Breaking down the stocks Bill Gates (Cascade Investment) bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from Cascade Investment's 13F filed on August 14, 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
Q2 '26 13F filed with SEC
Holdings in Q2 2026
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| Berkshire Hathaway | 21.4% | Trimmed (-14%) | $7.35B | |
| Caterpillar | 19.7% | $6.77B | ||
| Canadian National | 18.0% | $6.18B | ||
| Waste Management | 17.3% | Trimmed (-3%) | $5.96B | |
| Deere | 6.6% | $2.26B | ||
| Ecolab | 4.2% | $1.45B | ||
| Walmart | 2.8% | $950.31M | ||
| FedEx | 2.2% | $746.62M | ||
| Coca-Cola Femsa Sab De Cv | 1.9% | $660.31M | ||
| Home Depot | 1.0% | NEW | $352.68M | |
| Waste Connections | 1.0% | $339.91M | ||
| Madison Square Garden Sports | 0.7% | $238.05M | ||
| Fedex Fght Hldg Co Inc | 0.5% | NEW | $180.02M | |
| Coupang | 0.5% | $160.64M | ||
| West Pharmaceutical | 0.5% | $159.58M | ||
| Anheuser Busch Inbev Sa Nv | 0.4% | $140.33M | ||
| Paccar | 0.3% | $120.12M | ||
| Schrödinger | 0.3% | $113.45M | ||
| McDonald's | 0.3% | $90.53M | ||
| Danaher Corp Del | 0.2% | $71.05M | ||
| Kraft Heinz | 0.2% | $58.4M | ||
| Hormel Foods | 0.2% | $51.76M | ||
| On Hldg Ag | 0.1% | $17.71M | ||
| Veralto | 0.0% | $11.03M |
Current Investment Strategy
Cascade Investment, the vehicle steering Bill Gates' fortune under CIO Michael Larson, closed the second quarter of 2026 with a portfolio still anchored in capital-intensive, cash-generative industrials and consumer staples—led by long-held stakes in Caterpillar, Canadian National, Deere, Ecolab, Walmart, FedEx, Coca-Cola Femsa, Waste Connections and Coupang—reflecting a patient, low-turnover value discipline that favors durable infrastructure, logistics and everyday-consumption businesses over speculative growth bets. The addition of fresh positions in Home Depot and a freight-focused FedEx affiliate entity, alongside the absence of any exits, underscores Cascade's incremental doubling-down on housing-linked retail and transportation logistics as it extends rather than overhauls its decades-long, sector-diversified buy-and-hold approach.
New Investments
Home Depot
Bill Gates bought $352.68M of Home Depot in Q2 2026. Over the last 12 months, including the latest two reported quarters, the company has returned to modest positive comp growth, with Q1 FY26 sales up 4.8% to $41.8B and comps up 0.6%, leaving the stock broadly in line with large-cap home improvement peers as investors balance resilient demand against margin pressure. The most recent quarter shows the company gaining revenue share but giving up some profitability, as diluted EPS declined from $3.45 to $3.30 (adjusted EPS from $3.56 to $3.43) despite beating consensus on both revenue and adjusted EPS, driven by mix, integration costs, and higher operating expenses. Looking ahead, potential upside catalysts include continued integration of the SRS acquisition and productivity initiatives that could rebuild margins, while the CEO’s temporary medical leave introduces governance headline risk but is unlikely to derail the fundamental story if upcoming results confirm stable comps and disciplined capital returns.
- Q1 FY26 net sales grew 4.8% year over year to $41.8B, while comparable sales increased 0.6% and U.S. comps rose 0.4%.
- Q1 FY26 diluted EPS declined from $3.45 to $3.30 and adjusted EPS fell from $3.56 to $3.43, a drop of roughly 4% year over year.
- Gross margin compressed from about 33.8% to 33.0% and operating income decreased roughly 3.0% year over year to about $5.0B in Q1 FY26.
Fedex Fght Hldg Co Inc
Bill Gates bought $180.02M of Fedex Fght Hldg Co Inc in Q2 2026. The company enters the current quarter as a newly spun-off, standalone LTL carrier, with Q4 FY2026 revenue up 4.8% year over year to $2.4 billion but earnings temporarily depressed by separation-related costs. Over the last two quarters, segment revenue first declined 5% year over year in Q3 FY2026 before rebounding in Q4, while operating income dropped sharply—down 66.9% reported and roughly 24% on an adjusted basis—reflecting softer volumes and one-time spin-off charges rather than structural margin erosion. As the largest North American LTL carrier with an $8.8 billion revenue base and full-year operating income down 58.6% to $616 million, the pure-play structure post spin-off, easing one-time costs, and potential cyclical recovery in freight volumes are key catalysts that could drive improving valuation relative to trucking peers over the next year.
- Q4 FY2026 revenue grew 4.8% year over year to $2.4 billion..
- Q4 FY2026 operating income fell 66.9% year over year to $158 million, or $363 million on an adjusted basis (down roughly 24%)..
- Full-year FY2026 revenue was $8.8 billion, down 1.1%, while operating income declined 58.6% to $616 million..
Added, Trimmed, and Exited
Added
Cascade Investment made no additions to existing positions this quarter; all portfolio growth came from two brand-new investments in Home Depot and Fedex Fght Hldg Co Inc, which are detailed separately.
What it means: The absence of any add-on buying to existing holdings suggests Bill Gates and Cascade's team are comfortable with current position sizing across the legacy portfolio, choosing instead to deploy fresh capital into two distinct new themes—one a defensive consumer/retail bet on Home Depot and the other a cyclical freight/logistics spin-off play in Fedex Fght Hldg Co Inc—rather than doubling down on existing winners like Caterpillar or Canadian National.
Trimmed
Cascade Investment trimmed two positions: Berkshire Hathaway was reduced by 2,358,460 shares (a value decline from $8.17B to $7.35B, down roughly 10%), and Waste Management was cut by 921,600 shares (value falling from $6.35B to $5.96B, down about 6.2%).
What it means: Trimming Berkshire Hathaway, historically one of Cascade's largest and most iconic holdings, alongside a reduction in the long-held Waste Management stake, may reflect portfolio rebalancing to fund the new Home Depot and Fedex Fght Hldg Co Inc purchases, or a modest de-risking from two positions that have delivered substantial long-term gains, rather than a bearish view on either company's fundamentals.
Exited
There were no fully liquidated positions this quarter.
What it means: The lack of any complete exits indicates Cascade maintained continuity in its core holdings, reinforcing a patient, long-term investment philosophy even as it selectively added new names and trimmed a couple of large legacy stakes to make room for fresh capital deployment.
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.
