# GATES FOUNDATION TRUST

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1166559. Source: https://holderbook.com/funds/1166559-gates-foundation-trust/

- Reported value: $34.4B
- Positions: 24
- Weight of the ten largest: 94.9%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $7.4B | 14,689,844 | 21.4% | 31 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $6.8B | 6,353,614 | 19.7% | 31 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $6.2B | 51,826,786 | 18.0% | 31 |
| WASTE MGMT INC DEL | [WM](https://holderbook.com/stocks/WM/) | $6.0B | 26,720,744 | 17.3% | 31 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $2.3B | 3,557,378 | 6.6% | 20 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $1.5B | 5,218,044 | 4.2% | 31 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $950.3M | 8,390,477 | 2.8% | 31 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $746.6M | 2,384,362 | 2.2% | 31 |
| COCA-COLA FEMSA SAB DE CV | [KOF](https://holderbook.com/stocks/KOF/) | $660.3M | 6,214,719 | 1.9% | 31 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $352.7M | 1,000,000 | 1.0% | 1 |
| WASTE CONNECTIONS INC | [WCN](https://holderbook.com/stocks/WCN/) | $339.9M | 2,039,175 | 1.0% | 16 |
| MADISON SQUARE GRDN SPRT COR | [MSGS](https://holderbook.com/stocks/MSGS/) | $238.1M | 592,406 | 0.7% | 20 |
| FEDEX FGHT HLDG CO INC | - | $180.0M | 1,192,181 | 0.5% | 1 |
| COUPANG INC | [CPNG](https://holderbook.com/stocks/CPNG/) | $160.6M | 9,248,045 | 0.5% | 22 |
| WEST PHARMACEUTICAL SVSC INC | [WST](https://holderbook.com/stocks/WST/) | $159.6M | 444,500 | 0.5% | 6 |
| ANHEUSER BUSCH INBEV SA/NV | [BUD](https://holderbook.com/stocks/BUD/) | $140.3M | 1,703,000 | 0.4% | 13 |
| PACCAR INC | [PCAR](https://holderbook.com/stocks/PCAR/) | $120.1M | 1,000,000 | 0.3% | 8 |
| SCHRODINGER INC | [SDGR](https://holderbook.com/stocks/SDGR/) | $113.5M | 6,981,664 | 0.3% | 26 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $90.5M | 334,900 | 0.3% | 7 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $71.0M | 373,000 | 0.2% | 15 |
| KRAFT HEINZ CO | [KHC](https://holderbook.com/stocks/KHC/) | $58.4M | 2,472,600 | 0.2% | 16 |
| HORMEL FOODS CORP | [HRL](https://holderbook.com/stocks/HRL/) | $51.8M | 2,085,290 | 0.2% | 15 |
| ON HLDG AG | [ONON](https://holderbook.com/stocks/ONON/) | $17.7M | 500,000 | 0.1% | 20 |
| VERALTO CORP | [VLTO](https://holderbook.com/stocks/VLTO/) | $11.0M | 124,333 | 0.0% | 11 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +11.4% | +14.8% | -3.4% | 100% |
| Q1 2026 | +1.6% | -4.6% | +6.3% | 100% |
| Q4 2025 | +1.9% | +2.4% | -0.5% | 100% |
| Q3 2025 | +1.3% | +7.8% | -6.5% | 100% |
| Q2 2025 | +8.9% | +10.5% | -1.5% | 100% |
| Q1 2025 | +2.4% | -4.6% | +7.0% | 100% |
| Q4 2024 | -4.1% | +2.1% | -6.2% | 100% |
| Q3 2024 | +2.9% | +5.4% | -2.6% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $34.4B | 24 |
| Q1 2026 | $31.7B | 22 |
| Q4 2025 | $35.4B | 23 |
| Q3 2025 | $36.6B | 23 |
| Q2 2025 | $47.8B | 25 |
| Q1 2025 | $41.8B | 25 |
| Q4 2024 | $42.0B | 24 |
| Q3 2024 | $45.1B | 24 |
| Q2 2024 | $47.7B | 23 |
| Q1 2024 | $45.9B | 24 |
| Q4 2023 | $42.3B | 24 |
| Q3 2023 | $38.9B | 74 |