1y return+16.8%S&P 500 +20.9%
3y return+53.1%S&P 500 +68.5%
5y return+78.1%S&P 500 +74.5%
10y return+254.8%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $355 against $357 in the S&P 500.2
Gates Foundation TrustS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| BRK/BBerkshire Hathaway Inc Del | $7.4B | 21.4% | −13.8% |
| CATCaterpillar Inc | $6.8B | 19.7% | |
| CNICanadian Natl Ry Co | $6.2B | 18.0% | |
| WMWaste Mgmt Inc Del | $6.0B | 17.3% | −3.3% |
| DEDeere & Co | $2.3B | 6.6% | |
| ECLEcolab Inc | $1.5B | 4.2% | |
| WMTWalmart Inc | $950.3M | 2.8% | |
| FDXFedex Corp | $746.6M | 2.2% | |
| KOFCoca-cola Femsa Sab De Cv | $660.3M | 1.9% | |
| HDHome Depot Inc | $352.7M | 1.0% | New |
| WCNWaste Connections Inc | $339.9M | 1.0% | |
| MSGSMadison Square Grdn Sprt Cor | $238.1M | 0.7% | |
| FDXFFedex Fght Hldg Co Inc | $180.0M | 0.5% | New |
| CPNGCoupang Inc | $160.6M | 0.5% | |
| WSTWest Pharmaceutical Svsc Inc | $159.6M | 0.5% | |
| BUDAnheuser Busch Inbev Sa Nv | $140.3M | 0.4% | |
| PCARPaccar Inc | $120.1M | 0.3% | |
| SDGRSchrodinger Inc | $113.5M | 0.3% | |
| MCDMcdonalds Corp | $90.5M | 0.3% | |
| DHRDanaher Corp Del | $71.0M | 0.2% | |
| KHCKraft Heinz Co | $58.4M | 0.2% | |
| HRLHormel Foods Corp | $51.8M | 0.2% | |
| On Hldg AgCUSIP H5919C104 | $17.7M | 0.1% | |
| VLTOVeralto Corp | $11.0M | 0.0% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| CATCaterpillar Inc | June 30, 2020 | +741.8% | $6.8B |
| WMTWalmart Inc | June 30, 2020 | +183.7% | $950.3M |
| BRK/BBerkshire Hathaway Inc Del | June 30, 2020 | +180.3% | $7.4B |
| KOFCoca-cola Femsa Sab De Cv | June 30, 2020 | +142.3% | $660.3M |
| FDXFedex Corp | June 30, 2020 | +123.3% | $746.6M |
| MSGSMadison Square Grdn Sprt Cor | September 30, 2021 | +116.1% | $238.1M |
| WMWaste Mgmt Inc Del | June 30, 2020 | +110.4% | $6.0B |
| DEDeere & Co | September 30, 2021 | +89.3% | $2.3B |
| WSTWest Pharmaceutical Svsc Inc | March 31, 2025 | +60.4% | $159.6M |
| BUDAnheuser Busch Inbev Sa Nv | June 30, 2023 | +45.3% | $140.3M |
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +11.4% | +14.8% |
| March 31, 2026 | +1.6% | −4.6% |
| December 31, 2025 | +1.9% | +2.4% |
| September 30, 2025 | +1.3% | +7.8% |
| June 30, 2025 | +8.9% | +10.5% |
| March 31, 2025 | +2.4% | −4.6% |
| December 31, 2024 | −4.1% | +2.1% |
| September 30, 2024 | +2.9% | +5.4% |
| June 30, 2024 | −0.8% | +4.0% |
| March 31, 2024 | +12.8% | +10.0% |
| December 31, 2023 | +12.9% | +11.2% |
| September 30, 2023 | −5.7% | −3.6% |
| June 30, 2023 | +10.0% | +8.3% |
| March 31, 2023 | +6.4% | +7.0% |
| December 31, 2022 | +8.9% | +7.1% |
| September 30, 2022 | −1.7% | −5.3% |
| June 30, 2022 | −17.6% | −16.5% |
| March 31, 2022 | +6.8% | −4.9% |
| December 31, 2021 | +8.7% | +10.7% |
| September 30, 2021 | −3.0% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Gates Foundation Trust Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1166559&type=13F-HR&dateb=&owner=include&count=40CIK 1166559
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1166559/000110465926097175/Filed August 14, 2026 · accession 0001104659-26-097175