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Cascade Investment, L.L.C.
Michael Larson · Family Office · Value
Cascade Investment, L.L.C. is a private investment firm and holding company based in Kirkland, Washington, that manages the personal wealth of Bill Gates and the assets of the Bill & Melinda Gates Foundation Trust. Founded in 1994 and managed by Michael Larson, the firm follows a fundamental, long-horizon investment approach across a diverse array of asset classes. Its portfolio includes substantial stakes in major corporations like Canadian National Railway, Deere & Company, and Republic Services, alongside significant investments in real estate, fixed income, and private equity. Cascade is notably a major private owner of farmland in the United States and holds a majority stake in Four Seasons Hotels and Resorts. The firm operates with significant discretion, focusing on steady, long-term capital appreciation to support the global philanthropic work of its founder.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | -1.0% |
| YTD return | +4.9% |
| Sharpe ratio | -2.78 |
| Win rate | 50% |
| AUM | $46.2B |
| Inception | Oct 1, 2025 |
| Updated | Sep 21, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $46.2B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.cascadeassetmanagement.com |
Current Holdings
Updated on Sep 21, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| RSG | Republic Services Inc | 48.7% | -5.3% |
| DE | Deere & Company | 23.3% | +26.3% |
| ECL | Ecolab Inc | 16.2% | +0.4% |
| FMX | Fomento Economico Mexicano | 7.2% | +0.7% |
| AN | AutoNation Inc | 2.9% | -24.5% |
| DEO | Diageo PLC ADR | 1.1% | -7.7% |
| OTTR | Otter Tail Corporation | 0.6% | +10.0% |
| DNA | Ginkgo Bioworks Holdings | 0.1% | -43.3% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Jun 1, 2026 | SELL | OTTR | 0.8% → 0.6% |
| Jun 1, 2026 | SELL | RSG | 68.4% → 48.7% |
| Jun 1, 2026 | BUY | DE | 0.0% → 23.3% |
| Jun 1, 2026 | BUY | DNA | 0.1% → 0.1% |
| Jun 1, 2026 | SELL | ECL | 25.0% → 16.2% |
Investment Style Analysis
Cascade Investment, L.L.C. is widely recognized for employing a Value strategy. As of Sep 21, 2026, the firm oversees approximately $46.2B in assets under management (AUM). The portfolio demonstrates a clear preference for the Waste Management and Farm & Heavy Construction Machinery sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Jun 1, Cascade Investment, L.L.C. made a significant move by reducing the position in OTTR. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Cascade Investment adheres to a fundamental, long-term investment philosophy that emphasizes capital preservation and value-oriented growth. The firm identifies and invests in companies with dominant market positions, robust business models, and high-quality management teams. By maintaining a multi-decade time horizon, Cascade avoids short-term market speculation, preferring a 'buy and hold' strategy that allows for the full realization of a company’s compounding potential. This stewardship approach ensures that the firm's capital allocation remains aligned with the long-term funding requirements of the Bill & Melinda Gates Foundation, prioritizing stability and diversified exposure across global markets and traditional sectors.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Cascade Investment, L.L.C..
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Frequently asked questions
How is the simulated portfolio for Cascade Investment, L.L.C. constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Cascade Investment, L.L.C.'s largest holding?
As of the latest filing, Cascade Investment, L.L.C.'s top position is Republic Services Inc (RSG), representing 48.7% of the portfolio. This reflects a high-conviction bet by the institution.
What is Cascade Investment, L.L.C.'s historical performance and risk profile?
Our simulation indicates a total return of -1.0% with a win rate of 50%. Notably, the portfolio maintains a Sharpe Ratio of -2.78, suggesting an standard level of risk-adjusted returns compared to the broader market.
What sectors does Cascade Investment, L.L.C. primarily invest in?
Cascade Investment, L.L.C. has a strong preference for the Waste Management sector, which makes up 48.7% of their disclosed assets. The portfolio also has exposure to Farm & Heavy Construction Machinery, indicating a specific thematic focus.
Is Cascade Investment, L.L.C.'s portfolio concentrated or diversified?
Cascade Investment, L.L.C. runs a highly concentrated portfolio with 8 disclosed positions. The top 3 holdings alone account for 88.2% of the total portfolio weight, suggesting a strategy that favors deep research into a few key names.
How has Cascade Investment, L.L.C. performed in 2026?
Our AI-simulated model portfolio for Cascade Investment, L.L.C. tracks a Year-to-Date (YTD) return of +4.9%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Michael Larson manage Cascade Investment, L.L.C. directly?
Yes, Michael Larson serves as the key portfolio manager for Cascade Investment, L.L.C., overseeing the investment strategy and final capital allocation decisions.