--- title: "Charitable Foundation 13Fs: Mastercard Foundation, Gates, Buffett" type: learn slug: charitable-foundation-13f-mastercard-gates-foundation-buffett canonical_url: https://13finsight.com/learn/charitable-foundation-13f-mastercard-gates-foundation-buffett published_at: 2026-05-15T06:52:38.159Z updated_at: 2026-05-15T06:52:41.511Z author: Sarah Mitchell author_title: Education Editor author_url: https://13finsight.com/authors/sarah-mitchell word_count: 738 locale: en source: 13F Insight --- # Charitable Foundation 13Fs: Mastercard Foundation, Gates, Buffett > The Mastercard Foundation holds $32.6 billion in MA at 96.84% of its 13F. The Gates Foundation Trust, Buffett's Susan Thompson Foundation, and other large charitable foundations file similar concentrated structures. Reading them requires understanding the founding-gift mechanics and perpetual endowment mandates. Large charitable foundations periodically file Form 13F-HR when their US-listed equity holdings exceed the $100 million threshold. Mastercard Foundation Asset Management Corp holds 96.84% of its $32.6 billion 13F in Mastercard stock — the founding gift from the 2006 Mastercard IPO compounded across two decades. The Bill & Melinda Gates Foundation Trust files holdings reflecting Berkshire Hathaway, Microsoft, and other founder-related strategic gifts. Warren Buffett's Susan Thompson Buffett Foundation and other charitable vehicles he has funded show similar founding-gift concentration patterns. Reading these 13Fs with the same lens as a discretionary investment manager is wrong — the position structure reflects perpetual-endowment mandates rather than current investment views.What a charitable foundation 13F actually isA charitable foundation is a tax-exempt non-profit organization typically funded by a founder's gift of cash, securities, or operating-business stakes. The foundation's mandate is to use the gift's investment returns plus periodic principal liquidation to fund charitable activities. Most US private foundations operate under IRS Section 501(c)(3) and are required to distribute at least 5% of their average net assets annually for charitable purposes.The 13F filing reflects only the US-listed equity portion of the foundation's total endowment. Many large foundations hold meaningful exposure across other asset classes (private equity, real estate, fixed income, international equity, alternatives) that are not reported on Form 13F-HR.Why founding-gift concentration persistsThree structural drivers produce sustained single-name concentration in charitable foundation 13Fs:Founding-gift mechanics. When a founder gifts their own company stock to establish a foundation, the gift composition determines the initial portfolio. The Mastercard Foundation's 13.5 million Mastercard shares (gifted at the 2006 IPO) became the structural foundation of the endowment.Tax efficiency of holding versus selling. Selling the founding-gift stock triggers capital-gains-equivalent tax considerations for the foundation (technically tax-exempt at the federal level but subject to UBIT and state-level rules in some cases). Holding the appreciated position avoids these mechanics.Perpetual-endowment mandates. Many foundation founding documents specify perpetual endowment status — the foundation should operate indefinitely. Liquidating the founding gift would require board approval and run counter to the perpetual mandate.How to identify a charitable foundation 13FFive fingerprints:Filer name contains 'Foundation', 'Charitable Trust', or founder's name + 'Foundation'. Mastercard Foundation Asset Management, Bill & Melinda Gates Foundation Trust, Susan Thompson Buffett Foundation, Wellcome Trust, Pritzker Family Foundations.Extreme single-name concentration in founding-company stock. When a foundation named after Company X holds 50-99% in Company X stock, founding-gift mechanics are almost certainly the cause.Tax-exempt status reflected in operating disclosures. 990-PF filings (annual private foundation tax filings) disclose endowment composition, distribution rates, and grant-making activity.Position is structurally stable across years. Foundation founding-gift positions typically persist for decades with minimal trimming.13F position count is small. Most foundation 13Fs report 5-30 positions; large discretionary managers report 200-2,000+ positions.The largest US charitable foundation 13F filersFoundationFounding-Gift PositionConcentrationMastercard Foundation Asset Management CorpMastercard (MA)96.84% of 13FBill & Melinda Gates Foundation TrustBerkshire Hathaway, MicrosoftConcentrated in legacy giftsSusan Thompson Buffett FoundationBerkshire Hathaway (gifted)Highly concentratedWellcome Trust Ltd (UK)Diversified internationalLarger AUM, more diversifiedHoward Hughes Medical Institute TrustDiversifiedLess concentratedHershey Trust CompanyHershey (HSY) Class B96.35% of 13FThe Hershey Trust technically operates differently (controlling-shares trustee for the Milton Hershey School Trust) but produces structurally similar 13F shape — 96.35% concentration in founding-company stock.How to read charitable foundation 13FsThree rules:Rule 1: Treat the concentration as structural, not directionalThe Mastercard Foundation's 96.84% MA concentration is not a view on Mastercard's fundamentals. It is the founding-gift composition compounded across time. Reading it as a trade signal misreads the source.Rule 2: Watch for material trimming eventsFoundation 13F position changes are rare and high-information when they happen. Material trimming typically reflects:Required distributions exceeding the position's natural dividend yield.Board governance decisions to diversify the endowment.Founder-family request via specific charitable-purpose mandate.Tax-planning or estate-planning rebalancing.Rule 3: Cross-reference with 990-PF filingsThe IRS Form 990-PF is the annual private foundation tax filing. It discloses endowment composition, distribution rates, grant-making activity, and operating expenses. 990-PFs provide context the 13F alone cannot — the foundation's total asset base, grant-making history, and strategic priorities.What charitable foundation 13Fs are useful forIdentifying founder-gift concentrations. Foundation 13Fs reveal which public companies have been the source of major founder charitable gifts.Tracking annual distribution patterns. Material annual sales (typically 3-5% of asset value) signal distribution-rate mechanics.Cross-checking with corporate governance. When a foundation holds 5%+ beneficial ownership of a US-listed company, the foundation's voting authority can affect corporate governance.For real-time tracking of charitable-foundation 13F activity, see the institutional signals feed. For related reading techniques on structurally concentrated 13F filings, see our founder-trust decoder and the broader explainer hub. ## FAQ ### What is a charitable foundation 13F? A charitable foundation 13F is the Form 13F-HR filing of a tax-exempt non-profit organization with $100+ million in US-listed equity holdings. Examples include Mastercard Foundation Asset Management Corp ($32.6B mostly in MA), Bill & Melinda Gates Foundation Trust (Berkshire + Microsoft legacy gifts), Susan Thompson Buffett Foundation (Berkshire gifts), and Wellcome Trust. Most US private foundations are required to distribute at least 5% of average net assets annually for charitable purposes. ### Why is the Mastercard Foundation 96.84% in Mastercard stock? The concentration reflects the structural composition of the founding gift made at Mastercard's 2006 IPO. Mastercard contributed 13.5 million Class A shares to establish the Foundation (originally valued at approximately $500 million). After roughly 50x stock-price appreciation plus dividend reinvestment, the position is now $32.6 billion — 96.84% of the Foundation's reported 13F. The position is structural perpetual-endowment, not a current investment view. ### How do I identify a charitable foundation 13F? Five fingerprints: (1) filer name contains 'Foundation', 'Charitable Trust', or a founder's surname; (2) extreme single-name concentration (50-99% in a founding-company stock); (3) tax-exempt status reflected in operating disclosures (990-PF filings); (4) position is structurally stable across years with minimal trimming; (5) 13F position count is small (5-30 positions versus 200-2,000+ for discretionary managers). ### Should I follow charitable foundation 13F positions? No. Foundation concentrations reflect founding-gift structural mechanics rather than discretionary investment views. Treating the Mastercard Foundation's 96.84% MA position as a stock-picker signal misreads the source — the Foundation would hold the same concentration regardless of MA's current price level. Foundation 13Fs are useful for tracking founder-gift patterns, distribution-rate mechanics, and corporate-governance voting authority, not as trade signals. ### What is Form 990-PF and how does it relate to 13F? Form 990-PF is the annual IRS private foundation tax filing that discloses endowment composition, distribution rates, grant-making activity, and operating expenses. It provides context the 13F alone cannot capture — the foundation total asset base across all asset classes (private equity, real estate, fixed income), grant-making history, and strategic priorities. Cross-referencing 990-PF with 13F gives the complete picture. ### Are foundation distributions required by law? Yes, for US private foundations. IRS Section 4942 requires private foundations to distribute at least 5% of average net assets annually for charitable purposes or face excise tax penalties. The 'qualifying distributions' include direct grant-making plus reasonable administrative expenses. The 5% minimum is why most large foundation 13F filings show modest annual position trimming — to fund the required distribution amount. --- Source: 13F Insight — https://13finsight.com/learn/charitable-foundation-13f-mastercard-gates-foundation-buffett Author: Sarah Mitchell — https://13finsight.com/authors/sarah-mitchell Last updated: 2026-05-15T06:52:41.511Z