Big Changes in the Gates Foundation's Investment Mix

The Gates Foundation Trust made some major moves in its investment portfolio during the third quarter of 2025. The total value of its investments dropped from $47. 78 billion to $36. 58 billion. This was mainly because they sold off a big chunk of their Microsoft shares, reducing their stake by a huge 65%. They sold 17 million shares, which cut their total holding from over 26. 19 million shares to just 9. 19 million. This sale alone took $8. 267 billion off the table. They also trimmed other big investments. They sold 10% of their Berkshire Hathaway shares, which was about 2. 36 million shares, bringing in $776. 313 million. They also reduced their stake in Waste Management by $986. 291 million, selling 3. 3 million shares. Other big sales included 3 million shares of Canadian National Railway, 1 million shares of Caterpillar, and 700, 000 shares of Walmart. These changes shook up their top holdings. Now, Berkshire Hathaway, Waste Management, and Canadian National Railway are their biggest investments, with Canadian National Railway even edging out Microsoft in value. The foundation also did some cleaning up. They completely sold off their stakes in Crown Castle and United Parcel Service, exiting these positions entirely. This reduced the total number of holdings in their portfolio from 25 to 23. It's interesting to note that they didn't buy any new stocks or increase their stakes in existing ones during this quarter. This reshuffling shows a significant shift in their investment strategy. It's a clear sign that they are rebalancing their portfolio, possibly to reduce risk or to reallocate funds to other opportunities. The big reduction in Microsoft shares is particularly noteworthy, as it was one of their largest holdings. This move could indicate a change in their confidence in the tech giant or a strategic decision to diversify their investments further.