Gates
Portfolio value$34.4B
Positions24
QuarterQ2 2026ended 2026-06-30
Filed08/142026
Gates Foundation Trust's Q2 2026 13F, filed Aug 14, 2026, reports 24 positions worth $34.4B. The ten largest are 94.9% of the book, led by Berkshire Hathaway at 21.4%, Caterpillar at 19.7% and Canadian Natl Ry Co at 18.0%. Against Q1 2026: 2 bought, 0 added to, 3 reduced, 0 sold; the largest moves were reduced Berkshire Hathaway (−14%) and bought Home Depot.
Where the money is
BRK/BCATCNIWMDEECL
Holdings
| Ticker | Issuer | Weight | Value | Q-end → now | Price vs model | Change |
|---|---|---|---|---|---|---|
| BRK/B | Berkshire Hathaway INC Del | 21.4% | $7.4B14.7M sh | 500.39 → +6% | 21% overvalued | reduced −14% |
| CAT | Caterpillar INC | 19.7% | $6.8B6.4M sh | 1,064.90 → −31% | 180% overvalued | held |
| CNI | Canadian Natl Ry CO | 18.0% | $6.2B51.8M sh | 119.24 | — | held |
| WM | Waste Mgmt INC Del | 17.3% | $6.0B26.7M sh | 222.88 → +2% | 36% overvalued | reduced −3% |
| DE | Deere & CO | 6.6% | $2.3B3.6M sh | 634.33 → +1% | 80% overvalued | held |
| ECL | Ecolab INC | 4.2% | $1.5B5.2M sh | 278.61 → +4% | 90% overvalued | held |
| WMT | Walmart INC | 2.8% | $950.3M8.4M sh | 113.26 → +5% | 208% overvalued | held |
| FDX | Fedex Corp | 2.2% | $746.6M2.4M sh | 313.13 → −6% | 55% overvalued | reduced −19% |
| KOF | Coca-cola Femsa Sab de Cv | 1.9% | $660.3M6.2M sh | 106.25 | — | held |
| HD | Home Depot INC | 1.0% | $352.7M1.0M sh | 352.68 → −12% | 34% overvalued | bought |
| WCN | Waste Connections INC | 1.0% | $339.9M2.0M sh | 166.69 | — | held |
| MSGS | Madison Square Grdn Sprt Cor | 0.7% | $238.1M592,406 sh | 401.84 | — | held |
| FDXF | Fedex Fght Hldg CO INC | 0.5% | $180.0M1.2M sh | 151.00 → −25% | 41% undervalued | bought |
| CPNG | Coupang INC | 0.5% | $160.6M9.2M sh | 17.37 | — | held |
| WST | West Pharmaceutical Svsc INC | 0.5% | $159.6M444,500 sh | 359.00 → +7% | 244% overvalued | held |
| BUD | Anheuser Busch Inbev SA NV | 0.4% | $140.3M1.7M sh | 82.40 | — | held |
| PCAR | Paccar INC | 0.3% | $120.1M1.0M sh | 120.12 → −8% | 10% overvalued | held |
| SDGR | Schrodinger INC | 0.3% | $113.5M7.0M sh | 16.25 | — | held |
| MCD | Mcdonalds Corp | 0.3% | $90.5M334,900 sh | 270.31 → −10% | 2% undervalued | held |
| DHR | Danaher Corp Del | 0.2% | $71.0M373,000 sh | 190.48 → +20% | 59% overvalued | held |
| KHC | Kraft Heinz CO | 0.2% | $58.4M2.5M sh | 23.62 → +0% | 39% overvalued | held |
| HRL | Hormel Foods Corp | 0.2% | $51.8M2.1M sh | 24.82 → −18% | 3% overvalued | held |
| ONON | On Hldg AG | 0.1% | $17.7M500,000 sh | 35.42 | — | held |
| VLTO | Veralto Corp | 0.0% | $11.0M124,333 sh | 88.68 → +14% | 20% overvalued | held |
Source: the manager's Form 13F-HR on SEC EDGAR, kept as immutable quarterly snapshots; changes compare two consecutive filings. A 13F is filed up to 45 days after quarter end and covers US-listed long positions only. Tickers come from a self-maintained CUSIP map; a position without one shows its CUSIP. Method notes in where the numbers come from.