In this article, we will take a look at the 10 Stocks in Bill Gates’ Portfolio That Analysts are Watching.
The Bill & Melinda Gates Foundation Trust, based in Seattle formed by the merging of the Gates Learning Foundation and the William H. Gates Foundation, is considered the largest private foundation in the world. Bill and Melinda have donated an estimated $47.7 billion of their riches to their predecessor and foundation over the last 30 years.
With plans to raise annual distributions to $9 billion the following year, the Bill & Melinda Gates Foundation has set a record $8.74 billion budget for 2025. Notably, Bill Gates has long promised to donate the majority of his fortune to his charitable foundation.
Gates has now established a deadline for allocating his wealth: the Gates Foundation will cease operations down on December 31, 2045. Depending on variables like inflation and market performance, the Microsoft founder predicts the Foundation will be able to distribute an additional $200 billion between now and 2045.
As of the second quarter of 2025, the Bill & Melinda Gates Foundation Trust boasts about $47.78 billion in stock portfolio value. The growth and dividends earned from these investments will aid in funding future philanthropic efforts.
Our Methodology
For this list, we picked stocks from Bill & Melinda Gates Foundation Trust’s 13F portfolio as of the end of the second quarter of 2025 that analysts are keeping tabs on. These equities are also popular among elite hedge funds.
We have added the performance of each stock from the end of Q2 2025 to October 29, providing readers with insight into how the Bill & Melinda Gates Foundation Trust’s portfolio picks have played out so far.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).
9 Stocks in Bill Gates’ Portfolio That Analysts are Watching
9. Crown Castle Inc. (NYSE:CCI)
Share Price Return Between July 1 and November 7: -13.67%
Bill & Melinda Gates Foundation Trust’s Q2 Stake Value: $145.8 million
Analyst Upside: 28.33%
Number of Hedge Fund Holders: 49
Crown Castle Inc. (NYSE:CCI) ranks among the stocks in Bill Gates’ portfolio that analysts are watching. Following the third-quarter 2025 results for Crown Castle Inc. (NYSE:CCI), KeyBanc reaffirmed its Overweight rating and $120 price target on the company’s shares on October 23. Crown Castle Inc. (NYSE:CCI) delivered better-than-expected results across all key measures in the quarter, leading to the company improving its expectations for site leasing, services, adjusted EBITDA, and AFFO per share.
Crown Castle Inc. (NYSE:CCI) reported $1.07 billion in revenue for the quarter, a 35.1% decrease from the same period a year earlier. Meanwhile, EPS reached $1.12, up from $0.70 in the same period last year. With the exception of Sprint Cancellations, the company announced a 5.2% organic increase in site rental billings and placed an emphasis on becoming the largest U.S. tower operator following the sale of its Fiber Business.
According to KeyBanc, Crown Castle Inc. (NYSE:CCI) is the “best positioned among Towers given its pure U.S. Tower exposure, cost takeout opportunity, and capital return.” Crown Castle Inc. (NYSE:CCI) is expected to achieve mid-20% AFFO per share growth in the first year following the completion of its fiber sale, with high single-digit to low double-digit expansion afterward.
Crown Castle Inc. (NYSE:CCI) is a major player in the real estate investment trust (REIT) sector, with a sizable portfolio that comprises over 40,000 cell towers.
8. Waste Connections Inc. (NYSE:WCN)
Share Price Return Between July 1 and November 7: -10.59%
Bill & Melinda Gates Foundation Trust’s Q2 Stake Value: $401.2 million
Analyst Upside: 26.34%
Number of Hedge Fund Holders: 43
Waste Connections Inc. (NYSE:WCN) ranks among the stocks in Bill Gates’ portfolio that analysts are watching. On October 21, Waste Connections Inc. (NYSE:WCN) released its third quarter financial results, with revenue somewhat higher than what analysts had expected, while adjusted earnings fell short of projections.
The company reported revenue of $2.46 billion in the third quarter, slightly higher than the consensus expectation of $2.45 billion and a 5.1% rise over the same quarter a year earlier. However, adjusted EPS came in at $1.35, missing analyst forecasts of $1.38.
Waste Connections Inc. (NYSE:WCN) also reported an 11.1% increase in its regular quarterly dividend and completed share buybacks totaling roughly 1% of outstanding shares. Year-to-date, the company has completed or secured formal agreements on acquisitions totaling around $300 million in annual revenue.
Following the results, Stifel maintained a Buy rating but lowered its price target for Waste Connections Inc. (NYSE:WCN) to $218 from $221 on October 23, noting that the company’s core business exceeded expectations.
Waste Connections Inc. (NYSE:WCN) is a solid waste management company providing integrated services including non-hazardous waste collection, transfer, disposal, and resource recovery (recycling and renewable fuels).
7. Walmart Inc. (NYSE:WMT)
Share Price Return Between July 1 and November 7: 4.43%
Bill & Melinda Gates Foundation Trust’s Q2 Stake Value: $888.8 million
Analyst Upside: 13.00%
Number of Hedge Fund Holders: 105
Walmart Inc. (NYSE:WMT) ranks among the stocks in Bill Gates’ portfolio that analysts are watching. On October 14, BTIG started tracking Walmart Inc. (NYSE:WMT) with a Buy rating and a $120 price target. Additionally, the firm projected the retail giant’s earnings per share for fiscal years 2026 and 2027 to amount to $2.60 and $2.85, respectively.
BTIG recognized Walmart’s integrated digital and physical strategy as a major contributor in providing value to both customers and shareholders.
The firm stated it is confident that CEO Doug McMillon has set up the company for future growth in both market share and profits. BTIG expects these positive trends to persist despite macroeconomic constraints on the retail sector.
On the same day, Walmart Inc. (NYSE:WMT) announced a collaboration with OpenAI that would enable customers to use the Instant Checkout platform to shop through ChatGPT. According to the retail giant, customers can interact with the system to plan meals, refill essentials, or discover new products through this partnership.
Walmart Inc. (NYSE:WMT) ranks as the world’s largest brick-and-mortar retailer, with over 100,000 stores. The company’s sectors include Walmart US, Walmart International, and Sam’s Club, which provide a wide range of products, including clothes, electronics, and home furnishings.
6. Ecolab Inc. (NYSE:ECL)
Share Price Return Between July 1 and November 7: -6.05%
Bill & Melinda Gates Foundation Trust’s Q2 Stake Value: $1.4 billion
Analyst Upside: 15.57%
Number of Hedge Fund Holders: 59
Ecolab Inc. (NYSE:ECL) ranks among the stocks in Bill Gates’ portfolio that analysts are watching. On October 30, BMO Capital maintained its Outperform rating on Ecolab Inc. (NYSE:ECL) but reduced its price target from $310 to $307 for the company’s shares. Despite Ecolab’s usual safe-haven status, BMO Capital sees the 7% sell-off in shares following the company’s earnings report as an alluring buying prospect.
Ecolab’s third-quarter results showed a 3% increase in organic sales and a 4% increase in reported sales. The company’s growth was fueled by rising pricing, increased volume, and a substantial rise in organic operating income margin, which hit 18.7%. However, given the gains from the divestiture of the global surgical solutions business last year, the reported operating income dropped by 27%.
Amid difficult market conditions, BMO states that Ecolab Inc. (NYSE:ECL) remains on course to meet its 12–15% EPS target in 2025. Even in a subpar macroeconomic climate, management anticipates comparable growth in 2026.
Ecolab Inc. (NYSE:ECL) is a global leader in water, hygiene, and energy technologies. Its solutions serve a wide range of industries, including agriculture, food safety, and industrial processing.
5. Deere & Company (NYSE:DE)
Share Price Return Between July 1 and November 7: -7.98%
Bill & Melinda Gates Foundation Trust’s Q2 Stake Value: $1.8 billion
Analyst Upside: 11.09%
Number of Hedge Fund Holders: 59
Deere & Company (NYSE:DE) ranks among the stocks in Bill Gates’ portfolio that analysts are watching. On October 21, RBC Capital began coverage of Deere & Company (NYSE:DE) with a price target of $542 and an Outperform rating. The firm states that Deere is the top original equipment manufacturer (OEM) of agricultural equipment worldwide.
According to RBC Capital, Deere & Company (NYSE:DE) has made significant investments in R&D and technology to provide a wide range of data-enabled products for the agriculture industry. Additionally, the firm highlighted Deere’s construction and forestry segment as a long-term margin driver with precise machinery and roadbuilding technology, strengthened by its 2017 acquisition of Wirtgen.
Although Deere’s long-term prospects continue to be encouraging, RBC points out that 2025 may prove to be a cyclical low point for earnings as farmer mood is impacted by record U.S. harvests, declining crop prices, and ongoing trade problems.
In fiscal 2026, Deere’s revenue is expected to climb by 4.5% to $47.1 billion, while its adjusted EPS is projected to improve to $20.86 from $18.53. As improvements in productivity and operating leverage gain traction, segment profitability is predicted to improve significantly, driven by a 17.5% increase in operating income.
Deere & Company (NYSE:DE) is an American company that manufactures agricultural, heavy, and forestry machinery, diesel engines, heavy equipment drivetrains, and lawn care equipment. The company also provides financial services and engages in other business operations.
4. Caterpillar Inc. (NYSE:CAT)
Share Price Return Between July 1 and November 7: 44.04%
Bill & Melinda Gates Foundation Trust’s Q2 Stake Value: $2.85 billion
Analyst Upside: 4.34%
Number of Hedge Fund Holders: 76
Caterpillar Inc. (NYSE:CAT) ranks among the stocks in Bill Gates’ portfolio that analysts are watching. Bernstein SocGen Group maintained a Market Perform rating on Caterpillar Inc. (NYSE:CAT) and raised its price target from $502 to $557 on October 30. The increase followed the company’s third-quarter performance, which showed gains in backlog and orders, mainly due to growth in the power generation division.
The company’s backlog jumped by $2.4 billion to $39.9 billion, which hints towards $19.1 billion in orders, a 5% increase quarter-over-quarter. The Energy & Transportation segment also performed well, with revenues of $8.397 billion, up 17% from $7.187 billion the year before. This expansion was fueled by increased sales volume in a variety of sectors, including power generation.
Despite this, tariffs caused negative impacts of almost $600 million in the third quarter, extending the full-year impact by $25 million to $1.675 billion.
Caterpillar Inc. (NYSE:CAT) is a leading global producer of heavy machinery, manufacturing equipment used in construction and mining, along with diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives.
3. Waste Management, Inc. (NYSE:WM)
Share Price Return Between July 1 and November 7: -11.75%
Bill & Melinda Gates Foundation Trust’s Q2 Stake Value: $7.3 billion
Analyst Upside: 22.39%
Number of Hedge Fund Holders: 43
Waste Management, Inc. (NYSE:WM) ranks among the stocks in Bill Gates’ portfolio that analysts are watching. On November 4, Baird raised its price target from $238 to $242 and upgraded Waste Management (NYSE:WM) from Neutral to Outperform.
Despite several challenges, Baird was optimistic about Waste Management’s 2026 prospects, pointing out that the company’s present valuation “looks well-grounded and leaves solid upside for a large-cap name.”
The rating follows the company’s third-quarter adjusted earnings on October 27 which came in below analyst forecasts. The waste collection and disposal company revealed revenue of $6.44 billion, which was below the consensus forecast of $6.5 billion, and adjusted earnings per share of $1.98, which fell short of the analyst forecasts of $2.03.
The company maintained its free cash flow projection between $2.8 billion to $2.9 billion and its full-year adjusted operating EBITDA forecast at $7.475 billion and $7.625 billion.
However, Waste Management, Inc. (NYSE:WM) reduced its total company revenue forecast to around $25.275 billion, the low end of its previous guidance range, citing continuing decreases in recycled commodity pricing and somewhat lower revenue projections from WM Healthcare Solutions.
Waste Management, Inc. (NYSE:WM) is a waste collection and disposal industry leader with a dominant market share and unequaled landfill ownership.
2. Berkshire Hathaway Inc. (NYSE:BRK-A)
Share Price Return Between July 1 and November 7: 2.07%
Bill & Melinda Gates Foundation Trust’s Q2 Stake Value: $11.7 billion
Analyst Upside: 2.12%
Number of Hedge Fund Holders: 133
Berkshire Hathaway Inc. (NYSE:BRK-A) ranks among the stocks in Bill Gates’ portfolio that analysts are watching. Berkshire Hathaway’s earnings report for the third quarter of 2025, released on November 1, showed a substantial increase in net earnings for shareholders, which rose from $26.3 billion last year to $30.8 billion this year. The company’s overall revenues also went up. This was a result of strong performance in its insurance and other divisions, as well as sustained contributions from its railroad, utilities, and energy activities.
Some of the highlights of the report include a considerable increase in cash and cash equivalents, which grew to $72.2 billion from $44.3 billion at the end of 2024, alongside a substantial spike in equity securities investments, which now total $283.2 billion.
Overall earnings, which include gains from the conglomerate’s stakes in other publicly held companies, increased by 17% to $30.8 billion year-over-year.
Following the company’s results, TD Cowen analyst Andrew Kligerman maintained a Hold rating on BRK-A shares, with a price target of $718,000.
Berkshire Hathaway Inc. (NYSE:BRK-A) is an American multinational conglomerate holding company that is best known for being led by billionaire investor Warren Buffett.
1. Microsoft Corporation (NASDAQ:MSFT)
Share Price Return Between July 1 and November 7: 0.97%
Bill & Melinda Gates Foundation Trust’s Q2 Stake Value: $13 billion
Analyst Upside: 27.44%
Number of Hedge Fund Holders: 294
Microsoft Corporation (NASDAQ:MSFT) ranks among the stocks in Bill Gates’ portfolio that analysts are watching. On October 30, Cantor Fitzgerald reaffirmed its Overweight rating and $639 price target for Microsoft Corporation (NASDAQ:MSFT) in response to the company’s F1Q26 earnings report, which revealed that the tech giant had surpassed expectations across most divisions.
In constant currency, the company’s revenue increased by almost 17%, exceeding Street projections of roughly 14%. Azure cloud services recorded a rise of 39% in constant currency, an increase that was slightly higher than anticipated but steady quarter-over-quarter.
As Microsoft Corporation (NASDAQ:MSFT) continues to expand its AI infrastructure, capital expenditure is expected to climb at an increased pace compared to the 58% growth recorded in fiscal 2025. Microsoft also reported that its artificial intelligence hardware usage has improved due to software-driven optimizations that have raised token delivery for leading LLMs by more than 30% per GPU.
Microsoft Corporation (NASDAQ:MSFT) develops and supports software, services, devices, and solutions worldwide.
While we acknowledge the potential of MSFT to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MSFT and that has 100x upside potential, check out our report about this cheapest AI stock.
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