Microsoft Corp. (ticker: MSFT) co-founder and longtime billionaire Bill Gates is wealthy enough that some wonder if he could have been the world’s first trillionaire, had he kept all of his MSFT shares and not spent hundreds of millions of dollars through his Bill & Melinda Gates Foundation Trust.
Those who know Gates say that scenario was never going to happen, not with his philanthropic philosophy and his penchant for selling shares when a better deal is available around the corner.
[Sign up for stock news with our Invested newsletter.]
Gates has long made it clear that he’ll have a big say in what goes in and out of the Gates Foundation Trust’s portfolio, although he has a team of portfolio managers to run the show. Gates and his former wife, Melinda, have also clarified that they’re only interested in investments that align with the values and standards driving the foundation’s massive nonprofit efforts.
With Gates still very much plugged into the trust’s $42 billion portfolio, which has 25 holdings and zero turnover in the first quarter of 2025, here are the top stocks in its latest 13F regulatory filing. Figures are as of March 31, with a reporting date of May 15:
| GATES STOCK | % OF PORTFOLIO | MARKET VALUE OF SHARES |
| Microsoft Corp. (MSFT) | 25.6% | $10.7 billion |
| Berkshire Hathaway Inc. (BRK.B) | 21.9% | $9.1 billion |
| Waste Management Inc (WM) | 17.9% | $7.4 billion |
| Canadian National Railway Co. (CNI) | 12.8% | $5.3 billion |
| Caterpillar Inc. (CAT) | 5.8% | $2.4 billion |
| Deere & Co. (DE) | 4.0% | $1.7 billion |
| Ecolab Inc. (ECL) | 3.2% | $1.3 billion |
Microsoft Corp. (MSFT)
The Gates team saw its Microsoft holdings rate fall from 28.6% of the portfolio to 25.6% in Q1 2025, yet its MSFT position is still the largest of the Gates Foundation Trust holdings.
There was no change in share volume, but the stock’s price fell approximately 10% in Q1, sliding 19.5% from its all-time high. A sector slowdown was the primary culprit for the quarterly price decline that negatively impacted many big technology stocks due to early-stage tariff troubles, supply chain woes and corporate checkbooks snapping shut over recession fears.
The stock has since rebounded, particularly in the last month, with shares rising 27.6% and up 8.8% year to date, after the first-quarter woes. Microsoft has shaken off the tariff tremors and is looking ahead, partnering with Tesla Inc. (TSLA) CEO Elon Musk to expand its AI software via Grok AI and its Azure cloud computing platform. Microsoft has recently reported it expects to clear $13 billion in annual revenue from its AI business, primarily through its cloud and AI operations. That upward trend should keep MSFT front and center in the trust’s portfolio for the long haul.
Portfolio weight: 25.6% Market value of shares: $10.7 billion
Berkshire Hathaway Inc. (BRK.B)
The Gates Foundation Trust was relatively hands-off on Berkshire Hathaway shares in Q1, with analysts wondering whether Gates had inside knowledge of longtime Berkshire Hathaway CEO Warren Buffett’s early May announcement that he’d be stepping down as Berkshire’s lead executive. That’s certainly not outside the realm of probability, given Gates’ close friendship with the “sage of Omaha.”
The Gates team did trim BRK.B shares by 12.6% in the quarter, appearing as a rebalancing move more than anything else, as it kept its percentage of the portfolio stable. Eyebrows were raised when Berkshire reported $4.6 billion in Q1 earnings, well below the $12.7 billion garnered in Q1 2024.
The West Coast wildfires played a big role in that share decline, with Berkshire insurance holdings taking a big financial hit for the quarter. A missed opportunity in rising bank stocks and volatility in foreign currencies also contributed to BRK.B’s Q1 losses.
Still, BRK.B shares are up 13% year to date, and the market has seemingly priced in Buffett’s replacement, Greg Abel, who’s been with Berkshire Hathaway since 1999 and has long been considered Buffett’s capable right-hand man. Buffett isn’t leaving the spotlight entirely, as he expects to remain in the fold as a mentor to Abel and his portfolio management team when needed.
Portfolio weight: 21.9% Market value of shares: $9.1 billion
Waste Management Inc. (WM)
The trust’s Waste Management position did not change in Q1, as the Gates team remained firm with one of its top holdings, which has a market value of $7.4 billion and represents 17.9% of the portfolio.
That’s no surprise, as the trash and recycling company keeps producing the level of recurring revenues that the Gates team routinely favors. Waste Management has had a typically robust 2025, with its share price up 15%, well ahead of the benchmark S&P 500, up 1.4% year to date.
WM comes with a solid 1.4% dividend yield and an impressive $371,500-per-employee revenue rate, supporting its reputation as one of the best-run companies in the world, a trait that likely pleases Gates. Waste Management also has fresh leadership in John J. Morris, the company’s chief operating officer and a 30-year industry veteran, along with a new board of directors.
Wall Street analysts are somewhat bullish on Waste Management, with Seaport Global and CIBC recently issuing “holds” on the stock. The consensus target price is $252 per share, which is about an 8.5% upside on current share prices as of mid-May.
Portfolio weight: 17.9% Market value of shares: $7.4 billion
Canadian National Railway Co. (CNI)
The Gates trust also maintained its Canadian National Railway position, neither buying nor selling CNI shares in the first quarter of 2025. CNI’s portfolio share percentage did fall moderately from 13.3% in the fourth quarter of 2024 to 12.8% in Q1 2025.
The Montreal-based rail and related transportation behemoth has rebounded in 2025, with its share price up 5.9%, most of that coming in the past 30 days. CNI is yet another ably managed stalwart in the Gates stable, with the company investing $3.4 billion to shore up its North American network infrastructure and operational realm in 2025.
That figure mirrors the $3.5 billion CNI leadership invested in track safety and integrity in 2024, which, when coupled with the 2025 funds, lays the foundation for sustainable and profitable long-term revenue growth. Analysts also think so, with BofA Securities hiking its CNI target price from $105 to $115 per share. Susquehanna also raised its CNI call to “buy” on May 6, further supporting analysts’ optimistic view.
Portfolio weight: 12.8% Market value of shares: $5.3 billion
Caterpillar Inc. (CAT)
Caterpillar, the Irving, Texas-based farm and agricultural construction machinery titan, comprises 5.8% of the Gates portfolio, down from 6.3% in the prior quarter. No trading moves were made on the portfolio’s CAT position in Q1, as Gates decided to stand firm with another favorite.
CAT shares have popped in the past month, delivering a 23.8% gain to investors, which should quench the thirst of those concerned by its shares’ tumble into the red in the first quarter of 2025. A 1.6% dividend yield should also help alleviate shareholder angst over CAT’s lagging financial performance.
Speaking of which, company revenues have fallen for the past five quarters, while earnings are down over the past three quarters. The first quarter of 2025 saw CAT revenues fall an alarming 9.8%. Analysts cite lax customer spending for construction projects as one of multiple reasons for the downbeat financials, along with tepid manufacturing and home construction demand in China and Europe.
However, market watchers see a way out for Caterpillar, with UBS analyst Steven Fisher raising his outlook on the stock from “sell” to “neutral” this week, while significantly boosting his target price on CAT from $272 to $357. Near the same time, Baird Equity Research issued an “outperform” call on the stock with a $395 price target. The stock is currently trading at $353 per share.
Portfolio weight: 5.8% Market value of shares: $2.4 billion
Deere & Co. (DE)
The Gates trust’s Deere position also remained mostly unchanged in the first quarter of 2025, with DE shares comprising 4% of the portfolio, up slightly from 3.6% in the prior quarter. The position’s market value stands at $1.7 billion for Q1 2025.
Deere continues to be a winner for Gates, with the stock price up 25% year to date and 16.2% over the past month alone. Second-quarter earnings outperformed analyst expectations, with Deere facing less exposure to the tariff wars in its high-impact production and precision agriculture segment. PP&A outperformed by between 6% and 10% over analyst expectations for the quarter, depending on the geographical market. Analysts have been lining up to issue “buy” calls on DE, with Goldman Sachs, Baird and Barclays all doing so in the past week.
Deere is another Gates favorite, with a unique trick up its sleeve that any billionaire businessman could appreciate: It maximizes its boom revenue periods and minimizes damage in its difficult periods, which allows the company to bring costs and expenses down in low revenue periods, like DE is doing now. Over the past two decades, Deere has had more expansive periods of growth followed by only temporary slowdowns, which has lent an air of stability to the company.
Deere’s 1.2% dividend yield will also help attract income-minded investors.
Portfolio weight: 4% Market value of shares: $1.7 billion
Ecolab Inc. (ECL)
The Gates team made no trading moves on Ecolab, neither adding nor shedding shares in the first quarter and leaving the position to rise to 3.2% of the portfolio on its own, compared to 2.9% for the previous quarter.
Specializing in sustainable water, hygiene, and energy technology and services, which are all areas of keen interest to public policymakers and clean energy-minded investors, the St. Paul, Minnesota-based green energy company and its mission appeal to the civic-minded Gates.
Performance-wise, ECL is tracking well ahead of the S&P 500, with the stock returning 11.5% year to date, capped by a solid 10.4% return over the past month. One reason why Ecolab is faring better than some of its industry competitors is its mid-April decision to leverage the tariff problem in its favor by slapping a 5% trade surcharge on its U.S. clean energy solutions and services to help offset rising costs for the raw materials it requires to stay competitive.
The company is coming off a robust first quarter, with 13.6% annual growth projected through the end of the decade. The company is also well positioned for growth in key markets like global water treatment systems, a market which is expected to grow by 8.6% annually through 2030.
With growth in mind, Ecolab recently opened a new life sciences center in King of Prussia, Pennsylvania, featuring a bioprocessing applications lab that works with biopharma companies to process and develop products from early-stage research to full commercialization.
It’s no surprise that Ecolab is a Gates favorite. A growth stock that outperforms its peers quarter after quarter and is on a mission to help make Earth a cleaner planet is always likelier to have a home in the Gates portfolio.
Portfolio weight: 3.2% Market value of shares: $1.3 billion
More from U.S. News
8 Best Warren Buffett Quotes of All Time
10 of the Best Stocks to Buy for 2025
7 Best Semiconductor Stocks to Buy for 2025
Bill Gates Portfolio: 7 Best Stocks to Buy Now originally appeared on usnews.com
Update 05/20/25: This story was previously published at an earlier date and has been updated with new information.
