| Cascade Investment, L.L.C. | |
| Type: | Private |
| Industry: | Investments Conglomerate |
| Founder: | Michael Larson |
| Location City: | Kirkland, Washington |
| Location Country: | United States |
| Key People: | Bill Gates (Chairman) Michael Larson (CIO) |
| Owner: | Bill Gates |
| Assets: | US$70 billion (2021) |
| Num Employees: | 100 |
Cascade Investment, L.L.C. is an American holding company and private investment firm headquartered in Kirkland, Washington, United States. [1] It is controlled by Bill Gates, and managed by Michael Larson.[2] More than half of Gates's fortune is held in assets outside his holding of Microsoft shares.[3] Cascade is the successor company to Dominion Income Management, the former investment vehicle for Gates's holdings, which was managed by convicted felon Andrew Evans.[4]
Larson reportedly directs Cascade's investments through Bill and Melinda Gates Investments, a firm that also manages the portfolios of the Bill and Melinda Gates Foundation and other connected entities.[5] Larson accrued over the twenty years from 1995 an 11% compound annual return,[5] and as of 2014 had 100 employees working under his direction.[6] 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 largest farmland owner in the United States.[8]
Cascade has managed Gates' stake in Canadian National Railway since 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.
| Company | Ticker | Sector | Ownership % | |
|---|---|---|---|---|
| Four Seasons Hotels and Resorts | Hospitality | 71.25%[11] | ||
| Ecolab | Conglomerate | 25%[12] | ||
| Canadian National Railway | Rail transport | 14.2%[13] | ||
| FEMSA | Beverage and Retail | |||
| Berkshire Hathaway | Conglomerate | 4% | ||
| Strategic Hotels & Resorts | Hospitality | 9.8%[14] | ||
| Republic Services | Waste management | 34.1%[15] | ||
| Deere & Company | Agricultural, construction, forestry, outdoor power and turf maintenance equipment. OEM diesel and natural gas engine manufacturer. | 10.06%[16] | ||
| Bunzl | Distribution and Outsourcing | 6% | ||
| Carpetright | Retail | 3% | ||
| Diageo | Beverages | 1.56%[17] | ||
| AutoNation | Car dealership | 14%[18] [19] | ||
| Microsoft | NASDAQ: | Software and Hardware conglomerate | 3.6% | |
| Beyond Meat | NASDAQ: | Food | [20] | |
| Ritz-Carlton in San Francisco | Hospitality | |||
| TerraPower | Nuclear power | |||
| Transformco | Retail and real estate | Debt interest[21] | ||
| Vroom | NASDAQ: | Car dealership | [22] | |
| StorageMart | Self-storage | [23] | ||
| Signature Aviation | Aviation Services | [24] |