Michael Larson

The Bill & Melinda Gates Foundation Trust is one of the largest and most stable investment funds in the world, with assets of approximately $35 billion as of the end of 2025. The trust is managed by external investment managers, and its strategy reflects long-term goals of sustainability, stability, and support for the foundation’s global initiatives. The trust follows a conservative investment strategy focused on long-term resilience, ethical principles, and ESG considerations. Managers select companies with strong financial performance and stable dividends, as well as those that meet ESG criteria. Investments in companies that do not align with the trust’s ethical standards—such as tobacco companies or weapons manufacturers—are excluded. Michael Larson is the chief investment officer (CIO) of Cascade Investment, which has managed Bill Gates’s personal wealth and the assets of the Bill & Melinda Gates Foundation Trust since 1994. He also heads Cascade Asset Management Company, which is responsible for the trust’s investment decisions.