Cascade Investment
American holding and investment company
From Wikipedia, the free encyclopedia
Cascade Investment, L.L.C. is an American holding company and private investment firm headquartered in Kirkland, Washington, United States. [2] It is controlled by Bill Gates, and managed by Michael Larson.[3] More than half of Gates's fortune is held in assets outside his holding of Microsoft shares.[4] 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.[5]
| Type | Private |
|---|---|
| Industry | Investments Conglomerate |
| Founded | 1995 |
| Founder | Michael Larson |
| Headquarters | , United States |
| Key people | Bill Gates (Chairman) Michael Larson (CIO) |
| Total assets | US$70 billion (2021) |
| Owner | Bill Gates |
Number of employees | 100[1] |
| Subsidiaries |
|
| Website | cascadeassetmanagement |
Larson reportedly directs Cascade's investments through Bill and Melinda Gates Investments, a firm that also manages the portfolios of the Gates Foundation and 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 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.[9]
Notable investments
| 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-Carlton in 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] |
