·
The huge ~$22B portfolio has just 17 positions.
·
The largest position, Berkshire Hathaway is at a
whopping ~45% of the portfolio.
·
This quarter saw a 20% reduction in the
Microsoft Corporation stake.
Gates Foundation portfolio value decreased this quarter from
$24.45B to $22.11B. Over the years, the portfolio has become extremely
concentrated. In their first 13F filing in 2002, they had about 27 positions
and the total portfolio value was ~$1.8B. Currently, the portfolio is well over
ten times that while the number of positions has gone down to just 17.
To know more about Gates and the Foundation, check-out the
book Bill Gates: The Inspirational Life Story of Bill Gates; Businessman,
Inventor, and the World's Most Remarkable Philanthropist.
Below is a summary:
Below is a summary:
Berkshire Hathaway
(BRK.B): BRK.B is by far the largest stake at 45.21% of the portfolio. The
original position is from Q3 2006 at a cost-basis in the mid-60s. The size of
the stake peaked at ~87M shares in Q4 2012 and the current position is at ~59M
shares. The stake has wavered. Q3 2017 saw a ~15% stake increase as the stock
traded between $169 and $184 while the next two quarters saw ~7% reductions
each. The stock currently trades at ~$207.
Waste Management
(WM): WM was a very small ~1.2M
share position during their first 13F filing in Q3 2002. The current position
is at ~18.6M shares (~7% of the portfolio). The bulk of the position is from Q3
2009 when around 8M shares were purchased at a cost-basis in the high-20s. 2010
also saw a ~3M share increase in the mid-30s. Since then, the position has been
left untouched. The stock currently goes for $88.55.
Canadian National
Railway (CNI): CNI is the fifth-largest stake at 6.33% of the portfolio.
Since 2008, the position has remained remarkably steady at ~17M shares. The
bulk of the stake was built during the period from 2006 to 2008 at a cost-basis
in the low-20s. CNI currently trades at $84.81.
The spreadsheet below shows Gates Foundation’s holdings as
of Q2 2018. Please visit our previous
updates to get an idea on how the portfolio has progressed:
To learn more about how to profit from a strategy of cloning
hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little
Guy.
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