Bill & Melinda Gates Foundation Trust’s Q4 2024 Top 10 Portfolio Holdings Analysis

Below is an updated overview of the Bill & Melinda Gates Foundation Trust’s top 10 holdings for the fourth quarter of 2024. The portfolio reflects the foundation’s focus on stable, long-term investments that align with its mission of sustainability and global impact.

1.  MSFT – Microsoft Corp.: 28.55%

2.  BRK.B – Berkshire Hathaway CL B: 21.20%

3.  WM – Waste Management Inc.: 15.48%

4.  CNI – Canadian National Railway Co.: 13.25%

5.  CAT – Caterpillar Inc.: 6.35%

6.  DE – Deere & Co.: 3.59%

7.  ECL – Ecolab Inc.: 2.91%

8.  WMT – Walmart Inc.: 1.95%

9.  FDX – FedEx Corp.: 1.70%

10.                KOF – Coca-Cola FEMSA S.A.B. de C.V.: 1.15%

• Portfolio Allocation: 28.55%
• Recent Activity: Reduced 1.73%
• Shares Held: 28,457,247
• Reported Price: $421.50
• Value at Reported Price: $11,994,730,000

Microsoft remains the trust’s largest holding, though it was trimmed slightly this quarter. Its leadership in software, cloud computing (Azure), and AI continues to make Microsoft a high-conviction investment. The modest reduction may indicate profit-taking or portfolio rebalancing after significant stock appreciation.

• Portfolio Allocation: 21.20%
• Recent Activity: Reduced 11.21%
• Shares Held: 19,655,024
• Reported Price: $453.28
• Value at Reported Price: $8,909,229,000

Berkshire Hathaway remains a cornerstone of the portfolio, providing diversified exposure through Warren Buffett’s conglomerate of businesses and equity stakes. Despite the substantial reduction, the trust retains a significant position, reflecting continued confidence in Berkshire’s conservative management and long-term value creation.

• Portfolio Allocation: 15.48%
• Recent Activity: No change reported
• Shares Held: 32,234,344
• Reported Price: $201.79
• Value at Reported Price: $6,504,568,000

Waste Management, a leader in waste disposal and recycling, remains a major holding. Its steady demand, environmental focus, and consistent cash flows align with the foundation’s preference for essential services and sustainability-oriented companies.

• Portfolio Allocation: 13.25%
• Recent Activity: No change reported
• Shares Held: 54,826,786
• Reported Price: $101.51
• Value at Reported Price: $5,565,467,000

Canadian National Railway, a dominant player in North American freight transport, offers stable revenue and growth prospects. Its extensive rail network and critical role in moving goods complement the trust’s strategy of investing in key infrastructure assets.

• Portfolio Allocation: 6.35%
• Recent Activity: No change reported
• Shares Held: 7,353,614
• Reported Price: $362.76
• Value at Reported Price: $2,667,597,000

Caterpillar provides exposure to construction, mining, and energy equipment—industries poised to benefit from ongoing infrastructure projects. The unchanged position suggests continued faith in Caterpillar’s ability to capitalize on global industrial demand.

• Portfolio Allocation: 3.59%
• Recent Activity: No change reported
• Shares Held: 3,557,378
• Reported Price: $423.70
• Value at Reported Price: $1,507,261,000

Deere’s focus on agricultural machinery and advanced farming solutions aligns with the foundation’s commitment to sustainable agriculture. By maintaining its stake, the trust underscores the importance of innovative technologies that support food production and resource management.

• Portfolio Allocation: 2.91%
• Recent Activity: No change reported
• Shares Held: 5,218,044
• Reported Price: $234.32
• Value at Reported Price: $1,222,692,000

Ecolab’s water, hygiene, and energy solutions remain integral to the portfolio’s sustainability theme. With rising global attention on resource efficiency, Ecolab’s offerings provide companies with the means to reduce environmental footprints—a key priority for the foundation.

• Portfolio Allocation: 1.95%
• Recent Activity: No change reported
• Shares Held: 9,090,477
• Reported Price: $90.35
• Value at Reported Price: $821,325,000

Walmart adds consumer sector diversification to the portfolio. As the world’s largest retailer, Walmart benefits from consistent demand for everyday goods and an expanding e-commerce presence, aligning with the trust’s focus on long-term, stable investments.

• Portfolio Allocation: 1.70%
• Recent Activity: No change reported
• Shares Held: 2,534,362
• Reported Price: $281.33
• Value at Reported Price: $712,992,000

FedEx offers exposure to global logistics and delivery services, essential for e-commerce growth and worldwide supply chains. By retaining this position, the foundation continues to support a sector poised for long-term expansion amid increasing digital commerce.

• Portfolio Allocation: 1.15%
• Recent Activity: No change reported
• Shares Held: 6,214,719
• Reported Price: $77.89
• Value at Reported Price: $484,064,000

Coca-Cola FEMSA, the largest Coke bottler in Latin America, provides access to emerging markets and consumer staples. Its resilience and consistent demand for beverages make it a suitable fit for the foundation’s diversified portfolio.

Analysis of the Bill & Melinda Gates Foundation Trust’s Q4 2024 Portfolio Strategy

1.  Tech and Diversification at the Core
Microsoft remains the top holding despite a slight reduction, underscoring the trust’s continued emphasis on technology. Alongside Berkshire Hathaway, these two positions account for nearly half the portfolio, balancing growth potential with diversified stability.

2.  Focus on Essential Services and Infrastructure
Large stakes in Waste Management, Canadian National Railway, and Caterpillar demonstrate a preference for companies providing fundamental, long-term needs. This approach supports the foundation’s commitment to reliable cash flows and meaningful economic impact.

3.  Sustainability and Resource Management
Deere and Ecolab highlight the trust’s dedication to sustainable agriculture and environmental solutions. Both companies are positioned to address global challenges in food production and water conservation.

4.  Moderate Consumer Exposure
Walmart and Coca-Cola FEMSA contribute to consumer sector diversification, while FedEx capitalizes on e-commerce logistics trends. These positions round out a portfolio designed to withstand market fluctuations.

The Bill & Melinda Gates Foundation Trust’s Q4 2024 portfolio continues to prioritize long-term stability, essential services, and sustainability-focused businesses. The modest reductions in Microsoft and Berkshire Hathaway suggest strategic rebalancing, while core holdings in waste management, railways, and industrials demonstrate an enduring commitment to critical infrastructure and environmental stewardship. This balanced approach aligns with the foundation’s mission to invest in innovative, resilient enterprises that address global challenges and drive sustainable growth.

This analysis is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investing involves risks, including the potential loss of principal. Past performance is not indicative of future results. Investors should conduct their own research or consult a qualified financial advisor before making investment decisions.