Michael Larson’s portfolio: Gates Foundation Trust 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001166559Latest: Q2 2026
Q4 2019 filing in brief
In its Q4 2019 13F, filed February 14, 2020, Gates Foundation Trust reported $21.4B across 16 US positions. The largest: BRK.B (52.9%), WM (9.9%), CAT (7.8%), CNR (7.3%), WMT (6.5%). In the quarter it opened 0 positions, sold out of 2, added to 0 and trimmed 1; positions opened and sold out came to 0.1% of the portfolio's value.
Methodology
Holdings come from the manager’s Form 13F-HR filings on SEC EDGAR, with amendments applied. Values and shares are reported at quarter-end; the filing date is when the report became public. These disclosures show reported long positions and listed options, not the manager’s entire portfolio or its trades since quarter-end.
Quarterly changes compare shares with the immediately preceding quarter on file. New and exited positions appear or disappear; added and trimmed positions change their share count by more than 1%. A share change can also reflect a stock split or other corporate action.
Opened and sold out is the value of new positions plus the prior value of exited positions, divided by the average of the two quarters’ reported portfolio values. It excludes changes to positions still held. Reported value growth includes price changes and is not a measure of investment performance. Largest-five and largest-ten weights exclude options.
Holdings
Filed Feb 14, 2020
- 0 New
- 0 Added
- 1 Trimmed
- 2 Exited
16 positions at December 31, 2019. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | BRK.B | BERKSHIRE HATHAWAY INC DEL | $11.3B | 49.9M | 52.94% | −9.1% | Trimmed |
| 2 | WM | WASTE MGMT INC DEL | $2.1B | 18.6M | 9.94% | 0.0% | Held |
| 3 | CAT | CATERPILLAR INC DEL | $1.7B | 11.3M | 7.79% | 0.0% | Held |
| 4 | CNR | CANADIAN NATL RY CO | $1.5B | 17.1M | 7.25% | 0.0% | Held |
| 5 | WMT | WALMART INC | $1.4B | 11.6M | 6.46% | 0.0% | Held |
| 6 | ECL | ECOLAB INC | $843M | 4.4M | 3.95% | 0.0% | Held |
| 7 | CCI | CROWN CASTLE INTL CORP NEW | $758M | 5.3M | 3.55% | 0.0% | Held |
| 8 | UPS | UNITED PARCEL SERVICE INC | $530M | 4.5M | 2.48% | 0.0% | Held |
| 9 | FDX | FEDEX CORP | $457M | 3.0M | 2.14% | 0.0% | Held |
| 10 | KOF | COCA COLA FEMSA S A B DE C V | $377M | 6.2M | 1.76% | 0.0% | Held |
| 11 | TV | GRUPO TELEVISA SA | $198M | 16.9M | 0.93% | 0.0% | Held |
| 12 | — | LIBERTY GLOBAL PLC | $79M | 3.6M | 0.37% | 0.0% | Held |
| 13 | — | LIBERTY GLOBAL PLC | $48M | 2.1M | 0.23% | 0.0% | Held |
| 14 | — | ARCOS DORADOS HOLDINGS INC | $25M | 3.1M | 0.12% | 0.0% | Held |
| 15 | LILA | LIBERTY LATIN AMERICA LTD | $12M | 636.0K | 0.06% | 0.0% | Held |
| 16 | LILAK | LIBERTY LATIN AMERICA LTD | $7M | 370.4K | 0.03% | 0.0% | Held |
2 exited positions
Positions held in the preceding quarter and absent from this filing. Values and shares are from the preceding quarter.
| Ticker | Issuer | Previous value | Previous shares |
|---|---|---|---|
| BYNDEUR | BEYOND MEAT INC | $14M | 96.5K |
| NCSUSD | CORNERSTONE BLDG BRANDS INC | $83K | 13.7K |
Every quarter on file (53)
From the manager’s Form 13F-HR filings on SEC EDGAR, amendments applied. Long US positions only; not a recommendation.