Bill Gates and Melinda French Gates’ Gates Foundation Trust reshuffled its investment holdings in the second quarter of 2026, trimming its stake in Warren Buffett’s Berkshire Hathaway (NYSE:BRK) by more than $800 million while initiating a new position in Home Depot (NYSE:HD), signaling a shift toward consumer retail and logistics infrastructure.

Trimming Berkshire Hathaway and Waste Management

According to the trust’s second-quarter 13F regulatory disclosure, the foundation reduced its long-standing stake in Berkshire Hathaway by 14%.

The trust offloaded 2.4 million shares, leaving it with 14.7 million shares. This divestment slashed the holding’s overall market value by $818.9 million—dropping from $8.17 billion in the first quarter to $7.35 billion by June 30.

The trust also trimmed its position in Waste Management (NYSE:WM), selling 921,600 shares, a 3% reduction, and lowering its stake value by $396.4 million to $5.96 billion.

Adding Home Depot and Logistics Stakes

Reallocating capital into new opportunities, the foundation trust established two brand-new positions during the quarter. Most notably, the trust acquired 1,000,000 shares of Home Depot, establishing a position valued at $352.7 million.

Additionally, it initiated a 1,192,181-share stake in FedEx Freight Holding Company Inc. (NYSE:FDXF), worth $180 million.

Following its complete liquidation of Microsoft Corp. (NASDAQ:MSFT) in the first quarter of 2026, the Gates Foundation Trust saw its total portfolio value climb from $31.67 billion across 22 holdings to $34.42 billion across 24 holdings at the end of the second quarter.

Portfolio Adjustments: Q1 2026 vs. Q2 2026

Company	Q1 2026 Shares	Q2 2026 Shares	Share Change	Q1 2026 Value ($000)	Q2 2026 Value ($000)	Value Change ($000)
Berkshire Hathaway	17,048,304	14,689,844	-2,358,460 (-14%)	$8,169,547	$7,350,651	-$818,896 (-10%)
Home Depot	0	1,000,000	+1,000,000 (NEW)	$0	$352,680	+$352,680 (NEW)
FedEx Freight Holding	0	1,192,181	+1,192,181 (NEW)	$0	$180,019	+$180,019 (NEW)
Waste Management	27,642,344	26,720,744	-921,600 (-3%)	$6,351,934	$5,955,519	-$396,415 (-6%)

How Has HD Performed In 2026?

HD shares fell 1.52% year-to-date, declined 15.35% over the last year, and 13.35% over the last six months. It closed 0.83% lower at $338.86 per share on Friday, and it was 0.32% lower in premarket trading on Monday.

Benzinga’s Edge Stock Rankings indicate that HD maintains a weak price trend in the long term but a strong trend in the short and medium terms, with a poor growth score.

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