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Bill & Melinda Gates Foundation Asset Trust
Michael Larson · Endowment · Value
The Bill & Melinda Gates Foundation Asset Trust is the legal entity that holds and manages the investment assets of the Bill & Melinda Gates Foundation. It was created to provide a structural separation between the foundation's charitable activities and its financial endowment management. The trust’s primary objective is to grow the endowment to provide a sustainable source of funding for the foundation's global mission to fight poverty, disease, and inequity. Its investments, primarily managed by Cascade Asset Management, are concentrated in high-quality, long-horizon global equities and diversified across multiple asset classes including real estate and private equity. The trust is notable for its highly concentrated holdings in companies like Berkshire Hathaway, Waste Management, and Canadian National Railway, reflecting a disciplined and value-oriented investment strategy designed for long-term capital preservation and impact.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +12.0% |
| YTD return | +8.9% |
| Sharpe ratio | 4.09 |
| Win rate | 52% |
| AUM | $27.2B |
| Inception | Oct 1, 2025 |
| Updated | Sep 11, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $27.2B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.gatesfoundation.org |
Current Holdings
Updated on Sep 11, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| BRK-A | Berkshire Hathaway Inc | 27.4% | +2.8% |
| WM | Waste Management Inc | 22.2% | -2.0% |
| CAT | Caterpillar Inc | 20.0% | +68.1% |
| DE | Deere & Company | 8.0% | +41.7% |
| ECL | Ecolab Inc | 5.3% | +4.5% |
| WMT | Walmart Inc. Common Stock | 3.6% | +2.9% |
| FDX | FedEx Corporation | 3.0% | +20.3% |
| KOF | Coca-Cola Femsa SAB de CV ADR | 2.5% | +32.0% |
| HD | The Home Depot Inc | 1.2% | -8.9% |
| WCN | Waste Connections Inc | 1.2% | -5.3% |
| SDGR | Schrodinger Inc | 1.1% | -1.6% |
| MSGS | Madison Square Garden Sports Corp | 0.9% | +54.8% |
| FDXF | FedEx Freight Holding Company, Inc. | 0.7% | -14.6% |
| WST | West Pharmaceutical Services Inc | 0.6% | +22.1% |
| CPNG | Coupang LLC | 0.5% | -38.8% |
| BUD | Anheuser Busch Inbev NV ADR | 0.5% | +22.4% |
| PCAR | PACCAR Inc | 0.5% | +23.8% |
| MCD | McDonald’s Corporation | 0.3% | -13.5% |
| DHR | Danaher Corporation | 0.3% | -3.0% |
| KHC | Kraft Heinz Co | 0.2% | -2.3% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Aug 17, 2026 | BUY | BUD | 0.5% → 0.5% |
| Aug 17, 2026 | BUY | WM | 21.8% → 22.2% |
| Aug 17, 2026 | BUY | CAT | 20.6% → 20.0% |
| Aug 17, 2026 | BUY | WCN | 1.1% → 1.2% |
| Aug 17, 2026 | BUY | KHC | 0.2% → 0.2% |
Investment Style Analysis
Bill & Melinda Gates Foundation Asset Trust is widely recognized for employing a Value strategy. As of Sep 11, 2026, the firm oversees approximately $27.2B in assets under management (AUM). The portfolio demonstrates a clear preference for the Farm & Heavy Construction Machinery and Insurance - Diversified sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Aug 17, Bill & Melinda Gates Foundation Asset Trust made a significant move by increasing exposure to BUD. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
The investment philosophy of the Bill & Melinda Gates Foundation Asset Trust is centered on fundamental, long-horizon capital allocation across a wide range of asset classes and geographies. The strategy emphasizes building a concentrated portfolio of high-quality, market-leading companies that demonstrate strong cash flows and durable competitive advantages. This low-turnover approach is designed to provide stable funding for the foundation’s philanthropic endeavors while minimizing exposure to short-term market volatility. Furthermore, the trust integrates mission-aligned constraints, such as the exclusion of tobacco stocks, into its investment process. By separating the asset management function from the foundation’s programmatic work, the trust ensures that financial returns are optimized by professional managers while the foundation remains focused on its core goals of health, education, and equality.
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 Bill & Melinda Gates Foundation Asset Trust.
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Frequently asked questions
How is the simulated portfolio for Bill & Melinda Gates Foundation Asset Trust 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 Bill & Melinda Gates Foundation Asset Trust's largest holding?
As of the latest filing, Bill & Melinda Gates Foundation Asset Trust's top position is Berkshire Hathaway Inc (BRK-A), representing 27.4% of the portfolio. This reflects a high-conviction bet by the institution.
What is Bill & Melinda Gates Foundation Asset Trust's historical performance and risk profile?
Our simulation indicates a total return of +12.0% with a win rate of 52%. Notably, the portfolio maintains a Sharpe Ratio of 4.09, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does Bill & Melinda Gates Foundation Asset Trust primarily invest in?
Bill & Melinda Gates Foundation Asset Trust has a strong preference for the Farm & Heavy Construction Machinery sector, which makes up 28.5% of their disclosed assets. The portfolio also has exposure to Insurance - Diversified, indicating a specific thematic focus.
Is Bill & Melinda Gates Foundation Asset Trust's portfolio concentrated or diversified?
Bill & Melinda Gates Foundation Asset Trust runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 69.6% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Bill & Melinda Gates Foundation Asset Trust performed in 2026?
Our AI-simulated model portfolio for Bill & Melinda Gates Foundation Asset Trust tracks a Year-to-Date (YTD) return of +8.9%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Michael Larson manage Bill & Melinda Gates Foundation Asset Trust directly?
Yes, Michael Larson serves as the key portfolio manager for Bill & Melinda Gates Foundation Asset Trust, overseeing the investment strategy and final capital allocation decisions.