Berkshire Hathaway’s $266 billion very concentrated 40 stock portfolio added two new stocks. Warren Buffett was a net seller of stocks for the eight quarters straight.

That might explain why the Bill & Melinda Gates Foundation has Berkshire as its second biggest holding, behind only Microsoft. As of the latest reporting period, the foundation owns 24.6 million shares of Berkshire worth around $10 billion, making up 21% of its total portfolio.

Don’t expect any big new equity holdings when Warren Buffett’s Berkshire Hathaway reports its U.S. stock positions later Thursday.