Breaking down the stocks Bill Gates (Cascade Investment) bought, sold, and held in Q4 2024, including their holdings at the end of the quarter. All data sourced from Cascade Investment's 13F filed on February 14, 2025.
Who is 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.
Official 13F Report
Cascadeassetmanagement.com
Wikipedia on Cascade Investment
Portfolio Changes in Q4 2024
New positions
Cascade Investment initiated a new position in McDonald's (MCD), purchasing 334,900 shares worth approximately $97.1 million during Q4 2024.
Bought
Cascade Investment did not add to any existing positions during the quarter.
Sold
Cascade Investment made significant reductions to its largest holdings, trimming Berkshire Hathaway (BRK-B) by 2.5 million shares (reducing the position value from $10.2 billion to $8.9 billion) and Microsoft (MSFT) by 500,000 shares (reducing the position value from $12.5 billion to $12.0 billion). The firm also completely liquidated its position in Vroom, selling all 31,250 shares worth approximately $293,000.
New Investments in Q4 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| MCD | McDonald's | 100.0% | NEW | $97.08M |
McDonald's MCD
Bill Gates bought $97.08M of McDonald's in Q4 2024. McDonald's delivered robust Q2 2025 results, demonstrating strong operational momentum with 3.8% global comparable sales growth and revenue expansion of 5% year-over-year. The company's earnings performance was particularly impressive, with diluted EPS jumping 12% to $3.14 compared to $2.80 in Q2 2024, while operating income surged 11% to $3.23 billion. The quarter's results exceeded analyst expectations, highlighting McDonald's continued ability to drive growth through its global franchise model and operational efficiency initiatives.
- EPS increased 12% year-over-year to $3.14 in Q2 2025 versus $2.80 in Q2 2024.
- Operating income grew 11% to $3.23 billion compared to $2.92 billion in the prior year quarter.
- Global comparable sales rose 3.8% with U.S. comparable sales up 2.5% year-over-year.
Holdings at the end of Q4 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| MSFT | Microsoft | 28.6% | Trimmed (-2%) | $11.99B |
| BRK-B | Berkshire Hathaway | 21.2% | Trimmed (-11%) | $8.91B |
| WM | Waste Management | 15.5% | $6.5B | |
| CNI | Canadian National | 13.3% | $5.57B | |
| CAT | Caterpillar | 6.4% | $2.67B | |
| DE | Deere | 3.6% | $1.51B | |
| ECL | Ecolab | 2.9% | $1.22B | |
| WMT | Walmart | 2.0% | $821.32M | |
| FDX | FedEx | 1.7% | $712.99M | |
| KOF | Coca-Cola Femsa | 1.2% | $484.06M | |
| WCN | Waste Connections | 0.9% | $368.76M | |
| CPNG | Coupang | 0.5% | $203.27M | |
| SDGR | Schrodinger | 0.3% | $134.68M | |
| MSGS | Madison Square Garden Sports | 0.3% | $133.69M | |
| CCI | Crown Castle | 0.3% | $128.89M | |
| PCAR | Paccar | 0.2% | $104.02M | |
| MCD | McDonald's | 0.2% | NEW | $97.08M |
| UPS | UPS | 0.2% | $95.22M | |
| DHR | Danaher | 0.2% | $85.62M | |
| BUD | Anheuser-Busch InBev | 0.2% | $85.27M | |
| KHC | Kraft Heinz | 0.2% | $80.54M | |
| HRL | Hormel Foods | 0.2% | $68.87M | |
| ONON | ON | 0.1% | $27.39M | |
| Vroom | 0.0% | Exited | $0 |
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.
