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Foundation

Gates Foundation Trust

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1166559

Reported value
$34.4bn
59% in companies we cover
Positions we cover
21
Largest CAT 19.7%
Copy, a year
+14.3%
S&P 500 +14.1%
Copy Sharpe ratio
0.81
S&P 500 0.78

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $58.2k$57.0k
CopyS&P 500 $10,000 copying Gates Foundation Trust's filed holdings in companies we cover from August 16, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −21.1% (S&P 500 −31.8%); beta 0.80; alpha +2.5% a year (t = 1.07); last 12 months +6.1% against +12.1%.

Reported value by quarter

Gates Foundation Trust: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $10T $20T $30T $40T Reported value, 2013-06-30: $17.8B Reported value, 2013-09-30: $19.5B Reported value, 2013-12-31: $20.1B Reported value, 2014-03-31: $19.8B Reported value, 2014-06-30: $20B Reported value, 2014-09-30: $21.7B Reported value, 2014-12-31: $20B Reported value, 2015-03-31: $18.6B Reported value, 2015-06-30: $17B Reported value, 2015-09-30: $17.2B Reported value, 2015-12-31: $16.7B Reported value, 2016-03-31: $17.2B Reported value, 2016-06-30: $16.8B Reported value, 2016-09-30: $18.5B Reported value, 2016-12-31: $19B Reported value, 2017-03-31: $18.9B Reported value, 2017-06-30: $23.1B Reported value, 2017-09-30: $25.8B Reported value, 2017-12-31: $26.5B Reported value, 2018-03-31: $24.5B Reported value, 2018-06-30: $22.1B Reported value, 2018-09-30: $25.8B Reported value, 2018-12-31: $21.9B Reported value, 2019-03-31: $20.9B Reported value, 2019-06-30: $19.8B Reported value, 2019-09-30: $21.2B Reported value, 2019-12-31: $21.4B Reported value, 2020-03-31: $17.4B Reported value, 2020-06-30: $17.9B Reported value, 2020-09-30: $22.1B Reported value, 2020-12-31: $22.3B Reported value, 2021-03-31: $21B Reported value, 2021-06-30: $23.9B Reported value, 2021-09-30: $23.2B Reported value, 2021-12-31: $23B Reported value, 2022-03-31: $19.8B Reported value, 2022-06-30: $17.7B Reported value, 2022-09-30: $34B Reported value, 2022-12-31: $35.7T Reported value, 2023-03-31: $36.5B Reported value, 2023-06-30: $42.1B Reported value, 2023-09-30: $38.9B Reported value, 2023-12-31: $42.3B Reported value, 2024-03-31: $45.9B Reported value, 2024-06-30: $47.7B Reported value, 2024-09-30: $45.1B Reported value, 2024-12-31: $42B Reported value, 2025-03-31: $41.8B Reported value, 2025-06-30: $47.8B Reported value, 2025-09-30: $36.6B Reported value, 2025-12-31: $35.4B Reported value, 2026-03-31: $31.7B Reported value, 2026-06-30: $34.4B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $34.4B
View chart data
Period Reported value
2013-06-30 $17.8B
2013-09-30 $19.5B
2013-12-31 $20.1B
2014-03-31 $19.8B
2014-06-30 $20B
2014-09-30 $21.7B
2014-12-31 $20B
2015-03-31 $18.6B
2015-06-30 $17B
2015-09-30 $17.2B
2015-12-31 $16.7B
2016-03-31 $17.2B
2016-06-30 $16.8B
2016-09-30 $18.5B
2016-12-31 $19B
2017-03-31 $18.9B
2017-06-30 $23.1B
2017-09-30 $25.8B
2017-12-31 $26.5B
2018-03-31 $24.5B
2018-06-30 $22.1B
2018-09-30 $25.8B
2018-12-31 $21.9B
2019-03-31 $20.9B
2019-06-30 $19.8B
2019-09-30 $21.2B
2019-12-31 $21.4B
2020-03-31 $17.4B
2020-06-30 $17.9B
2020-09-30 $22.1B
2020-12-31 $22.3B
2021-03-31 $21B
2021-06-30 $23.9B
2021-09-30 $23.2B
2021-12-31 $23B
2022-03-31 $19.8B
2022-06-30 $17.7B
2022-09-30 $34B
2022-12-31 $35.7T
2023-03-31 $36.5B
2023-06-30 $42.1B
2023-09-30 $38.9B
2023-12-31 $42.3B
2024-03-31 $45.9B
2024-06-30 $47.7B
2024-09-30 $45.1B
2024-12-31 $42B
2025-03-31 $41.8B
2025-06-30 $47.8B
2025-09-30 $36.6B
2025-12-31 $35.4B
2026-03-31 $31.7B
2026-06-30 $34.4B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
CATCaterpillar Inc.19.65%$6.8bn6.35M0.0%
WMWaste Management17.30%$6.0bn26.72M−3.3% Reduced
DEDeere & Company6.55%$2.3bn3.56M0.0%
ECLEcolab4.22%$1.5bn5.22M0.0%
WMTWalmart2.76%$950.3m8.39M0.0%
FDXFedEx2.17%$746.6m2.38M0.0%
HDThe Home Depot1.02%$352.7m1.00MNew
WCNWaste Connections, Inc.0.99%$339.9m2.04M0.0%
MSGSMadison Square Garden Sports Corp.0.69%$238.1m592.4K0.0%
FDXFFedEx Freight0.52%$180.0m1.19MNew
CPNGCoupang, Inc.0.47%$160.6m9.25M0.0%
WSTWest Pharmaceutical Services0.46%$159.6m444.5K0.0%
BUDAnheuser-busch Inbev SA0.41%$140.3m1.70M0.0%
PCARPaccar0.35%$120.1m1.00M0.0%
SDGRSchrodinger, Inc.0.33%$113.5m6.98M0.0%
MCDMcDonald's0.26%$90.5m334.9K0.0%
DHRDanaher Corporation0.21%$71.0m373.0K0.0%
KHCKraft Heinz0.17%$58.4m2.47M0.0%
HRLHormel Foods0.15%$51.8m2.09M0.0%
ONONOn Holding AG0.05%$17.7m500.0K0.0%
VLTOVeralto0.03%$11.0m124.3K0.0%
CompanyBought (value)Shares
HDThe Home Depot$352.7m1.00M
FDXFFedEx Freight$180.0m1.19M

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
WMWaste Management−$205.4m−921.6K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

No positions in covered companies were sold out this quarter.

  • Industrials80.9%
  • Materials7.2%
  • Consumer Staples5.9%
  • Consumer Discretionary3.1%
  • Health Care1.7%
  • Communication Services1.2%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 16, 2013 to November 2, 2026+14.3%+14.1%0.810.78−21.1%0.80
2018 onwardsJanuary 5, 2018 to November 2, 2026+13.8%+13.9%0.680.66−21.1%0.79
Last three yearsNovember 3, 2023 to November 2, 2026+15.4%+21.8%0.801.16−12.7%0.63
Last yearNovember 7, 2025 to November 2, 2026+8.2%+14.2%0.380.84−9.0%0.24

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.