In Q2 2026, Gates Foundation Trust held 24 US-listed stocks worth $34bn. Its biggest move was cutting Berkshire Hathaway (14% fewer shares, now 21%), followed by cutting Waste Management (3% fewer shares, now 17%). It started 2 new positions and sold out of 0. Its largest holding is Berkshire Hathaway at 21%.
Q2 2026, filed 14 Aug 2026 (filing): 2 new, 0 added to, 2 trimmed, 0 sold out. Select a row to see it over time.How this works
Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.
13F holdings with change from the previous quarter
Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions.How this works
Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.
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Q4 ’24
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BRK.BWMMSFTCNICATWMTEverything else
2013: Berkshire Hathaway 48.5%, Waste Management 4.2%, Microsoft 0.0%, Canadian National Railway 4.9%, Caterpillar 5.1%, Walmart 4.5%; 2014: Berkshire Hathaway 59.0%, Waste Management 4.8%, Microsoft 0.0%, Canadian National Railway 5.9%, Caterpillar 5.2%, Walmart 5.0%; 2015: Berkshire Hathaway 58.9%, Waste Management 6.0%, Microsoft 0.0%, Canadian National Railway 5.7%, Caterpillar 4.6%, Walmart 4.3%; 2016: Berkshire Hathaway 59.4%, Waste Management 7.0%, Microsoft 0.0%, Canadian National Railway 6.1%, Caterpillar 5.5%, Walmart 4.2%; 2017: Berkshire Hathaway 47.6%, Waste Management 6.1%, Microsoft 15.5%, Canadian National Railway 5.3%, Caterpillar 6.7%, Walmart 4.3%; 2018: Berkshire Hathaway 53.1%, Waste Management 7.6%, Microsoft 7.4%, Canadian National Railway 5.8%, Caterpillar 6.5%, Walmart 4.9%; 2019: Berkshire Hathaway 52.9%, Waste Management 9.9%, Microsoft 0.0%, Canadian National Railway 7.3%, Caterpillar 7.8%, Walmart 6.5%; 2020: Berkshire Hathaway 43.7%, Waste Management 9.8%, Microsoft 0.0%, Canadian National Railway 8.3%, Caterpillar 9.2%, Walmart 7.5%; 2021: Berkshire Hathaway 43.9%, Waste Management 13.5%, Microsoft 2.8%, Canadian National Railway 7.0%, Caterpillar 8.7%, Walmart 4.4%; 2022: Berkshire Hathaway 21.4%, Waste Management 15.5%, Microsoft 26.4%, Canadian National Railway 18.2%, Caterpillar 4.9%, Walmart 1.2%; 2023: Berkshire Hathaway 16.8%, Waste Management 14.9%, Microsoft 34.0%, Canadian National Railway 16.3%, Caterpillar 5.1%, Walmart 1.1%; Q3 ’24: Berkshire Hathaway 22.6%, Waste Management 14.8%, Microsoft 27.6%, Canadian National Railway 14.3%, Caterpillar 6.4%, Walmart 1.6%; Q4 ’24: Berkshire Hathaway 21.2%, Waste Management 15.5%, Microsoft 28.6%, Canadian National Railway 13.3%, Caterpillar 6.3%, Walmart 1.9%; Q1 ’25: Berkshire Hathaway 21.9%, Waste Management 17.9%, Microsoft 25.6%, Canadian National Railway 12.8%, Caterpillar 5.8%, Walmart 1.9%; Q2 ’25: Berkshire Hathaway 24.5%, Waste Management 15.4%, Microsoft 27.3%, Canadian National Railway 11.9%, Caterpillar 6.0%, Walmart 1.9%; Q3 ’25: Berkshire Hathaway 29.9%, Waste Management 17.5%, Microsoft 13.0%, Canadian National Railway 13.4%, Caterpillar 8.3%, Walmart 2.4%; Q4 ’25: Berkshire Hathaway 27.6%, Waste Management 18.0%, Microsoft 10.5%, Canadian National Railway 14.5%, Caterpillar 10.3%, Walmart 2.6%; Q1 ’26: Berkshire Hathaway 25.8%, Waste Management 20.1%, Microsoft 0.0%, Canadian National Railway 16.8%, Caterpillar 14.2%, Walmart 3.3%; Q2 ’26: Berkshire Hathaway 21.4%, Waste Management 17.3%, Microsoft 0.0%, Canadian National Railway 17.9%, Caterpillar 19.6%, Walmart 2.8%
Q1 Q2 Q3 Q4 · each quarter is that quarter’s profits times the stake reported at its end. *2026 so far: 2 quarters. Click a quarter to see its holdings.
Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained. Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.
5% stake filings
Holdings of 5% or more of a company (13D and 13G), usually reported well before the next 13F.How this works
Gates Foundation Trust’s filings since December 2024, newest first. An amendment showing less than 5% means the holding fell below the threshold. A 13D means the holder may seek to influence the company. How to read a 13D.