13F
中
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BILL & MELINDA GATES FOUNDATION TRUST

13F equity value
$31.7B
Positions
22
Top 10 concentration
96.5%
Quarters / total new picks
13 / 63
13F equity value over time
$0M$24B$48B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 13 quarters, returned +1.9% per quarter — versus +3.8% per quarter from simply owning every 13F stock. It beat that baseline in only 46.2% of quarters (excess t = 0.08, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+0.8%
t-stat
0.08
Quarterly win rate
46%
Annualized excess
-36.8%
$1 → follow vs universe
$0.43 vs $1.52
Cumulative return: $1 invested in new picks vs universe
1.00 20190930: universe 1.07520200331: universe 1.29620200930: universe 1.59020210930: universe 1.42720220630: universe 1.32220220930: universe 1.42020221231: universe 1.31920230630: universe 1.27220230930: universe 1.44320231231: universe 1.50820240930: universe 1.49520241231: universe 1.39520250331: universe 1.521 20190930: follow 1.51220200331: follow 1.86220200930: follow 2.00920210930: follow 1.61020220630: follow 0.28720220930: follow 0.29520221231: follow 0.26120230630: follow 0.29020230930: follow 0.32120231231: follow 0.36820240930: follow 0.35520241231: follow 0.37620250331: follow 0.428 0.24 1.20 2.17 2019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 22 · 2026 Q1

Ticker Value Weight QoQ
BRK/B $8.2B
25.8%
TRIM
WM $6.4B
20.1%
TRIM
CNI $5.3B
16.8%
HOLD
CAT $4.5B
14.2%
HOLD
DE $2.0B
6.3%
HOLD
ECL $1.4B
4.4%
HOLD
WMT $1.0B
3.3%
HOLD
FDX $849M
2.7%
HOLD
KOF $606M
1.9%
HOLD
WCN $331M
1.1%
HOLD
MSGS $190M
0.6%
HOLD
CPNG $175M
0.5%
HOLD
BUD $118M
0.4%
HOLD
PCAR $116M
0.4%
HOLD
WST $111M
0.4%
HOLD
MCD $104M
0.3%
HOLD
SDGR $79M
0.3%
HOLD
DHR $71M
0.2%
HOLD
KHC $56M
0.2%
HOLD
HRL $47M
0.1%
HOLD

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

None.

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.