Bill Gates, Ken Fisher Rake In $1.7 Billion From Dow Stock That Trounced Nvidia

Bill Gates and Ken Fisher are quietly sitting on massive gains from one of 2025's most overlooked winners. Caterpillar Inc (NYSE:CAT), now the top-performing stock in the Dow, is up more than 62% year-to-date. CAT stock’s rally has added roughly $1.7 billion in combined value to holdings tied to the Gates Foundation and Fisher Asset Management, even as flashier names like Nvidia Corp (NASDAQ:NVDA) continued to grab the headlines.

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The rally hasn't been driven by hype or headline-grabbing narratives. Instead, CAT stock has delivered steady, low-volatility gains — the kind institutions love and retail investors often overlook.

The Dow's Surprise Leader

Caterpillar’s leadership in the Dow Jones Industrial Index stands out in a year where market returns have been uneven. The stock is up nearly 65% over the past six months and recently traded near $589 after climbing from cycle lows earlier in the year.

Even after a brief pullback, Caterpillar remains firmly in an established uptrend, supported by strong intermediate-term performance rather than short-lived momentum bursts.

That consistency is what separates CAT from flashier trades. While tech leadership has rotated and volatility has resurfaced, Caterpillar has kept grinding higher and now sits at the top of the Dow's performance table.

Read Also: Caterpillar Is Doubling Capacity: Here’s What To Watch

Billionaires Are Already Cashing In

The gains are especially visible in billionaire portfolios.

As of Sep. 30, CAT was trading around $477. Since then, the stock has risen roughly 23%, adding meaningful value for large holders. Bill Gates' foundation trust, which still owns about 6.35 million shares, has seen roughly $700 million in additional value in just three months — even after trimming the position during the quarter.

Ken Fisher's firm holds an even larger stake, with 9.44 million shares, translating into more than $1 billion in unrealized gains over the same period, with almost no change in position size.

Why CAT's Rally Matters

This isn't a speculative run tied to a single trend. Caterpillar's outperformance reflects a market rewarding durability — infrastructure exposure, pricing power, and earnings visibility — at a time when investors are growing more selective.

When the Dow's top stock of the year is an industrial heavyweight rather than a tech darling, it sends a clear signal. Capital isn't just chasing growth — it's chasing reliability.

And in 2025, Caterpillar has delivered both.

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Image created using artificial intelligence via Midjourney.