Notable Investors / Q1 2026
Bill Gates’s Portfolio — GATES FOUNDATION TRUST
Co-Chair, Gates Foundation; trust managed by Michael Larson
CIK 0001166559 · 2365 CARILLON POINT, KIRKLAND, WA, 98033 · 4258897900
About Bill Gates
The Bill & Melinda Gates Foundation Trust invests the endowment funding the world's largest private philanthropy. Michael Larson has quietly managed Gates's capital for over three decades, compounding it despite tens of billions in grant outflows.
The trust's 13F is famously concentrated and patient: an enormous Microsoft position alongside Berkshire Hathaway (built largely from Warren Buffett's donated shares), Canadian National Railway, Caterpillar, and waste and utilities franchises.
Portfolio data below is from GATES FOUNDATION TRUST’s SEC 13F filings. View the full filer page →
Summary
Gates Foundation Trust reported $31.7B in U.S.-listed holdings across 22 positions for Q1 2026.
The portfolio is heavily concentrated: BRK/B alone accounts for 25.8% of reported value.
Compared with Q4 2025, the fund opened 0 new positions and exited 1.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 97.7% · $30.9B
- ADR · 2.3% · $724M
- Other · 0.1% · $17M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| MSFTMICROSOFT CORP | SOLD OUT | −7.69M | 0 | −$3.7B | $0 |
| BRK/BBERKSHIRE HATHAWAY INC DEL | TRIMMED | −2.36M | 17.05M | −$1.6B | $8.2B |
| WMWASTE MGMT INC DEL | HELD | −1.29M | 27.64M | −$5M | $6.4B |
| CATCATERPILLAR INC | HELD | +0 | 6.35M | +$861M | $4.5B |
| DEDEERE & CO | HELD | +0 | 3.56M | +$348M | $2.0B |
| CNRCANADIAN NATL RY CO | HELD | +0 | 51.83M | +$203M | $5.3B |
| FDXFEDEX CORP | HELD | +0 | 2.38M | +$161M | $849M |
| WMTWALMART INC | HELD | +0 | 8.39M | +$108M | $1.0B |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $31.7B | 22 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $35.4B | 23 | Feb 17, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $36.6B | 23 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $47.8B | 25 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $41.8B | 25 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $42.0B | 24 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $45.1B | 24 | Nov 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $47.7B | 23 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $45.9B | 24 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $42.3B | 24 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $38.9B | 74 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $42.1B | 23 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $36.5B | 22 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $35.7B | 23 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $34.0B | 21 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $17.7B | 20 | Aug 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $19.8B | 18 | May 16, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $23.0B | 22 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $23.2B | 22 | Nov 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $23.9B | 15 | Aug 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $21.0B | 17 | May 17, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $22.3B | 21 | Feb 12, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $22.1B | 24 | Nov 16, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $17.9B | 23 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $17.4B | 23 | May 15, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $21.4B | 16 | Feb 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $21.2B | 18 | Nov 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $19.8B | 16 | Aug 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $20.9B | 18 | May 15, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $21.9B | 19 | Feb 14, 2019 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.