13F filing recap · Q3 2025

What did Bill & Melinda Gates Foundation Trust buy in Q3 2025?

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

Stock value

$36.58B

Positions

Estimated turnover

28.1%

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.

Quarter in review

Bill & Melinda Gates Foundation Trust exited Crown Castle and United Parcel Service. It trimmed Microsoft substantially, and reduced Waste Management and Caterpillar moderately. Berkshire Hathaway, Canadian National Railway, Walmart, FedEx, Waste Connections, Kraft Heinz, and Hormel Foods were also trimmed slightly.

Reduced positions

BRK.BBerkshire Hathaway Inc$10.94Breported value-2.36M shares-9.8%WMWaste Management, Inc$6.39Breported value-3.30M shares-10.2%CNICanadian National Railway Company$4.89Breported value-3.00M shares-5.5%MSFTMicrosoft Corporation$4.76Breported value-17.00M shares-64.9%

Exited positions

CCICrown Castle Inc.$145.88Mprior reported value-1.42M shares-100.0%UPSUnited Parcel Service, Inc$76.22Mprior reported value-755.1K shares-100.0%