- The Mormon Church’s $100 billion fund slashed its “huge tech” bets final quarter.
- Ensign Peak Advisors additionally quadrupled its Tesla wager and purchased GameStop shares.
- The fund’s US inventory portfolio rose in worth to $44 billion.
- See more stories on Insider’s business page.
The Mormon Church’s secretive $100 billion fund trimmed its know-how bets, tripled its Tesla stake, and added GameStop to its portfolio final quarter.
Ensign Peak Advisors slashed its 4 largest holdings – Apple, Microsoft, Amazon, and Alphabet – by greater than 7%, SEC filings show. Nevertheless, the mixed worth of the stakes nonetheless climbed to over $6.7 billion as the businesses’ inventory costs rose.
The investing arm of the Church of Jesus Christ of Latter-day Saints additionally quadrupled the dimensions of its Tesla wager to 467,000 shares. Coupled with a pointy enhance within the automaker’s inventory value, the place surged in worth by about 550% to $330 million as of December 31.
The fund snapped up 46,000 GameStop shares for lower than $19 every final quarter as effectively. That stake was value $22 million on the peak of the quick squeeze in January, when GameStop’s inventory value briefly hit $483. It is nonetheless valued at about $7 million on the present share value, in comparison with lower than $900,000 on the finish of December.
Ensign, which is greater than 50 years outdated, grew its whole holdings from 1,740 to greater than 1,850 through the interval. The general worth of its US inventory portfolio rose by 11% to $44 billion.
The fund usually avoids investing in companies that Mormons discover objectionable, corresponding to tobacco, playing, and low firms. Philip Morris, Caesars Leisure, Starbucks, and Coca-Cola are nowhere to be present in its portfolio.
Ensign did not instantly reply to a request for remark from Insider.