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Funds (13F)

Gates Foundation Trust

Backtest from 16 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+14.3%
S&P 500 +14.1%
Last 12 months
+6.1%
S&P 500 +12.1%
Sharpe ratio
0.81
S&P 500 0.78
Biggest drop
−21.1%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $58.2k$57.0k
Gates Foundation TrustS&P 500 $10,000 in Gates Foundation Trust from 16 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Gates Foundation Trust's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Gates Foundation Trust's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+14.3%+14.1%
Total return+482%+470%
Last 12 months+6.1%+12.1%
Last 3 months−3.0%—
Last month−2.1%—
This year so far+5.1%—
Volatility a year15.4%16.0%
Sharpe ratio0.810.78
Biggest drop−21.1%−31.8%
Beta to the S&P 5000.801.00
Alpha a year (t-statistic)+2.5% (1.07)—
Share of weeks up58%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
CAT33.4%——
WM29.4%——
DE11.2%——
ECL7.2%——
WMT4.7%——
FDX3.7%——
HD1.7%——
WCN1.7%——
MSGS1.2%——
FDXF0.9%——
CPNG0.8%——
WST0.8%——
BUD0.7%——
PCAR0.6%——
SDGR0.6%——
MCD0.5%——
DHR0.3%——
KHC0.3%——
HRL0.3%——
ONON0.1%——
VLTO0.1%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest16 Aug 2013 to 2 Nov 2026+14.3%+14.1%0.810.78−21.1%0.80+2.5% (1.07)
2018 onwards5 Jan 2018 to 2 Nov 2026+13.8%+13.9%0.680.66−21.1%0.79+2.2% (0.70)
Last three years3 Nov 2023 to 2 Nov 2026+15.4%+21.8%0.801.16−12.7%0.63+0.5% (0.08)
Last year7 Nov 2025 to 2 Nov 2026+8.2%+14.2%0.380.84−9.0%0.24+2.3% (0.19)
DateCompanyAction
21 Aug 2026HDBought
21 Aug 2026FDXFBought
16 May 2025WSTBought
21 Feb 2025MCDBought
15 Nov 2024WMTBought
15 Nov 2024WMBought
15 Nov 2024WCNBought
15 Nov 2024VLTOBought
15 Nov 2024UPSBought
15 Nov 2024SDGRBought
15 Nov 2024PCARBought
15 Nov 2024ONONBought
15 Nov 2024MSGSBought
15 Nov 2024MSFTBought
15 Nov 2024KHCBought
15 Nov 2024HRLBought
15 Nov 2024FDXBought
15 Nov 2024ECLBought
15 Nov 2024DHRBought
15 Nov 2024DEBought
15 Nov 2024CPNGBought
15 Nov 2024CCIBought
15 Nov 2024CATBought
15 Nov 2024BUDBought

Dated at the rebalance that made the change.

DateCompanyAction
22 May 2026MSFTSold
21 Nov 2025UPSSold
21 Nov 2025CCISold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest