Gates Foundation Trust 13F: Q2 2026 Portfolio — $34.42B Across 24 Positions

Gates Foundation Trust · Q2 2026

Concentration stayed tight as trims at Berkshire and Waste Mgmt offset two new entries

Reported value

$34.4B

Filed 2026-08-14

Positions

Quarter ended 2026-06-30

Top 10 weight

94.9%

New2Added0Trimmed2Exited0View the SEC filing

Form 13F reports long US-listed positions only, up to 45 days after quarter end. It excludes shorts, cash, and non-US holdings, so the live book can differ.

Gates Foundation Trust reported a $34.42B US-listed portfolio in its Q2 2026 Form 13F, filed with the SEC on 2026-08-14 for the quarter ended 2026-06-30. The book holds 24 positions, led by Berkshire Hathaway at 21.4% of reported value; the top three together account for 59%. Against the Q1 2026 filing, the manager opened 2 new positions, added to 0, trimmed 2, and exited 0.

Top 12 holdings

Portfolio allocation

Berkshire HathawayBRK-B21.4%
CaterpillarCAT19.6%
Canadian Natl RyCNI17.9%
Waste MgmtWM17.3%
Deere &DE6.6%
EcolabECL4.2%
WalmartWMT2.8%
FedexFDX2.2%
Coca-Cola Femsa Sab De CvKOF1.9%
Home DepotHD1.0%
Other holdings5.1%

Share of reported 13F value

#	Holding	Action	Weight	Value	Shares vs prior quarter
1	Berkshire HathawayBRK-B	Trimmed	21.4%	$7.35B	-13.8%
2	CaterpillarCAT	Unchanged	19.6%	$6.77B	0.0%
3	Canadian Natl RyCNI	Unchanged	17.9%	$6.18B	0.0%
4	Waste MgmtWM	Trimmed	17.3%	$5.96B	-3.3%
5	Deere &DE	Unchanged	6.6%	$2.26B	0.0%
6	EcolabECL	Unchanged	4.2%	$1.45B	0.0%
7	WalmartWMT	Unchanged	2.8%	$950M	0.0%
8	FedexFDX	Unchanged	2.2%	$747M	0.0%
9	Coca-Cola Femsa Sab De CvKOF	Unchanged	1.9%	$660M	0.0%
10	Home DepotHD	New	1.0%	$353M	New
11	Waste ConnectionsWCN	Unchanged	1.0%	$340M	0.0%
12	Madison Square Grdn Sprt CorMSGS	Unchanged	0.7%	$238M	0.0%
	Other holdings		3.4%	$1.17B

Values and share counts as reported for 2026-06-30; weights are share of reported 13F value.

Actions compare share counts against the prior quarter's filing, so they do not move with price.

New positions and exits

New positions

Home Depot$353M
Fedex Fght Hldg$180M

Closed out

No positions closed out this quarter.

Read on the quarter

What the moves add up to

The quarter’s activity points to a high-conviction, concentrated portfolio structure, with the top 10 holdings accounting for 94.9% of the total value. Within that concentrated core, the largest positions remain steady on an intent basis: Caterpillar and Canadian Natl Ry were both held, while Deere &, Ecolab, Walmart, Fedex, Coca-Cola Femsa Sab De Cv, and Home Depot were also held aside from the additions below.

Portfolio turnover was limited: there were 2 trims and 20 holds, with no exits. The most notable reductions were in Berkshire Hathaway (trim with a -13.8 change on the quarter) and Waste Mgmt (trim with a -3.3 change). Those de-risking actions were balanced by two new positions, including a new stake in Home Depot and a new entry in Fedex Fght Hldg (symbol not provided in the filing extract), reinforcing that the fund managed concentration while making targeted additions rather than broad reallocations.

At the stock level, the biggest quarter-specific change in intent came from the combination of trimming two existing large weights while initiating two positions, keeping the overall footprint across only 24 reported holdings.

Context

How to read this filing

A Form 13F is a quarterly snapshot institutional managers with over $100M in US-listed assets must file within 45 days of quarter end. It shows long equity positions only: no short book, no cash, no non-US listings, no timing inside the quarter. Treat it as a delayed map of where the manager's conviction sat on the reporting date — not a live portfolio, and not a buy list.

Positions may have changed since the reporting date. Weight changes also reflect price moves, not only buying or selling — the action tags on this page are derived from share counts, which do not move with price.