Great investors · Bill Gates · Q3 2025
What Bill Gates bought and sold in Q3 2025
Gates Foundation Trust 13F portfolio as of Sep 30, 2025: 23 positions worth $36.6 bn. Largest: BRK/B, WM, CNI, MSFT. Filed with the SEC on Nov 14, 2025.
The 13F is filed by Gates Foundation Trust, not by Bill Gates personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q3 2025
No purchase of 0.5 points of the portfolio or more this quarter.
Sells in Q3 2025
- ReducedMicrosoftMSFT−18.4 pp
- ReducedBerkshire HathawayBRK/B−2.5 pp
- ReducedWaste ManagementWM−1.5 pp
- ReducedCaterpillarCAT−1.0 pp
- ReducedCanadian National RailwayCNI−0.6 pp
5 companies with material moves, out of 12 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Gates Foundation Trust's Q3 2025 13F lists 23 lines of US-listed securities worth $36.6 bn; the largest is BRK/B at 29.9% of the portfolio. It was accepted by the SEC on Nov 14, 2025 at 4:15 PM ET.
Against the previous quarter, it opened no new positions, closed 2 (CCI and UPS), added to none and trimmed 10 (MSFT, BRK/B, WM and CAT and 6 more). 13 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Berkshire Hathaway BRK/B | 21.8 M | $10.9 bn | 29.9% | −9.8% |
| 2 | Waste Management WM | 28.9 M | $6.4 bn | 17.5% | −10% |
| 3 | Canadian National Railway CNI | 51.8 M | $4.9 bn | 13.4% | −5.5% |
| 4 | Microsoft MSFT | 9.2 M | $4.8 bn | 13.0% | −65% |
| 5 | Caterpillar CAT | 6.4 M | $3.0 bn | 8.29% | −14% |
| 6 | Deere DE | 3.6 M | $1.6 bn | 4.45% | no change |
| 7 | Ecolab ECL | 5.2 M | $1.4 bn | 3.91% | no change |
| 8 | Walmart WMT | 8.4 M | $865M | 2.36% | −7.7% |
| 9 | FedEx FDX | 2.4 M | $562M | 1.54% | −5.9% |
| 10 | Coca Cola Femsa SAB De CV KOF | 6.2 M | $516M | 1.41% | no change |
| 11 | Waste Connections WCN | 2.0 M | $358M | 0.98% | −5.1% |
| 12 | Coupang CPNG | 9.2 M | $298M | 0.81% | no change |
| 13 | Schrodinger SDGR | 7.0 M | $140M | 0.38% | no change |
| 14 | Madison Square Grdn Sprt COR MSGS | 592,406 | $134M | 0.37% | no change |
| 15 | West Pharmaceutical Services WST | 444,500 | $117M | 0.32% | no change |
| 16 | McDONALD’S MCD | 334,900 | $102M | 0.28% | no change |
| 17 | Anheuser-Busch InBev BUD | 1.7 M | $102M | 0.28% | no change |
| 18 | Paccar PCAR | 1.0 M | $98.3M | 0.27% | no change |
| 19 | Danaher DHR | 373,000 | $74.0M | 0.20% | no change |
| 20 | Kraft Heinz KHC | 2.5 M | $64.4M | 0.18% | −5.7% |
| 21 | Hormel Foods HRL | 2.1 M | $51.6M | 0.14% | −5% |
| 22 | On Holding ONON | 500,000 | $21.2M | 0.06% | no change |
| 23 | Veralto VLTO | 124,333 | $13.3M | 0.04% | no change |
Positions it closed (2)
- Crown Castle CCIwas 0.31% · 1.4 M shares
- United Parcel Service UPSwas 0.16% · 755,089 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Gates Foundation Trust's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.