what stocks does bill gates own

This article summarizes publicly reported equity holdings associated with Bill Gates — primarily those disclosed by the Bill & Melinda Gates Foundation Trust and historically Cascade Investment — e...

2025-09-07 05:08:00

By Emma Shah

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What stocks does Bill Gates own

This article answers the question what stocks does bill gates own by summarizing publicly reported equity positions tied to Bill Gates and his principal investment vehicles. In the first 100 words you will see that this guide focuses on the holdings disclosed in SEC Form 13F filings — primarily those filed by the Bill & Melinda Gates Foundation Trust and historically by Cascade Investment — explains how to interpret those filings, lists the recurring top holdings (dated to 31 March 2025), and explains limits and practical ways to track changes. Readers will learn where reported data comes from, what it covers and what it doesn’t, and how to view the holdings in context of philanthropic and governance goals.

Scope and definition

This guide covers public, US-listed equity holdings that are reported in SEC Form 13F filings and positions widely reported in reputable financial media and institutional aggregators. Specifically, this article addresses holdings that appear on the quarterly 13F filings for entities associated with Bill Gates (for example, the Bill & Melinda Gates Foundation Trust and, historically, Cascade Investment when it filed separately).

What is not covered here:

Private equity, venture stakes and startup ownership not required to be reported on 13F (many private positions are omitted).
Direct real estate holdings, bonds, cash, derivatives (including most option positions), and commodities.
Non‑US listed equities and other international assets that are not required on US 13F reports.
Personal small-scale holdings that are neither in the Foundation Trust nor managed by reportable institutional managers.

Readers should treat the publicly reported positions as a partial picture focused on long US equity holdings above the disclosure threshold.

Primary investment vehicles

Two vehicles are most commonly associated with the reported public equities linked to Bill Gates:

Bill & Melinda Gates Foundation Trust — The foundation’s investment vehicle files quarterly 13F reports that disclose its long US-listed equity positions. The Trust exists to provide financial support for the philanthropic activities of the Bill & Melinda Gates Foundation; its portfolio is managed to generate returns that fund grants and long-term programmatic commitments. As of many recent quarters, most public equity positions attributed to "Bill Gates" in media summaries are actually positions held in the Foundation Trust’s filings.
Cascade Investment (historical/personal) — Cascade Investment LLC is the private investment vehicle historically associated with Bill Gates’s personal wealth. Cascade has at times filed separately and at other times managed assets that were reported under different institutional manager names. Cascade’s holdings can differ from the Foundation Trust’s positions.

Management and oversight: Michael Larson has been widely reported as the long-time portfolio manager for Gates’s private investments, and the Foundation engages internal investment staff and external managers for parts of its portfolio. Gates and the Foundation’s board set high-level principles and philanthropic objectives, while day-to-day trading, asset allocation and manager selection are executed by professional investment teams.

How holdings are disclosed and how to read them

SEC Form 13F

Institutional investment managers who exercise investment discretion over $100 million+ in certain securities must file Form 13F quarterly with the SEC. A 13F discloses long US-listed equity positions above reporting thresholds and includes issuer name, ticker, share counts and market value as of the reporting quarter’s end.

Key limitations of 13F filings:

Lag: 13F reports are due 45 days after quarter-end. The file shows positions as of quarter end and does not include trades after that date.
Scope: 13F reports only long US-listed equities and convertible securities; it excludes short positions, many derivatives, private equity, and non‑US assets not required to be reported.
No trade or cost detail: 13F does not report exact purchase prices, trade dates, or realized gains/losses — only the snapshot of holdings and market value.

How to read a 13F entry

Issuer and ticker: Company name and stock ticker for US-traded securities.
Share count and market value: Number of shares held as of quarter end and the market value (usually in thousands) per the filing.
Reporting manager: The filing lists the institutional manager name (e.g., Bill & Melinda Gates Foundation Trust, Cascade Investment) and sometimes the manager of record if external managers are used.

Third‑party aggregators and data sources

Several reputable aggregators and financial media compile 13F data, reconcile multiple filings, and present holdings lists and change summaries. Common sources include GuruFocus, Fintel, Valuesider, Motley Fool, Investopedia, US News Money, and Nasdaq commentary. These providers often annotate filings, calculate weightings and track quarter‑to‑quarter changes to help readers interpret the raw 13F data.

Top holdings (typical/current major positions)

Short description: Based on reported positions in the Bill & Melinda Gates Foundation Trust and historically in Cascade Investment, a set of large-cap, quality companies consistently appears among the largest reported positions. Note the dated data caveat below.

As of 31 March 2025, according to SEC 13F filings available on SEC EDGAR and aggregated by institutional trackers (reported by GuruFocus and Fintel on that date), the following names/tickers commonly appeared among the largest reported equity positions associated with Gates-linked filings. Exact weights and shares change each quarter; these entries summarize recurring, high‑visibility positions:

Microsoft Corporation (MSFT) — long-standing major holding and historically the largest position due to Gates’s founder ties and prior largescale donations of Microsoft shares. As reported by filings through 31 March 2025, Microsoft often represents the largest single reported equity exposure in Gates-associated portfolios (approximately in the range of mid‑20s to mid‑30s percent of reported equity value in some quarters).
Berkshire Hathaway Inc. (BRK.B) — a large holding frequently prominent in filings; reflects a preference for a diversified conglomerate with strong capital allocation and income/stability characteristics.
Waste Management, Inc. (WM) — a recurring industrial/dividend holding that appears repeatedly among top positions and aligns with a value/quality orientation.
Canadian National Railway Company (CNI) — significant transportation/railroad exposure showing up in several recent filings.
Caterpillar Inc. (CAT) — industrial/machinery exposure; a recurring large-cap industrial name.
Deere & Company (DE) — agricultural machinery exposure, often appearing in top‑25 lists.
Ecolab Inc. (ECL) — industrial/chemical/cleaning services exposure with a quality/dividend profile.
Walmart Inc. (WMT) — consumer/retail exposure reflecting defensive consumer staples allocation.
FedEx Corporation (FDX) — transportation/logistics exposure appearing intermittently among larger holdings.
Coupang, Inc. (CPNG) — an international e‑commerce holding that has been reported in some filings; presence can vary quarter to quarter.

Data caveat: As reported in 13F filings as of 31 March 2025 these were among the top positions by percentage of reported equity assets; exact weights and rank change each quarter and the 13F lag means more recent trades may not be reflected. Numbers above are directional; readers should consult the specific 13F filing (SEC EDGAR) and aggregator snapshots for precise share counts and market values for a given quarter.

Portfolio concentration and sector allocation

Characteristic concentration

Gates‑associated reported equity portfolios tend to be concentrated: a relatively small number of large-cap holdings often account for a major share of reported equity value. Historically, the top 3–4 reported positions can represent a majority (often 50%+ in certain quarters) of the total reported equity market value, reflecting a concentrated, high‑conviction approach to public equities.

Sector biases

Typical reported sector exposures include:

Technology: Microsoft is a defining exposure and often the single largest holding.
Industrials and materials: Names like Caterpillar, Deere and Ecolab provide industrial exposure.
Transportation: Rail and logistics companies such as Canadian National and FedEx commonly appear.
Consumer/retail and staples: Walmart and similar holdings provide defensive balance.

This mix suggests a bias toward high-quality, cash-generative businesses with durable competitive advantages and dividend or cash-flow properties that support the Foundation’s long-term funding needs.

Notable historical actions and transactions

Major events and common patterns that affect reported holdings:

Donations of Microsoft shares: Large donations of Microsoft stock to the Bill & Melinda Gates Foundation have been widely reported across multiple years and have materially affected the composition of publicly reported Microsoft holdings. These donations may reduce direct founder holdings while increasing foundation-managed holdings or resulting in sales to fund grants.
Reported reductions and reallocations: Filings have shown quarter‑to‑quarter trims in positions like Berkshire Hathaway and other names; press coverage often highlights when a large position is materially reduced or sold.
Buy‑and‑hold with periodic rebalancing: The Foundation Trust historically exhibits a long‑term, buy‑and‑hold posture, combined with occasional tax or liquidity‑driven sales and reallocations to meet philanthropic spending needs or to rebalance risk.

Financial media and analysts consistently monitor 13F changes to infer portfolio moves and to provide context for major buys, sells or reallocations. Remember that a reported sale in a 13F can reflect a trade executed for many reasons — from portfolio rebalancing to funding grants — and the 13F’s lag and scope limit conclusions about timing and intent.

Investment strategy and philosophy

Public reporting and sanctioned statements suggest the following broad characteristics of Gates‑associated investment philosophy (as reflected in reported public equity positions):

Conservatism and long horizon: The portfolio favors durable, high‑quality businesses with predictable cash flows to support long-term philanthropic obligations.
Concentration on high‑conviction names: Rather than extreme diversification, filings reflect concentration in a few high‑conviction holdings, consistent with a conviction‑oriented approach.
Dividend and cash‑flow orientation: Several major holdings are cash-generative, providing stable income and capital preservation characteristics.
Alignment with philanthropic constraints and values: Investment and governance decisions are subject to philanthropic guidelines and, in some cases, exclusion policies tied to foundation values.

These points are descriptive of the reported public equity activity only and do not constitute investment advice.

Management, governance, and voting

Who manages the holdings

Internal teams and outsourced managers: The Foundation Trust and Gates-associated vehicles employ internal investment staff and contract external managers for specific mandates. Michael Larson, historically associated with Cascade, is widely reported as playing a major role in overseeing Bill Gates’s investment activities.

Proxy voting and governance

Voting policies: Proxy votes for positions held in the Foundation Trust are generally managed in accordance with Foundation guidelines and governance principles. Governance decisions may consider both financial return and philanthropic/ethical implications.

Interplay with philanthropic aims

The Foundation’s investment and voting choices can reflect the organization’s mission-driven constraints, such as avoiding investments that contradict programmatic goals or selecting managers who align with stewardship principles.

Data sources, caveats and limitations

Primary sources

SEC EDGAR 13F filings are the authoritative, primary source for reported long US equity positions by institutional managers.
Institutional aggregators and media (e.g., GuruFocus, Fintel, Valuesider, Motley Fool, Investopedia, US News Money, Nasdaq) synthesize and publish summaries, but users should validate numerical details against the original 13F filings.

Key caveats

Timing lag: 13F is a quarter‑end snapshot filed up to 45 days after quarter end — trades between quarter end and the filing date or trades after the filing are not captured.
Incomplete coverage: 13F excludes short positions, many derivatives, private investments, and certain non‑US assets.
No trade price data: The filing lists holdings and market value but not acquisition price or realized performance.
Multiple managers and attribution: Some positions reported under a manager name may be held by multiple sub-managers or reflect consolidated reporting; attribution to a single individual (e.g., Bill Gates personally) can be misleading.

Because of these constraints, interpret 13F-derived lists as a useful but partial and lagged view of public equity exposures.

Public commentary, media coverage and analysis

How the press and analysts handle 13F data

Summaries and top‑holding lists: Outlets and aggregators publish “top holdings” lists after 13F filings to call attention to major changes (for example, “top 10 holdings of the Bill & Melinda Gates Foundation Trust as of quarter X”).
Change analysis: Analysts highlight material buys, sells, and weight shifts between quarters and often provide context such as whether a sale funded philanthropic grants.
Caution about inference: Credible outlets note the 13F limitations (lag, scope) and avoid overly granular claims about manager intent.

Reputable outlets that frequently cover Gates‑associated holdings include Investopedia, US News Money, GuruFocus, Fintel, Valuesider, Motley Fool and Nasdaq commentary. These outlets typically date their summaries and cite the quarter‑end 13F as the underlying source. For example, as of 31 March 2025, multiple outlets summarized the Foundation Trust’s top reported positions from that quarter’s 13F filing.

Criticisms, risks and controversies

Common critiques and risks associated with interpreting Gates‑associated public equity holdings:

Concentration risk: Heavy concentration in a handful of holdings can increase portfolio volatility and company‑specific risk.
Misinterpretation due to 13F lag: Observers can misread a manager’s current stance because filings are delayed and do not reflect subsequent trades.
Conflicts between philanthropic goals and market returns: Public debate sometimes arises over balancing mission alignment with maximized investment returns.
Public scrutiny for large donations or trades: Large stock donations or material sales by foundation-affiliated vehicles attract media and political attention because of the public role of the foundation.

These points reflect commonly discussed issues in financial media and investor commentary. They do not imply wrongdoing but illustrate why measured interpretation of filings is essential.

How to track changes to Gates‑associated holdings

Practical steps and resources:

SEC EDGAR — Search Form 13F filings for the Bill & Melinda Gates Foundation Trust and Cascade Investment to see authoritative quarter‑end holdings and market values. Check the filing date and the quarter‑end date for context.
Aggregators and watchlists — Use services such as GuruFocus, Fintel and Valuesider to view consolidated lists, weightings and quarter‑to‑quarter changes.
Financial news summaries — Read Investopedia, US News Money, Motley Fool and Nasdaq commentary for plain‑language summaries and analysis around filing dates.
Create alerts — Set 13F or press alerts on your preferred financial platform; many aggregators publish updates shortly after the 13F filing period.
Use Bitget tools for markets — For active traders and investors who want to track market moves, Bitget provides market data, watchlists and wallet solutions (Bitget Wallet) to monitor positions and manage trades. While Bitget is primarily known for crypto markets, the platform’s research and market data tools can complement equity tracking workflows.

Remember to cross‑check aggregated summaries against the primary 13F filing for precise numbers and dates.

References and further reading

Primary filings and reputable aggregators are the basis for reported holdings and analysis. All numeric facts should be checked against dated quarter filings; below are representative categories of sources to consult (do not rely exclusively on secondary summaries):

SEC EDGAR Form 13F filings for the Bill & Melinda Gates Foundation Trust and Cascade Investment (primary source; filings dated by quarter).
Aggregated analyses and summaries from GuruFocus and Fintel (they compile 13F data and publish top‑holding snapshots; check their date stamps).
Media summaries and educational pieces from Investopedia, US News Money and Motley Fool that explain filings and list top holdings following 13F releases.
Company filings and investor relations pages (for company-specific context and fundamentals).

Notable dated statement example: As of 31 March 2025, according to SEC 13F filings and aggregator summaries published on that date by GuruFocus and Fintel, Microsoft, Berkshire Hathaway, Waste Management and Canadian National regularly appeared among the largest reported positions associated with Gates-linked filings. Readers should verify the quarter‑end filing they review and confirm the filing date on SEC EDGAR before drawing firm conclusions.

Critically important data caveat

All public equity numbers and example weights in this article are dated snapshots and should be verified against the latest 13F filings and institutional reports. Filings change quarterly; media summaries provide quick orientation but always check the primary SEC filing for exact share counts, market values and filing dates.

Appendix: Example snapshot table (how to present quarter‑by‑quarter top 10)

Below is a description of a useful table you can build (not an exhaustive or current data dump). When presenting a quarter-by-quarter top-10 snapshot, include these columns and always date the snapshot: