BILL GATES – BILL & MELINDA GATES FOUNDATION TRUST Q2 2025 PORTFOLIO

Bill & Melinda Gates Foundation, a trust fund managed by Bill Gates, disclosed 25 security holdings in its Q2 2025 13F filing, with a total portfolio value of $47,780,360,264.

Bill & Melinda Gates Foundation Trust Portfolio

Q2 2025 Holdings and Strategic Analysis

As of Q2 2025, the Bill & Melinda Gates Foundation Trust’s portfolio has grown to $47.78 billion, representing significant gains from the previous quarter. The trust executed major strategic moves this quarter, most notably a dramatic 40.48% increase in Berkshire Hathaway holdings while reducing Microsoft by nearly 8%. These changes reflect continued portfolio optimization while maintaining focus on sustainable, long-term investments aligned with the foundation’s mission.

Top Holdings

1
MSFT
Microsoft Corp.
Reduced 7.96%
Portfolio: 27.27%
Shares: 26,191,207
Reported Price: $497.41
Value: $13,027,768,274
Microsoft remains the trust’s largest holding despite the 7.96% reduction (-2.27 million shares). The portfolio percentage actually increased to 27.27% due to strong stock price performance. Microsoft’s leadership in AI, cloud computing (Azure), and productivity software continues to drive long-term value creation.
2
BRK.B
Berkshire Hathaway CL B
Increased 40.48%
Portfolio: 24.53%
Shares: 24,123,684
Reported Price: $485.77
Value: $11,718,561,977
Major Strategic Move: The trust dramatically increased its Berkshire Hathaway position by 40.48% (+6.95 million shares), completely reversing the previous quarter’s reduction. This massive addition signals renewed confidence in Warren Buffett’s conglomerate and its diversified value creation approach.
3
WM
Waste Management Inc.
No Change
Portfolio: 15.44%
Shares: 32,234,344
Reported Price: $228.82
Value: $7,375,862,594
Waste Management maintains its position as a core holding, providing exposure to essential environmental services. The company’s leadership in waste disposal, recycling, and sustainability solutions continues to align with the foundation’s environmental objectives while delivering steady cash flows.
4
CNI
Canadian National Railway Co.
No Change
Portfolio: 11.94%
Shares: 54,826,786
Reported Price: $104.04
Value: $5,704,178,815
Canadian National Railway continues as a stable infrastructure play, benefiting from North America’s freight transportation needs. The extensive rail network provides critical logistics infrastructure supporting economic growth and trade, aligning with the trust’s infrastructure investment strategy.
5
CAT
Caterpillar Inc.
No Change
Portfolio: 5.97%
Shares: 7,353,614
Reported Price: $388.21
Value: $2,854,746,491
Caterpillar provides essential exposure to construction, mining, and industrial equipment sectors. The company benefits from ongoing global infrastructure development and industrial demand, supporting the trust’s strategy of investing in companies that enable economic development.
6
DE
Deere & Co.
No Change
Portfolio: 3.79%
Shares: 3,557,378
Reported Price: $508.49
Value: $1,808,891,139
Deere’s agricultural machinery and precision farming solutions continue to support global food production efficiency. The company’s technology-driven approach to agriculture aligns with the foundation’s mission to enhance food security and sustainable farming practices worldwide.
7
ECL
Ecolab Inc.
No Change
Portfolio: 2.94%
Shares: 5,218,044
Reported Price: $269.44
Value: $1,405,949,775
Ecolab’s water, hygiene, and energy solutions remain integral to the portfolio’s sustainability focus. The company helps businesses reduce environmental impact while improving operational efficiency, directly supporting the foundation’s environmental and health initiatives.
8
WMT
Walmart Inc.
No Change
Portfolio: 1.86%
Shares: 9,090,477
Reported Price: $97.78
Value: $888,866,841
Walmart provides consumer staples exposure and benefits from its expanding e-commerce capabilities. As the world’s largest retailer, it offers consistent demand patterns and global reach, supporting the trust’s diversification while serving essential consumer needs.
9
KOF
Coca-Cola FEMSA S.A.B. de C.V.
No Change
Portfolio: 1.26%
Shares: 6,214,719
Reported Price: $96.73
Value: $601,149,769
Coca-Cola FEMSA provides exposure to Latin American markets and consumer beverage trends. As the region’s largest Coca-Cola bottler, it offers growth potential in emerging markets while maintaining stable demand for essential consumer products.
10
FDX
FedEx Corp.
No Change
Portfolio: 1.21%
Shares: 2,534,362
Reported Price: $227.31
Value: $576,085,826
FedEx maintains its role as a global logistics and delivery leader, capitalizing on e-commerce growth and international trade. The company’s worldwide distribution network supports economic connectivity and commerce, fitting the trust’s infrastructure investment theme.

Q2 2025 Portfolio Strategy Analysis

1
Major Strategic Rebalancing

Q2 2025 marked significant portfolio changes with the trust executing a major 40.48% increase in Berkshire Hathaway while reducing Microsoft by 7.96%. This strategic rebalancing suggests profit-taking on tech gains while increasing exposure to Berkshire’s diversified value approach. Combined, these two positions now represent 51.8% of the portfolio, demonstrating continued concentration in high-conviction holdings.

2
Portfolio Growth and Performance

The portfolio grew significantly from $41B to $47.78 billion in Q2 2025, representing substantial value creation. This growth came from both strategic positioning and market appreciation across key holdings. The trust’s emphasis on Microsoft, Berkshire Hathaway, and infrastructure plays like Waste Management and Canadian National Railway contributed to this performance.

3
Sustained Infrastructure and Sustainability Focus

The trust maintained its commitment to essential services with no changes to core holdings in Waste Management (15.44%), Canadian National Railway (11.94%), and Caterpillar (5.97%). These positions continue to provide exposure to companies addressing fundamental economic needs while supporting sustainable development and infrastructure modernization.

4
Balanced Sector Diversification

While maintaining technology leadership through Microsoft, the portfolio balances exposure across essential sectors including agriculture (Deere), environmental solutions (Ecolab), consumer staples (Walmart), and logistics (FedEx). This diversification approach provides stability while supporting companies that address global challenges in food security, environmental stewardship, and economic connectivity.

Key Investment Themes

Technology Leadership: Despite reducing Microsoft shares, the trust maintains its largest allocation (27.27%) in the tech giant, reflecting long-term confidence in AI, cloud computing, and digital transformation trends.


Diversified Value: The dramatic increase in Berkshire Hathaway (+40.48%) signals renewed confidence in Warren Buffett’s value investing approach and diversified business model during uncertain economic times.


Essential Infrastructure: Continued focus on Waste Management, Canadian National Railway, and Caterpillar demonstrates commitment to companies providing critical infrastructure and services that enable economic growth.


Sustainability Integration: Holdings in Deere (agriculture technology), Ecolab (environmental solutions), and Waste Management (recycling and waste services) continue to align financial returns with environmental and social impact.

Conclusion

The Q2 2025 portfolio reflects a maturing investment strategy that balances growth and stability through strategic rebalancing. The major increase in Berkshire Hathaway combined with profit-taking on Microsoft demonstrates active portfolio management while maintaining core conviction positions.


At $47.78 billion, the portfolio continues to prioritize companies that combine financial performance with positive societal impact. The trust’s approach of investing in essential services, infrastructure, and technology leaders creates a foundation for sustainable long-term returns while supporting the foundation’s philanthropic mission to address global challenges in health, education, and poverty reduction.


The strategic moves this quarter suggest the trust is actively optimizing allocations while staying true to its core investment philosophy of supporting innovative, sustainable businesses that create long-term value for both shareholders and society.

Source: SEC.gov | Portfolio analysis as of Q2 2025 (Filing date: August 14, 2025)

Bill & Melinda Gates Foundation Trust Portfolio Analysis

Based on 13F filing for reporting period: Q2, 2025

Portfolio Manager

Bill & Melinda Gates Foundation Trust

Filing Date

August 14, 2025

Total Value

$47,780,360,264

Number of Positions

25

Portfolio Allocation

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Holdings Breakdown

Rank Company Name % of Portfolio Q2 Activity Ticker Shares Market Value ($)

Howard Marks Portfolio Terry Smith Portfolio David Tepper Portfolio Seth Klarman Portfolio Warren Buffett Portfolio Bill Miller Portfolio Carl Icahn Portfolio
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