Gates’ Cascade ups FEMSA (NYSE: FMX) ADS stake to 14% in filing

Rhea-AI Filing Summary

Cascade Investment, L.L.C. and William H. Gates III have amended their Schedule 13D for Fomento Economico Mexicano, S.A.B. de C.V., reporting beneficial ownership of 27,887,350 American Depositary Shares (ADSs), equal to 14.0% of the ADS class. Each ADS represents 10 BD Units, so this stake corresponds to 278,873,500 Series B Shares, 557,747,000 Series D-B Shares and 557,747,000 Series D-L Shares. The filing explains that the higher ownership percentage results from a decrease in the issuer’s outstanding shares rather than new purchases. All ADSs held by Cascade may be deemed beneficially owned by Mr. Gates as Cascade’s sole member.

Key Figures

ADSs beneficially owned: 27,887,350 ADSs Percent of ADS class: 14.0% Series B Shares represented: 278,873,500 shares +5 more

8 metrics

ADSs beneficially owned 27,887,350 ADSs American Depositary Shares of FEMSA held by Cascade

Percent of ADS class 14.0% Portion of FEMSA ADS class beneficially owned

Series B Shares represented 278,873,500 shares Underlying Series B Shares represented by Cascade’s ADSs

Series D-B Shares represented 557,747,000 shares Underlying Series D-B Shares represented by Cascade’s ADSs

Series D-L Shares represented 557,747,000 shares Underlying Series D-L Shares represented by Cascade’s ADSs

Percent of Series B Shares 3.1% Share of outstanding Series B Shares held via ADSs

Percent of Series D-B and D-L Shares 14.0% Share of outstanding Series D-B and D-L held via ADSs

Outstanding BD Units 1,989,766,175 BD Units Outstanding as of March 31, 2026, used for percentage

Key Terms

American Depositary Shares, beneficially owned, BD Units, Schedule 13D, +1 more

5 terms

American Depositary Shares financial

"Title of Class of Securities: American Depositary Shares, each representing 10 BD Units"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

beneficially owned financial

"Aggregate amount beneficially owned by each reporting person 27,887,350.00"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

BD Units financial

"Each ADS represents 10 BD Units, each consisting of one Series B Share"

Schedule 13D regulatory

"previously filed a statement on Schedule 13G to report the acquisition"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

Joint Filing Agreement regulatory

"Exhibit 1: Joint Filing Agreement by and between Cascade Investment, L.L.C. and William H. Gates III"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

MEXICAN ECONOMIC DEVELOPMENT INC

(Name of Issuer)

American Depositary Shares, each representing 10 BD Units, without par value

(Title of Class of Securities)

344419106

(CUSIP Number)

Jeff Shim, Esq.
2365 Carillon Point,
Kirkland, WA, 98033
(425) 889-7900

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/31/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 344419106

1

Name of reporting person

Cascade Investment, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

WASHINGTON

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 27,887,350.00
8	Shared Voting Power
9	Sole Dispositive Power 27,887,350.00
10	Shared Dispositive Power

11

Aggregate amount beneficially owned by each reporting person

27,887,350.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.0 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Cascade Investment, L.L.C. ("Cascade") holds 27,887,350 American Depositary Shares ("ADSs") of Fomento Economico Mexicano, S.A.B. de C.V. (the "Issuer"). Each ADS represents 10 BD Units, each consisting of one Series B Share, two Series D-B Shares and two Series D-L Shares. Accordingly, the ADSs held by Cascade represent an aggregate of 278,873,500 Series B Shares, 557,747,000 Series D-B Shares and 557,747,000 Series D-L Shares. Based on the Issuer's outstanding share capital, such holdings represent 3.1% of the outstanding Series B Shares, 14.0% of the outstanding Series D-B Shares and 14.0% of the outstanding Series D-L Shares. All ADSs of the Issuer held by Cascade may be deemed to be beneficially owned by William H. Gates III as the sole member of Cascade. Item 13 is based on 1,989,766,175 BD Units outstanding as of March 31, 2026, as reported on the Mexican Stock Exchange (Bolsa Mexicana de Valores) website.

SCHEDULE 13D

CUSIP Number(s): 344419106

1

Name of reporting person

William H. Gates III

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 27,887,350.00
8	Shared Voting Power
9	Sole Dispositive Power 27,887,350.00
10	Shared Dispositive Power

11

Aggregate amount beneficially owned by each reporting person

27,887,350.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Cascade holds 27,887,350 ADSs of the Issuer. Each ADS represents 10 BD Units, each consisting of one Series B Share, two Series D-B Shares and two Series D-L Shares. Accordingly, the ADSs held by Cascade represent an aggregate of 278,873,500 Series B Shares, 557,747,000 Series D-B Shares and 557,747,000 Series D-L Shares. Based on the Issuer's outstanding share capital, such holdings represent 3.1% of the outstanding Series B Shares, 14.0% of the outstanding Series D-B Shares and 14.0% of the outstanding Series D-L Shares. All ADSs of the Issuer held by Cascade may be deemed to be beneficially owned by William H. Gates III as the sole member of Cascade. Item 13 is based on 1,989,766,175 BD Units outstanding as of March 31, 2026, as reported on the Mexican Stock Exchange (Bolsa Mexicana de Valores) website.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: American Depositary Shares, each representing 10 BD Units, without par value
(b)	Name of Issuer: MEXICAN ECONOMIC DEVELOPMENT INC
(c)	Address of Issuer's Principal Executive Offices: General Anaya No. 601 Pte., Colonia Bella Vista, Monterrey, Nuevo Leon, MEXICO , 64410.
Item 1 Comment: This Amendment No. 2 to Schedule 13D ("Amendment") amends and supplements the Schedule 13D previously filed by Cascade Investment, L.L.C. ("Cascade"), William H. Gates III ("Mr. Gates," and, together with Cascade, the "Reporting Persons"), the Gates Foundation Trust (the "Trust"), and Melinda French Gates, with the Securities and Exchange Commission on April 27, 2010, as amended on March 28, 2011. Information in the Schedule 13D remains in effect except to the extent that it is amended or superseded by subsequently filed information, including information in this Amendment. As of the date of this Amendment, the Trust and Melinda French Gates are no longer reporting persons hereunder. This Amendment relates to American Depository Shares ("ADSs") of Fomento Economico Mexicano, S.A.B. de C.V. (the "Issuer"). Each ADS represents 10 BD Units, each consisting of one Series B Share, two Series D-B Shares and two Series D-L Shares. The CUSIP number for the ADSs is 344419106. No CUSIP number exists for the underlying Series B Shares, Series D-B Shares and Series D-L Shares. This Amendment is being filed due to an increase in the percentage of the Reporting Persons' ownership resulting from a decrease in the Issuer's outstanding shares, and not due to any recent acquisitions by the Reporting Persons.
Item 2.	Identity and Background
(a)	This statement is being filed jointly by Cascade and Mr. Gates.
(b)	The business addresses of the Reporting Persons are: Cascade - 2365 Carillon Point, Kirkland, WA 98033 Mr. Gates - 500 Fifth Avenue North, Seattle, WA 98109
(c)	Cascade is a limited liability company organized under the laws of the State of Washington. Cascade is a private investment entity that seeks appreciation of its assets for the benefit of its sole member, Mr. Gates. The address of Cascade's principal office is set forth in paragraph (b) of this item. Mr. Gates, a natural person, is Trustee of the Gates Foundation (the "Foundation") and its asset trust. The Foundation is a nonprofit organization fighting poverty, disease, and inequity around the world. Its business address is 500 Fifth Avenue North, Seattle, Washington 98109.
(d)	None.
(e)	None.
(f)	Mr. Gates is a citizen of the United States of America.
Item 5.	Interest in Securities of the Issuer
(a)	See items 11 and 13 of the cover pages to this Amendment for the aggregate number of shares and percentage of the class of securities beneficially owned by each of the Reporting Persons.
(b)	See items 7 through 10 of the cover pages to this Amendment for the number of shares of the class of securities beneficially owned by each of the Reporting Persons as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, and sole or shared power to dispose or to direct the disposition.
(c)	None.
(d)	None.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 1: Joint Filing Agreement by and between Cascade Investment, L.L.C. and William H. Gates III

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Cascade Investment, L.L.C.

Signature:	/s/ Alan Heuberger
Name/Title:	Alan Heuberger, Attorney-in-fact for Michael Larson, Business Manager
Date:	04/02/2026

William H. Gates III

Signature:	/s/ Alan Heuberger
Name/Title:	Alan Heuberger, Attorney-in-fact
Date:	04/02/2026

Comments accompanying signature:

Duly authorized under Special Limited Power of Attorney appointing Alan Heuberger attorney-in-fact, dated October 11, 2013, by and on behalf of Michael Larson, filed as Exhibit 99.1 to Amendment No. 9 to Cascade's Schedule 13D with respect to Western Asset/Claymore Inflation-Linked Opportunities & Income Fund on December 11, 2013, SEC File No. 005-81261, and incorporated by reference herein. Duly authorized under Special Limited Power of Attorney appointing Alan Heuberger attorney-in-fact, dated August 12, 2008, by and on behalf of William H. Gates III, filed as Exhibit 99.2 to Amendment No. 1 to Cascade's Schedule 13D with respect to Otter Tail Corporation on April 15, 2009, SEC File No. 005-06638, and incorporated by reference herein.

FAQ

What stake in FMX does Cascade Investment and Bill Gates report in this Schedule 13D/A?

Cascade Investment and William H. Gates III report beneficial ownership of 27,887,350 ADSs, representing 14.0% of Fomento Economico Mexicano’s ADS class. This position is held through Cascade, which may be deemed beneficially owned by Gates as its sole member.

How many underlying FEMSA shares are represented by the 27,887,350 FMX ADSs?

Each FMX ADS represents 10 BD Units, so 27,887,350 ADSs correspond to 278,873,500 Series B Shares, 557,747,000 Series D-B Shares and 557,747,000 Series D-L Shares of Fomento Economico Mexicano, S.A.B. de C.V.

What percentage of FEMSA’s share classes does the Gates and Cascade position represent?

The Cascade and Gates holding represents 3.1% of outstanding Series B Shares and 14.0% of both outstanding Series D-B Shares and Series D-L Shares. The same stake equals 14.0% of the ADS class reported in the Schedule 13D/A amendment.

Did Cascade Investment or Bill Gates recently buy more FMX ADSs according to this filing?

The amendment states the higher ownership percentage arises from a decrease in FEMSA’s outstanding shares, not from recent acquisitions by Cascade Investment or William H. Gates III. The filing updates percentages without disclosing new ADS purchases by the reporting persons.

On what share count is the reported 14.0% FMX ADS ownership based?

The reported 14.0% ownership is based on 1,989,766,175 BD Units outstanding as of March 31, 2026, as reported on the Mexican Stock Exchange website. This outstanding BD Unit figure underpins the percentage calculations in the Schedule 13D/A amendment.

Who are the reporting persons in this FMX Schedule 13D/A Amendment No. 2?

The reporting persons are Cascade Investment, L.L.C. and William H. Gates III. The amendment notes that the Gates Foundation Trust and Melinda French Gates, previously reporting persons, are no longer reporting under this updated Schedule 13D/A for FMX ADSs.