GATES FOUNDATION TRUST

CIK 0001166559 · Q2 2026

13F Equity AUM

$34.4B

+8.7% QoQ

Positions

+2 QoQ

AUM Rank

#718

Top 6%

Skill Alpha (FF)

+16.1%/yr

Alpha Generator

Rank #203 · Top 2%

vs S&P +7.0%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 82.8%Top 10: 94.9%Top 20: 99.6%

BRK/B21.4%

CAT19.6%

CNR17.9%

WM17.3%

DE6.5%

ECL4.2%

WMT2.8%

FDX2.2%

KOF1.9%

HD1.0%

Others (14)5.1%

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

Sector Allocation

Industrials47.0%

Financial Services21.4%

Energy17.9%

Consumer Defensive5.4%

Basic Materials4.2%

Other4.0%

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

Position Sizing

Positions: 24Median: 0.61%Avg: 4.17%

0–0.5%

11(2.9%)

0.5–1%

3(2.2%)

1–3%

4(7.9%)

3–5%

1(4.2%)

5%+

5(82.8%)

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

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Portfolio Overlap

Shared: 0Unique: 24vs 20 funds

0%Low

Fund positions

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.

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Position Changes This Quarter

New2Increased0Decreased2Exited0

New Positions

HD1.0%

+1.0M

FEDEX FGHT HLDG CO I…0.5%

+1.2M

Decreased

BRK/B21.4%

-2,358,460(-14%)

WM17.3%

-921,600(-3%)

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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