | CPNG | Coupang Inc | Stock-Consumer Disc | 0.47% | -0.08% | — | |
| 15 | WST | West Pharmaceutical Services | Stock-Healthcare | 0.46% | +0.11% | — | |
| 16 | BUD | Anheuser-busch Inbev-spn Adr | Stock-Consumer Staples | 0.41% | +0.04% | — | |
| 17 | PCAR | Paccar Inc | Stock-Industrials | 0.35% | -0.01% | — | |
| 18 | SDGR | Schrodinger Inc | Stock-Other | 0.33% | +0.08% | — | |
| 19 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 0.26% | -0.07% | — | |
| 20 | DHR | Danaher CORP | Stock-Healthcare | 0.21% | -0.01% | — | |
| 21 | KHC | Kraft Heinz Co/the | Stock-Consumer Staples | 0.17% | -0.01% | — | |
| 22 | HRL | Hormel Foods CORP | Stock-Consumer Staples | 0.15% | — | — | |
| 23 | ✓ | On Holding AG | Stock-Other | 0.05% | — | — | |
| 24 | VLTO | Veralto CORP | Stock-Industrials | 0.03% | — | — |
Portfolio Performance
Performance for Q3 2026
+3%
Performance Last 4 Quarters
+17.7%
Based on 74% of reported portfolio value with available pricing
- Stdev
- +15.4%
- Beta
- +0.82
- Alpha
- +0.3%
- Max Drawdown
- -7.4%
- Annualized Perf
- +16.7%
- Batting Avg vs S&P
- +44.4%
- Sortino
- +2.07
- Stutzer
- +0.32
- Treynor
- +0.2
- Sterling
- +1.01
- Calmar
- +2.27
- Information Ratio
- -0.29
- Tracking Error
- +11.4%
- Stdev Down
- +8.1%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +30.7%
- Worst 12 Months
- -5.7%
- Efficiency Ratio
- +0.44
- Sharpe
- +1.08
- Stdev Sectors
- +30.9%
- Skewness
- +0.12
- Kurtosis
- -0.58
- Upside Potential
- +3.82
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 24 | $34.4B | 17 | ||
| 2026 Q1 | 22 | $31.7B | 22 | ||
| 2025 Q4 | 23 | $35.4B | 10 | ||
| 2025 Q3 | 23 | $36.6B | 25 | ||
| 2025 Q2 | 25 | $47.8B | 0 | ||
| 2025 Q1 | 25 | $41.8B | 100 | ||
| 2024 Q4 | 24 | $42.0B | 0 | ||
| 2024 Q3 | 24 | $45.1B | 0 | ||
| 2024 Q2 | 23 | $47.7B | 0 | ||
| 2024 Q1 | 24 | $45.9B | 0 | ||
| 2023 Q4 | 24 | $42.3B | 0 | ||
| 2023 Q3 | 74 | $38.9B | 0 | ||
| 2023 Q2 | 23 | $42.1B | 0 | ||
| 2023 Q1 | 22 | $36.5B | 0 | ||
| 2022 Q4 | 23 | $35.7B | 0 | ||
| 2022 Q3 | 21 | $34.0B | 0 | ||
| 2022 Q2 | 20 | $17.7B | 0 | ||
| 2022 Q1 | 18 | $19.8B | 0 | ||
| 2021 Q4 | 22 | $23.0B | 0 | ||
| 2021 Q3 | 22 | $23.2B | 0 | ||
| 2021 Q2 | 15 | $23.9B | 17 | ||
| 2021 Q1 | 17 | $21.0B | 14 | ||
| 2020 Q4 | 21 | $22.3B | 8 | ||
| 2020 Q3 | 24 | $22.1B | 26 | ||
| 2020 Q2 | 23 | $17.9B | 15 | ||
| 2020 Q1 | 23 | $17.4B | 29 | ||
| 2019 Q4 | 16 | $21.4B | 2 | ||
| 2019 Q3 | 18 | $21.2B | 9 | ||
| 2019 Q2 | 16 | $19.8B | 11 | ||
| 2019 Q1 | 18 | $20.9B | 15 | ||
| 2018 Q4 | 19 | $21.9B | 16 | ||
| 2018 Q3 | 19 | $25.8B | 19 | ||
| 2018 Q2 | 19 | $22.1B | 12 | ||
| 2018 Q1 | 19 | $24.5B | 8 | ||
| 2017 Q4 | 19 | $26.5B | 5 | ||
| 2017 Q3 | 19 | $25.8B | 13 | ||
| 2017 Q2 | 19 | $23.1B | 27 | ||
| 2017 Q1 | 18 | $18.9B | 6 | ||
| 2016 Q4 | 18 | $19.0B | 6 | ||
| 2016 Q3 | 18 | $18.5B | 11 | ||
| 2016 Q2 | 18 | $16.8B | 6 | ||
| 2016 Q1 | 18 | $17.2B | 4 | ||
| 2015 Q4 | 18 | $16.7B | 6 | ||
| 2015 Q3 | 19 | $17.2B | 12 | ||
| 2015 Q2 | 17 | $17.0B | 11 | ||
| 2015 Q1 | 18 | $18.6B | 9 | ||
| 2014 Q4 | 19 | $20.0B | 25 | ||
| 2014 Q3 | 19 | $21.7B | 17 | ||
| 2014 Q2 | 20 | $20.0B | 6 | ||
| 2014 Q1 | 20 | $19.8B | 4 | ||
| 2013 Q4 | 18 | $20.1B | 7 | ||
| 2013 Q3 | 22 | $19.5B | 11 | ||
| 2013 Q2 | 21 | $17.8B | 0 |
Holding changes this quarter
Gates Foundation Trust's most significant position changes for 2026-06-30: New buy: Home Depot Inc (HD); New buy: ; Trim: Berkshire Hathaway Inc-cl B (BRK-B) — shares -13.83%; Trim: Waste Management Inc (WM) — shares -3.33%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CAT | Caterpillar Inc | +5.4% | — | Unchanged |
| 2 | CNI | Canadian Natl Railway Co | +1.1% | — | Unchanged |
| 3 | HD | Home Depot Inc | +1% | NEW | New buy |
| 4 | ✓ | +0.5% | NEW | New buy | |
| 5 | DE | Deere & Co | +0.2% | — | Unchanged |
| 6 | WST | West Pharmaceutical Services | +0.1% | — | Unchanged |
| 7 | MSGS | Madison Square Garden Sports | +0.1% | — | Unchanged |
| 8 | SDGR | Schrodinger Inc | +0.1% | — | Unchanged |
| 9 | BUD | Anheuser-busch Inbev-spn Adr | 0% | — | Unchanged |
| 10 | KOF | Coca-cola Femsa Sab-sp Adr | 0% | — | Unchanged |
| 11 | HRL | Hormel Foods CORP | — | — | Unchanged |
| 12 | ✓ | On Holding AG | — | — | Unchanged |
| 13 | VLTO | Veralto CORP | — | — | Unchanged |
| 14 | PCAR | Paccar Inc | 0% | — | Unchanged |
| 15 | KHC | Kraft Heinz Co/the | 0% | — | Unchanged |
| 16 | DHR | Danaher CORP | 0% | — | Unchanged |
| 17 | WCN | Waste Connections Inc | -0.1% | — | Unchanged |
| 18 | MCD | Mcdonald's CORP | -0.1% | — | Unchanged |
| 19 | CPNG | Coupang Inc | -0.1% | — | Unchanged |
| 20 | ECL | Ecolab Inc | -0.2% | — | Unchanged |
| 21 | FDX | Fedex CORP | -0.5% | — | Unchanged |
| 22 | WMT | Walmart Inc | -0.5% | — | Unchanged |
| 23 | WM | Waste Management Inc | -2.8% | -3.33% | Trim |
| 24 | BRK-B | Berkshire Hathaway Inc-cl B | -4.5% | -13.83% | Trim |
Filing History
FAQ
What is Gates Foundation Trust and what type of investor is it?
Gates Foundation Trust is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $34.4B, spread across 24 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) — $7.4B (21.4%)
2. Caterpillar Inc (CAT) — $6.8B (19.6%)
3. Canadian Natl Railway Co (CNI) — $6.2B (17.9%)
4. Waste Management Inc (WM) — $6.0B (17.3%)
5. Deere & Co (DE) — $2.3B (6.6%)
What changes did Gates Foundation Trust make in its most recent portfolio filing?
In the latest reported quarter, Gates Foundation Trust made 4 notable position adjustments: 2 new positions were initiated, 0 existing holdings were added to, 2 positions were partially reduced, and 0 were completely exited. The largest of these moves: New buy: Home Depot Inc (HD); New buy: ; Trim: Berkshire Hathaway Inc-cl B (BRK-B) — shares -13.83%; Trim: Waste Management Inc (WM) — shares -3.33%
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: 85.7%
• Materials: 5.6%
• Consumer Staples: 4.6%
• Consumer Discretionary: 2.3%
• Communication Services: 0.9%
• Health Care: 0.9%
Investment Profile
Gates Foundation Trust returned an annualized 16.7% over the trailing 36 months — outperforming the S&P 500 by 0.3 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.82 (less volatile than the market) and a 44% quarterly batting average against the index.
Its portfolio is moderately concentrated and long-term-holding, with 85.7% of the portfolio concentrated in Industrials.
Its turnover score has risen from 0 to 17 over the past 4 quarters — a shift toward more active trading.
It has added to its CAT position over the past two quarters (+$3.1B, now $6.8B), while trimming BRK-B over the same stretch (-$2.4B, still holding $7.4B).
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Developer Access
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