Bill Gates Investment Portfolio for 2026

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Bill Gates Investment Portfolio Guide

Analysis by Andrew Blumer, Updated Last updated – October 14, 2026

Bill Gates Investment Portfolio

When I study Bill Gates' investment portfolio, the first thing that stands out to me is how different it looks from what I might expect from the co-founder of Microsoft. Rather than being dominated by technology stocks, a large part of the publicly disclosed Gates Foundation Trust portfolio is invested in businesses connected to railways, waste management, industrial machinery, agriculture, consumer products and logistics.

It is important to understand that the Gates Foundation Trust portfolio is not exactly the same as Bill Gates' personal investment portfolio. Gates also has investments through Cascade Investment and other private assets that are not fully disclosed in quarterly public filings. For that reason, I use the Gates Foundation Trust holdings as a practical example of the investment strategy associated with Gates rather than treating them as a complete list of everything he personally owns.

As of March 31, 2026, the Gates Foundation Trust's disclosed U.S.-listed equity portfolio was worth approximately $31.7 billion and contained 22 positions. What surprised me most was the level of concentration. Berkshire Hathaway, Waste Management, Canadian National Railway and Caterpillar together represented roughly 77% of the disclosed portfolio.

If I had a hypothetical £10,000 portfolio and copied those percentages exactly, more than £7,600 would be invested in just four companies. This shows me that diversification does not always mean owning hundreds of stocks. In this case, the diversification comes mainly from owning businesses that operate in very different areas of the economy.

Berkshire Hathaway

Berkshire Hathaway

Berkshire Hathaway is one of the first investments I would include when discussing the modern Bill Gates investment portfolio because it has been one of the largest publicly disclosed positions in the Gates Foundation Trust.

At the end of the first quarter of 2026, the Trust held approximately 17 million Berkshire Hathaway Class B shares worth around $8.2 billion. That represented roughly 26% of the disclosed portfolio.

To put that into numbers I can relate to, if I invested £10,000 using the same percentage, I would have around £2,600 invested in Berkshire Hathaway alone.

What appeals to me about Berkshire Hathaway is that one investment provides exposure to a wide range of businesses. Berkshire owns companies operating in insurance, energy, rail transportation, manufacturing and consumer industries, while also holding a large investment portfolio of its own.

I would not automatically copy such a large allocation because my financial circumstances are completely different from those of Bill Gates or a multibillion-dollar foundation. However, the size of the position tells me that this is not simply a small diversification holding. It is a major conviction investment.

Waste Management Inc

Waste Management Inc

Waste Management is one of the holdings that interests me most because the business is based on something people and companies cannot easily stop using. Homes produce rubbish, businesses produce waste, and cities need collection, landfill, recycling and environmental services regardless of whether the economy is booming or slowing down.

The company operates a large network of collection routes, transfer stations, recycling facilities and landfills. From an investment perspective, I like the recurring nature of this type of business. Customers may reduce spending on luxury products during difficult periods, but rubbish still has to be collected.

At the end of the first quarter of 2026, the Gates Foundation Trust held approximately 27.6 million Waste Management shares worth around $6.4 billion. This represented roughly 20% of the disclosed portfolio.

If I copied that weighting in a £10,000 portfolio, I would have approximately £2,000 invested in Waste Management.

That is a substantial allocation to one company, so I would want to look beyond the name before investing my own money. I would examine revenue growth, free cash flow, debt, operating margins, dividend growth and the price I was being asked to pay for the shares.

The lesson I take from Waste Management is that an investment does not have to be exciting to be attractive. Sometimes a business performing an essential and repetitive service can be more interesting to me than a fashionable company operating in a highly competitive industry.

Canadian National Railway

Canadian National Railway

Canadian National Railway is another investment that makes sense to me when I look at the type of companies represented in the portfolio. Railways own infrastructure that would be extremely difficult and expensive for a new competitor to reproduce.

Building thousands of miles of railway would require enormous amounts of capital, land, regulatory approval and time. That gives established railway operators an economic advantage that many ordinary companies do not have.

At the end of the first quarter of 2026, the Gates Foundation Trust held approximately 51.8 million Canadian National Railway shares worth about $5.3 billion. That represented roughly 17% of the disclosed portfolio.

Using my £10,000 example, an equivalent allocation would give me around £1,700 invested in Canadian National Railway.

I would be careful with older claims saying that Bill Gates personally owns a fixed percentage such as 13% of Canadian National Railway. Ownership levels can change over time, and holdings associated with Bill Gates, Cascade Investment and the Gates Foundation Trust should not automatically be treated as the same account.

From my perspective as an investor, the attractive part of the railway business is not excitement but necessity. Companies need to move grain, chemicals, manufactured products, automobiles, energy products and consumer goods across large distances. A railway network can perform that job efficiently at enormous scale.

Caterpillar Inc

Caterpillar Inc

Caterpillar gives the portfolio exposure to construction, mining, energy and heavy industry. The company is best known for construction and mining equipment, engines, turbines and other industrial machinery.

One correction I would make to some older descriptions of Caterpillar is that Bobcat is not a Caterpillar brand. When I research an investment, I think these small factual details matter because they help me distinguish between genuine company analysis and information that has simply been copied from somewhere else.

At the end of the first quarter of 2026, the Gates Foundation Trust held approximately 6.3 million Caterpillar shares worth around $4.5 billion. That represented roughly 14% of the disclosed portfolio.

If I had £10,000 and followed the same allocation, approximately £1,400 would be invested in Caterpillar.

The attraction for me is that Caterpillar sells equipment used in industries that are essential to the physical economy. Governments build infrastructure, mining companies extract materials, construction businesses need machinery and energy companies require specialised equipment.

However, I would also remember that Caterpillar is more cyclical than a company such as Waste Management. When construction, mining or infrastructure spending slows, demand for expensive machinery can weaken. Because of that, I would look at Caterpillar's performance across an entire economic cycle rather than focusing only on one strong year.

Deere & Company

Deere & Company

Deere & Company is another investment I would add because it provides exposure to agriculture and modern farming technology.

At the end of the first quarter of 2026, the Gates Foundation Trust held approximately 3.6 million Deere shares worth around $2 billion. This represented roughly 6% of the disclosed portfolio.

In my hypothetical £10,000 portfolio, a similar weighting would mean investing approximately £600 to £650 in Deere.

What I find interesting about Deere is that the business is no longer simply about manufacturing tractors. Modern agricultural machinery increasingly uses GPS, sensors, software, automation and precision farming technology to help farmers manage planting, spraying and harvesting more efficiently.

That gives me a different way to think about Deere. I am not just investing in machinery; I am also gaining exposure to the increasing use of technology in agriculture.

There are still risks. Farmers' spending can change depending on crop prices, interest rates and agricultural conditions. Expensive machinery can also be delayed when farm income falls. I would therefore treat Deere as a long-term industrial investment rather than assuming that demand will rise every year.

Ecolab Inc

Ecolab Inc

Ecolab is another holding that caught my attention because it provides products and services that businesses need repeatedly. The company operates in areas including water management, hygiene and infection prevention.

At the end of the first quarter of 2026, the Gates Foundation Trust held approximately 5.2 million Ecolab shares worth around $1.4 billion. That represented approximately 4% to 5% of the disclosed portfolio.

If I applied the same percentage to £10,000, I would have roughly £400 to £450 invested in Ecolab.

What I like about this type of business is recurring demand. Hotels, hospitals, restaurants, food producers and industrial facilities cannot simply decide that sanitation or water treatment is unnecessary.

For me, that creates an attractive business characteristic. I generally prefer companies where customers have a strong practical reason to continue purchasing products or services year after year.

Walmart Inc

Walmart Inc

Walmart gives the portfolio exposure to consumer spending, groceries and everyday household products. It is one of the world's largest retailers, operating physical stores, e-commerce platforms and a huge distribution network.

At the end of the first quarter of 2026, the Gates Foundation Trust held approximately 8.4 million Walmart shares worth around $1 billion. This represented a little over 3% of the disclosed portfolio.

Using my £10,000 example, that would give me roughly £300 to £350 invested in Walmart.

The reason Walmart interests me as an investment is that consumers continue buying food, cleaning products and basic household items regardless of what happens in the stock market. Walmart's enormous purchasing power and distribution network also make it difficult for smaller competitors to match its scale.

I would still pay close attention to valuation. A strong company can become a poor investment if I pay too much for the shares. Before investing, I would look at revenue growth, operating margins, free cash flow, e-commerce growth and the company's valuation compared with its historical averages.

FedEx

FedEx

FedEx is another investment worth adding because it gives the portfolio exposure to transportation, logistics and global commerce.

At the end of the first quarter of 2026, the Gates Foundation Trust held approximately 2.4 million FedEx shares worth around $850 million. That represented close to 3% of the disclosed portfolio.

If I followed that allocation with £10,000, I would have approximately £250 to £300 invested in FedEx.

When I look at FedEx, I focus on package volumes, shipping prices, fuel costs, operating margins and the efficiency of its delivery network. E-commerce and international trade can create long-term demand for shipping services, but a global logistics network is also extremely expensive to operate.

This makes FedEx a business I would want to buy at a sensible valuation rather than simply assuming that increasing online shopping will automatically produce higher investment returns.

Other Bill Gates Investments

The smaller holdings are also useful because they show how broad the portfolio becomes beyond the largest positions. Other publicly disclosed investments have included companies such as Coca-Cola FEMSA, Waste Connections, Madison Square Garden Sports, Coupang, Anheuser-Busch InBev, PACCAR, McDonald's, Schrödinger, Danaher, Kraft Heinz, Hormel Foods, On Holding and Veralto.

For me, these smaller investments provide exposure to areas including beverages, waste services, professional sports, e-commerce, restaurants, biotechnology, manufacturing and consumer products.

However, the percentages are important. A company appearing in the portfolio does not necessarily mean it represents a major investment thesis. A position worth $100 million sounds enormous to me personally, but in a portfolio worth more than $30 billion it may represent less than 1% of total disclosed assets.

What I Learned From Bill Gates' Investment Portfolio

The biggest lesson I take from studying Bill Gates' investments is that many of the largest holdings are connected to basic economic activities rather than fashionable trends.

Waste still needs to be collected. Goods still need to be transported. Farmers still need agricultural equipment. Construction companies still require machinery. Businesses still need water and sanitation services. Consumers still buy groceries and household products.

I also learned an important lesson about diversification. A portfolio can contain companies from many industries while still being highly concentrated in a handful of stocks.

For example, if I invested £10,000 using approximately the same first-quarter 2026 weights, I might have around £2,600 in Berkshire Hathaway, £2,000 in Waste Management, £1,700 in Canadian National Railway and £1,400 in Caterpillar. That would put around £7,700 of my £10,000 into just four investments.

I personally would not copy that structure without considering my own financial situation and tolerance for risk. Bill Gates and a multibillion-dollar charitable foundation can afford to approach investments very differently from somebody building a £5,000, £10,000 or £50,000 personal portfolio.

Instead of copying the stocks blindly, I would use the portfolio to generate investment ideas. If I found a company interesting, I would then research its revenue growth, free cash flow, debt, competitive advantages, management, valuation and long-term prospects before investing my own money.

Bill Gates Investment Portfolio Verdict

My final verdict is that Bill Gates' investment portfolio is more useful as a lesson in business quality and long-term investing than as a portfolio to copy share for share.

The most interesting feature for me is the focus on businesses with durable economic roles. Waste Management handles something society cannot avoid. Canadian National Railway owns infrastructure that would be extremely difficult to reproduce. Caterpillar and Deere supply equipment used throughout construction, mining and agriculture. Walmart sells everyday necessities, while Berkshire Hathaway provides exposure to a collection of established businesses.

If I had £10,000 to invest, I would not automatically place £7,000 or £8,000 into the same four companies simply because they appear among Bill Gates' largest holdings. I would probably want more diversification because my personal portfolio would not have the same financial resources, private investments or risk profile behind it.

What I would copy is the mindset rather than the exact allocation. I would look for businesses I can understand, products and services that are likely to remain necessary, strong competitive advantages, healthy cash flow and a price that gives me a reasonable chance of earning a satisfactory long-term return.

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Bill Gates Investment Portfolio List

IC Markets
★★★★☆ (4/5)
Min deposit : 200
IC Markets was established in 2007 and is used by over 200000+ traders. Losses can exceed deposits IC Markets offers Forex, CFDs, Spread Betting, Share dealing, Cryptocurrencies. Cryptocurrency availability with IC Markets is subject to regulation.

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Roboforex
★★★★☆ (4/5)
Min deposit : 10
Roboforex was established in 2009 and is used by over 730000+ traders. Losses can exceed deposits Roboforex offers Forex, CFDs.

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Micro account Standard account ECN account
Islamic account VIP account
Regulated by RoboForex Ltd is authorised and regulated by the Financial Services Commission (FSC) of Belize under licence No. 000138/32, under the Securities Industry Act 2021, RoboForex Ltd is an (A category) member of The Financial Commission, also RoboForex Ltd is a participant of the Financial Commission Compensation Fund
eToro
★★★★☆ (4/5)
Min deposit : 50
Visit eToro Try a Demo Read review

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 52% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

This communication is intended for information and educational purposes only and should not be considered investment advice or investment recommendation. Past performance is not an indication of future results.

Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.

Crypto investments are risky and may not suit retail investors; you could lose your entire investment. Understand the risks here.

Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.

eToro was established in 2007 and is used by over 40000000+ traders. 52% of retail investor accounts lose money when trading CFDs with this provider. eToro offers Social Trading, Stocks, Commodities, Indices, Forex (Currencies), CFDs, Cryptocurrency, Exchange Traded Funds (ETF), Index Based Funds. Cryptocurrency availability with eToro is subject to regulation. Buying and selling real cryptocurrency assets may not be available in your country through eToro. Please check the latest information made available on their website.

Funding methods

Bank transfer Credit Card Paypal

Platforms

eToro Trading App, Mobile Apps, iOS (App Store), Android (Google Play), CopyTrading, Web

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account ECN account
Islamic account VIP account
Regulated by FCA (Financial Conduct Authority) eToro (UK) Ltd (FCA reference 583263), eToro (Europe) Ltd CySEC (Cyprus Securities Exchange Commission), ASIC (Australian Securities and Investments Commission) eToro AUS Capital Limited ASIC license 491139, CySec (Cyprus Securities and Exchange Commission under the license 109/10), FSAS (Financial Services Authority Seychelles) eToro (Seychelles) Ltd license SD076, eToro (ME) Limited (ADGM) Abu Dhabi (UAE) number 220073, eToro (Europe) Ltd (AMF) Autorité des marchés financiers as a digital assets provider France
XTB
★★★★☆ (4/5)
Min deposit : 0
XTB was established in 2002 and is used by over 2000000+ traders. 69% - 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. XTB offers Forex, CFDs, Cryptocurrency. Cryptocurrency availability with XTB is subject to regulation.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, Mirror Trader, Web Trader, Tablet, Mobile Apps, iOS (App Store), Android (Google Play)

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account ECN account
Islamic account VIP account
Regulated by FCA (Financial Conduct Authority reference 522157) XTB Limited, CySEC (Cyprus Securities and Exchange Commission reference 169/12), DFSA (Dubai Financial Services Authority XTB MENA Limited licensed 8 July 2021), FSA (Financial Services Authority Seychelles license number SD148), FSCA (Financial Sector Conduct Authority XTB Africa (Pty) Ltd licensed 10 August 2021), KNF (Komisja Nadzoru Finansowego Polish Financial Supervision Authority)
XM
★★★★☆ (4/5)
Min deposit : 5
XM was established in 2009 and is used by over 15000000+ traders. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.48% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. XM offers Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs, Energies CFDs.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT5, MT5 WebTrader, XM Apple App for iPhone, XM App for Android Google Play, Tablet: MT5 for iPad, MT5 for Android Google Play, XM App for iPad, XM App for iOS (App Store), Android (Google Play), Mobile Apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account ECN account
Islamic account XM Swap-Free account (XM Ultra Low Account) VIP account
Regulated by Financial Sector Conduct Authority (FSCA) (49976) XM ZA (Pty) Ltd, Financial Services Commission (FSC) (000261/27) XM Global Limited, Cyprus Securities and Exchange Commission (CySEC) (license 120/10) Trading Point of Financial Instruments Ltd, Australian Securities and Investments Commission (ASIC) (number 443670) Trading Point of Financial Instruments Pty Ltd
Pepperstone
★★★★☆ (4/5)
Min deposit : 0
Pepperstone was established in 2010 and is used by over 830000+ traders. 75-95 % of retail investor accounts lose money when trading CFDs Pepperstone offers Forex, CFDs, Social Trading.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, cTrader,WebTrader, TradingView, Windows, Mobile Apps, iOS (App Store), Android (Google Play)

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account ECN account
Islamic account Pro Account VIP account
Regulated by Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F217
AvaTrade
★★★★☆ (4/5)
Min deposit : 100
AvaTrade was established in 2006 and is used by over 400000+ traders. 57% of retail investor accounts lose money when trading CFDs with this provider AvaTrade offers Forex, Cryptocurrencies, Commodities, Indices, Stocks, Bonds, Vanilla Options, ETFs, CFDs, Spread Betting, Social Trading. Cryptocurrency availability with AvaTrade is subject to regulation.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, Web Trading, AvaTrade App, AvaOptions, Mac Trading, AvaSocial, Mobile Apps, iOS (App Store), Android (Google Play)

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account ECN account
Islamic account VIP account
Regulated by Australian Securities and Investments Commission (ASIC) Ava Capital Markets Australia Pty Ltd (406684), South African Financial Sector Conduct Authority (FSCA) Ava Capital Markets Pty Ltd (45984), Financial Services Agency (Japan FSA) Ava Trade Japan K.K. (1662), Financial Futures Association of Japan (FFAJ) Ava Trade Japan K.K. (1574), Abu Dhabi Global Markets (ADGM) / Financial Regulatory Services Authority (FRSA) Ava Trade Middle East Ltd (190018), Central Bank of Ireland (C53877) AVA Trade EU Ltd, Polish Financial Supervision Authority (KNF) AVA Trade EU Ltd (branch authorisation), British Virgin Islands Financial Services Commission (BVI) Ava Trade Markets Ltd (SIBA/L/13/1049), Israel Securities Authority (ISA) ATrade Ltd (514666577), Financial Superintendence of Colombia (SFC 0261 of 2024), Investment Industry Regulatory Organization of Canada through Friedberg Direct (IIROC)
FP Markets
★★★★☆ (4/5)
Min deposit : 100
FP Markets was established in 2005 and is used by over 200000+ traders. Losses can exceed deposits FP Markets offers Forex, CFDs, Bonds.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, TradingView, cTrader, WebTrader, Mobile Trader, Mobile Apps, iOS (App Store), Android (Google Play)

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account ECN account
Islamic account VIP account
Regulated by CySEC (Cyprus Securities and Exchange Commission) (371/18), ASIC AFS (Australian Securities and Investments Commission) (286354), FSP (Financial Sector Conduct Authority in South Africa) (50926), Financial Services Authority Seychelles (FSA) (SD 130)
SpreadEx
★★★★☆ (4/5)
Min deposit : 0
SpreadEx was established in 1999 and is used by over 60000+ traders. 62% of retail CFD accounts lose money SpreadEx offers Forex, CFDs, and spread betting.

Funding methods

Bank transfer Credit Card Paypal

Platforms

Web, Mobile Apps, iOS (App Store), Android (Google Play), iPad App, iPhone App, TradingView

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account ECN account
Islamic account VIP account
Regulated by FCA (Financial Conduct Authority) (190941), Gambling Commission (Great Britain) (8835), licence in Ireland as remote bookmaker for fixed odds betting licence number 1016176
EasyMarkets
★★★★☆ (4/5)
Min deposit : 25
easyMarkets was established in 2001 and is used by over 250000+ traders. 76% of retail investor accounts lose money when trading CFDs with this provider. easyMarkets offers CFD, Forex, Commodities, Indices, Shares, Crypto. Cryptocurrency availability with easyMarkets is subject to regulation.

Funding methods

Bank transfer Credit Card Paypal

Platforms

easyMarkets App, Mobile Apps, iOS (App Store), Android (Google Play), Web Platform, TradingView, MT4, MT5

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account ECN account
Islamic account VIP account
Regulated by Easy Forex Trading Ltd is regulated by CySEC (License 079/07). This is the only entity that onboards EU clients. easyMarkets Pty Ltd is regulated by ASIC (AFS License 246566), EF Worldwide Ltd (Seychelles) is regulated by FSA (License SD056), EF Worldwide Ltd (British Virgin Islands) is regulated by FSC (License SIBA/L/20/1135), EF Worldwide (PTY) Ltd is regulated by FSCA (License 54018)
FXPro
★★★★☆ (4/5)
Min deposit : 100
FxPro was established in 2006 and is used by over 11200000+ traders. 74% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider FxPro offers Forex trading, Share Dealing, Spot Indices, Futures, Spot Metals and Spot Energies.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, cTrader, FxPro WebTrader, FxPro Mobile Apps, iOS (App Store), Android (Google Play)

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account ECN account
Islamic account VIP account
Regulated by FCA (Financial Conduct Authority) (509956), CySEC (Cyprus Securities and Exchange Commission) (078/07), FSCA (Financial Sector Conduct Authority) (45052), SCB (Securities Commission of The Bahamas) (SIA-F184), FSA (Financial Services Authority of Seychelles) (SD120)

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Losses can exceed deposits
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Losses can exceed deposits