As of Q2 2024, the Bill & Melinda Gates Foundation Trust portfolio showcases strategic adjustments and a diversified approach across various sectors. Below is a detailed overview of the top holdings:

MSFT – Microsoft Corp.

• Portfolio Allocation: 32.71%
• Recent Activity: Reduced holdings by 4.41%.
• Shares Held: 34,889,597.
• Reported Price: $446.95 per share.
• Value at Reported Price: $15,593,905,000.

Microsoft remains the largest holding in the Gates Foundation’s portfolio, even after a slight reduction. This substantial position reflects ongoing confidence in Microsoft’s diverse revenue streams, particularly in cloud computing, software, and AI-driven technologies.

BRK.B – Berkshire Hathaway CL B

• Portfolio Allocation: 21.01%
• Recent Activity: Added 42.29%.
• Shares Held: 24,620,202.
• Reported Price: $406.80 per share.
• Value at Reported Price: $10,015,498,000.

The significant increase in Berkshire Hathaway shares underscores a strong belief in Warren Buffett’s diversified conglomerate. This large addition indicates confidence in Berkshire’s ability to generate long-term value through its wide range of subsidiaries and investments.

WM – Waste Management Inc.

• Portfolio Allocation: 15.77%
• Recent Activity: No change reported.
• Shares Held: 35,234,344.
• Reported Price: $213.34 per share.
• Value at Reported Price: $7,516,895,000.

Waste Management continues to be a significant holding, reflecting the foundation’s focus on environmental sustainability and the essential nature of waste management services.

CNI – Canadian National Railway Co.

• Portfolio Allocation: 13.59%
• Recent Activity: No change reported.
• Shares Held: 54,826,786.
• Reported Price: $118.13 per share.
• Value at Reported Price: $6,476,688,000.

Canadian National Railway is a key position in the portfolio, highlighting confidence in the transportation sector and the crucial role of railways in North American logistics and trade.

CAT – Caterpillar Inc.

• Portfolio Allocation: 5.14%
• Recent Activity: No change reported.
• Shares Held: 7,353,614.
• Reported Price: $333.10 per share.
• Value at Reported Price: $2,449,489,000.

Caterpillar remains an important holding, reflecting the foundation’s belief in the continued demand for construction and mining equipment, particularly as global infrastructure projects expand.

DE – Deere & Co.

• Portfolio Allocation: 2.79%
• Recent Activity: No change reported.
• Shares Held: 3,557,378.
• Reported Price: $373.63 per share.
• Value at Reported Price: $1,329,143,000.

Deere’s inclusion highlights the foundation’s focus on agriculture and equipment manufacturing, aligning with global needs for efficient farming solutions.

ECL – Ecolab Inc.

• Portfolio Allocation: 2.61%
• Recent Activity: No change reported.
• Shares Held: 5,218,044.
• Reported Price: $238.00 per share.
• Value at Reported Price: $1,241,894,000.

Ecolab’s position emphasizes a commitment to sustainability and hygiene, with the company being a leader in water, hygiene, and energy technologies.

WMT – Walmart Inc.

• Portfolio Allocation: 1.29%
• Recent Activity: No change reported.
• Shares Held: 9,090,477.
• Reported Price: $67.71 per share.
• Value at Reported Price: $615,516,000.

Walmart’s presence in the portfolio reflects confidence in the retail giant’s ability to navigate both brick-and-mortar and e-commerce environments, catering to a wide consumer base.

KOF – Coca-Cola FEMSA S A CV

• Portfolio Allocation: 1.12%
• Recent Activity: No change reported.
• Shares Held: 6,214,719.
• Reported Price: $85.84 per share.
• Value at Reported Price: $533,471,000.

Coca-Cola FEMSA is included as a reflection of the foundation’s investment in consumer staples, focusing on beverages in the Latin American market.

FDX – FedEx Corp.

• Portfolio Allocation: 0.97%
• Recent Activity: No change reported.
• Shares Held: 1,534,362.
• Reported Price: $299.84 per share.
• Value at Reported Price: $460,063,000.

FedEx rounds out the top holdings, indicating a belief in the logistics and delivery services sector, particularly with the growth of e-commerce and global trade.

Analysis of Top Holdings:

1.   Microsoft Corp.: The largest holding, slightly reduced, reflects continued confidence in its leadership in technology and innovation.

2.   Berkshire Hathaway CL B: Significant increase signals strong belief in the diversified conglomerate’s long-term growth potential.

3.   Waste Management Inc.: Consistent position, emphasizing a focus on sustainability and essential services.

4.   Canadian National Railway Co.: Stable investment in North American logistics and transportation.

5.   Caterpillar Inc.: Key holding in the industrial and construction equipment sector.

6.   Deere & Co.: Investment in agriculture and equipment, supporting global food production.

7.   Ecolab Inc.: Focus on sustainability and hygiene technologies.

8.   Walmart Inc.: Confidence in the retail sector, both physical and online.

9.   Coca-Cola FEMSA S A CV: Investment in consumer staples, particularly in the beverage sector.

10.                 FedEx Corp.: Belief in logistics and delivery services, crucial for global trade.

Overall, the Bill & Melinda Gates Foundation Trust Q2 2024 portfolio reflects a strategic blend of technology, sustainability, and essential services, with adjustments made to optimize long-term growth while maintaining a focus on sectors that align with the foundation’s mission and values.