GATES FOUNDATION TRUST

CIK 0001166559 · Q1 2026

13F Equity AUM

$31.7B

-10.4% QoQ

Positions

-1 QoQ

AUM Rank

#303

Top 2%

Skill Alpha (FF)

+9.1%/yr^ns

No Clear Edge

Rank #331 · Top 4%

vs S&P +4.9%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 83.2%Top 10: 96.5%Top 20: 99.9%

BRK/B25.8%

WM20.1%

CNR16.8%

CAT14.2%

DE6.3%

ECL4.4%

WMT3.3%

FDX2.7%

KOF1.9%

WCN1.1%

Others (12)3.5%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Industrials44.7%

Financial Services25.8%

Energy16.8%

Consumer Defensive5.9%

Basic Materials4.4%

Other2.4%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 22Median: 0.58%Avg: 4.55%

0–0.5%

10(2.3%)

0.5–1%

2(1.1%)

1–3%

3(5.6%)

3–5%

2(7.7%)

5%+

5(83.2%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 22Unique: 0vs 20 funds

0.3%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BlackRock, Inc.

0.6%

MORGAN STANLEY

0.4%

JPMORGAN CHASE & CO

0.5%

BANK OF AMERICA CORP /DE/

0.5%

FMR LLC

0.7%

VANGUARD CAPITAL MANAGEMENT LLC

0.6%

STATE STREET CORP

0.6%

GEODE CAPITAL MANAGEMENT, LLC

0.6%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.7%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New0Increased0Decreased2Exited1

Decreased

BRK/B25.8%

-2,358,460(-12%)

WM20.1%

-1,292,000(-4%)

Exited

MSFT

-7,691,207

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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