Bill Gates - Bill & Melinda Gates Foundation Trust Portfolio

Bill Gates - Bill & Melinda Gates Foundation Trust Q4 2024 Portfolio

Bill & Melinda Gates Foundation, a trust fund managed by Bill Gates, disclosed 24 security holdings in their SEC 13F filing for the fourth quarter of 2024, with a total portfolio value of $42,015,876,027

Bill & Melinda Gates Foundation Trust Portfolio Analysis

Based on 13F filing for reporting period: Q4, 2024

Portfolio Manager

Bill & Melinda Gates Foundation Trust

Filing Date

February 14, 2025

Total Value

$42,015,876,027

Number of Positions

Portfolio Allocation

Holdings Breakdown

Rank	Company Name	Ticker	Shares	Market Value ($)	% of Portfolio

Bill & Melinda Gates Foundation Trust Portfolio

Q4 2024 Holdings and Strategic Analysis

As of Q4 2024, the Bill & Melinda Gates Foundation Trust's portfolio reflects a focus on stable, long-term investments that align with its mission of sustainability and global impact. Below is a detailed overview of the top 10 holdings that drive both financial returns and support the foundation's broader goals.

Top Holdings

MSFT

Microsoft Corp.

Reduced 1.73%

Portfolio: 28.55%

Shares: 28,457,247

Reported Price: $421.50

Value: $11,994,730,000

Microsoft remains the trust's largest holding, though it was trimmed slightly this quarter. Its leadership in software, cloud computing (Azure), and AI continues to make Microsoft a high-conviction investment with strong growth potential.

BRK.B

Berkshire Hathaway CL B

Reduced 11.21%

Portfolio: 21.20%

Shares: 19,655,024

Reported Price: $453.28

Value: $8,909,229,000

Berkshire Hathaway remains a cornerstone of the portfolio, providing diversified exposure through Warren Buffett's conglomerate. Despite the reduction, the trust maintains significant confidence in Berkshire's long-term value creation approach.

Waste Management Inc.

No Change

Portfolio: 15.48%

Shares: 32,234,344

Reported Price: $201.79

Value: $6,504,568,000

Waste Management, a leader in waste disposal and recycling, delivers steady demand, environmental focus, and consistent cash flows that align with the foundation's preference for essential services and sustainability-oriented businesses.

CNI

Canadian National Railway Co.

No Change

Portfolio: 13.25%

Shares: 54,826,786

Reported Price: $101.51

Value: $5,565,467,000

Canadian National Railway, a dominant player in North American freight transport, offers stable revenue and growth prospects. Its extensive rail network supports the trust's strategy of investing in key infrastructure assets.

CAT

Caterpillar Inc.

No Change

Portfolio: 6.35%

Shares: 7,353,614

Reported Price: $362.76

Value: $2,667,597,000

Caterpillar provides exposure to construction, mining, and energy equipment—industries poised to benefit from ongoing infrastructure projects. The unchanged position reflects continued faith in global industrial demand.

Deere & Co.

No Change

Portfolio: 3.59%

Shares: 3,557,378

Reported Price: $423.70

Value: $1,507,261,000

Deere's focus on agricultural machinery and advanced farming solutions aligns with the foundation's commitment to sustainable agriculture and food production, supporting its global mission to enhance resource management.

ECL

Ecolab Inc.

No Change

Portfolio: 2.91%

Shares: 5,218,044

Reported Price: $234.32

Value: $1,222,692,000

Ecolab's water, hygiene, and energy solutions remain integral to the portfolio's sustainability theme. Its offerings help companies reduce environmental footprints—a key priority for the foundation's global impact goals.

WMT

Walmart Inc.

No Change

Portfolio: 1.95%

Shares: 9,090,477

Reported Price: $90.35

Value: $821,325,000

Walmart adds consumer sector diversification to the portfolio. As the world's largest retailer, it benefits from consistent demand for everyday goods and an expanding e-commerce presence, supporting the trust's long-term approach.

FDX

FedEx Corp.

No Change

Portfolio: 1.70%

Shares: 2,534,362

Reported Price: $281.33

Value: $712,992,000

FedEx offers exposure to global logistics and delivery services, essential for e-commerce growth and worldwide supply chains. This position supports a sector poised for long-term expansion amid increasing digital commerce.

KOF

Coca-Cola FEMSA S.A.B. de C.V.

No Change

Portfolio: 1.15%

Shares: 6,214,719

Reported Price: $77.89

Value: $484,064,000

Coca-Cola FEMSA, the largest Coke bottler in Latin America, provides access to emerging markets and consumer staples. Its resilience and consistent demand make it a suitable fit for the foundation's diversified approach.

Portfolio Strategy Analysis

Tech and Diversification at the Core

Microsoft remains the top holding despite a slight reduction, underscoring the trust's continued emphasis on technology. Alongside Berkshire Hathaway, these two positions account for nearly half the portfolio, balancing growth potential with diversified stability through Berkshire's conglomerate structure.

Focus on Essential Services and Infrastructure

Large stakes in Waste Management, Canadian National Railway, and Caterpillar demonstrate a preference for companies providing fundamental, long-term needs. This approach supports the foundation's commitment to reliable cash flows and meaningful economic impact across vital sectors of the economy.

Sustainability and Resource Management

Deere and Ecolab highlight the trust's dedication to sustainable agriculture and environmental solutions. Both companies are positioned to address global challenges in food production, water conservation, and resource efficiency—themes central to the foundation's mission of promoting sustainable development worldwide.

Moderate Consumer Exposure

Walmart and Coca-Cola FEMSA contribute to consumer sector diversification, while FedEx capitalizes on e-commerce logistics trends. These smaller positions round out a portfolio designed to withstand market fluctuations and provide exposure to essential consumer services in both developed and emerging markets.

Conclusion

The Bill & Melinda Gates Foundation Trust's Q4 2024 portfolio continues to prioritize long-term stability, essential services, and sustainability-focused businesses. The modest reductions in Microsoft and Berkshire Hathaway suggest strategic rebalancing, while core holdings in waste management, railways, and industrials demonstrate an enduring commitment to critical infrastructure.

This balanced approach aligns with the foundation's mission to invest in innovative, resilient enterprises that address global challenges while providing the financial returns necessary to fund its philanthropic activities. By maintaining substantial positions in companies that combine financial performance with positive environmental and social impacts, the trust creates a virtuous cycle between investment success and global development.