Bill Gates reduced major holdings in both Microsoft and Berkshire Hathaway during the fourth quarter of 2025, according to newly released regulatory filings from the Gates Foundation Trust.
The filing shows the foundation sold more than $2.2 billion worth of shares combined from the two companies while leaving the rest of its investment portfolio largely unchanged.
The transactions were disclosed through a 13F filing, which institutional investment managers submit to the U.S. Securities and Exchange Commission to report quarterly equity holdings.
Microsoft
The Gates Foundation Trust sold 1.5 million shares of Microsoft during the fourth quarter of 2025.
The sale was valued at approximately $1.04 billion and reduced the foundation’s Microsoft holdings by roughly 16%.
| Microsoft Holdings | Shares |
|---|---|
| Q3 2025 | 9,191,207 |
| Q4 2025 | 7,691,207 |
As of December 31, 2025, the remaining Microsoft stake held by the foundation was valued at approximately $3.719 billion.
Microsoft continues to represent a significant portion of the trust’s investment portfolio despite the reduction.
Berkshire
The foundation also reduced its position in Warren Buffett’s Berkshire Hathaway by selling 2,358,460 Class B shares during the quarter.
The Berkshire sale totaled approximately $1.187 billion.
| Berkshire Hathaway Holdings | Shares |
|---|---|
| Shares Sold | 2,358,460 |
| Remaining Shares | 19,406,764 |
At the end of Q4 2025, the foundation’s Berkshire Hathaway holdings were valued at roughly $9.754 billion.
Even after the sale, Berkshire Hathaway remains the largest single holding within the Gates Foundation Trust portfolio.
Portfolio
According to the filing, the Gates Foundation Trust did not add any new positions or increase any existing holdings during the quarter.
The trust also avoided selling shares in any other companies besides Microsoft and Berkshire Hathaway.
The foundation’s portfolio allocation at the end of Q4 2025 included:
| Holding | Portfolio Allocation |
|---|---|
| Berkshire Hathaway | 27.59% |
| Waste Management | 17.98% |
| Canadian National Railway | 14.49% |
| Microsoft | 10.52% |
| Caterpillar | 10.29% |
The remaining portion of the portfolio is spread across several additional investments.
Strategy
The filing did not provide a direct explanation for the sales, which is common for 13F disclosures. Such filings reveal portfolio activity but generally do not include commentary regarding investment strategy or future plans.
Large institutional investors often rebalance positions for several reasons, including:
- Portfolio diversification
- Liquidity management
- Risk reduction
- Charitable funding needs
- Market valuation adjustments
Because the Gates Foundation Trust oversees charitable assets tied to the Bill & Melinda Gates Foundation’s long-term philanthropic activities, investment decisions may also reflect funding requirements and broader portfolio management goals.
Holdings
Despite the recent sales, the Gates Foundation Trust remains heavily invested in several large-cap companies tied to industrials, transportation, environmental services, and technology.
Waste Management continues to hold the second-largest position in the portfolio, highlighting the trust’s long-standing investment in infrastructure and environmental services companies.
Canadian National Railway and Caterpillar also remain among the trust’s largest holdings, reflecting continued exposure to transportation and industrial sectors.
The Gates Foundation Trust currently oversees more than $35 billion in securities, according to the latest filing.
Markets
The disclosure comes at a time when institutional investors are closely monitoring market valuations, interest rates, and broader economic conditions entering 2026.
Microsoft shares have remained a major focus for investors due to continued growth in artificial intelligence, cloud computing, and enterprise software. Berkshire Hathaway, meanwhile, continues to attract attention because of its diversified holdings and Warren Buffett’s long-term investment strategy.
While the latest filing shows a notable reduction in both positions, the Gates Foundation Trust still maintains multibillion-dollar stakes in each company.
FAQs
How much Microsoft stock did Bill Gates sell?
The foundation sold about $1.04 billion in Microsoft shares.
Did the Gates Foundation sell Berkshire Hathaway shares?
Yes, it sold approximately $1.187 billion worth.
What is the Gates Foundation’s largest holding?
Berkshire Hathaway remains its largest investment.
Did the foundation buy new stocks in Q4 2025?
No, the filing showed no new purchases.
How large is the Gates Foundation Trust portfolio?
The trust oversees more than $35 billion in securities.
