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The Gates Foundation Trust Trimmed Berkshire and Added Home Depot and FedEx Freight
Bill Gates's name is attached to this portfolio, but the money is run by someone else. The holdings look like it, too. The Bill & Melinda Gates Foundation Trust filed its second-quarter 13F, and GuruFocus's summary, syndicated on Yahoo Finance says an outside team manages the investments. A 13F is the quarterly list of stocks a big fund holds. The biggest move was a trim of Berkshire Hathaway. The trust sold 2,358,460 shares, a 13.83% cut to its share count. Berkshire is still its largest holding, at 21.35% of the portfolio. It also trimmed Waste Management by 921,600 shares, about 3.3% of its position. On the buy side, the trust opened two new positions. One is 1,000,000 shares of Home Depot, worth about $352.7 million. The other is 1,192,181 shares of FedEx Freight, worth about $180.0 million. The rest of the top five is Caterpillar at 19.65%, Canadian National Railway at 17.95%, Waste Management at 17.3% and Deere at 6.56%. Add those up and the five largest holdings make about 83% of a 24-stock portfolio. That's a concentrated list. It's also a dull one in the best sense: trains, trash, tractors and a conglomerate. GuruFocus described the mix as tilted toward high-quality, cash-generative businesses. The Home Depot buy is about 1.02% of the portfolio, and FedEx Freight is about 0.52%. Those are small slices of a big pie. GuruFocus says the Berkshire trim had a 3.57% impact on the portfolio. Waste Management shares traded at an average of $222.53 during the quarter. GuruFocus describes the portfolio as formerly known as Cascade Investment, run as the Foundation Trust since June 2009. It says Gates and his ex-wife guide proxy voting and exclude companies whose profit models conflict with the foundation's values. The holdings span seven of the 11 market sectors, with industrials and financials doing most of the work. Berkshire shares traded at an average of $480.73 during the quarter and have barely moved this year. GuruFocus guessed the trim could be rebalancing, though the filing itself gives no reason. The filing covers June 30 and landed in August, so treat it as a snapshot rather than breaking news. What It Means for YouTrimming a winner that has grown to more than a fifth of a portfolio is ordinary housekeeping, not a prediction that the stock will fall. It's a way of keeping any one holding from running the show. The same question works for anyone: if one holding gets big, are you still comfortable with how much of your result rides on it? Position size is a decision on its own, separate from whether you like the company. This trust still owns plenty of Berkshire and just owns a little less.
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