Bill Gates - Bill & Melinda Gates Foundation Trust Investment Strategy & Portfolio Analysis

As of Mar 31, 2026, Bill Gates's Bill & Melinda Gates Foundation Trust portfolio reflects a highly concentrated, high-conviction, thematic approach across 22 reported 13F positions. Portfolio returns are primarily driven by a small set of mega-cap compounders, with the top five holdings accounting for approximately 83% of total exposure and Berkshire Hathaway Inc. New alone contributing ~26%. While the portfolio includes 22 positions, economic outcomes are highly concentrated in a narrow set of large-cap financial and consumer defensive names, indicating a meaningful divergence between structural diversification and return concentration. Exposure to high-growth and technology-oriented segments remains limited relative to peers, with performance instead anchored in durable, cash-generating businesses across industrials, financials, and consumer staples. The portfolio exhibits low turnover, consistent with a buy-and-hold posture held through multiple reporting cycles. Distinctive traits include Long-Term Holder, Highly Concentrated, Economically Concentrated.