New federal reports value a massive investment portfolio of stocks, bonds and mutual funds managed on behalf of The Church of Jesus Christ of Latter-day Saints at a five-year high of $56.8 billion.
That accounting to U.S. regulators for July, August and September of this year shows the amount about $2 billion above the previous quarter, when the immense fund run by church-owned Ensign Peak Advisors essentially traded sideways, with a scant quarter-over-quarter loss of 0.06%, or roughly $32 million and change.
That $56.8 billion total is also the most the once-secretive account has held since Ensign Peak began reporting its holdings to the U.S. Securities and Exchange Commission in early 2020.
Where does the portfolio stand now compared to previous quarters?
The latest total value is nearly 90% above where it was during the onset of the COVID-19 pandemic in early 2020, when it plunged to $29.8 billion before staging a dramatic rebound.
It’s now about 3.9% above its total for the first and second quarters of this year, when its managers reported to regulators that it hovered at about $54.7 billion.
The fund now holds shares in 1,706 investments, including, stocks, bonds, real estate trusts, index funds and other equities — a figure that managers have steadily whittled down quarter by quarter from 2,308 holdings in mid-2022.
How does it fit with overall church wealth?
Ensign Peak manages only a portion of the Utah-based church’s overall wealth, representing the U.S. stocks it holds directly and is required to report.
In-depth analysis of public documents indicates the investment firm and affiliated funds manage assets on behalf of the global faith worth somewhere in the range of $265 billion, with around $32 billion of that in landholdings.
The Widow’s Mite Report, a website devoted to research and analysis of the church’s finances, projects the church could be worth at least a trillion dollars by 2044.
How did Ensign Peak perform compared to the S&P 500?
Analysis shows the Ensign Peak portfolio is managed to model the holdings of the S&P 500 index. That broad market measure was up 5.9% for the third quarter compared to Ensign Peak’s 3.9%.
What notable trading took place in the latest quarter?
After trimming its stake in computer and iPhone maker Apple by nearly 778,210 shares in the second quarter, down from 15,320,873 shares the quarter before, Ensign Peak sold more Apple shares in the third quarter.
Its holdings in the tech company are now worth more than $3.2 billion or about 5.8% of its total portfolio.
What some market analysts refer to as the “Magnificent Seven” stocks — Amazon, Apple, Meta, Google, Microsoft, Nvidia and Tesla — now make up more than $15.8 billion of Ensign Peak’s portfolio, with stakes worth at least $3 billion each in Apple, Microsoft and Nvidia.
What are its top 10 holdings?
Nvidia, the California technology company specializing hardware for artificial intelligence, is Ensign Peak’s largest stake, at $3.3 billion — followed, in order, by five of the Magnificent Seven: Apple, Microsoft, Meta, Amazon and Alphabet, Google’s parent company.
The only tech stock among its top 10 holdings that isn’t also a Magnificent Seven stock is semiconductor and software maker Broadcom, at $967.3 million in value in the paste quarter. Tesla now is Ensign Peak’s 13th largest holding.
The portfolio’s top 10 nontechnology stocks are UnitedHealth Group, JPMorganChase and Eli Lilly.
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