The Gates Foundation Trust went on a selling spree in the third quarter of 2025, dramatically reshaping its portfolio in what appears to be one of its most aggressive rebalancing moves in recent memory.

Microsoft Takes a Backseat

The headline-grabbing move was the foundation's massive reduction in Microsoft Corp. (MSFT). The trust dumped 17 million shares, slashing its stake by 65% and wiping out $8.267 billion from its Microsoft position. What was once a holding of over 26.19 million shares shrank to just 9.19 million shares.

For context, this is Microsoft—the company co-founded by Bill Gates himself. The dramatic trim sent Microsoft tumbling out of the foundation's top three holdings, a spot it presumably held for quite some time.

According to the latest 13F filing, the foundation's total portfolio value fell from $47.78 billion at the end of the second quarter to $36.58 billion as of September 30. That's an $11.2 billion decline in just three months, driven almost entirely by selling activity.

Nothing Was Safe From the Chopping Block

Microsoft wasn't alone in facing the axe. The foundation also trimmed its other major holdings with surgical precision.

It sold 2,358,460 shares of Berkshire Hathaway Inc. (BRK-B), representing a 10% reduction worth $776.313 million. The trust also cut its Waste Management Inc. (WM) position by 3,300,000 shares, another 10% reduction that totaled $986.291 million.

Canadian National Railway saw 3 million shares exit the portfolio, while Caterpillar Inc. (CAT) lost 1 million shares and Walmart Inc. (WMT) shed 700,000 shares from the trust's holdings.

After all this reshuffling, Berkshire Hathaway (BRK-B), Waste Management (WM), and Canadian National Railway now make up the foundation's top three holdings, with Canadian National Railway's stake edging out Microsoft by a hair in total value.

Complete Exits and Portfolio Streamlining

The foundation didn't just trim—it completely exited two positions. Crown Castle Inc. (CCI) saw all 1,420,072 shares sold off, while United Parcel Service Inc. (UPS) lost all 755,089 shares the trust held.

What's particularly notable is what didn't happen: the trust made zero new purchases and didn't increase a single existing position. This was pure portfolio cleanup, reducing the total number of holdings from 25 to 23.

Breaking Down the Q3 Changes

The quarter's activity paints a clear picture: the Gates Foundation Trust is consolidating, simplifying, and apparently comfortable parting ways with billions in assets—even if one of those assets happens to be the company that made Bill Gates one of the wealthiest people on Earth.