This Bill Gates Stock Just Hit a New 52-Week High and 1 Signal Says There’s More Room to Run

Femsa (FMX) was one of the 169 stocks and ETFs hitting new 52-week highs on Tuesday. It is one of Bill Gates's oldest investments.

Bill Gates' investment vehicle, Cascade Investment LLC, owned 27.89 million ADS (American Depositary Shares) as of March 31. That represents 8.2% of the Mexican holding company's total equity. Cascade's stake in Femsa accounts for 10.71% of its total investments. 

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Cascade made its first investment in Femsa in December 2007, buying 10.8 million ADS for $390 million. Those shares are worth $1.53 billion today. Its total holdings in Femsa are worth nearly $4 billion at yesterday's 52-week high.  

Between June 26, 2008, and July 31, 2008, Cascade acquired 8.57 million ADS of Coca-Cola Femsa (KOF) at prices ranging from $54 to $59. Femsa owns 47.2% of Coca-Cola Femsa's equity and controls 56% of the voting shares.   

Femsa's new 52-week high of $141.47 yesterday was the 38th of the past 12 months. FMX stock is up 26.4% in 2026 and 38.5% over the past year. 

Despite the gains, I see the share price rising over the next 12 months and beyond. Here's why.  

The Holding Company Discount

As I mentioned in the introduction, Femsa owns 47.2% of Coca-Cola Femsa, a leading Coca-Cola (KO) bottler, with operations in nine Latin American countries, including Mexico, where it has 27 of its 55 bottling plants. In 2025, Mexico and Central America accounted for 58% of Femsa's revenue, with South America accounting for the remaining 42%.

Based on Coca-Cola Femsa's market cap of $22.84 billion, Femsa's ownership stake is worth $10.78 billion. Femsa's current market cap is $25.74 billion, so that means the rest of Femsa's businesses are worth slightly less than $15 billion. 

What else does Femsa own? 

It has four operating units: 1) OXXO Mexico, which operates 24,708 convenience stores in the country; 2) Americas & Mobility, which includes all OXXO convenience store operations outside of Mexico (Brazil, Colombia, Chile, Peru and the U.S.), as well as its OXXO gas stations in Mexico and the U.S; 3) Approximately 2,749 convenience stores under several banners in Europe; and 4) 4,584 drugstores under several banners in Mexico, Chile, Colombia, and Ecuador.