Are the trust and the foundation the same thing?

No. The foundation runs the programmes and makes the grants; the trust manages the endowment that funds them. That is why its portfolio is managed to be able to pay those commitments rather than to beat the market.

Why is so much weight in so few companies?

Because a large part of the endowment was received directly as stock, and those positions have been reduced gradually over time rather than sold at once.

What can I learn from this portfolio?

How to invest when a future payment is already promised: prioritizing stable businesses and liquidity over positions that could force a sale at a bad moment.

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Philanthropic trust

The Gates Foundation Trust portfolio

A trust whose objective is not to maximize returns but to sustain a grant programme for decades.

Size$34.4BPositions23Turnover17%Current weights, 12 m-0.3%

Create an account and we will tell you when this investor reports a trade.

The Gates Foundation Trust portfolio

Size$34.4B

Current weights, 12 m-0.3%

Create an account and we will tell you when this investor reports a trade.

CompanyPortfolio weightDisclosed sincePrice24h30dValue

Berkshire Hathaway Inc.BRK-B21.3%since 2013$505.18−0.4%—$7.4B

Caterpillar Inc.CAT19.7%since 2013$805.25−0.8%—$6.8B

21.3%

Berkshire Hathaway Inc.BRK-B · $505.18−0.4%

19.7%

Caterpillar Inc.CAT · $805.25−0.8%

Canadian National Railway CompanyCNI17.9%since 2013$119.92+0.4%—$6.2B

Waste Management, Inc.WM17.3%since 2013$207.96+0.0%—$6.0B

Deere & CompanyDE6.6%since 2021$694.94−2.0%—$2.3B

Ecolab Inc.ECL4.2%since 2013$275.37−0.5%—$1.5B

Walmart Inc.WMT2.8%since 2013$107.59−2.7%—$950M

FedEx CorporationFDX2.2%since 2013$279.54−4.1%—$747M

Coca-Cola FEMSA, S.A.B. de C.V.KOF1.9%since 2013$108.96−1.5%—$660M

The Home Depot, Inc.HD1.0%since 2023$292.18−1.5%—$353M

Waste Connections, Inc.WCN1.0%since 2022$155.93+0.3%—$340M

Madison Square Garden Sports Corp.MSGS0.7%since 2021$402.50+1.9%—$238M

FedEx Freight Holding Company, Inc.FDXF0.5%since 2026$113.81−4.5%—$180M

Coupang, Inc.CPNG0.5%since 2021$13.88−2.8%—$161M

West Pharmaceutical Services, Inc.WST0.5%since 2025$373.60−0.6%—$160M

Anheuser-Busch InBev SA/NVBUD0.4%—$77.42+0.5%—$140M

PACCAR IncPCAR0.4%—$110.67−1.3%—$120M

Schrödinger, Inc.SDGR0.3%—$29.45+0.8%—$113M

McDonald's CorporationMCD0.3%—$237.02−0.6%—$91M

Danaher CorporationDHR0.2%—$223.77+1.0%—$71M

The Kraft Heinz CompanyKHC0.2%—$23.86+0.3%—$58M

Hormel Foods CorporationHRL0.1%—$19.83−0.5%—$52M

Veralto CorporationVLTO0.0%—$96.20+0.3%—$11M

17.9%

Canadian National Railway CompanyCNI · $119.92+0.4%

17.3%

Waste Management, Inc.WM · $207.96+0.0%

6.6%

Deere & CompanyDE · $694.94−2.0%

4.2%

Ecolab Inc.ECL · $275.37−0.5%

2.8%

Walmart Inc.WMT · $107.59−2.7%

2.2%

FedEx CorporationFDX · $279.54−4.1%

1.9%

Coca-Cola FEMSA, S.A.B. de C.V.KOF · $108.96−1.5%

1.0%

The Home Depot, Inc.HD · $292.18−1.5%

1.0%

Waste Connections, Inc.WCN · $155.93+0.3%

0.7%

Madison Square Garden Sports Corp.MSGS · $402.50+1.9%

0.5%

FedEx Freight Holding Company, Inc.FDXF · $113.81−4.5%

0.5%

Coupang, Inc.CPNG · $13.88−2.8%

0.5%

West Pharmaceutical Services, Inc.WST · $373.60−0.6%

0.4%

Anheuser-Busch InBev SA/NVBUD · $77.42+0.5%

0.4%

PACCAR IncPCAR · $110.67−1.3%

0.3%

Schrödinger, Inc.SDGR · $29.45+0.8%

0.3%

McDonald's CorporationMCD · $237.02−0.6%

0.2%

Danaher CorporationDHR · $223.77+1.0%

0.2%

The Kraft Heinz CompanyKHC · $23.86+0.3%

0.1%

Hormel Foods CorporationHRL · $19.83−0.5%

0.0%

Veralto CorporationVLTO · $96.20+0.3%

SourceSEC Form 13F filings (US)Holdings as of 30 Jun 2026

The -0.3% above is the 12-month change these weights would have produced. It is not Gates Foundation Trust's return.

Why people follow this portfolio

The Gates Foundation Trust manages the endowment that funds the foundation's grants. These are the positions from its latest filing.

This trust is not trying to make as much as possible in a year. It is trying to sustain a giving programme of billions of dollars a year for decades. That obligation explains the shape of the portfolio: large, predictable companies with steady income, the kind it can sell without trouble on the day a payment is due.

Much of its wealth arrived as donated shares, mostly Berkshire Hathaway and Microsoft, and that still shows in the weights. The rest has been spread into unglamorous, very steady sectors: waste, railways, farm machinery and logistics.

For a private investor it is probably the best example of a portfolio built to last. It is not looking for the company that goes up tenfold. It is trying not to have to sell at the worst moment. That is exactly the problem facing anyone investing towards a fixed date, such as retirement or a child's education.

Where this data comes from

Positions come from the 13F form the trust files with the SEC each quarter. A 13F covers long positions in US-listed stocks and does not reflect bonds, cash or investments outside that universe.

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