Updated on May 28th, 2024 by Nikolaos Sismanis
Bill Gates is the seventh-richest person in the world, worth ~$ 128 billion. Not surprisingly, the Bill & Melinda Gates Foundation has a huge investment portfolio of approximately $45 billion, according to a recent 13F filing.
That kind of wealth is something the vast majority of us can only dream of. However, there is one similarity between the everyday investor and the wealthiest person on the planet.
We’re all looking for good stocks to buy and hold for the long term. That is why it is useful to review the stock holdings of the Bill & Melinda Gates Foundation.
You can download our full list of all 24 Gates Foundation stocks (along with important metrics like dividend yields and price-to-earnings ratios) by clicking on the link below:
Note: 13F filing performance is different than fund performance. See how we calculate 13F filing performance here.
The Bill & Melinda Gates Foundation owns several highly profitable companies with sustainable competitive advantages. Many of the stocks also pay dividends to shareholders and grow their dividend payouts over time.
This article will discuss all 24 stocks held by the Bill & Melinda Gates Foundation.
Table of Contents
You can skip to the analysis for each of the Gates Foundation’s top 24 stock holdings, with the table of contents below. Stocks are listed in order of the portfolio’s largest positions to smallest positions.
- Microsoft (MSFT)
- Waste Management (WM)
- Berkshire Hathaway (BRK.B)
- Canadian National Railway (CNI)
- Caterpillar Inc. (CAT)
- Deere & Company (DE)
- Ecolab (ECL)
- Coca-Cola FEMSA, S.A.B. de C.V. (KOF)
- Walmart (WMT)
- FedEx Corp. (FDX)
- Waste Connections (WCN)
- Coupang, Inc. (CPNG)
- Schrodinger, Inc. (SDGR)
- Crown Castle International (CCI)
- Anheuser-Busch InBev SA/NV (BUD)
- United Parcel Service, Inc. (UPS)
- Madison Square Garden Sports Corp. (MSGS)
- Danaher Corporation (DHR)
- Kraft Heinz (KHC)
- Hormel Foods (HRL)
- Carvana Co. (CVNA)
- On Holding AG (ONON)
- Veralto Corp. (VLTO)
- Vroom Inc. (VRM)
You can also watch a video analysis of Gates’ stock holdings below:
#1—Microsoft (MSFT)
Dividend Yield: 0.7%
Percentage of Bill Gates’ Portfolio: 34.1%
Microsoft Corporation, founded in 1975 and headquartered in Redmond, WA, develops, manufactures, and sells both software and hardware to businesses and consumers. Microsoft is a mega-cap stock with a market capitalization of $3.1 trillion.
Its offerings include operating systems, business software, software development tools, video games and gaming hardware, and cloud services.
In late April, Microsoft reported (4/26/24) financial results for the third quarter of fiscal 2024 (its fiscal year ends June 30th). The company grew its revenue 17% over last year’s quarter. Growth came from Intelligent Cloud and Productivity & Business Processes, which grew 21% and 12%, respectively.
Sales of Azure, Microsoft’s high-growth cloud platform, grew 31%. As a result, earnings-per-share grew 20%, from $2.45 to $2.94, and exceeded the analysts’ consensus by $0.10.
Click here to download our most recent Sure Analysis report on Microsoft (preview of page 1 of 3 shown below):
#2—Waste Management (WM)
Dividend Yield: 1.4%
Percentage of Bill Gates’ Portfolio: 16.3%
Waste Management is the embodiment of a company with a wide economic “moat”, a term popularized by Warren Buffett to describe a strong competitive advantage that protects a company from market competition. Waste Management operates in waste removal and recycling services.
On April 24th, 2024, Waste Management reported first quarter 2024 results for the period ending March 31st, 2023. For the quarter, the company generated revenue of $5.2 billion, a 5.5% increase compared to Q1 2023. Adjusted net income equaled $706 million or $1.75 per share compared to $535 million or $1.31 per share in the prior year quarter. Collection and disposal volumes declined by just 0.1% in first quarter.
Click here to download our most recent Sure Analysis report on Waste Management (preview of page 1 of 3 shown below):
#3—Berkshire Hathaway (BRK)
Dividend Yield: N/A (Berkshire Hathaway does not currently pay a dividend)
Percentage of Bill Gates’ Portfolio: 15.8%
Berkshire Hathaway stock is the third-largest individual holding of the Gates Foundation’s investment portfolio, and it is easy to see why. It’s safe to say the money is in good hands. Berkshire, under the stewardship of Warren Buffett, grew from a struggling textile manufacturer into one of the largest conglomerates in the world.
Today, Berkshire is a global giant. It owns and operates dozens of businesses, with a hand in nearly every major industry, including insurance, railroads, energy, finance, manufacturing, and retailing.
Berkshire can be thought of in five parts: wholly-owned insurance subsidiaries like GEICO, General Re, and Berkshire Reinsurance; wholly-owned non-insurance subsidiaries like Dairy Queen, BNSF Railway, Duracell, Fruit of the Loom, NetJets, Precision Cast Parts, and See’s Candies; shared control businesses like Kraft Heinz (KHC) and Pilot Flying J; marketable publicly-traded securities including significant stakes in companies like American Express (AXP), Apple (AAPL), Bank of America (BAC), Coca-Cola (KO) and Wells Fargo (WFC); and finally the company’s massive cash position.
#4—Canadian National Railway (CNI)
Dividend Yield: 2.0%
Percentage of Bill Gates’ Portfolio: 15.2%
Canadian National Railway is the only transcontinental railroad in North America. It has a network of approximately 20,000 route miles and connects three coasts: the Atlantic, the Pacific, and the Gulf of Mexico. It handles over $200 billion worth of goods annually and carries over 300 million tons of cargo.
On April 23rd, 2024, Canadian National Railway reported first quarter earnings results for the period ending March 31st, 2024. For the quarter, revenue declined 2.4% to $3.11 billion and missed estimates by $14.4 million. Adjusted earnings-per-share of $1.26 compared unfavorably to $1.34 in the prior year, but this was in-line with expectations.
Click here to download our most recent Sure Analysis report on Canadian National Railway (preview of page 1 of 3 shown below):
#5—Caterpillar (CAT)
Dividend Yield: 1.6%
Percentage of Bill Gates’ Portfolio: 5.1%
Caterpillar is the global leader in heavy machinery. It has a strong brand with a dominant industry position. Caterpillar manufactures and markets heavy machinery, mostly for the construction and mining sectors.
The company operates in three primary segments: Construction Industries, Resource Industries, and Energy & Transportation, along with ancillary financing and related services through its Financial Products segment.
On April 25th, 2024, Caterpillar reported its Q1 results for the period ending March 31st, 2024. For the quarter, the company generated revenue of $15.8 billion, a 0.6% decrease compared to last year.
The Construction Industries saw a 5% decrease in sales due to lower sales volume, partially offset by favorable price realization. The decrease in sales volume was mainly driven by lower sales of equipment to end users.
Click here to download our most recent Sure Analysis report on Caterpillar (preview of page 1 of 3 shown below):
#6—Deere & Company (DE)
Dividend Yield: 1.6%
Percentage of Bill Gates’ Portfolio: 3.0%
Deere & Company is the largest manufacturer of farm equipment in the world. The company also makes equipment used in construction, forestry & turf care, produces engines, and provides financial solutions to its customers. Deere was founded in 1837.
Source: Investor Fact Book
In mid-May, Deere reported (5/16/24) financial results for the second quarter of fiscal 2024. Sales decreased -12% over the prior year’s quarter due to lower demand in all the segments amid tough comparisons. Earnings-per-share dipped -12%, from $9.65 to $8.53, but exceeded the analysts’ consensus by $0.61.
Management characterized current business conditions as tough. Indeed, the last three quarters have marked a sharp deceleration over the previous quarters.
Due to this deceleration and its expectation for volume sales to revert to mid-cycle levels, Deere lowered its already lackluster guidance for its earnings in this fiscal year from $7.50-$7.75 billion to about $7.0 billion.
Click here to download our most recent Sure Analysis report on Deere (preview of page 1 of 3 shown below):
#7—Ecolab (ECL)
Dividend Yield: 1.0%
Percentage of Bill Gates’ Portfolio: 2.5%
Ecolab was created in 1923 when its founder, Merritt J. Osborn, invented a new cleaning product called “Absorbit”. This product cleaned carpets without the need for businesses to shut down operations to conduct carpet cleaning. Osborn created a company revolving around the product called Economics Laboratory, or Ecolab.
Source: Investor Presentation
In late April, Ecolab reported (4/30/24) financial results for the first quarter of fiscal 2024. Organic sales grew 5% over the prior year’s quarter, mostly thanks to strong growth in the Institutional segment and pest elimination.
Thanks to higher volumes, strong price hikes and lower costs of products, adjusted earnings-per-share grew 52%, from $0.88 to $1.34, and exceeded the analysts’ consensus by $0.01.
Click here to download our most recent Sure Analysis report on Ecolab (preview of page 1 of 3 shown below):
#8—Coca-Cola FEMSA SAB (KOF)
Dividend Yield: 3.4%
Percentage of Bill Gates’ Portfolio: 1.3%
Coca-Cola FEMSA produces, markets, and distributes Coca-Cola (KO) beverages. It offers a full line of sparkling and still beverages. It sells its products through distribution centers and retailers in Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Venezuela, Brazil, Argentina, and the Philippines.
Coca-Cola FEMSA is the largest franchise bottler in the world. The stock is an interesting way to gain exposure to two very attractive emerging markets: Latin America and South Asia.
#9—Walmart Inc. (WMT)
Dividend Yield: 1.4%
Percentage of Bill Gates’ Portfolio: 1.1%
Walmart is another great example of a company with durable competitive advantages. It is the largest retailer in the U.S., with annual revenue above $600 billion. The company came to dominate the retail industry by keeping a laser-like focus on reducing costs everywhere, particularly in the supply chain and distribution.
Consumers tend to scale down to discount retail when times are tight, which is why Walmart continued to grow, even during the Great Recession. As a result, Walmart is arguably the most recession-resistant stock in the Gates Foundation’s portfolio.
This allows Walmart to raise its dividend each year like clockwork, even during recessions. Walmart has raised its dividend for over 40 years in a row.
Walmart posted fourth-quarter and full-year earnings on February 20th, 2024, and results were quite strong, as well as good guidance that sent shares rising to a new high. Adjusted earnings-per-share came to $1.80, which was 15 cents ahead of expectations.
Revenue was up 5.7% to $173.4 billion, beating estimates by more than $4 billion. The company noted that global e-commerce sales soared 23% year-over-year, and the company’s burgeoning advertising business was up 33%, including 22% for Walmart Connect in the US.
Click here to download our most recent Sure Analysis report on Walmart (preview of page 1 of 3 shown below):
#10—FedEx (FDX)
Dividend Yield: 2.0%
Percentage of Bill Gates’ Portfolio: 0.8%
FedEx Corp. is a transportation and shipping company. The company offers a variety of services, including transportation, e-commerce, and business services. It operates four core segments: FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services.
On March 21st 2024, FedEx reported its fiscal Q3 results for the period ending February 29th, 2024. Quarterly revenues fell 1.9% to $21.7 billion against the prior-year period. In FedEx Express, operating results improved due to lower structural costs resulting from DRIVE initiatives, partially offset by lower revenue. In FedEx Ground, operating results increased due to the benefits of DRIVE, higher base yield, and reduced self-insurance costs.
Finally, in FedEx Freight, operating results fell due to a decline in fuel surcharges, reduced weight per shipment, and lower shipments, partially offset by higher base yield. Also, note that last year’s third-quarter operating income included a $30 million gain on the sale of a facility. Accordingly, total operating income improved by 19% to $1.24 billion.
Click here to download our most recent Sure Analysis report on FedEx (preview of page 1 of 3 shown below):
#11—Waste Connections (WCN)
Dividend Yield: 0.7%
Percentage of Bill Gates’ Portfolio: 0.8%
Waste Connections is a waste collection, transfer, disposal, and resource recovery business in the U.S. and Canada. It offers various recycling services, including solid waste as well as fluids used in the oil and gas drilling industry, helping to increase the sustainability of those sectors.
The company was founded in 1997 and is based in Canada, generating $8.0 billion in annual revenue and a market cap of $43.4 billion.
Waste Connections has boosted its dividend for 14 consecutive years, but the strong performance of the stock means the yield is low at just 0.8%. However, we see strong dividend growth prospects for the stock in the years to come.
#12—Coupang, Inc. (CPNG)
Dividend Yield: N/A
Percentage of Bill Gates’ Portfolio: 0.3%
Coupang is an e-commerce platform through its mobile apps and websites, primarily in South Korea. It sells various products and services in the categories of home goods, apparel, beauty products, fresh food and groceries, sporting goods, electronics, consumables, and more.
The company has gained immense popularity nationwide due to its focus on fast and reliable delivery services. Coupang has built an extensive logistics network, including its own delivery fleet and warehouses, to ensure quick and efficient delivery to its customers. It has pioneered the concept of “rocket delivery,” promising next-day or even same-day delivery for a vast majority of its products.
Coupang has also invested heavily in technology and innovation to enhance its customer experience. Its mobile app and website provide a seamless and user-friendly interface, making it convenient for customers to browse and purchase products.
The company has also implemented various features such as customer reviews, personalized recommendations, and easy returns, further enhancing its overall shopping experience.
#13—Schrodinger Inc. (SDGR)
Dividend Yield: N/A
Percentage of Bill Gates’ Portfolio: 0.4%
Schrodinger, Inc. is a healthcare technology company. It operates a computational platform that aims to accelerate drug delivery, both for external clients and the company’s own internal drug programs. Schrodinger conducted its initial public offering in February 2020. The stock currently has a market capitalization of about $ 1.87 billion.
Schrodinger has exciting growth potential due to the success of its drug delivery platform and its large and diversified customer base.
Schrodinger has a long runway of growth because of the high degree of value that its products and services provide to customers. Designing drugs is extremely difficult, complex, lengthy, capital-intensive, and prone to high failure rates. This means many customers will continue to outsource this work to Schrodinger.
#14—Crown Castle International (CCI)
Dividend Yield: 5.6%
Percentage of Bill Gates’ Portfolio: 0.3%
Crown Castle International is structured as a real estate investment trust or REIT. You can see our full REIT list here.
Crown Castle owns cell phone towers with small cells where larger towers are not feasible and fiber connections for data transmission. The trust owns, operates, and leases more than 40,000 cell towers and 90,000 route miles of fiber across every major US market, helping it support data infrastructure across the country.
Source: Investor Presentation
Crown Castle posted first quarter earnings on April 17th, 2024, and results were better than expected on both the top and bottom lines, albeit on subdued estimates. Funds-from-operations came to $1.72 per share, which was three cents ahead of estimates.
Revenue was off more than 7% from the year-ago period, coming to $1.64 billion. That did beat estimates by $10 million, despite the big move down.
Click here to download our most recent Sure Analysis report on Crown Castle International (preview of page 1 of 3 shown below):
#15—Anheuser-Busch InBev SA/NV (BUD)
Dividend Yield: 1.3%
Percentage of Bill Gates’ Portfolio: 0.2%
Anheuser-Busch InBev is a multinational beverage and brewing company headquartered in Leuven, Belgium. It is one of the largest and most prominent beer companies in the world. The company was formed through a series of mergers and acquisitions, including the merger of Anheuser-Busch and InBev in 2008.
Today, AB InBev produces, markets, and sells over 500 different beer brands around the world. The company has seven of the top ten beer brands and 18 brands with over $1B in sales. Major global brands include Budweiser, Stella Artois, and Corona. Large regional brands include Aguila, Hoegaarden, Skol, and Brahma.
AB InBev reported Q4 2023 and full-year results on February 29th, 2024. For the quarter, revenue rose 6.2% as total volumes fell (-2.6%) and revenue per hl was up 9.3%. Total volumes fell (-2.6%) with own beer volumes down (-3.6%) and non-beer volumes grew +3.0%. Volumes were up in the Middle Americas (+0.7%) and Asia Pacific (+4.3%), but declined in EMEA (-0.8%), South America (-1.1%), and North America (-12.1%).
Outside of their home markets, the four global brands performed well with combined revenues increasing 24.6%. Underlying EPS fell to $0.82 from $0.86 (accounting for adjustments).
Click here to download our most recent Sure Analysis report on BUD (preview of page 1 of 3 shown below):
#16—United Parcel Service (UPS)
Dividend Yield: 4.2%
Percentage of Bill Gates’ Portfolio: 0.2%
United Parcel Service is a logistics and package delivery company that offers services, including transportation, distribution, ground freight, ocean freight, insurance, and financing. Its operations are split into three segments: U.S. Domestic Package, International Package, and Supply Chain & Freight.
The company’s continued growth in the face of potential global economic headwinds is due largely to its competitive advantages. UPS is the largest logistics/package delivery company in the U.S.
It operates in a near duopoly, as its only major competitor to date is FedEx. To be sure, Amazon (AMZN) is expanding its own logistics business, but it still remains a customer of UPS as well.
On April 23rd, 2024, UPS reported first quarter 2024 results for the period ending March 31st, 2024. For the quarter, the company generated revenue of $21.7 billion, a 5.3% year-over-year decrease.
The U.S. Domestic segment (making up 67% of sales) saw a 5.0% revenue decrease, with International also posting a 6.3% revenue decrease, and Supply Chain Solutions seeing a 5.3% decrease. Adjusted net income equaled $1.43 per share, down 35% year-over-year.
Click here to download our most recent Sure Analysis report on UPS (preview of page 1 of 3 shown below):
#17—Madison Square Garden Sports Corp. (MSGS)
Dividend Yield: N/A
Percentage of Bill Gates’ Portfolio: 0.3%
Madison Square Garden Sports Corp. is a diversified sports company. It owns multiple sports franchises, including the New York Knicks and the New York Rangers. It also owns development league teams such as the Hartford Wolf Pack and the Westchester Knicks of the NBA G League. It also owns e-sports properties, including Knicks Gaming, and a controlling interest in Counter Logic Gaming (CLG).
#18—Danaher Corporation (DHR)
Dividend Yield: 0.4%
Percentage of Bill Gates’ Portfolio: 0.2%
Danaher Corporation (DHR) is active in the healthcare industry and designs, manufactures, and markets professional, medical, industrial, and commercial products and services.
The company operates through three main segments: Life & Bio Sciences (38% of annual revenue), Diagnostics (35% of annual revenue), and Environmental & Applied Solutions (15% of annual revenue).
On April 23rd, 2024, Danaher Corporation released its first quarter results for the period ending March 29th, 2024. The company reported revenue of $5.8 billion, a 2.5% decrease compared with revenue of $5.95 billion in the same quarter of 2023.
Reported quarterly earnings per diluted share equaled $1.45, which represents a 12% decrease compared to $1.65 for the same period last year.
Click here to download our most recent Sure Analysis report on Danaher (preview of page 1 of 3 shown below):
#19—Kraft Heinz (KHC)
Dividend Yield: 4.6%
Percentage of Bill Gates’ Portfolio: 0.2%
Kraft–Heinz is a processed food and beverages company that owns a product portfolio that includes food products such as condiments, sauces, cheese & dairy, frozen & chilled meals, and infant diet & nutrition. The company was created in 2015 in a merger between Kraft Food Group and H. J. Heinz Company, orchestrated by Berkshire Hathaway and 3G Capital.
The Kraft-Heinz Company reported its first quarter earnings results on May 1. Revenues totaled $6.4 billion during the quarter, which was down 1.2% compared to the revenues that Kraft-Heinz generated during the previous year’s period. This was slightly worse than what the analyst community had expected.
Kraft-Heinz’ organic sales were down by 0.5%. Organic sales were better than reported sales due to the impact of currency rate movements, while portfolio changes due to some divestments that Kraft-Heinz made over the last year also impacted the comparison to some degree.
Click here to download our most recent Sure Analysis report on Kraft-Heinz (preview of page 1 of 3 shown below):
#20—Hormel Foods (HRL)
Dividend Yield: 3.3%
Percentage of Bill Gates’ Portfolio: 0.2%
Hormel Foods was founded in 1891. Since that time, the company has grown into a juggernaut in the food products industry with nearly $12 billion in annual revenue.
Hormel has kept with its core competency as a processor of meat products for well over a hundred years but has also grown into other business lines through acquisitions.
Hormel has a large portfolio of category-leading brands. Just a few of its top brands include Skippy, SPAM, Applegate, Justin’s, and more than 30 others.
Hormel posted first quarter earnings on February 29th, 2024, and results were better than expected on both the top and bottom lines. Adjusted earnings-per-share came to 41 cents, which was seven cents ahead of expectations.
Revenue was $3 billion, which was up 1% year-over-year, and beat estimates by $90 million. Volume was up 4% year-over-year to 1.1 billion pounds.
Click here to download our most recent Sure Analysis report on Hormel (preview of page 1 of 3 shown below):
#21—Carvana Co. (CVNA)
Dividend Yield: N/A
Percentage of Bill Gates’ Portfolio: 0.1%
Carvana Co. is another e-commerce platform specializing in the sale of used vehicles online. Established in 2012 and headquartered in Tempe, Arizona, Carvana offers a comprehensive online marketplace for buying, financing, and selling pre-owned cars.
Similar to Vroom, Carvana’s platform aims to simplify the car-buying process by providing a seamless digital experience, including virtual vehicle tours, financing options, and home delivery services.
Carvana operates on a mission to revolutionize the way people buy cars by offering convenience, transparency, and a wide selection of quality used vehicles.
#22—On Holding AG (ON)
Dividend Yield: N/A
Percentage of Bill Gates’ Portfolio: 0.04%
On Holding is based in Switzerland, and it develops and distributes sports products worldwide. It offers its products through independent retailers and distributors, online, and stores.
On has quickly gained popularity among athletes and running enthusiasts worldwide for its commitment to delivering exceptional comfort, performance, and style. The company has experienced rapid growth since its inception and has established a strong presence in the global sports market.
The product portfolio of On includes a wide range of running shoes tailored for different terrains, such as road running, trail running, and all-terrain running. They have also expanded their offerings to include apparel and accessories like jackets, shirts, shorts, socks, and backpacks, which complement their footwear line.
#23—Veralto Corporation (VLTO)
Dividend Yield: 0.4%
Percentage of Bill Gates’ Portfolio: 0.02%
Veralto Corporation is a global company providing water analytics, treatment, marking and coding, and packaging services.
Its Water Quality segment offers precision instrumentation and treatment technologies, while the Product Quality & Innovation segment provides inline printing, marking, coding, design software, imaging, and color management solutions.
Formerly DH EAS Holding Corp., Veralto was incorporated in 2022 and is headquartered in Waltham, Massachusetts.
#24—Vroom, Inc. (VRM)
Dividend Yield: N/A
Percentage of Bill Gates’ Portfolio: 0.1%
Vroom is an e-commerce platform that specializes in selling used vehicles online. Founded in 2013 and headquartered in New York City, Vroom offers a streamlined process for buying and selling cars entirely online, including financing, trade-ins, and delivery.
The company aims to disrupt the traditional car-buying experience by providing a convenient, transparent, and hassle-free alternative. Customers can browse a wide selection of pre-owned vehicles, complete transactions digitally, and have their purchases delivered directly to their doorstep.
Additional Resources
See the articles below for analysis on other major investment firms/asset managers/gurus:
If you are interested in finding more high-quality dividend growth stocks suitable for long-term investment, the following Sure Dividend databases will be useful:
- The Dividend Aristocrats List: a group of 68 stocks in the S&P 500 Index with 25+ years of dividend increases.
- The Dividend Kings List is even more exclusive than the Dividend Aristocrats. It is comprised of 56 stocks with 50+ years of consecutive dividend increases.
- The Dividend Champions List: stocks that have increased their dividends for 25+ consecutive years.
Note: Not all Dividend Champions are Dividend Aristocrats because Dividend Aristocrats have additional requirements like being in The S&P 500. - The Monthly Dividend Stocks List: contains stocks that pay dividends each month, for 12 payments per year.
- The 20 Highest Yielding Monthly Dividend Stocks
- The High Dividend Stocks List: high dividend stocks are suited for investors that need income now (as opposed to growth later) by listing stocks with 5%+ dividend yields.
The major domestic stock market indices are another solid resource for finding investment ideas. Sure Dividend compiles the following stock market databases and updates them monthly: