13F filing recap · Q4 2003

What did Bill & Melinda Gates Foundation Trust buy in Q4 2003?

Reported stock-position changes between this filing and the previous one.

Stock value

$3.14B

Positions

Estimated turnover

21.4%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Increased positions

MRKMerck & Co., Inc.$254.31Mreported value+2.08M shares+61.0%PFEPfizer Inc.$166.00Mreported value+855.0K shares+22.2%WYEWyeth$146.43Mreported value+889.4K shares+34.7%ABTAbbott Laboratories$132.76Mreported value+334.0K shares+13.3%SGPSchering-Plough Corporation$123.39Mreported value+4.87M shares+218.2%THCTenet Healthcare Corp$79.69Mreported value+1.31M shares+36.0%MHSMedco Health Solutions Inc$23.39Mreported value+275.5K shares+66.8%RSGRepublic Services, Inc.$23.07Mreported value+50.0K shares+5.9%

Reduced positions

FEDUFour Seasons Education (cayman) Inc.$78.75Mreported value-518.7K shares-25.2%LLYEli Lilly & Co$60.98Mreported value-457.0K shares-34.5%JNJJohnson & Johnson$42.85Mreported value-605.0K shares-42.2%DUKDuke Energy Corp$30.68Mreported value-3.00M shares

Exited positions

UPSUnited Parcel Service, Inc$31.90Mprior reported value-500.0K shares-100.0%CSXCsx Corporation$30.71Mprior reported value-1.05M shares-100.0%BMYBristol-Myers Squibb Company$23.77Mprior reported value-926.5K shares-100.0%ANAutonation, Inc.$16.66Mprior reported value-950.0K shares