GATES FOUNDATION TRUST

The most significant move was the complete liquidation of the Microsoft stake. At the end of 2025, MSFT sat at 10.5% of the portfolio, worth approximately $3.72 billion. By March 31, it was gone entirely — sold out, not simply reduced. That is a meaningful directional call on a position the trust had carried for years, and the timing is notable: Microsoft has been one of the most visible beneficiaries of the AI infrastructure buildout, yet the trust chose to exit just as that narrative reached peak momentum. The sale freed substantial capital that was not redeployed into new names — the changes summary shows zero new positions initiated — suggesting the proceeds were absorbed into portfolio cash or used to fund the other adjustments.

The second headline move was a meaningful reduction in Berkshire Hathaway, the historical anchor of the book. BRK/B was reduced by 2.4 million shares, a 12.2% cut that shaved $1.59 billion from the position. At 25.8% of the portfolio it remains comfortably the largest single holding, but the direction of travel matters: a charitable trust dialing down its greatest single-name exposure is worth watching. The trust has historically shown high conviction in Berkshire's compounding machine; a quarter where that conviction is allowed to drift lower signals either a portfolio-rebalancing decision or — more interestingly — a quiet recalibration of how much single-name risk the structure can tolerate.