Introducing Valuation Models! 
The Bill & Melinda Gates Foundation Trust manages its investment portfolio with a long-term perspective in mind. While the foundation’s philanthropic arm focuses on global health, education, and poverty reduction, the Trust is responsible for preserving and growing the endowment to support that mission over time. Its strategy leans toward steady, high-quality businesses with durable earnings, strong market positions, and long-term compounding potential.
Unlike hedge funds that chase short-term gains, the Gates Trust often follows a more conservative, fundamentals-based approach. Many of its holdings are in large-cap, blue-chip companies such as Berkshire Hathaway, Waste Management, and Canadian National Railway.
This reflects a focus on reliability, dividend income, and resilience through market cycles. Because the Trust manages a significant pool of assets with minimal turnover, each quarterly 13F filing provides a rare glimpse into a portfolio designed to fund impact for decades.
With over $40 billion in publicly disclosed equities as of March 31, 2025, the Gates Foundation Trust remains one of the largest and most closely followed institutional investors in the United States. Below are the top positions currently shaping the Trust’s long-term investment strategy.
1. Microsoft Corp (MSFT) 25.03% of portfolio
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Microsoft is the Gates Foundation’s largest holding by far, with more than $10.6 billion invested. The company continues to lead in cloud computing through Azure, dominates productivity software with Office, and is expanding rapidly into AI and cybersecurity. With strong margins and recurring revenue across enterprise, government, and consumer sectors, Microsoft is built for resilience and innovation. Its steady capital return strategy, through dividends and share buybacks, makes it a reliable compounding machine.
For the foundation, Microsoft represents both legacy and long-term conviction. As Bill Gates co-founded the company, Microsoft’s influence in emerging technologies and its role in global digital infrastructure make it uniquely aligned with the foundation’s mission to improve systems in healthcare, education, and financial access. It’s a stake in the future of tech-enabled progress.
2. Berkshire Hathaway (BRKb) 21.43% of portfolio
The foundation’s second-largest holding, Berkshire Hathaway, is valued at over $9.1 billion. The Warren Buffett-led conglomerate owns a diverse set of businesses, including GEICO and BNSF Railway, as well as Dairy Queen and Apple stock, and holds massive cash reserves. Berkshire has proven remarkably resilient in volatile markets and tends to outperform over long timeframes thanks to its disciplined, fundamentals-first investment philosophy.
Last quarter, the Trust reduced its stake in Berkshire by nearly 2.5 million shares, reducing its position by 12.6%. This sale was likely part of a rebalance rather than being driven by a negative outlook on Berkshire’s fundamentals.
For the Gates Foundation, this is more than just a diversified equity bet. Warren Buffett is a major donor to the foundation, and the companies within Berkshire reflect core principles of sustainability, efficiency, and value creation. The trust’s position in Berkshire reinforces a preference for businesses that generate consistent returns without chasing hype. It provides ballast, stability, and access to America’s industrial and financial backbone.
3. Waste Management (WM) 17.48% of portfolio
With over 32 million shares valued at $7.4 billion, Waste Management is a long-standing bet on environmental infrastructure. The company dominates North America’s waste collection and recycling industry, operating thousands of trucks, landfills, and processing facilities across the region. Its scale enables efficiency and innovation, including increased investment in renewable natural gas, recycling automation, and landfill-to-energy projects.
For the Gates Foundation, this investment checks multiple boxes. Waste Management offers a steady cash flow and is well-positioned for growth as businesses and governments adopt stricter sustainability practices. It’s also a natural fit for a foundation focused on public health and environmental stewardship. By investing in the systems that manage waste responsibly, the trust helps support a cleaner, more efficient future, while benefiting from defensive market characteristics.
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4. Canadian National Railway Co (CNR) 12.50% of portfolio
A Canadian railway is a surprising investment for the Trust. (TIKR)
Canadian National Railway is the foundation’s fourth-largest holding, worth roughly $5.3 billion. As Canada’s largest railroad, CNR plays a critical role in transporting goods across North America, from grain and lumber to chemicals and manufactured goods. It’s one of the most fuel-efficient transportation methods and benefits from wide economic moats, strong pricing power, and barriers to entry that protect its margins.
For a foundation that values long-term investments in infrastructure, CNR makes strategic sense. Reliable freight movement supports agriculture, energy, and trade, all of which are core to economic development. Railroads are also more environmentally efficient than trucks, supporting low-emission supply chains. This holding reflects the trust’s focus on essential services with global implications and staying power.
5. Caterpillar Inc (CAT) 5.68% of portfolio
The foundation owns more than 7 million shares of Caterpillar, valued at approximately $2.4 billion. As the world’s leading manufacturer of construction and mining equipment, Caterpillar is tied to infrastructure, energy, and industrial development. Its machinery is essential in both emerging markets and developed economies, wherever roads, bridges, data centers, and housing are being constructed.
From a long-term perspective, Caterpillar aligns with the Gates Foundation’s interest in economic development and sustainability. The company is investing heavily in electrification, automation, and low-carbon engines, which help drive a cleaner transition in the construction and mining sectors. For the trust, it’s a way to participate in global growth, especially in regions where infrastructure is tied to improving quality of life.
6. Deere & Co (DE) 3.91% of portfolio
Deere, with a $1.6 billion position in the trust, is at the forefront of agricultural innovation. Its iconic green equipment has become more innovative and more efficient, thanks to advances in GPS, sensors, and AI-powered decision tools. Deere’s emphasis on precision agriculture allows farmers to maximize yields, conserve resources, and adapt to climate shifts.
This investment reflects the Gates Foundation’s interest in global food security, sustainability, and tech-forward solutions. As farming faces mounting pressure from population growth and environmental challenges, Deere is well-positioned to modernize food production. It’s a play not just on agriculture, but on the future of equitable food systems and climate resilience.
7. Ecolab Inc (ECL) 3.10% of portfolio
Ecolab focuses on water treatment, hygiene, and infection prevention, industries that are becoming increasingly vital. With a $1.3 billion stake, the foundation sees Ecolab as a key player in industrial sustainability. Its products and services help hotels, hospitals, food processors, and factories reduce water and energy use while maintaining strict sanitation standards.
This aligns tightly with the Gates Foundation’s global mission in health, clean water, and responsible resource use. Ecolab is tackling some of the world’s most pressing challenges, from preventing disease outbreaks to conserving one of our most precious resources: water. The trust’s investment is a strong signal that essential services, not just high-growth tech, are at the center of long-term impact.
The Gates Foundation Bets Big on Long-Term Financials
The Gates Foundation Trust takes a long-term, fundamentals-driven approach that prioritizes stability, scalability, and real-world impact over short-term market momentum. Its portfolio is concentrated in mission-aligned companies, often in healthcare, biotechnology, and infrastructure areas where innovation can translate into significant global health or development gains.
Rather than chasing the latest trends, the Trust invests in platforms with the potential to transform systems over time. For observers, its holdings offer a window into where one of the world’s most influential philanthropic institutions sees lasting value and potential for change.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
