BILL & MELINDA GATES FOUNDATION TRUST's Q3 2025 13F: 2 exits
Form 13F-HR for the quarter ended Sep 30, 2025 · filed Nov 14, 2025 · 23 reported positions · accession 0001104659-25-112544
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | MICROSOFT CORP (MSFT) | 27.3% | 13.0% | −14.3 pts | −17M sh | −65% |
| Reduced | BERKSHIRE HATHAWAY INC DEL (BRK-B) | 24.5% | 29.9% | +5.4 pts | −2.36M sh | −10% |
| Reduced | WASTE MGMT INC DEL (WM) | 15.4% | 17.5% | +2.0 pts | −3.3M sh | −10% |
| Reduced | CATERPILLAR INC (CAT) | 6.0% | 8.3% | +2.3 pts | −1M sh | −14% |
| Reduced | CANADIAN NATL RY CO (CNI) | 11.9% | 13.4% | +1.4 pts | −3M sh | −5% |
| Exited | CROWN CASTLE INC (CCI) | 0.3% | — | −0.3 pts | −1.42M sh | −100% |
| Reduced | WALMART INC (WMT) | 1.9% | 2.4% | +0.5 pts | −700K sh | −8% |
| Exited | UNITED PARCEL SERVICE INC (UPS) | 0.2% | — | −0.2 pts | −755K sh | −100% |
| Reduced | FEDEX CORP (FDX) | 1.2% | 1.5% | +0.3 pts | −150K sh | −6% |
| Reduced | WASTE CONNECTIONS INC (WCN) | 0.8% | 1.0% | +0.1 pts | −110K sh | −5% |
| Reduced | KRAFT HEINZ CO (KHC) | 0.1% | 0.2% | 0.0 pts | −150K sh | −6% |
| Reduced | HORMEL FOODS CORP (HRL) | 0.1% | 0.1% | 0.0 pts | −110K sh | −5% |
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 95.7% of the equity book
No changes in the top 10 this quarter
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | BERKSHIRE HATHAWAY INC DEL (BRK-B) | 24.5% | 29.9% | |
| 2 | WASTE MGMT INC DEL (WM) | 15.4% | 17.5% | |
| 3 | CANADIAN NATL RY CO (CNI) | 11.9% | 13.4% | |
| 4 | MICROSOFT CORP (MSFT) | 27.3% | 13.0% | |
| 5 | CATERPILLAR INC (CAT) | 6.0% | 8.3% | |
| 6 | DEERE & CO (DE) | 3.8% | 4.4% | |
| 7 | ECOLAB INC (ECL) | 2.9% | 3.9% | |
| 8 | WALMART INC (WMT) | 1.9% | 2.4% | |
| 9 | FEDEX CORP (FDX) | 1.2% | 1.5% | |
| 10 | COCA-COLA FEMSA SAB DE CV (KOF) | 1.3% | 1.4% |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).