SEATTLE — Bill Gates continues to methodically sell shares from the Bill & Melinda Gates Foundation Trust portfolio in 2026, primarily to generate cash for the foundation's ambitious global health and poverty-fighting initiatives as annual spending ramps up toward $9 billion. The trust, which manages roughly $35 billion in public equities as of late 2025 filings, has focused sales on a handful of longtime holdings rather than broad portfolio overhauls.

The latest 13F filing for the quarter ended Dec. 31, 2025, released Feb. 17, 2026, showed no new purchases and only modest trims in two major positions. Yet ongoing sales activity throughout 2025 and into early 2026 — including significant reductions in prior quarters — highlights a pattern of selective divestment. Foundation managers sell primarily to meet grant-making needs while preserving a concentrated, value-oriented portfolio heavy in industrials, waste management and conglomerates.

Microsoft co-founder Bill Gates is a popular target for conspiracy theorists due to his support for vaccines and innovations in agriculture
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Gates personally holds far less Microsoft stock today than at the company's IPO, having donated billions of shares to the foundation over decades. His family office, Cascade Investment, manages separate assets focused on long-term private and public holdings, but public attention centers on the foundation trust's disclosed equity moves. Here are five stocks the Gates Foundation has been actively selling or trimming in recent periods extending into 2026.

1. Microsoft Corp. (MSFT) The foundation continued trimming its stake in the tech giant co-founded by Gates. In Q4 2025, it reduced holdings by about 16.3 percent, or roughly 1.5 million shares. This followed a much larger 65 percent slash — around 17 million shares — in Q3 2025 that raised billions. The sales reflect ongoing rebalancing and liquidity needs rather than diminished faith in Microsoft, which remains a top holding despite the reductions. The foundation has steadily sold Microsoft shares for years to diversify and fund operations while still retaining a meaningful position valued in the billions.

Gates has long described Microsoft as a core part of his wealth creation, but the foundation's mandate requires deploying capital for charitable causes. Analysts note the sales help avoid over-concentration in tech amid volatile valuations.

2. Berkshire Hathaway Inc. (BRK.B) Berkshire remains the foundation's largest holding, often accounting for nearly 30 percent of the portfolio thanks to annual donations from Warren Buffett. Yet managers regularly sell portions to generate cash. In Q4 2025 alone, the trust trimmed about 2.36 million shares, or roughly 10.8 percent of its position, raising more than $1 billion. Similar incremental sales occurred in prior quarters.

Buffett's donations come with the expectation that the foundation will spend the value plus a percentage of other assets annually. Selling Berkshire shares — a highly liquid, diversified holding — provides a steady funding mechanism without disrupting other positions. Even after trims, Berkshire Class B shares still dominate the portfolio at year-end 2025.

3. Waste Management Inc. (WM) The waste and environmental services leader has been another consistent seller target. In Q3 2025, the foundation cut approximately 3.3 million shares, a roughly 10 percent reduction, though WM still ranked as a top holding valued around $6.4 billion at that time. Sales appear tied to profit-taking after strong performance and the need for liquidity to support increased grant-making.

Waste Management fits the foundation's preference for stable, defensive businesses with predictable cash flows. The company benefits from essential services and growing emphasis on sustainability, yet the foundation has periodically trimmed to rebalance.

4. Canadian National Railway Co. (CNI) The Canadian freight rail operator saw sales of about 3 million shares in Q3 2025, continuing a pattern of modest reductions in this long-term holding. The position, once boosted by direct donations from Gates, has been gradually pared while remaining a significant allocation valued near $5 billion in recent reports.

Railroads offer defensive characteristics and exposure to global trade and commodities, aligning with the portfolio's industrials tilt. Sales help fund philanthropy without fully exiting a high-quality business with strong moats.

5. Caterpillar Inc. (CAT) The heavy machinery and construction equipment maker has faced selective trimming. The foundation reduced its stake by about 1 million shares in Q3 2025 as part of broader portfolio adjustments. Caterpillar still represents a meaningful industrials exposure, benefiting from infrastructure and mining demand, but sales provide flexibility amid the foundation's spending goals.

These moves reflect disciplined capital management rather than a shift away from the underlying businesses. Caterpillar's global reach and cyclical yet resilient earnings make it a classic long-term holding for value-focused investors.

Context and Strategy Behind the Sales

The Bill & Melinda Gates Foundation Trust maintains a highly concentrated portfolio, with the top 10 holdings often representing more than 95 percent of equities. Turnover remains low overall, underscoring a buy-and-hold philosophy inspired by Buffett. Sales are concentrated in the largest, most liquid positions — Berkshire and Microsoft in particular — to minimize market impact while raising cash efficiently.

Foundation officials have signaled plans to ramp up annual spending, driven by ambitious goals in global health, climate and equity. Increased grant-making requires liquidity, and selling appreciated shares in strong performers generates funds while managing tax and concentration risks.

Gates has pledged to give away the vast majority of his fortune during his lifetime, a commitment that necessitates ongoing divestments. His personal Cascade Investment vehicle handles separate assets, including significant stakes in private companies like Republic Services and real assets such as farmland, but public 13F filings focus on the foundation trust.

Market and Philanthropic Implications

The sales have drawn attention from investors tracking "smart money" moves, though analysts caution against reading too much into routine trims. Microsoft's strong fundamentals and growth prospects have kept it resilient despite reductions. Berkshire's diversified empire continues to appeal as a core anchor.

Broader market reaction has been muted, as the volumes sold represent small percentages relative to daily trading. Still, the pattern underscores how even massive philanthropic entities must balance mission-driven spending with prudent portfolio stewardship.

Critics sometimes question the foundation's influence or investment choices, but supporters highlight its focus on high-impact causes backed by stable returns from quality businesses. The portfolio's emphasis on non-tech names like waste management, railroads and machinery reflects a conservative, Buffett-influenced approach that prioritizes durability over high-growth speculation.

As 2026 progresses, investors await the next 13F filing for Q1, expected in mid-May. Any further trims would likely follow the established playbook: modest reductions in core holdings to sustain philanthropy without dramatic shifts.

Gates, now focused heavily on foundation work alongside his climate and health initiatives, continues to exemplify the "giving while living" philosophy. The selective stock sales in 2026 ensure the foundation can deploy capital where it believes it can do the most good — from vaccine development to agricultural innovation in developing nations.

For ordinary investors, the moves offer a window into long-term thinking: identify durable businesses, hold through cycles and deploy gains responsibly. While most cannot match the scale, the underlying principles of patience and purpose remain instructive.

The foundation's activity also highlights the intersection of wealth, investing and philanthropy in modern capitalism. As Gates sells portions of his legacy holdings, the proceeds fuel efforts to tackle some of humanity's toughest challenges, turning stock market gains into measurable global impact.