Big Changes in the Gates Foundation's Investment Mix

Major Portfolio Moves

The Gates Foundation Trust made significant adjustments to its investment portfolio during the third quarter of 2025.

• Total Portfolio Value: Dropped from $47.78 billion to $36.58 billion.
• Microsoft Shares: Sold 17 million shares, reducing their stake by 65%.
• Shares Sold: 17 million
• Remaining Shares: 9.19 million
• Value of Sale: $8.267 billion

Other Notable Sales

• Berkshire Hathaway: Sold 10% stake (2.36 million shares) for $776.313 million.
• Waste Management: Sold 3.3 million shares for $986.291 million.
• Canadian National Railway: Sold 3 million shares.
• Caterpillar: Sold 1 million shares.
• Walmart: Sold 700,000 shares.

Portfolio Rebalancing

• Top Holdings: Berkshire Hathaway, Waste Management, and Canadian National Railway now lead the portfolio.
• Microsoft Overtaken: Canadian National Railway surpassed Microsoft in value.
• Complete Exits: Sold all stakes in Crown Castle and United Parcel Service.
• Portfolio Size: Reduced from 25 to 23 holdings.
• No New Purchases: No new stocks or increased stakes in existing ones.

Strategic Implications

• Rebalancing: Indicates a shift in investment strategy to reduce risk or reallocate funds.
• Microsoft Reduction: Significant decrease in one of their largest holdings, suggesting a potential change in confidence or a diversification strategy.