Michael Larson’s portfolio: Gates Foundation Trust 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001166559Latest: Q2 2026
Q4 2025 filing in brief
In its Q4 2025 13F, filed February 17, 2026, Gates Foundation Trust reported $35.4B across 23 US positions. The largest: BRK.B (27.6%), WM (18.0%), CNR (14.5%), MSFT (10.5%), CAT (10.3%). In the quarter it opened 0 positions, sold out of 0, added to 0 and trimmed 2; positions opened and sold out came to 0% 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 17, 2026
- 0 New
- 0 Added
- 2 Trimmed
- 0 Exited
23 positions at December 31, 2025. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | BRK.B | BERKSHIRE HATHAWAY INC DEL | $9.8B | 19.4M | 27.59% | −10.8% | Trimmed |
| 2 | WM | WASTE MGMT INC DEL | $6.4B | 28.9M | 17.98% | 0.0% | Held |
| 3 | CNR | CANADIAN NATL RY CO | $5.1B | 51.8M | 14.49% | 0.0% | Held |
| 4 | MSFT | MICROSOFT CORP | $3.7B | 7.7M | 10.52% | −16.3% | Trimmed |
| 5 | CAT | CATERPILLAR INC | $3.6B | 6.4M | 10.29% | 0.0% | Held |
| 6 | DE | DEERE & CO | $1.7B | 3.6M | 4.68% | 0.0% | Held |
| 7 | ECL | ECOLAB INC | $1.4B | 5.2M | 3.87% | 0.0% | Held |
| 8 | WMT | WALMART INC | $935M | 8.4M | 2.64% | 0.0% | Held |
| 9 | FDX | FEDEX CORP | $689M | 2.4M | 1.95% | 0.0% | Held |
| 10 | KOF | COCA-COLA FEMSA SAB DE CV | $589M | 6.2M | 1.66% | 0.0% | Held |
| 11 | WCN | WASTE CONNECTIONS INC | $358M | 2.0M | 1.01% | 0.0% | Held |
| 12 | CPNG | COUPANG INC | $218M | 9.2M | 0.62% | 0.0% | Held |
| 13 | MSGS | MADISON SQUARE GRDN SPRT COR | $153M | 592.4K | 0.43% | 0.0% | Held |
| 14 | SDGR | SCHRODINGER INC | $125M | 7.0M | 0.35% | 0.0% | Held |
| 15 | WST | WEST PHARMACEUTICAL SVSC INC | $122M | 444.5K | 0.35% | 0.0% | Held |
| 16 | PCAR | PACCAR INC | $110M | 1.0M | 0.31% | 0.0% | Held |
| 17 | BUD | ANHEUSER BUSCH INBEV SA/NV | $109M | 1.7M | 0.31% | 0.0% | Held |
| 18 | MCD | MCDONALDS CORP | $102M | 334.9K | 0.29% | 0.0% | Held |
| 19 | DHR | DANAHER CORPORATION | $85M | 373.0K | 0.24% | 0.0% | Held |
| 20 | KHC | KRAFT HEINZ CO | $60M | 2.5M | 0.17% | 0.0% | Held |
| 21 | HRL | HORMEL FOODS CORP | $49M | 2.1M | 0.14% | 0.0% | Held |
| 22 | — | ON HLDG AG | $23M | 500.0K | 0.07% | 0.0% | Held |
| 23 | VLTO | VERALTO CORP | $12M | 124.3K | 0.04% | 0.0% | Held |
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.