Microsoft remains the top holding with no activity this quarter, underscoring the trust's continued emphasis on technology. Together with Berkshire Hathaway, these two positions account for nearly half the portfolio (47.43%), balancing growth potential with diversified stability through Berkshire's conglomerate structure. The ongoing reduction in Berkshire (-12.63% this quarter) suggests strategic rebalancing.

Increased portfolio concentration in Waste Management (now 17.85%), Canadian National Railway (12.78%), and Caterpillar (5.80%) demonstrate a strengthened 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.

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

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. All three positions remain unchanged, indicating continued confidence in these allocations.