Wikipedia

Cascade Investment

Cascade Investment, L.L.C.is an Americanholding companyand privateinvestment firmheadquartered inKirkland, Washington,United States.[2]It is controlled byBill Gates,and managed byMichael Larson.[3]More than half of Gates's fortune is held in assets outside his holding ofMicrosoftshares.[4]Cascade is the successor company to Dominion Income Management, the former investment vehicle for Gates's holdings, which was managed by convicted felonAndrew Evans.[5]

Cascade Investment, L.L.C.
Company typePrivate
IndustryInvestments
Conglomerate
Founded1995;29 years ago(1995)
FounderMichael Larson
Headquarters
Kirkland,Washington
,
United States
Key people
Bill Gates(Chairman)
Michael Larson(CIO)
Total assetsUS$70 billion (2021)
OwnerBill Gates
Number of employees
100[1]
Subsidiaries
  • Front Range Investment Holdings LLC
  • Cottonwood Management LLC
  • Lakeland Sands Florida, LLC

Larson reportedly directs Cascade's investments through Bill and Melinda Gates Investments, a firm that also manages the portfolios of theBill and Melinda Gates Foundationand other connected entities.[6]Larson accrued over the twenty years from 1995 an 11%compound annual return,[6]and as of 2014 had 100 employees working under his direction.[1]In 2021, Cascade drew attention due to allegations of toxic work environment caused by Larson.[7]

With 269,000 acres of farmland (which has been historically countercyclical to the stock market) being held through a wide network of shell companies, Cascade Investment is the largestfarmlandowner in the United States.[8]

Cascade has managed Gates' stake inCanadian National Railwaysince 2013.[9]This constituted one of the investment firm's largest holdings.[10]In 2022, the company sold $940 million worth of stocks, whittling Gates' stake down to 1.4 percent.[9]

Notable investments

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Company Ticker Sector Ownership %
Four Seasons Hotels and Resorts Private Hospitality 71.25%[6][11]
Ecolab NYSE:ECL Conglomerate 25%[12]
Canadian National Railway
Rail transport 14.2%[13]
FEMSA
Beverage and Retail [6]
Berkshire Hathaway
Conglomerate 4%[6]
Strategic Hotels & Resorts Private Hospitality 9.8%[6][14]
Republic Services NYSE:RSG Waste management 34.1%[15]
Deere & Company NYSE:DE Agricultural, construction, forestry, outdoor power and turf maintenance equipment. OEM diesel and natural gas engine manufacturer. 10.06%[16]
Bunzl LSE:BNZL Distribution and Outsourcing 6%[6]
Carpetright Private Retail 3%[6]
Diageo
Beverages 1.56%[17]
AutoNation NYSE:AN Car dealership 14%[3][18][19]
Microsoft Nasdaq:MSFT Software and Hardware conglomerate 3.6%[3]
Beyond Meat Nasdaq:BYND Food [3][20]
Ritz-Carltonin San Francisco Private Hospitality [1]
TerraPower Private Nuclear power [3]
Transformco Private Retail and real estate Debt interest[21]
Vroom Nasdaq:VRM Car dealership [22]
StorageMart Private Self-storage [23]
Signature Aviation Private Aviation Services [24]

References

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  1. ^abcBort, Julie (September 20, 2014)."Meet Bill Gates' Investment Manager".Slate.RetrievedApril 3,2021.
  2. ^"Cascade Investment (Bill and Melinda Gates Investments (BMGI)) - Family Office, United States - SWFI".
  3. ^abcdeDas, Anupreeta;Karmin, Craig (September 19, 2014)."This Man's Job: Make Bill Gates Richer".The Wall Street Journal.RetrievedApril 3,2021.
  4. ^Miller, Matthew (March 5, 2008)."Gates No Longer World's Richest Man".Forbes.RetrievedApril 3,2021.
  5. ^Torres, Craig (March 7, 1993)."Convicted Felons Handle Gates Fortune".The Seattle Times.RetrievedApril 3,2021.
  6. ^abcdefghWarwick-Ching, Lucy (October 21, 2015)."Cascade Investment, Bill Gates' wealth manager".Financial Times.RetrievedApril 3,2021.
  7. ^Das, Anupreeta;Flitter, Emily; Kulish, Nicholas (2021-05-26)."A Culture of Fear at the Firm That Manages Bill Gates's Fortune".The New York Times.ISSN0362-4331.Retrieved2022-12-28.
  8. ^Glaser, April (9 June 2021)."Bill Gates uses farmland as an investment outlet buying up potato, carrot and onion farms".NBC News.
  9. ^abDolan, Kerry A."Bill Gates Transferred Billions Of Dollars' Worth Of These Two Stocks To The Gates Foundation".Forbes.Retrieved2022-12-28.
  10. ^"Bill Gates Sells $940 Million of CN Rail Stock, Trimming Stake to 9%".Bloomberg.2022-05-13.Retrieved2022-12-28.
  11. ^"Four Seasons Hotels agrees to bid from Gates and Alwaleed".The New York Times.February 12, 2007.RetrievedApril 3,2021.
  12. ^Stych, Ed (May 7, 2012)."Bill Gates' stake in Ecolab could get bigger".American City Business Journals.RetrievedApril 3,2021.
  13. ^"Canadian National Railway Company | SC 13G".U.S. Securities and Exchange Commission.December 31, 2019.RetrievedApril 3,2021.
  14. ^Gallun, Alby (August 10, 2015)."Could Bill Gates be the next owner of Strategic Hotels?".Crain's Chicago Business.RetrievedApril 3,2021.
  15. ^"Republic Services, Inc. | DEF 14A".U.S. Securities and Exchange Commission.March 24, 2020.RetrievedApril 3,2021.
  16. ^"Deere & Company | DEF 14A".U.S. Securities and Exchange Commission.January 8, 2021.RetrievedApril 3,2021.
  17. ^"See how @DiageoGB scores on #water stewardship in face of #climatechange in new @Ceresnews analysis".Feeding Ourselves Thirsty.Retrieved2021-04-13.
  18. ^Bort, Julie (Mar 20, 2019)."Bill Gates is $9.5 billion richer than he was a year ago, worth over $100 billion, but not just from Microsoft".Business Insider.RetrievedApril 3,2021.
  19. ^"Cascade Investment – Portfolio Holdings".Fintel.io.RetrievedApril 3,2021.
  20. ^Gunther, Marc (October 3, 2013)."The Bill Gates-backed company that's reinventing meat".Fortune.RetrievedApril 3,2021.
  21. ^Zumbach, Lauren (June 4, 2018)."Sears gets more time to repay lenders, including funds tied to CEO Edward Lampert and Bill Gates".Chicago Tribune.RetrievedApril 3,2021.
  22. ^"Vroom, Inc. | S-1".U.S. Securities and Exchange Commission.May 18, 2020.RetrievedApril 3,2021.
  23. ^Herald, C. R. E. (October 14, 2020)."Bill Gates' Cascade Investment, GIC buy stakes in StorageMart".CRE Herald.RetrievedApril 3,2021.
  24. ^Calatayud, Adria."GIP teams up with Blackstone and Cascade to buy Signature Aviation".penews.Retrieved2022-04-19.
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