Breaking down the stocks Bill Gates (Cascade Investment) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Cascade Investment's 13F filed on May 15, 2026.
Who are Bill Gates and Cascade Investment?
Cascade Investment is the private investment vehicle managing the personal wealth of Microsoft co-founder Bill Gates and the assets of the Bill & Melinda Gates Foundation. Established in 1995, the firm pursues a long-term value investing approach across diverse sectors including technology, energy, hospitality, and real estate. Michael Larsen, Cascade's CIO, applies a fundamental, long horizon investment approach across asset classes and geographies.
Cascadeassetmanagement.com
Wikipedia on Cascade Investment
Q1 '26 13F filed with SEC
Holdings in Q1 2026
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| BRK-B | Berkshire Hathaway | 25.8% | Trimmed (-12%) | $8169.55B |
| WM | Waste Management | 20.1% | Trimmed (-4%) | $6351.93B |
| CNI | Canadian National | 16.8% | $5326.24B | |
| CAT | Caterpillar | 14.2% | $4501.28B | |
| DE | Deere | 6.3% | $2003.87B | |
| ECL | Ecolab | 4.4% | $1388.1B | |
| WMT | Walmart | 3.3% | $1042.77B | |
| FDX | FedEx | 2.7% | $849.26B | |
| KOF | Coca-Cola Femsa | 1.9% | $606.25B | |
| WCN | Waste Connections | 1.0% | $331.24B | |
| MSGS | Madison Square Garden Sports | 0.6% | $190.4B | |
| CPNG | Coupang | 0.6% | $174.6B | |
| BUD | Anheuser-Busch InBev | 0.4% | $118.14B | |
| PCAR | Paccar | 0.4% | $115.5B | |
| WST | West Pharmaceutical | 0.4% | $111.41B | |
| MCD | McDonald's | 0.3% | $104.08B | |
| SDGR | Schrodinger | 0.3% | $79.31B | |
| DHR | Danaher | 0.2% | $70.72B | |
| KHC | Kraft Heinz | 0.2% | $55.61B | |
| HRL | Hormel Foods | 0.1% | $47.23B | |
| ONON | ON | 0.1% | $17.01B | |
| VLTO | Veralto | 0.0% | $10.99B | |
| MSFT | Microsoft | 0.0% | Exited | $-3719.62B |
Current Investment Strategy
Cascade Investment, the private wealth vehicle of Microsoft co-founder Bill Gates managed by CIO Michael Larson, pursues a long-horizon, value-oriented approach concentrated in capital-intensive, inflation-resilient industrials — with top holdings including Canadian National Railway, Caterpillar, Deere, Ecolab, and Walmart underscoring a deliberate tilt toward durable businesses in transportation, machinery, environmental services, and consumer staples. The firm's most notable Q1 2026 portfolio move was the complete exit of its remaining Microsoft stake, a symbolic severance of the portfolio's last direct link to its founder's technology origins, reinforcing Cascade's long-running strategic pivot away from tech and toward essential-services and infrastructure-adjacent equities.
New Investments
Cascade Investment did not open any new positions during Q1 2026.
Added, Trimmed, and Exited
Added
Cascade Investment made no additions to any existing positions during Q1 2026.
Trimmed
Cascade Investment trimmed two positions: it cut its stake in Berkshire Hathaway (BRK-B) by approximately 2.36 million shares (roughly 12% of the prior holding), and made a smaller reduction to Waste Management (WM) of about 1.29 million shares (roughly 4.5%).
What it means: The meaningful cut to Berkshire Hathaway (BRK-B) — historically one of Cascade Investment's largest holdings — may reflect a deliberate rebalancing after the position's significant appreciation, or a strategic shift away from concentrated exposure to financial conglomerates. The modest trim in Waste Management (WM) appears more like routine portfolio maintenance given how little it moved the needle on overall value, and may simply reflect an effort to manage position sizing relative to the broader book.
Exited
Cascade Investment fully liquidated its position in Microsoft (MSFT), selling approximately 7.69 million shares worth roughly $3.7 billion.
What it means: This is arguably the most symbolically significant move in the filing. Bill Gates co-founded Microsoft (MSFT), and Cascade Investment has been systematically reducing this stake for years — this exit likely represents the completion of a long-running diversification away from the company. The move is consistent with Gates's well-documented strategy of unwinding his Microsoft (MSFT) holdings to fund philanthropic commitments through the Bill & Melinda Gates Foundation, and to avoid the concentration risk of having personal wealth tied to a single company he was professionally associated with for decades.
Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
