We break down the stocks Bill Gates (Cascade Investment) bought, sold, and held in Q3 2024, including their holdings at the end of the quarter. All data sourced from Cascade Investment's 13F filed on November 14, 2024.
Who are Bill Gates and Gates Foundation Trust?
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 Q3 2024
New positions
Gates Foundation Trust initiated a new position in Paccar (PCAR), purchasing 1 million shares valued at $98.7 million.
Bought
The fund significantly increased its stake in FedEx (FDX), adding 1 million shares to bring the total position to 2.53 million shares worth $693.6 million, representing a 50.76% return on the expanded position.
Sold
Gates Foundation Trust trimmed three major holdings during the quarter: reducing Microsoft (MSFT) by 5.93 million shares to 28.96 million shares ($12.46 billion), cutting Waste Management (WM) by 3 million shares to 32.23 million shares ($6.69 billion), and decreasing Berkshire Hathaway (BRK-B) by 2.48 million shares to 22.14 million shares ($10.19 billion), though the latter position still generated a positive 1.73% return despite the reduction.
New Investments in Q3 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| PCAR | Paccar | 100.0% | NEW | $98.68M |
Paccar PCAR
Bill Gates bought $98.68M of Paccar in Q3 2024. Paccar (PCAR) faced a challenging Q1 2025 with net income dropping to $505.1 million (down 57.7% YoY) due to a $264.5 million European litigation charge, though core operations showed resilience with adjusted net income rising 14% to $769.6 million. Revenue declined 14.9% to $7.44 billion, but the parts division achieved record revenue of $1.69 billion, and financial services grew pretax income by 6%. The company continues investing in next-gen powertrains and maintains strong cash flow ($910.3 million), positioning for recovery despite lingering macroeconomic headwinds.
- Adjusted EPS of $1.46 missed estimates by 8.2%, while GAAP EPS fell to $0.96 from $2.27 in Q1 2024.
- Truck segment revenue declined 19.5% YoY to $5.23 billion, reflecting softened demand cycles.
- Parts division achieved 7.1% revenue growth YoY, driven by global fleet utilization trends.
Holdings at the end of Q3 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| MSFT | Microsoft | 27.6% | Trimmed (-17%) | $12.46B |
| BRK-B | Berkshire Hathaway | 22.6% | Trimmed (-10%) | $10.19B |
| WM | Waste Management | 14.8% | Trimmed (-9%) | $6.69B |
| CNI | Canadian National | 14.2% | $6.42B | |
| CAT | Caterpillar | 6.4% | $2.88B | |
| DE | Deere | 3.3% | $1.48B | |
| ECL | Ecolab | 3.0% | $1.33B | |
| WMT | Walmart | 1.6% | $734.06M | |
| FDX | FedEx | 1.5% | Added (+65%) | $693.6M |
| KOF | Coca-cola femsa sab de cv | 1.2% | $551.37M | |
| WCN | Waste Connections | 0.9% | $384.32M | |
| CPNG | Coupang | 0.5% | $227.04M | |
| CCI | Crown Castle | 0.4% | $168.46M | |
| SDGR | Schrodinger | 0.3% | $129.51M | |
| MSGS | Madison Square Garden Sports | 0.3% | $123.37M | |
| BUD | Anheuser-Busch InBev | 0.3% | $112.89M | |
| DHR | Danaher | 0.2% | $103.7M | |
| UPS | UPS | 0.2% | $102.95M | |
| PCAR | Paccar | 0.2% | NEW | $98.68M |
| KHC | Kraft Heinz | 0.2% | $92.08M | |
| HRL | Hormel Foods | 0.2% | $69.59M | |
| ONON | ON | 0.1% | $25.07M | |
| VLTO | Veralto | 0.0% | $13.91M | |
| Vroom inc | 0.0% | $292.81K |
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