GATES FOUNDATION TRUST Long-Term Concentrated

CIK: 0001166559 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $35,360,094 (100.0% shares, 0.0% debt)

Holdings (23)

Decreased Positions (2)

BRK/B BERKSHIRE HATHAWAY INC DEL 27.6%

Value ($000) $9,754,810 (-10.9%) Shares 19,406,764 (-10.8%) Est. Cost $346.34 Unrealized +43.7%

MSFT MICROSOFT CORP 10.5%

Value ($000) $3,719,622 (-21.9%) Shares 7,691,207 (-16.3%) Est. Cost $257.45 Unrealized +94.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	19,406,764 (-10.8%)	$9,754,810 (-10.9%)	27.6%	$346.34	+43.7%	CL B NEW	084670702
MSFT	MICROSOFT CORP	7,691,207 (-16.3%)	$3,719,622 (-21.9%)	10.5%	$257.45	+94.4%	COM	594918104

Unchanged Positions (21)

CAT CATERPILLAR INC 10.3%

Value ($000) $3,639,795 Shares 6,353,614 Est. Cost $61.60 Unrealized +801.7%

CNI CANADIAN NATL RY CO 14.5%

Value ($000) $5,123,078 Shares 51,826,786 Est. Cost $98.32 Unrealized -2.2%

FDX FEDEX CORP 1.9%

Value ($000) $688,747 Shares 2,384,362 Est. Cost $205.49 Unrealized +27.3%

CPNG COUPANG INC 0.6%

Value ($000) $218,161 Shares 9,248,045 Est. Cost $35.17 Unrealized -19.1%

KOF COCA-COLA FEMSA SAB DE CV 1.7%

Value ($000) $588,596 Shares 6,214,719 Est. Cost $140.29 Unrealized —

WMT WALMART INC 2.6%

Value ($000) $934,783 Shares 8,390,477 Est. Cost $44.03 Unrealized +143.5%

ECL ECOLAB INC 3.9%

Value ($000) $1,369,841 Shares 5,218,044 Est. Cost $86.00 Unrealized +209.0%

WM WASTE MGMT INC DEL 18.0%

Value ($000) $6,357,165 Shares 28,934,344 Est. Cost $90.00 Unrealized +136.2%

DE DEERE & CO 4.7%

Value ($000) $1,656,208 Shares 3,557,378 Est. Cost $329.47 Unrealized +42.0%

MSGS MADISON SQUARE GRDN SPRT COR 0.4%

Value ($000) $153,226 Shares 592,406 Est. Cost $166.43 Unrealized +36.8%

SDGR SCHRODINGER INC 0.4%

Value ($000) $124,832 Shares 6,981,664 Est. Cost $44.95 Unrealized -57.8%

DHR DANAHER CORPORATION 0.2%

Value ($000) $85,387 Shares 373,000 Est. Cost $228.13 Unrealized -3.8%

PCAR PACCAR INC 0.3%

Value ($000) $109,510 Shares 1,000,000 Est. Cost $92.23 Unrealized +9.7%

BUD ANHEUSER BUSCH INBEV SA/NV 0.3%

Value ($000) $109,060 Shares 1,703,000 Est. Cost $56.72 Unrealized —

WST WEST PHARMACEUTICAL SVSC INC 0.3%

Value ($000) $122,300 Shares 444,500 Est. Cost $274.80 Unrealized -0.5%

KHC KRAFT HEINZ CO 0.2%

Value ($000) $59,961 Shares 2,472,600 Est. Cost $31.47 Unrealized -21.7%

HRL HORMEL FOODS CORP 0.1%

Value ($000) $49,421 Shares 2,085,290 Est. Cost $41.90 Unrealized -44.4%

ONON ON HLDG AG 0.1%

Value ($000) $23,240 Shares 500,000 Est. Cost $35.13 Unrealized +22.6%

WCN WASTE CONNECTIONS INC 1.0%

Value ($000) $357,590 Shares 2,039,175 Est. Cost $133.39 Unrealized +29.6%

VLTO VERALTO CORP 0.0%

Value ($000) $12,406 Shares 124,333 Est. Cost $73.75 Unrealized +37.0%

MCD MCDONALDS CORP 0.3%

Value ($000) $102,355 Shares 334,900 Est. Cost $290.22 Unrealized +5.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CAT	CATERPILLAR INC	6,353,614	$3,639,795	10.3%	$61.60	+801.7%	COM	149123101
CNI	CANADIAN NATL RY CO	51,826,786	$5,123,078	14.5%	$98.32	-2.2%	COM	136375102
FDX	FEDEX CORP	2,384,362	$688,747	1.9%	$205.49	+27.3%	COM	31428X106
CPNG	COUPANG INC	9,248,045	$218,161	0.6%	$35.17	-19.1%	CL A	22266T109
KOF	COCA-COLA FEMSA SAB DE CV	6,214,719	$588,596	1.7%	$140.29	—	SPONS ADS REP	191241108
WMT	WALMART INC	8,390,477	$934,783	2.6%	$44.03	+143.5%	COM	931142103
ECL	ECOLAB INC	5,218,044	$1,369,841	3.9%	$86.00	+209.0%	COM	278865100
WM	WASTE MGMT INC DEL	28,934,344	$6,357,165	18.0%	$90.00	+136.2%	COM	94106L109
DE	DEERE & CO	3,557,378	$1,656,208	4.7%	$329.47	+42.0%	COM	244199105
MSGS	MADISON SQUARE GRDN SPRT COR	592,406	$153,226	0.4%	$166.43	+36.8%	CL A	55825T103
SDGR	SCHRODINGER INC	6,981,664	$124,832	0.4%	$44.95	-57.8%	COM	80810D103
DHR	DANAHER CORPORATION	373,000	$85,387	0.2%	$228.13	-3.8%	COM	235851102
PCAR	PACCAR INC	1,000,000	$109,510	0.3%	$92.23	+9.7%	COM	693718108
BUD	ANHEUSER BUSCH INBEV SA/NV	1,703,000	$109,060	0.3%	$56.72	—	SPONSORED ADR	03524A108
WST	WEST PHARMACEUTICAL SVSC INC	444,500	$122,300	0.3%	$274.80	-0.5%	COM	955306105
KHC	KRAFT HEINZ CO	2,472,600	$59,961	0.2%	$31.47	-21.7%	COM	500754106
HRL	HORMEL FOODS CORP	2,085,290	$49,421	0.1%	$41.90	-44.4%	COM	440452100
ONON	ON HLDG AG	500,000	$23,240	0.1%	$35.13	+22.6%	NAMEN AKT A	H5919C104
WCN	WASTE CONNECTIONS INC	2,039,175	$357,590	1.0%	$133.39	+29.6%	COM	94106B101
VLTO	VERALTO CORP	124,333	$12,406	0.0%	$73.75	+37.0%	COM SHS	92338C103
MCD	MCDONALDS CORP	334,900	$102,355	0.3%	$290.22	+5.1%	COM	580135101