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Bill & Melinda Gates Foundation Trust’s Top Stock Positions Remain Intact, Save for Berkshire Hathaway Inc. (BRK.B) Stake

#4. Caterpillar Inc. (NYSE:CAT)

– Number of shares owned by Bill & Melinda Gates Foundation as of March 31: 11.26 Million

– Value of Bill & Melinda Gates Foundation’s holding as of March 31: $861.81 Million

The philanthropic organization reported owning 11.26 million shares of Caterpillar Inc. (NYSE:CAT) through the latest round of 13Fs, which were valued at $861.91 million at the end of March, higher than $765.29 million a quarter earlier. The heavy-machinery maker has seen its market value gain 2% since the start of 2016. Hedge fund manager David Einhorn of Greenlight Capital recently voiced his bearish views on Caterpillar at the Sohn Investment Conference in New York. The hedge fund manager believes the industrial-machinery maker may face tumultuous times ahead due to slowing demand for coal and the end of a boom in the iron ore industry. “We think Caterpillar will trade at somewhere around half of its current prices”, said Mr. Einhorn at the annual Sohn Conference. Just recently, Caterpillar reduced its 2016 top-line guidance to the range of $40 billion-to-$42 billion from $40 billion to $44 billion despite witnessing higher commodity prices and signs of revamped demand for construction equipment in China. Christopher A. Winham’s Tide Point Capital acquired a new stake of 500,000 shares of Caterpillar Inc. (NYSE:CAT) during the March quarter.

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#3. Canadian National Railway (USA) (NYSE:CNI)

– Number of shares owned by Bill & Melinda Gates Foundation as of March 31: 17.13 Million

– Value of Bill & Melinda Gates Foundation’s holding as of March 31: $1.07 Billion

There were 17.13 million shares of Canadian National Railway (USA) (NYSE:CNI) in the philanthropic organization’s portfolio at the end of the first quarter. The stake was valued at $1.07 billion on March 31 and made up 6.2% of the fund’s portfolio. Just recently, Canada’s largest railway reduced the 2016 bottom-line forecast due to weaker-than-anticipated freight demand in certain markets, as well as the strengthening of the Canadian dollar against the green buck. As a result, the Montreal-based company currently anticipates 2016 earnings per share in line with last year’s figure, as compared to the previous guidance of mid-single digit EPS growth. Canadian National Railway’s revenues were impacted by lower shipments of energy-related commodities such as crude oil, frac sand, drilling pipe and semi-finished steel products, as well as reduced shipments of coal. The shares of the railway are up 3% year-to-date. Ken Fisher’s Fisher Asset Management upped its stake in Canadian National Railway (USA) (NYSE:CNI) by roughly 2% during the first three months of 2016 to 806,107 shares.

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