# Gates Foundation Trust portfolio: Q2 2026 13F holdings

Michael Larson’s Gates Foundation Trust: $34bn in 24 US holdings at Q2 2026, with buys and sells.

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%.

13F for the quarter ending 2026-06-30, filed 2026-08-14 ([filing](https://www.sec.gov/Archives/edgar/data/1166559/000110465926097175/0001104659-26-097175-index.htm)). $34bn in US-listed holdings.

## 13F holdings

| Company | Value | Portfolio | Change | Q1 2026 |
| --- | --- | --- | --- | --- |
| Berkshire Hathaway (BRK.B) | $7.4bn | 21.4% | Trimmed -14% | 25.8% |
| Caterpillar (CAT) | $6.8bn | 19.6% | Unchanged | 14.2% |
| Canadian National Railway (CNI) | $6.2bn | 17.9% | Unchanged | 16.8% |
| Waste Management (WM) | $6.0bn | 17.3% | Trimmed -3.3% | 20.1% |
| Deere & Co (DE) | $2.3bn | 6.6% | Unchanged | 6.3% |
| Ecolab (ECL) | $1.5bn | 4.2% | Unchanged | 4.4% |
| Walmart (WMT) | $950m | 2.8% | Unchanged | 3.3% |
| FedEx (FDX) | $747m | 2.2% | Unchanged | 2.7% |
| Coca-Cola Femsa (KOF) | $660m | 1.9% | Unchanged | 1.9% |
| Home Depot (HD) | $353m | 1.0% | New | – |
| Waste Connections (WCN) | $340m | 1.0% | Unchanged | 1.1% |
| Madison Square Garden Sports (MSGS) | $238m | 0.7% | Unchanged | 0.6% |
| Fedex Freight Holding (FDXF) | $180m | 0.5% | New | – |
| Coupang (CPNG) | $161m | 0.5% | Unchanged | 0.6% |
| West Pharmaceutical Svsc (WST) | $160m | 0.5% | Unchanged | 0.3% |
| Anheuser Busch Inbev (BUD) | $140m | 0.4% | Unchanged | 0.4% |
| Paccar (PCAR) | $120m | 0.3% | Unchanged | 0.4% |
| Schrodinger (SDGR) | $113m | 0.3% | Unchanged | 0.3% |
| McDonald’s (MCD) | $90.5m | 0.3% | Unchanged | 0.3% |
| Danaher (DHR) | $71.0m | 0.2% | Unchanged | 0.2% |
| Kraft Heinz (KHC) | $58.4m | 0.2% | Unchanged | 0.2% |
| Hormel Foods (HRL) | $51.8m | 0.1% | Unchanged | 0.1% |
| On Holding (ONON) | $17.7m | 0.1% | Unchanged | 0.1% |
| Veralto (VLTO) | $11.0m | 0.0% | Unchanged | 0.0% |

Source: SEC filings, via moatshark (https://www.moatshark.com/m/gates-foundation-trust). Values traded and returns are estimates. Not investment advice. Built 2026-10-21.