Gates Foundation Reports No Position In Goldman Sachs
djones
The Bill and Melinda Gates Foundation, the world's largest private
philanthropy, made few significant adjustments to its portfolio in the last
quarter of 2010, with the exception of eliminating its position in Goldman Sachs
Group Inc. (GS).
The endowment held 500,000 shares in the New York-based investment banking
company in September, but held none at the end of the year, according to a
regulatory filing Monday.
The philanthropy, created by Microsoft Corp. (MSFT) co-founder Bill Gates and
his wife, ended 2010 with total stock holdings of $15.1 billion, a 3% gain since
its last filing, for the period ending in September.
In addition to the elimination of the Goldman Sachs stake, the foundation also
reported it no longer held shares in Cabot Oil & Gas Corp. (COG), Devon Energy
Corp. (DVN) and Range Resources Corp. (RRC). The fund also reported making
investments in Semgroup Corp. (SEMG) and beverage company Femento Economico
Mexicano SAB (FMX), otherwise known as Femsa.
The endowment adjusted positions in 13 of its 28 holdings during the quarter,
but didn't make any substantial moves in the character of the portfolio. The
largest holding is 89 million B shares of Berkshire Hathaway Inc. (BRKB) with a
value of $7.16 billion.
In his annual letter outlining his goals for the foundation, Gates said he
remains focused on using the wealth to improve education in the U.S. and
elsewhere, end polio, continue work on vaccines for diseases such as malaria,
and saving the youngest and most vulnerable children in the world.
Many investors who manage more than $100 million are required to disclose most
securities holdings within a month and a half of the end of a quarter. The
filings give the public a relatively fresh look at the portfolios of well-known
investors.
-By Steven D. Jones, Dow Jones Newswires; 360 834-1865; steve-d.jones@
dowjones.com