We break down the stocks Bill Gates (Cascade Investment) bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from Cascade Investment's 13F filed on May 15, 2025.
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
Portfolio Changes in Q1 2025
New Positions
Cascade Investment initiated a new position in West Pharmaceutical Services, Inc. (WST) with 444,500 shares valued at approximately $99.5 million.
Bought
The firm did not add to any existing positions during this quarter.
Sold
Cascade Investment reduced its position in Berkshire Hathaway Inc. (BRK-B) by 2,482,589 shares, bringing its holding to 17,172,435 shares, though the position's value still increased by 2.65% to over $9.1 billion due to price appreciation.
New Investments in Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| WST | West Pharmaceutical Services, Inc. | 0.2% | NEW | $99,514,660 |
West Pharmaceutical Services, Inc. WST
Bill Gates bought 444,500 shares of West Pharmaceutical Services, Inc. in Q1 2025. West Pharmaceutical Services demonstrated mixed performance over the last 12 months, with full-year 2024 revenue declining 1.9% to $2.89 billion, but showing signs of recovery with Q4 organic sales growth of 3.3%. The company faced headwinds in Contract-Manufactured Products but saw strong demand for self-injection devices in Biologics. Recent guidance increases for 2025 and strategic capacity investments position it for renewed growth.
- Q4 2024 adjusted diluted EPS declined 0.5% to $1.82, while full-year 2024 EPS fell 16.5% to $6.75.
- Raised 2025 net sales guidance to $2.945-$2.975B (up $70M from prior outlook) with projected organic growth of 2-3%.
- Committed $275M in 2025 capex to expand high-value product capacity amid strong GLP-1 drug demand.
Holdings at the end of Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| MSFT | Microsoft Corporation | 25.6% | $10,682,565,951 | |
| BRK-B | Berkshire Hathaway Inc. | 21.9% | Sold | $9,145,695,432 |
| WM | Waste Management, Inc. | 17.9% | $7,462,572,979 | |
| CNI | Canadian National Railway Company | 12.8% | $5,343,418,564 | |
| CAT | Caterpillar Inc. | 5.8% | $2,425,221,897 | |
| DE | Deere & Company | 4.0% | $1,669,655,364 | |
| ECL | Ecolab Inc. | 3.2% | $1,322,878,515 | |
| WMT | Walmart Inc. | 1.9% | $798,052,976 | |
| FDX | FedEx Corporation | 1.5% | $617,826,768 | |
| KOF | Coca-Cola FEMSA, S.A.B. de C.V. | 1.4% | $567,341,698 | |
| WCN | Waste Connections, Inc. | 1.0% | $419,497,468 | |
| CPNG | Coupang, Inc. | 0.5% | $202,809,627 | |
| CCI | Crown Castle Inc. | 0.4% | $148,014,105 | |
| SDGR | Schrödinger, Inc. | 0.3% | $137,818,047 | |
| MSGS | Madison Square Garden Sports Corp. | 0.3% | $115,353,296 | |
| BUD | Anheuser-Busch InBev SA/NV | 0.3% | $104,836,680 | |
| MCD | McDonald's Corporation | 0.3% | $104,612,713 | |
| WST | West Pharmaceutical Services, Inc. | 0.2% | New | $99,514,660 |
| PCAR | PACCAR Inc | 0.2% | $97,370,000 | |
| UPS | United Parcel Service, Inc. | 0.2% | $83,052,239 | |
| KHC | The Kraft Heinz Company | 0.2% | $79,805,718 | |
| DHR | Danaher Corporation | 0.2% | $76,465,000 |
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