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People

Michael Larson

Chief investment officer, Cascade Investment, Gates Foundation Trust

Biography

Michael Larson studied economics at Claremont McKenna College and took an MBA at the University of Chicago, then worked at ARCO and managed bond funds at Putnam Investments. Bill Gates hired him in 1994 to manage his wealth, and he leads the team, renamed Cascade Asset Management Company in 2021, that manages both Gates's personal fortune and the Gates Foundation Trust endowment. His stated mandate has been to invest conservatively and avoid losing money.

Profiles

Gates Foundation Trust’s largest US holdings

From the Q2 2026 13F, worth $34bn in total. See every holding and change

  1. Berkshire HathawayBRK.B21.4%
  2. CaterpillarCAT19.6%
  3. Canadian National RailwayCNI17.9%
  4. Waste ManagementWM17.3%
  5. Deere & CoDE6.6%
  6. EcolabECL4.2%
  7. WalmartWMT2.8%
  8. FedExFDX2.2%
  9. Coca-Cola FemsaKOF1.9%
  10. Home DepotHD1.0%

Sources: en.wikipedia.org, theprint.in, gatesfoundation.org. Checked October 2026.