Michael Larson’s portfolio: Gates Foundation Trust 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001166559Latest: Q2 2026
Q4 2023 filing in brief
In its Q4 2023 13F, filed February 14, 2024, Gates Foundation Trust reported $42.3B across 24 US positions. The largest: MSFT (34.0%), BRK.B (16.8%), CNR (16.3%), WM (14.9%), CAT (5.1%). In the quarter it opened 1 position, sold out of 51, added to 0 and trimmed 3; positions opened and sold out came to 0.4% 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, 2024
- 1 New
- 0 Added
- 3 Trimmed
- 51 Exited
24 positions at December 31, 2023. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | MSFT | MICROSOFT CORP | $14.4B | 38.2M | 33.98% | −2.7% | Trimmed |
| 2 | BRK.B | BERKSHIRE HATHAWAY INC DEL | $7.1B | 19.9M | 16.80% | −11.6% | Trimmed |
| 3 | CNR | CANADIAN NATL RY CO | $6.9B | 54.8M | 16.29% | 0.0% | Held |
| 4 | WM | WASTE MGMT INC DEL | $6.3B | 35.2M | 14.92% | 0.0% | Held |
| 5 | CAT | CATERPILLAR INC | $2.2B | 7.4M | 5.14% | 0.0% | Held |
| 6 | DE | DEERE & CO | $1.4B | 3.6M | 3.36% | −9.2% | Trimmed |
| 7 | ECL | ECOLAB INC | $1.0B | 5.2M | 2.45% | 0.0% | Held |
| 8 | KOF | COCA-COLA FEMSA SAB DE CV | $588M | 6.2M | 1.39% | 0.0% | Held |
| 9 | WMT | WALMART INC | $478M | 3.0M | 1.13% | 0.0% | Held |
| 10 | FDX | FEDEX CORP | $388M | 1.5M | 0.92% | 0.0% | Held |
| 11 | WCN | WASTE CONNECTIONS INC | $321M | 2.1M | 0.76% | 0.0% | Held |
| 12 | SDGR | SCHRODINGER INC | $250M | 7.0M | 0.59% | 0.0% | Held |
| 13 | CCI | CROWN CASTLE INC | $164M | 1.4M | 0.39% | 0.0% | Held |
| 14 | CPNG | COUPANG INC | $150M | 9.2M | 0.35% | 0.0% | Held |
| 15 | UPS | UNITED PARCEL SERVICE INC | $119M | 755.1K | 0.28% | 0.0% | Held |
| 16 | BUD | ANHEUSER BUSCH INBEV SA/NV | $110M | 1.7M | 0.26% | 0.0% | Held |
| 17 | MSGS | MADISON SQUARE GRDN SPRT COR | $108M | 592.4K | 0.25% | 0.0% | Held |
| 18 | KHC | KRAFT HEINZ CO | $97M | 2.6M | 0.23% | 0.0% | Held |
| 19 | DHR | DANAHER CORPORATION | $86M | 373.0K | 0.20% | 0.0% | Held |
| 20 | HRL | HORMEL FOODS CORP | $70M | 2.2M | 0.17% | 0.0% | Held |
| 21 | CVNA | CARVANA CO | $28M | 520.0K | 0.07% | 0.0% | Held |
| 22 | — | ON HLDG AG | $13M | 500.0K | 0.03% | 0.0% | Held |
| 23 | VLTO | VERALTO CORP | $10M | 124.3K | 0.02% | — | New |
| 24 | VRM | VROOM INC | $2M | 2.5M | 0.00% | 0.0% | Held |
51 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 |
|---|---|---|---|
| AAPL | APPLE INC | $9M | 52.8K |
| META | META PLATFORMS INC | $8M | 27.0K |
| IYW | ISHARES TR | $6M | 57.6K |
| AMZN | AMAZON COM INC | $6M | 44.0K |
| — | EATON CORP PLC | $6M | 26.1K |
| AVGO | BROADCOM INC | $5M | 6.5K |
| BKNG | BOOKING HOLDINGS INC | $5M | 1.6K |
| GOOGL | ALPHABET INC CL A | $5M | 38.4K |
| JPM | JPMORGAN CHASE & CO | $4M | 29.6K |
| ORCL | ORACLE CORP | $4M | 39.8K |
| AMP | AMERIPRISE FINL INC | $4M | 12.4K |
| NVDA | NVIDIA CORPORATION | $4M | 9.2K |
| XLK | SELECT SECTOR SPDR TR | $4M | 24.3K |
| PHM | PULTE GROUP INC | $4M | 53.5K |
| TJX | TJX COS INC NEW | $4M | 42.5K |
| ELV | ELEVANCE HEALTH INC | $4M | 8.5K |
| CVX | CHEVRON CORP NEW | $4M | 21.5K |
| — | UNILEVER PLC | $4M | 72.6K |
| PG | PROCTER AND GAMBLE CO | $3M | 23.0K |
| CSCO | CISCO SYS INC | $3M | 62.0K |
| — | TRANE TECHNOLOGIES PLC | $3M | 15.9K |
| V | VISA INC | $3M | 14.0K |
| AMAT | APPLIED MATLS INC | $3M | 22.8K |
| AMGN | AMGEN INC | $3M | 11.1K |
| TMO | THERMO FISHER SCIENTIFIC INC | $3M | 5.7K |
| UNH | UNITEDHEALTH GROUP INC | $3M | 5.7K |
| ADBE | ADOBE INC | $3M | 5.5K |
| SLB | SCHLUMBERGER LTD | $3M | 47.0K |
| TTEN | TOTALENERGIES SE | $3M | 38.5K |
| LMT | LOCKHEED MARTIN CORP | $2M | 5.9K |
| JNJ | JOHNSON & JOHNSON | $2M | 14.9K |
| NSC | NORFOLK SOUTHN CORP | $2M | 11.7K |
| GS | GOLDMAN SACHS GROUP INC | $2M | 7.1K |
| MS | MORGAN STANLEY | $2M | 27.9K |
| CVS | CVS HEALTH CORP | $2M | 32.5K |
| PFE | PFIZER INC | $2M | 68.0K |
| PNC | PNC FINL SVCS GROUP INC | $2M | 17.4K |
| CB | CHUBB LIMITED | $2M | 10.3K |
| KBWB | INVESCO EXCH TRADED FD TR II | $2M | 50.3K |
| EXMOC | EXXON MOBIL CORP | $2M | 17.0K |
| EMN | EASTMAN CHEM CO | $2M | 25.0K |
| LOW | LOWES COS INC | $2M | 9.0K |
| GOOG | ALPHABET INC CL C | $2M | 14.0K |
| MRK | MERCK & CO INC | $2M | 17.7K |
| AMT | AMERICAN TOWER CORP NEW | $2M | 11.0K |
| XLP | SELECT SECTOR SPDR TR | $2M | 25.5K |
| HD | HOME DEPOT INC | $2M | 5.7K |
| TGT | TARGET CORP | $2M | 15.2K |
| PEP | PEPSICO INC | $2M | 9.7K |
| RTX | RTX CORPORATION | $1M | 20.2K |
| DIS | DISNEY WALT CO | $1M | 16.8K |
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.