Microsoft No Longer Top 3 Holding After Gates Foundation Sells 17 Million Shares - Microsoft (NASDAQ:MSFT)

Core Insights - The Gates Foundation Trust significantly rebalanced its portfolio in Q3 2025, reducing its largest holdings and exiting several positions entirely [1][2]. Portfolio Changes - The total portfolio value decreased from $47.78 billion at the end of Q2 to $36.58 billion by September 30 [2]. - A notable 65% reduction in Microsoft Corp. (MSFT) stake occurred, with the trust selling 17 million shares, reducing its holding from over 26.19 million shares to 9.19 million shares, resulting in a decrease of $8.267 billion in value [2]. - Other major reductions included: - Berkshire Hathaway Inc. (BRK) saw a 10% reduction with the sale of 2,358,460 shares for $776.313 million [3]. - Waste Management Inc. (WM) position was trimmed by $986.291 million, equating to a 10% reduction of 3,300,000 shares [3]. - Canadian National Railway Co. (CNR) shares were reduced by 3,000,000, and Caterpillar Inc. (CAT) by 1,000,000 shares [3]. - Walmart Inc. (WMT) had a reduction of 700,000 shares [3]. - The foundation completely exited its positions in Crown Castle Inc. (CCI) and United Parcel Service Inc. (UPS), selling all shares [4]. Current Holdings - Following these changes, the top three holdings of the foundation became Berkshire Hathaway, Waste Management, and Canadian National Railway, with CNR's stake slightly higher in value than MSFT [4]. - The total number of holdings in the trust's portfolio decreased from 25 to 23, with no new purchases or increases to existing stakes [5]. Summary of Major Q3 2025 Changes | Action | Company | Shares Sold | New Holding | |-------------------|-------------------------------|---------------|------------------| | Top Subtraction | Microsoft Corp. | -17,000,000 | 9,191,207 | | Subtraction | Waste Management Inc. | -3,300,000 | 28,934,344 | | Subtraction | Canadian National Railway | -3,000,000 | 51,826,786 | | Subtraction | Berkshire Hathaway Inc. | -2,358,460 | 21,765,224 | | Subtraction | Caterpillar Inc. | -1,000,000 | 6,353,614 | | Subtraction | Walmart Inc. | -700,000 | 8,390,477 | | Complete Exit | Crown Castle Inc. | -1,420,072 | 0 | | Complete Exit | United Parcel Service Inc. | -755,089 | 0 | [6]