Cascade Investment
| Company type | Private |
|---|---|
| Industry | Investment management, Holding company |
| Founded | 1995 |
| Headquarters | Kirkland, Washington , United States |
Key people | Michael Larson (operator) |
| Owner | Bill Gates |
Number of employees | 100 (2014) |
Cascade Investment, L.L.C. is a privately held American investment and holding firm headquartered in Kirkland, Washington. The company is under the control of Bill Gates and is operated by Michael Larson. Cascade manages over half of Gates's wealth outside his Microsoft shares. It replaced Dominion Income Management, which was the earlier entity handling Gates's investments.
Michael Larson oversees Cascade’s investment portfolio via Bill and Melinda Gates Investments, which also administers assets for the Gates Foundation and affiliated organizations. Since its establishment in 1995, Cascade has delivered an average annual compound return of 11%. By 2014, the firm employed approximately 100 individuals under Larson’s management. In 2021, Cascade encountered criticism amid reports of a toxic workplace environment associated with Larson.
As the largest private farmland owner in the United States, Cascade controls roughly 269,000 acres through various subsidiary companies—an approach known for its countercyclical behavior relative to equity markets. The firm also holds major equity stakes, including Gates’s investment in Canadian National Railway, acquired in 2013. This was one of Cascade’s principal holdings until 2022, when $940 million worth of CN shares were divested, lowering Gates’s ownership to 1.4 percent.
Notable investments
| Company | Ticker | Sector | Ownership (%) | |
|---|---|---|---|---|
| Four Seasons Hotels and Resorts | Private | Hospitality | 71.25% | |
| Ecolab | NYSE: ECL | Conglomerate | 25% | |
| Canadian National Railway | Rail transport | 14.2% | ||
| FEMSA | Beverage and Retail | |||
| Berkshire Hathaway | Conglomerate | 4% | ||
| Strategic Hotels & Resorts | Private | Hospitality | 9.8% | |
| Republic Services | NYSE: RSG | Waste management | 34.1% | |
| Deere & Company | NYSE: DE | Agricultural, construction, forestry, and turf equipment; OEM diesel and natural gas engines. | 10.06% | |
| Bunzl | Template:Lse | Distribution and Outsourcing | 6% | |
| Carpetright | Private | Retail | 3% | |
| Diageo | Beverages | 1.56% | ||
| AutoNation | NYSE: AN | Car dealership | 14% | |
| Microsoft | Template:NASDAQ | Software and Hardware conglomerate | 3.6% | |
| Beyond Meat | Template:NASDAQ | Food | ||
| Ritz-Carlton in San Francisco | Private | Hospitality | ||
| TerraPower | Private | Nuclear power | ||
| Transformco | Private | Retail and real estate | Debt interest | |
| Vroom | Template:NASDAQ | Car dealership | ||
| StorageMart | Private | Self-storage | ||
| Signature Aviation | Private | Aviation Services |