Bill Gates' Gates Foundation Trust disclosed in its Q1 2026 13F filing that it fully divested approximately $3.7B worth of MSFT shares. Simultaneously, it trimmed its largest holding, BRK.B, by 12% to a current market value of $8.2B (25.8% of the portfolio), with zero new positions initiated. Total AUM stands at $31.6B, and the portfolio maintains a highly concentrated structure centered on infrastructure, industrials, and environmental services.
Top 5 Holdings — Q1 2026
- BERKSHIRE HATHAWAY INC DEL: $8.2B (25.8%)
- WM: $6.4B (20.1%)
- CNI: $5.3B (16.8%)
- CAT: $4.5B (14.2%)
- DE: $2.0B (6.3%)
Q1 2026 Key Portfolio Moves
The most notable disclosure this quarter is the complete liquidation of MSFT. Given Bill Gates' legacy as Microsoft's co-founder, the move carries significant symbolic weight. The Foundation has been steadily reducing its MSFT stake over the years, and this quarter marked its full exit from the position. The Foundation's mandate for asset diversification and broad portfolio distribution is widely cited as the rationale behind the sale.
- MSFT: Full exit $3.7B → $0 — Final liquidation of the founder's last MS stake; signals complete departure from tech equities
- BRK.B: Trimmed -12%, remaining value $8.2B — Still the largest holding, reduced as part of portfolio rebalancing
- WM: Trimmed -4%, remaining value $6.4B — Minor adjustment; waste management sector remains a core strategic position
Looking at the top 10 holdings, the top four alone — BRK.B (25.8%), WM (20.1%), CNI (16.8%), and CAT (14.2%) — account for 76.9% of the total portfolio. Assets are concentrated in real-economy sectors including infrastructure (CNI), waste management (WM, WCN), heavy machinery (CAT, DE), and water treatment (ECL). Technology exposure is now virtually nonexistent, with WMT representing only an indirect link at best.
Pure Infrastructure Play: A Tech-Free Portfolio Takes Shape
As of this quarter, Gates Foundation Trust has completed its transition into a pure real-asset and infrastructure portfolio, fully divested of technology equities. The absence of any new purchases — with only selective position reductions — suggests the Foundation is maintaining a long-term hold stance on its remaining holdings while gradually reducing overall risk exposure. Key things to watch going forward: how proceeds from the MSFT sale are redeployed, and whether the Foundation further increases its weighting in industrials such as CAT and DE.
