The Gates Foundation Trust in Q2 2026: four stocks are three-quarters of $34 billion
By Gabriel Zacarkim · Published Oct 11, 2026 · Data as of Oct 9, 2026 close (positions as of June 30, 2026)
The Gates Foundation Trust — the portfolio this site follows on Bill Gates’s page — filed its 13F for the second quarter of 2026 on August 14. It lists 24 U.S.-listed stocks worth $34.42 billion on June 30, 2026, up from 22 positions and $31.67 billion three months earlier. Four holdings — Berkshire Hathaway, Caterpillar, Canadian National Railway and Waste Management — make up 76.3% of the total, and by this site’s sector classification industrial companies are 65.5%.
| Stock | Value | Weight | Change in shares vs. Mar 31 |
|---|---|---|---|
| Berkshire Hathaway (BRK.B) | $7.35B | 21.4% | −13.8% |
| Caterpillar (CAT) | $6.77B | 19.7% | unchanged |
| Canadian National Railway (CNI) | $6.18B | 18.0% | unchanged |
| Waste Management (WM) | $5.96B | 17.3% | −3.3% |
| Deere (DE) | $2.26B | 6.6% | unchanged |
| Ecolab (ECL) | $1.45B | 4.2% | unchanged |
| Walmart (WMT) | $950.3M | 2.8% | unchanged |
| FedEx (FDX) | $746.6M | 2.2% | unchanged |
| Coca-Cola FEMSA (KOF) | $660.3M | 1.9% | unchanged |
| Home Depot (HD) | $352.7M | 1.0% | new |
| Waste Connections (WCN) | $339.9M | 1.0% | unchanged |
| Madison Square Garden Sports (MSGS) | $238.1M | 0.7% | unchanged |
| FedEx Freight (FDXF) | $180.0M | 0.5% | received in spin-off |
| Coupang (CPNG) | $160.6M | 0.5% | unchanged |
| West Pharmaceutical Services (WST) | $159.6M | 0.5% | unchanged |
| Anheuser-Busch InBev (BUD) | $140.3M | 0.4% | unchanged |
| Paccar (PCAR) | $120.1M | 0.3% | unchanged |
| Schrödinger (SDGR) | $113.5M | 0.3% | unchanged |
| McDonald’s (MCD) | $90.5M | 0.3% | unchanged |
| Danaher (DHR) | $71.0M | 0.2% | unchanged |
| Kraft Heinz (KHC) | $58.4M | 0.2% | unchanged |
| Hormel Foods (HRL) | $51.8M | 0.2% | unchanged |
| On Holding (ONON) | $17.7M | 0.1% | unchanged |
| Veralto (VLTO) | $11.0M | 0.0% | unchanged |
What changed
Twenty of the 24 positions kept exactly the same number of shares. The trust cut Berkshire Hathaway Class B shares by 13.8%, from 17.0 million to 14.7 million, and Waste Management by 3.3%. It added one company: 1,000,000 shares of Home Depot, worth $352.7 million (1.0%). The only earlier Home Depot line in the trust’s filings since 2016 was 5,692 shares, in the third quarter of 2023.
The Berkshire stake has shrunk in every quarter since mid-2024 except one: it rose from 17.2 million to 24.1 million shares in the second quarter of 2025, then resumed falling. The 13F does not say why shares come in or go out.
FedEx Freight came from a spin-off
FedEx spun off FedEx Freight on June 1, 2026: holders of record on May 15 received one FedEx Freight (FDXF) share for every two FedEx shares. The trust’s 1,192,181 FedEx Freight shares are exactly half of its 2,384,362 FedEx shares, so the new line is the result of the spin-off, not a purchase. The FedEx position kept the same share count; part of its value simply moved into FedEx Freight.
The same shares at today’s prices
Repriced at the October 9, 2026 close — and assuming nothing changed since June 30, which the 13F cannot tell us — the 24 positions would be worth about $32.34 billion, 6.1% less. Caterpillar, the second-largest holding, fell 24.8% from its June 30 close; FedEx Freight fell 23.5%, Hormel Foods 22.7% and Home Depot 17.6%. Schrödinger rose 67.9% and Danaher 15.4%, and Berkshire Hathaway was up 3.0%. The next 13F, for the third quarter, is due by mid-November.
A 13F covers only U.S.-listed long positions held by the filer: it does not show stocks listed outside the United States, bonds, cash or other assets, so this is the trust’s U.S. stock portfolio rather than everything it owns. Not investment advice.
Sources
- Gates Foundation Trust 13F-HR for Q2 2026 (filed Aug 14, 2026)
- FedEx 8-K: FedEx Freight spin-off approved (May 13, 2026)
For information only, not investment advice. The figures come from the filings listed above and describe what happened, not what will.