Bill Gates – Bill & Melinda Gates Foundation Trust Portfolio Activity & Recent Trades (Sep 30, 2025)

As of Sep 30, 2025, the Bill & Melinda Gates Foundation Trust portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 14, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q3 2025, the filing reported:

New Buys –

None reported

Increases –

None reported

Reductions – Berkshire Hathaway Inc. New, Caterpillar, Inc., Canadian National Railway Compa, FedEx Corporation, Hormel Foods Corporation, and 5 more

Complete Exits – Crown Castle Inc., United Parcel Service, Inc.

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2025	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-2,358,460	-9.8%	$10.94B	21,765,224
Q3 2025	CAT Caterpillar, Inc.	Caterpillar, Inc.	Sell	-1,000,000	-13.6%	$3.03B	6,353,614
Q3 2025	CCI Crown Castle Inc.	Crown Castle Inc.	Sell - Position Exit	-1,420,072	-100.0%	$0.00	-
Q3 2025	CNI Canadian National Railway Compa	Canadian National Railway Compa	Sell	-3,000,000	-5.5%	$4.89B	51,826,786
Q3 2025	FDX FedEx Corporation	FedEx Corporation	Sell	-150,000	-5.9%	$562.26M	2,384,362
Q3 2025	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-110,000	-5.0%	$51.59M	2,085,290
Q3 2025	KHC The Kraft Heinz Company	The Kraft Heinz Company	Sell	-150,000	-5.7%	$64.39M	2,472,600
Q3 2025	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-17,000,000	-64.9%	$4.76B	9,191,207
Q3 2025	UPS United Parcel Service, Inc.	United Parcel Service, Inc.	Sell - Position Exit	-755,089	-100.0%	$0.00	-
Q3 2025	WCN Waste Connections, Inc.	Waste Connections, Inc.	Sell	-110,000	-5.1%	$358.49M	2,039,175
Q3 2025	WM Waste Management, Inc.	Waste Management, Inc.	Sell	-3,300,000	-10.2%	$6.39B	28,934,344
Q3 2025	WMT Walmart Inc.	Walmart Inc.	Sell	-700,000	-7.7%	$864.72M	8,390,477
Q2 2025	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+6,951,249	+40.5%	$11.72B	24,123,684
Q2 2025	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-2,266,040	-8.0%	$13.03B	26,191,207
Q1 2025	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-2,482,589	-12.6%	$9.15B	17,172,435
Q1 2025	WST West Pharmaceutical Services, I	West Pharmaceutical Services, I	Buy - Position Entry	+444,500	-	$99.51M	444,500
Q4 2024	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-2,482,589	-11.2%	$8.91B	19,655,024
Q4 2024	MCD McDonald's Corporation	McDonald's Corporation	Buy - Position Entry	+334,900	-	$97.08M	334,900
Q4 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-500,000	-1.7%	$11.99B	28,457,247
Q4 2024	VRM Vroom, Inc.	Vroom, Inc.	Sell - Position Exit	-31,250	-100.0%	$0.00	-
Q3 2024	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-2,482,589	-10.1%	$10.19B	22,137,613
Q3 2024	FDX FedEx Corporation	FedEx Corporation	Buy	+1,000,000	+65.2%	$693.60M	2,534,362
Q3 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-5,932,350	-17.0%	$12.46B	28,957,247
Q3 2024	PCAR PACCAR Inc.	PACCAR Inc.	Buy - Position Entry	+1,000,000	-	$98.68M	1,000,000
Q3 2024	WM Waste Management, Inc.	Waste Management, Inc.	Sell	-3,000,000	-8.5%	$6.69B	32,234,344
Q2 2024	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+7,317,105	+42.3%	$10.02B	24,620,202
Q2 2024	CVNA Carvana Co.	Carvana Co.	Sell - Position Exit	-520,000	-100.0%	$0.00	-
Q2 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-1,610,000	-4.4%	$15.59B	34,889,597
Q1 2024	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-2,613,252	-13.1%	$7.28B	17,303,097
Q1 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-1,711,272	-4.5%	$15.36B	36,499,597