In this article, we discuss the top 20 stocks in the Bill Gates stock portfolio. If you want to read about some more stocks in the Gates portfolio, go directly to Bill Gates Portfolio Stock List: Top 5 Stocks.
Bill Gates is one of the most well-known personalities in the world of finance even though his claim to fame is in the software business. This is because Gates has successfully built an investing empire over the past few decades that has been one of the best performers on Wall Street. Gates, who left his role on the board of Microsoft, one of the largest tech companies in the world, in May 2020 has a personal net worth of more than $105 billion. The moves that his hedge fund makes in the market are heavily scrutinized by the media.
Gates founded Bill & Melinda Gates Foundation Trust, the investment arm of the Gates Foundation, in 2000. His personal money manager, Michael Larson, has since been overseeing the equity investments of the fund. The value of the equity portfolio of the fund was close to $33 billion at the end of the third quarter of 2022. The fund has a history of investing in firms with a long-term strategy in mind. This strategy has slowly started changing in the past few quarters as Larson prepares for a possible economic crisis.
Between June and September, the portfolio value of the fund increased by more than $16 billion. During this time, the fund made new purchases in two stocks, additional purchases in seven stocks, sold out of one stock, and reduced holdings in one stock. The top ten holdings of the fund comprise over 96% of the portfolio. Some of the top stocks in the portfolio at the end of September included Microsoft Corporation (NASDAQ:MSFT), Berkshire Hathaway Inc. (NYSE:BRK-A), and Walmart Inc. (NYSE:WMT).
Our Methodology
The stocks were picked from the third quarter regulatory filings of Bill & Melinda Gates Foundation Trust.
Bill Gates Portfolio Stock List: Top Stocks
20. Weber Inc. (NYSE:WEBR)
Number of Hedge Fund Holders: 4
Weber Inc. (NYSE:WEBR) is an outdoor cooking company that manufactures and distributes outdoor cooking products, accessories, consumables, and services in North America, Europe, Australia, and internationally. On November 9, BDT Capital, a Chicago-based investment company and merchant bank, provided a loan of $60 million to Weber Inc. It is the same company which offered to buy Weber company in October 2022. BDT Capital has been a controlling shareholder in partnership with the Stephen family and Weber management since December 2010. Latest data shows that Bill & Melinda Gates Foundation Trust holds 2.5 million shares in the company worth more than $16 million, representing 0.04% of the portfolio.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Weber Inc. (NYSE:WEBR) with 207,800 shares worth more than $1.3 million.
Just like Microsoft Corporation (NASDAQ:MSFT), Berkshire Hathaway Inc. (NYSE:BRK-A), and Walmart Inc. (NYSE:WMT), Weber Inc. (NYSE:WEBR) is one of the top stocks in the Bill Gates stock portfolio.
19. Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF)
Number of Hedge Fund Holders: 9
Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) is a franchise bottler that produces, markets, sells and distributes Coca-Cola trademark beverages. On October 25, Galicia Abogados, a Mexican law firm, announced that it helped Coca-Cola FEMSA to raise $299 million in the issuance of social and sustainable bonds. On November 8, Coca-Cola FEMSA revealed that it has signed an agreement to acquire NetPay, a financial services company. According to 13F data from September 2022, Bill & Melinda Gates Foundation Trust owns over 6.2 million shares in the firm worth $362 million, representing 1.06% of the portfolio.
On October 26, Barclays analyst Benjamin Theurer maintained an Overweight rating on Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF) stock and raised the price target to $72 from $65, noting that the company reported a strong performance despite headwinds.
At the end of the third quarter of 2022, 9 hedge funds in the database of Insider Monkey held stakes worth $462 million in Coca-Cola FEMSA, S.A.B. de C.V. (NYSE:KOF), compared to 6 in the previous quarter worth $461 million.
18. Vroom, Inc. (NASDAQ:VRM)
Number of Hedge Fund Holders: 10
Vroom, Inc. (NASDAQ:VRM) operates as a used automotive retailer in the United States. On October 6, Jefferies analyst John Colantuoni maintained a Hold rating on Vroom, Inc. (NASDAQ:VRM) stock and lowered the price target to $1.30 from $1.70, noting that the estimates and price targets were reduced across the US internet in anticipation of a slowing macro environment. Securities filings show that Bill & Melinda Gates Foundation Trust owned 2.5 million shares of the firm at the end of the third quarter of 2022 worth $2.9 million, representing a small portion of the portfolio.
Among the hedge funds being tracked by Insider Monkey, New York-based firm Mudrick Capital Management is a leading shareholder in Vroom, Inc. (NASDAQ:VRM) with 130.4 million shares worth more than $38.5 million.
In its Q1 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Vroom, Inc. (NASDAQ:VRM) was one of them. Here is what the fund said:
“Among Strategy exits, we eliminated online car sales platform Vroom, Inc. (NASDAQ:VRM) due to continuing execution woes, operating deficits and a major pivot to sub-prime financing through a large acquisition.”
17. Schrödinger, Inc. (NASDAQ:SDGR)
Number of Hedge Fund Holders: 26
Schrödinger, Inc, (NASDAQ:SDGR) provides a physics-based software platform that enables the discovery of novel molecules for drug development and materials applications. On November 3, Schrodinger posted earnings for the third quarter of 2022, reporting losses per share of $0.56. The revenue over the period was $37 million, up 23% compared to the revenue over the same period last year. Regulatory filings show that Bill & Melinda Gates Foundation Trust owned more than 6.9 million shares in the firm at the end of September 2022 worth $174 million, representing close to 0.51% of the portfolio.
On November 4, Citi analyst David Lebowitz maintained a Buy rating on Schrödinger, Inc. (NASDAQ:SDGR) stock and lowered the price target to $48 from $55, noting that the company issued mixed guidance.
At the end of the third quarter of 2022, 26 hedge funds in the database of Insider Monkey held stakes worth $405.7 million in Schrödinger, Inc, (NASDAQ:SDGR), compared to 23 in the previous quarter worth $477 million.
In its Q4 2021 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Schrödinger, Inc, (NASDAQ:SDGR) was one of them. Here is what the fund said:
“Our Disruptive Growth investments are pursuing idiosyncratic opportunities across the entirety of the global economy. Schrödinger, Inc, (NASDAQ:SDGR) is pushing the boundaries of drug development by pursuing novel diagnostics and therapeutics in areas including neurodegenerative disease and blood cancers.”
16. Waste Connections, Inc. (NYSE:WCN)
Number of Hedge Fund Holders: 33
Waste Connections, Inc. (NYSE:WCN) provides non-hazardous waste collection, transfer, disposal, and resource recovery services in the United States and Canada. On October 27, Waste Connections released its 2022 Sustainability Report which highlighted the progress towards aspirational ESG targets. Additionally, the firm introduced new emission reduction targets for 2023. Mandatory filings show that Bill & Melinda Gates Foundation Trust owned over 2.1 million shares in the company at the end of the third quarter of 2022 worth $290 million, representing 0.85% of the portfolio.
On October 24, Jefferies analyst Stephanie Moore assumed coverage of Waste Connections, Inc. (NYSE:WCN) stock with a Buy rating and a $165 price target.
Among the hedge funds being tracked by Insider Monkey, Maryland-based investment firm Durable Capital Partners is a leading shareholder in Waste Connections, Inc. (NYSE:WCN) with 2.1 million shares worth more than $287 million.
In its Q3 2022 investor letter, Carillon Tower Advisers, an asset management firm, highlighted a few stocks and Waste Connections, Inc. (NYSE:WCN) was one of them. Here is what the fund said:
“Waste Connections, Inc. (NYSE:WCN) is a solid waste company providing non-hazardous waste collection, transfer and disposal services, and recycling services in mostly exclusive and secondary markets throughout the United States and Canada. The company has operated well throughout the recent period of rising cost pressures by largely succeeding in passing through the majority of the elevated costs to customers. Investors have also appreciated the defensive characteristics inherent in the firm’s business model as we approach a period of economic uncertainty.”
15. Coupang, Inc. (NYSE:CPNG)
Number of Hedge Fund Holders: 36
Coupang, Inc. (NYSE:CPNG) owns and operates an e-commerce business through its mobile applications and internet websites primarily in South Korea. On November 10, the stock of Coupang rose more than 20% after reporting profits in its earnings reports for the third quarter of 2022. The revenue of the company grew 10% to $5.1 billion and the net revenue per active customer was $284. Securities filings show that Bill & Melinda Gates Foundation Trust owned over 9.2 million shares in the firm at the end of the third quarter of 2022 worth $154 million, representing 0.45% of the portfolio.
On October 7, HSBC analyst Junhyun Kim initiated coverage of Coupang, Inc. (NYSE:CPNG) stock with a Buy rating and a $27.80 price target.
Among the hedge funds being tracked by Insider Monkey, Dallas-based investment firm Maverick Capital is a leading shareholder in Coupang, Inc. (NYSE:CPNG) with 81 million shares worth more than $1.35 billion.
In its Q3 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Coupang, Inc. (NYSE:CPNG) was one of them. Here is what the fund said:
“Coupang, Inc. (NYSE:CPNG), the largest e-commerce platform in South Korea, contributed after reporting a sizable beat on second-quarter earnings and raising annual EBITDA guidance. Upside was concentrated in e-commerce, where Coupang is now driving sequential margin expansion while maintaining a growth rate that is triple that of the industry average, lending credence to the investment case that Coupang will consolidate the fragmented e-commerce industry in Korea across both general merchandise and grocery, with healthy long-term margins to follow.”
14. Madison Square Garden Sports Corp. (NYSE:MSGS)
Number of Hedge Fund Holders: 38
Madison Square Garden Sports Corp. (NYSE:MSGS) operates as a professional sports company. On October 6, Madison Square Garden Sports Corp. declared a plan by which it will return about $250 million to its shareholders through accelerated buybacks and a special dividend. The company’s stock rose 2.6% after a few hours of the plan’s announcement. At the end of September 2022, Bill & Melinda Gates Foundation Trust owned over 592,000 shares in the firm worth close to $80 million, representing 0.23% of the portfolio.
At the end of the third quarter of 2022, 38 hedge funds in the database of Insider Monkey held stakes worth $894.4 million in Madison Square Garden Sports Corp. (NYSE:MSGS), compared to 33 in the preceding quarter worth $958.4 million.
In its Q3 2022 investor letter, East 72, an asset management firm, highlighted a few stocks and Madison Square Garden Sports Corp. (NYSE:MSGS) was one of them. Here is what the fund said:
“The US sports teams: we hold Madison Square Garden Sports Corp. (NYSE:MSGS). Liberty Media also control the Atlanta Braves baseball team (BATRK) via the super-voting structure and 11% cross-shareholding between FWON and BATR. We have no holding in BATR due to the complexity of the tracker stock entity and lack of real discount. With 62 million shares at $27.50, BATR has an equity capitalisation of $ 1.7 billion; allowing for net debt and other assets, the enterprise value of $ 2.1 billion is in line with the recent Forbes valuation.
In May 2019, in an investment presentation11, we espoused the virtues of what was then called Madison Square Garden Company. In the intervening three-plus years, MSG has split into two pieces – the sports teams (MSGS: NY Knicks and NY Rangers) + MSGS, being the arena itself and associated other assets, Tao Group Hospitality, and the controversial “Spheres” project in Las Vegas. In July 2021, MSGE completed the re-acquisition of MSG Networks, the broadcaster, which had previously been spun out…read more
13. The Kraft Heinz Company (NASDAQ:KHC)
Number of Hedge Fund Holders: 40
The Kraft Heinz Company (NASDAQ:KHC) manufactures and markets food and beverage products in the United States, Canada, the United Kingdom, and internationally. On November 21, Kraft Heinz announced that it will discontinue its Shake ‘N Bake shaker bag from its products to eliminate 900,000 pounds of plastic waste. Securities filings show that Bill & Melinda Gates Foundation Trust owned more than 2.6 million shares in the company at the end of the third quarter of 2022 worth over $87 million, representing 0.25% of the portfolio.
On November 15, Exane BNP Paribas analyst Max Gumport initiated coverage of The Kraft Heinz Company (NASDAQ:KHC) stock with a Neutral rating and $39 price target, noting that the US packaged food group has historically outperformed the S&P 500 during downturns.
Among the hedge funds being tracked by Insider Monkey, Omaha, Nebraska-based investment firm Berkshire Hathaway is a leading shareholder in The Kraft Heinz Company (NASDAQ:KHC) with 325.6 million shares worth more than $10.9 billion.
12. Waste Management, Inc. (NYSE:WM)
Number of Hedge Fund Holders: 41
Waste Management, Inc. (NYSE:WM) provides waste management environmental services to residential, commercial, industrial, and municipal customers in North America. On October 26, Waste Management posted earnings for the third quarter of 2022, reporting earnings per share of $1.56, beating the market estimates by $0.04. The revenue over the period was $5.08 billion, up 8.8% compared to the revenue over the same period last year and beating the market estimates by $20 million. According to the latest 13F data, Bill & Melinda Gates Foundation Trust owned more than 35 million shares in the firm at the end of September 2022 worth $5.6 billion, representing 16.6% of the portfolio.
On October 24, Jefferies analyst Stephanie Moore upgraded Waste Management, Inc. (NYSE:WM) stock to Buy from Hold with a price target of $191, up from $170.
At the end of the third quarter of 2022, 41 hedge funds in the database of Insider Monkey held stakes worth $6.6 billion in Waste Management, Inc. (NYSE:WM), compared to 37 in the previous quarter worth $3.7 billion.
In its Q1 2022 investor letter, Diamond Hill Capital, an asset management firm, highlighted a few stocks and Waste Management, Inc. (NYSE:WM) was one of them. Here is what the fund said:
“We also initiated a position in Waste Management (NYSE:WM), one of the largest providers of waste collection services in the US. We believe it is a high-quality business with ownership of key landfill assets that provide pricing power over the long term. Its stock was trading at a discount to our estimate of intrinsic value due to short-term market concerns over an increase in growth investments—we expect these investments to be value-creating over the long term.”
11. Canadian National Railway Company (NYSE:CNI)
Number of Hedge Fund Holders: 42
Canadian National Railway Company (NYSE:CNI) engages in the rail and related transportation business. On October 25, Canadian National Railway posted earnings for the third quarter of 2022, reporting earnings per share of C$2.13, beating the market estimates by C$0.12. The revenue over the period was C$4.51 billion, up 25.6% compared to the revenue over the same period last year and beating the market estimates by C$190 million. Mandatory filings show that Bill & Melinda Gates Foundation Trust owned more than 54 million shares in the company at the end of the third quarter of 2022 worth over $5.9 billion, representing 17% of the portfolio.
On October 26, BMO Capital analyst Fadi Chamoun maintained an Outperform rating on Canadian National Railway Company (NYSE:CNI) stock and raised the price target to C$180 from C$170.
Among the hedge funds being tracked by Insider Monkey, London-based investment firm TCI Fund Management is a leading shareholder in Canadian National Railway Company (NYSE:CNI) with 36 million shares worth more than $3.9 billion.
10. Ecolab Inc. (NYSE:ECL)
Number of Hedge Fund Holders: 42
Ecolab Inc. (NYSE:ECL) provides water, hygiene, and infection prevention solutions and services in the United States and internationally. On November 1, Ecolab posted earnings for the third quarter of 2022, reporting earnings per share of $1.30 in line. The revenue over the period was $3.67 billion, up 10.5% compared to the revenue over the same period last year and beating the market estimates by $10 million. Latest data shows that Bill & Melinda Gates Foundation Trust holds more than 4.8 million shares in the company worth more than $702 million, representing 2.06% of the portfolio.
On November 3, BMO Capital analyst John McNulty maintained a Market Perform rating on Ecolab Inc. (NYSE:ECL) stock and lowered the price target to $143 from $169, noting the company’s lower-than-expected third-quarter earnings and guidance.
At the end of the third quarter of 2022, 42 hedge funds in the database of Insider Monkey held stakes worth $1.5 billion in Ecolab Inc. (NYSE:ECL), compared to 43 in the preceding quarter worth $1.7 billion.
In its Q3 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Ecolab Inc. (NYSE:ECL) was one of them. Here is what the fund said:
“We have focused our valuation discipline to reduce exposure to higher-multiple stocks most at risk of multiple compression in the current environment. Along these lines, while we remain constructive on the high returns on invested capital Ecolab Inc. (NYSE:ECL) earns in its core business, over the years its diversification has diluted this segment’s importance, and we feel less comfortable defending the position at current valuations.”
9. Caterpillar Inc. (NYSE:CAT)
Number of Hedge Fund Holders: 43
Caterpillar Inc. (NYSE:CAT) manufactures and sells construction and mining equipment, diesel and natural gas engines, and industrial gas turbines. On November 4, Caterpillar unveiled that it was awarded a maximum of $1.28 billion fixed price contract with economic price adjustment and indefinite-delivery requirements for construction equipment. It is a five-year contract with no option period. Mandatory filings show that Bill & Melinda Gates Foundation Trust owned more than 7.3 million shares in the company at the end of the third quarter of 2022 worth over $1.2 billion, representing 3.5% of the portfolio.
On October 31, investment advisory Citi maintained a Neutral rating on Caterpillar Inc. (NYSE:CAT) stock and raised the price target to $235 from $180. Analyst Timothy Thein issued the ratings update.
At the end of the third quarter of 2022, 43 hedge funds in the database of Insider Monkey held stakes worth $2.8 billion in Caterpillar Inc. (NYSE:CAT), compared to 45 in the previous quarter worth $3.2 billion.
In its Q1 2022 investor letter, Diamond Hill Capital, an asset management firm, highlighted a few stocks and Caterpillar Inc. (NYSE:CAT) was one of them. Here is what the fund said:
“We also initiated a position in Caterpillar (NYSE:CAT), one of the world’s leading manufacturers of construction and mining equipment. It’s a company we know well, as we have owned it in our large-cap portfolio for quite some time. Recent share price weakness provided an opportunity for us to add it to our large-cap concentrated portfolio at an attractive discount to our estimate of intrinsic value. We believe Caterpillar stands to benefit from increased capital investment supported by a healthier/recovering end market environment, particularly in construction and mining.”
8. Carvana Co. (NYSE:CVNA)
Number of Hedge Fund Holders: 43
Carvana Co. (NYSE:CVNA) operates an e-commerce platform for buying and selling used cars in the United States. On September 7, ADESA, a wholesale auto auction provider owned by Carvana, launched a new condition report feature to showcase the battery performance of electric vehicles. The EV Range Score is powered by Recurrent, an EV battery and range analytics company. According to the latest 13F data, Bill & Melinda Gates Foundation Trust owned 520,000 shares in the firm at the end of September 2022 worth $10.5 million, representing 0.03% of the portfolio.
On November 7, Baird analyst Colin Sebastian maintained an Outperform rating on Carvana Co. (NYSE:CVNA) stock and lowered the price target to $30 from $65, noting that the company reported unit sales below consensus, reflecting both external forces and management’s prioritization of expense controls.
Among the hedge funds being tracked by Insider Monkey, Beijing-based investment firm CAS Investment Partners is a leading shareholder in Carvana Co. (NYSE:CVNA) with 6.8 million shares worth more than $138.6 million.
In its Q3 2022 investor letter, Steel City Capital, an asset management firm, highlighted a few stocks and Carvana Co. (NYSE:CVNA) was one of them. Here is what the fund said:
“As I write, Carvana Co. (NYSE:CVNA), a long-time short, is circling the drain. After reporting earnings, shares have been roughly cut in half while the company’s bonds are now priced anywhere from 35- to 45 cents on the dollar, with yields ranging from 25% to 40%. While the shares already experienced a steep decline during the past year, the post-earnings sell-off appears to reflect investors finally acknowledging the company’s near-term liquidity issues. Raising capital – debt or equity – seems unlikely, if not impossible. Bulls had been holding on to the hope CVNA would meet its stated “goal” of generating “significantly positive EBITDA in FY 2023,” but management walked back that aspiration last week. I always thought the word “goal” reflected squishy language that never carried the same weight as “guidance” and drew conclusions accordingly. The difference is much the same as me telling my wife I have a “goal” of having washboard abs vs. “guidance” that I will have them by swimsuit season. The language was deliberate (and probably highly lawyered), and in my estimation, reflected an effort to give bulls something to cling on to without the company exposing itself to a lawsuit when they (inevitably) missed.”
7. Crown Castle Inc. (NYSE:CCI)
Number of Hedge Fund Holders: 48
Crown Castle Inc. (NYSE:CCI) owns, operates and leases more than 40,000 cell towers and approximately 80,000 route miles of fiber supporting small cells and fiber solutions across every major US market. On October 19, Crown Castle posted earnings for the third quarter of 2022, reporting AFFO of $1.85, missing market estimates by $0.06. The revenue over the period was $1.75 billion, up 8.0% compared to the revenue over the same period last year and beating market estimates by $20 million. Securities filings show that Bill & Melinda Gates Foundation Trust owned more than 1.4 million shares in the company at the end of the third quarter of 2022 worth over $205 million, representing 0.6% of the portfolio.
On October 26, RBC Capital analyst Jonathan Atkin maintained an Outperform rating on Crown Castle Inc. (NYSE:CCI) stock and lowered the price target to $150 from $202, noting that the company’s third-quarter results were in-line and set a more conservative target multiple given the macroeconomic backdrop.
Among the hedge funds being tracked by Insider Monkey, Camas, Washington-based investment firm Fisher Asset Management is a leading shareholder in Crown Castle Inc. (NYSE:CCI) with 3 million shares worth more than $434 million.
In its Q1 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Crown Castle Inc. (NYSE:CCI) was one of them. Here is what the fund said:
“U.S. communications company Crown Castle International (NYSE:CCI) was the largest detractor from quarterly performance. Crown Castle is the leading independent owner and operator of wireless communications infrastructure in the U.S. with a portfolio of approximately 40,000 towers. The stock underperformed as, driven by rising interest rates, investors rotated away from defensive into more value-oriented sectors. Communications infrastructure remains attractive, however, as companies continue to deploy greater capital spending to support the strong tailwinds from 5G.”
6. United Parcel Service, Inc. (NYSE:UPS)
Number of Hedge Fund Holders: 55
United Parcel Services, Inc. (NYSE:UPS) provides letter and package delivery, transportation, logistics, and related services. On November 14, Cargojet declared the renewal of agreements with United Parcel Service’s Canadian operation. The existing agreement between the two companies was originally due to expire in July 2025. The new terms will extend the cooperation through the end of 2030. Mandatory filings show that Bill & Melinda Gates Foundation Trust owned over 740,000 shares in the company at the end of the third quarter of 2022 worth $119 million, representing 0.35% of the portfolio.
On October 27, Deutsche Bank analyst Amit Mehrotra maintained a Hold rating on United Parcel Service, Inc. (NYSE:UPS) stock and lowered the price target to $197 from $200.
At the end of the third quarter of 2022, 55 hedge funds in the database of Insider Monkey held stakes worth $656.3 million in United Parcel Services, Inc. (NYSE:UPS), compared to 38 in the previous quarter worth $613 million.
Along with Microsoft Corporation (NASDAQ:MSFT), Berkshire Hathaway Inc. (NYSE:BRK-A), and Walmart Inc. (NYSE:WMT), United Parcel Services, Inc. (NYSE:UPS) is one of the top stocks in the Bill Gates stock portfolio.
In its Q2 2022 investor letter, Mayar Capital, an asset management firm, highlighted a few stocks and United Parcel Services, Inc. (NYSE:UPS) was one of them. Here is what the fund said:
“United Parcel Services, Inc. (NYSE:UPS) has been a beneficiary of the pandemic-related shift to e-commerce. Revenues increased 15% in the year, with strong leverage in the business-boosting operating profit by al- most 67%. Management is focusing on a ‘Better not Bigger’ strategy for the business and divested the UPS Freight business early in the year. Meanwhile, the company is expected to increase distributions to shareholders in 2022, from both dividends and share buybacks.”
Click to continue reading and see Bill Gates Portfolio Stock List: Top 5 Stocks.
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Disclosure. None. Bill Gates Portfolio Stock List: Top 20 Stocks is originally published on Insider Monkey.