Bill Gates portfolio investment

Let's look at the investment and know the shares that the Bill Gates Foundation Trust holds. This is the Top 10 stocks that you hold [Q3 2025].

📌 Investment Philosophy: Emphasize long-term investment in companies with essential infrastructure, strong competitive advantage, and resilient income, especially in sectors related to global health.

1.Microsoft Corp. (MSFT)

Business: Technology (Windows Operating System, Office Program Kit, Cloud Computing - Azure)

Strengths:

• Software-based Moat: Windows and Office's market dominance brings the Network Effect and high system replacement costs.

• Leadership in Cloud Computing (Azure): is a key fast-growing player in the Cloud Infrastructure market.

• AI Innovation: Strategic Investing in Generative AI (via OpenAI)

Weaknesses:

• Cloud price competition: fierce competition with AWS and Google Cloud

• Monopoly Side Audit: Facing Legal Audit in Multiple Markets

• Growth Opportunities: Monetization from Commercial AI Services (Copilot), Expansion of Azure's Market Share, and Growth of the Gaming Business (Xbox)

2.Berkshire Hathaway Inc. (BRK.B)

Business: A holding company that invests in public companies and owns fully private companies (e.g. Geico Insurance, BNSF Railway).

Strengths:

• Huge Capital (Float): The insurance business generates large cash flows that can be invested.

• Capital allocation ability: Warren Buffett and the team have an excellent history of capital allocation.

• Business Diversity: Portfolio Resilient to Economic Cycle

Weaknesses:

• Too big size: It's getting harder and harder to find investments that generate high returns.

• Individual risk: Warren Buffett's dependence on talent

• Opportunity Growth: Large Acquisitions in Crisis and Growth of Unregistered Affiliates

Infrastructure and industrial stocks

3. Canadian National Railway Co. (CNI)

• Business: Rail transportation systems in North America

• Advantage (Moat): Natural Monopoly Concession, which covers both the Atlantic and Pacific Oceans

Strengths: Low unit transportation cost. Compared to trucks, good distribution of goods transported.

Weaknesses: Sensitive to the volume of trade and global economic activity, requires high investment to maintain

• Opportunities grow in the market: Benefiting from the rise of transcontinental freight, the transition from trucks to trains to reduce costs and environmental impacts (Decarbonization)

4.Caterpillar Inc. (CAT)

• Business: Heavy equipment (construction, mining, energy)

• Moat: Global Dominance and Strong Dealer Network Make It Difficult to Compete

Strengths: High aftermarket spare parts revenue, which has high and consistent margins, benefits from infrastructure laws.

Weaknesses: Sensitive to the Global Economic Cycle and Commodity Prices

• Market Growth Opportunities: Investing in Transition Minerals, Developing Market Expansion, and Autonomous Machines Technology

5.Waste Management Inc. (WM)

• Business: M waste management services (storage, transportation, treatment, landfill)

• Moat: Scale and Network Leadership and Owning Your Own Landfill, a Hard-to-Build Asset

Strength: Consistent income, even during recessions, because waste management is an essential service.

Weaknesses: Local Government Control, and High Operational Costs

• Market growth opportunities: Landfill Gas-to-Energy monetization, growth in recycling and complex environmental services

6.FedEx Corp. (FDX)

• Business: Transport and logistics services

• Advantage (Moat): An extensive global logistics network, and the ability to transport urgent and heavy goods.

Strengths: Being an integral part of the world's supply chain, efforts to improve network efficiency

Weaknesses: Competition from Amazon (that builds its own network) and high fuel / labor costs that depress margins.

• Opportunities grow in the market: growth of cross-border E-commerce, provision of specialized freight services (e.g. pharmaceuticals) and use of technology to optimize delivery.

7.Walmart Inc. (WMT)

• Business: storefront retail and E-commerce

• Moat Advantage: Scale and bargaining power with suppliers, allowing them to offer lower prices than their competitors.

Strengths: Access to the fast-growing (Walmart.com) E-commerce market, large customer base in the U.S. market

Weaknesses: High price competition, especially from Amazon, low profit margins of storefront retail.

• Market Growth Opportunities: Retail Media Growth, Healthcare Services Expansion, and Member Business Growth (Walmart +)

8.Ecolab Inc. (ECL)

• Business: Water, Hygiene and Energy Management Services and Technologies for the Industrial Sector

• Moat: Know-How specialization and complex service delivery, making customers dependent

Strengths: Customers are loyal and require constant use of the product, providing high recurring income (Recurring Revenue)

Weaknesses: Sensitive to Industrial Growth; and the Cost of Chemicals Used in Manufacturing

• Market Growth Opportunities: Global Increase in Sustainability and Water Management Demand, Expanding Services in Emerging Markets

9.Deere & Co. (DE)

• Business: Agricultural Machinery (John Deere)

• Advantage (Moat): Agricultural Machinery Market Leaders, and Farmers' Loyalty to Brands

Strengths: Precision Agriculture Technology, which Boosts Productivity and Reduces Costs for Farmers

Weaknesses: Sensitive to agricultural prices and farmers' income

• Opportunities Grow in the Market: Presentations, Software and Subscription Services for Machinery (Subscription Model), Needs for New Machines to Increase Food Production Efficiency

10.PACCAR Inc. (PCAR)

• Business: Large truck manufacturer (Peterbilt, Kenworth)

• Advantage (Moat): High brand quality and durability of the truck make the resale price good.

Strengths: Strong Aftermarket Service Network; and Financial Services Business

Weaknesses: Sensitive to the Transportation Cycle, and the Demand for New Trucks

• Market Growth Opportunities: Transition to Electric Trucks and Alternative Fuel Trucks, Growth of the Aftermarket Parts and Services Market

* Friends can go to unpack each stock to put in the pot of their own friends. I like whichever one is organized, hahahaha.

* Not an investment recommendation. Should be studied before investing. *

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