The Gates Foundation Trust reported a total managed portfolio value of $36,583,755,044 in its Q3 2025 13F filing.
Top Holdings Overview
The top four holdings – Berkshire Hathaway, Waste Management, Canadian National Railway, and Microsoft – make up over 73% of the entire portfolio.
| Stock | Shares Held | Market Value | % of Portfolio | Change in Shares |
|---|---|---|---|---|
| BRK.B | 21,765,224 | $10,942,248,714 | 29.91% | -2,358,460 |
| WM | 28,934,344 | $6,389,571,186 | 17.47% | -3,300,000 |
| CNI | 51,826,786 | $4,887,265,920 | 13.36% | -3,000,000 |
| MSFT | 9,191,207 | $4,760,585,666 | 13.01% | -17,000,000 |
| CAT | 6,353,614 | $3,031,626,920 | 8.29% | -1,000,000 |
| DE | 3,357,372 | $1,626,065,664 | 4.45% | No Change |
| ECL | 2,048,314 | $1,429,013,530 | 3.84% | No Change |
| WMT | 2,389,477 | $864,722,560 | 2.36% | -700,000 |
| FDX | 2,384,362 | $562,245,360 | 1.54% | -150,000 |
| KOF | 6,214,719 | $516,443,149 | 1.41% | No Change |
Other Holdings (Quick Summary)
Here is a simple list of the remaining stocks and values:
WCN – 2,039,175 shares – $358,486,965 – Change: -110,000
CPNG – 9,248,045 shares – $297,787,049 – No change
SDGR – 6,981,664 shares – $140,052,180 – No change
MSGS – 592,406 shares – $134,476,162 – No change
WST – 444,500 shares – $116,605,685 – No change
MCD – 334,900 shares – $101,772,761 – No change
BUD – 1,703,000 shares – $101,515,830 – No change
PCAR – 1,000,000 shares – $98,320,000 – No change
DHR – 373,000 shares – $73,950,980 – No change
KHC – 2,472,600 shares – $64,386,504 – Change: -150,000
HRL – 2,085,290 shares – $51,590,075 – Change: -110,000
ONON – 500,000 shares – $21,175,000 – No change
VLTO – 124,333 shares – $13,255,141 – No change
Sold-Out Positions
CCI – 1,420,072 shares sold completely
UPS – 755,089 shares sold completely
Direct Answers to Common Questions
1. Did the Gates Foundation Trust reduce its Microsoft position?
Yes. The trust sold 17 million Microsoft shares in Q3 2025, which is the largest reduction in the portfolio.
2. Which stocks make up most of the portfolio?
The top four stocks—Berkshire Hathaway, Waste Management, Canadian National Railway, and Microsoft-make up over 73% of the entire portfolio.
3. Did the trust sell any positions completely?
Yes. The trust exited two stocks: Crown Castle (CCI) and UPS.
4. Is the Gates Foundation Trust’s portfolio diversified?
No. The portfolio is highly concentrated. The top 10 holdings account for 95.7% of total assets.
Summary
The Gates Foundation Trust continues to focus on stable, long-term blue-chip stocks. The biggest action this quarter was a major reduction in Microsoft and partial trimming of several long-term holdings like Berkshire Hathaway and Waste Management. Two positions were also fully sold.
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