Bill Gates Portfolio 2026: Microsoft Is Gone, Berkshire Is No. 1
The Gates Foundation Trust's Q2 2026 13F filing shows a $34.4B portfolio across 24 U.S. stocks, with Berkshire Hathaway as the top holding after Microsoft's exit. The endowment grew to $92B by June 2026. The Trust reduced Berkshire and Waste Management shares but added Home Depot. The foundation plans to spend its endowment by 2045.
How this was made
The 30-second read
Why it matters
The filing shows a strategic shift away from tech (Microsoft exit) toward industrials and consumer staples, with new exposure to Home Depot and reduced stakes in Berkshire and Waste Management.
Market read
Institutional portfolio changes can influence stock supply/demand dynamics, especially for large positions like Berkshire and Home Depot.
What to watch
The foundation's upcoming endowment spend‑down may lead to further systematic divestments across sectors.
Background
The Gates Foundation Trust's Q2 2026 13F filing reveals its current portfolio composition and recent adjustments.
Ticker impact
The Gates Foundation Trust reduced its Berkshire Hathaway Class B stake by 2.36 million shares in Q2 2026.
likely modest downside as the reduction signals reduced exposure.
Large institutional sell can weigh on price, though the reduction is modest relative to total float.
Caterpillar moved to the second‑largest holding in the Trust after share‑price appreciation.
little immediate impact; market may view the ranking shift as a bullish signal.
No new buying, just relative ranking change.
Canadian National Railway remains a top‑five holding in the Trust.
no direct price effect.
Holding size unchanged; no new catalyst.
The Trust cut its Waste Management stake by 921,600 shares (3.3%).
potential modest downside.
Institutional reduction may slightly depress price.
Deere & Company stays in the Trust’s top‑five holdings.
no immediate impact.
No change in position.
Home Depot added as a new $352.7 million position (1 million shares).
potential upside as the purchase signals confidence.
Fresh $350 M stake is a notable bullish signal.
Kraft Heinz held at $58.4 million in the Trust.
no direct effect.
Small position, unchanged.
Hormel Foods held at $51.8 million in the Trust.
no direct effect.
Small position, unchanged.
Market effects
The foundation's shift away from Microsoft and reduced Berkshire exposure may slightly tilt sector weightings toward industrials and consumer staples.
U.S. large‑cap equities see modest rebalancing; no broader regional effect.
Limited to U.S. equity markets; no global macro impact.
Counterpoint
The sell‑off of Berkshire could be a buying opportunity if the market overreacts to the reduction.
Key entities
- Institutional InvestorGates Foundation Trust
Endowment manager of the Bill & Melinda Gates Foundation.
- IndividualBill Gates
Founder of Microsoft; his personal holdings are separate from the Trust.
