Mormon Church’s 15 Biggest Stock Positions

In this article, we will take a look at Mormon Church's 15 biggest stock positions. To see more such companies, go directly to Mormon Church's 5 Biggest Stock Positions.

The Church of Jesus Christ of Latter-day Saints, or the Mormon Church, has over $40 billion worth of stocks positions as of the end of the third quarter of 2022 via Ensign Peak Advisors, which is a Salt Lake City, Utah-based firm that manages the Church’s money as its investment fund. The Mormon Church’s huge investments in the US stock market remained a secret for several decades. In 2019, David A. Nielsen, a former employee of Ensign Peak Advisors, approached the Internal Revenue Service (IRS) with a complaint, according to a 2020 Wall Street Journal report. Citing some former employees of the fund, the WSJ report at the time said that the Mormon Church’s investment fund, Ensign Peak Advisors, had assets worth about $80 billion to $100 billion as of 2019, which easily surpass some of the biggest funds in the world such as Harvard University’s endowment and come at par with giants like SoftBank’s Vision Fund.

The WSJ report also claimed that the fund was under no legal obligation to report its finances, and its employees sign lifetime confidentiality agreements. The report said that David A. Nielsen, the whistleblower who revealed the multi-billion dollar secret of the Mormon Church, was of the view that the church should be transparent about its finances.

The WSJ interviewed Roger Clarke, the head of Ensign Peak at the time, who said that the fund and its size was kept a secret because the church relies on donations and public revelations about the investment fund could possibly discourage potential donors.

Our Methodology

For this article, we scanned Ensign Peak Advisors’ 13F filings for the third quarter of 2022 and picked the top 15 positions of the fund. A cursory look at the list shows that the Mormon Church is invested in major, blue-chip companies and also have large positions in big tech companies. As expected, the Church steers clear of the sin stocks that usually operate in business domains like casinos, tobacco, adult entertainment and related areas.

Mormon Church's 15 Biggest Stock Positions

15. Thermo Fisher Scientific Inc. (NYSE:TMO)

Ensign Peak has a $395 million stake in Thermo Fisher Scientific Inc. (NYSE:TMO) as of the end of the third quarter of 2022. The conglomerate in November said its board authorized a $4 billion share buyback program with no expiration date. During the same month, Thermo Fisher Scientific Inc. (NYSE:TMO) declared a quarterly dividend of $0.30/share. Thermo Fisher has been increasing its dividends consistently for the last 5 years now.

Hedge funds love Thermo Fisher Scientific Inc. (NYSE:TMO). As of the end of the third quarter, 92 hedge funds tracked by Insider Monkey reported having stakes in Thermo Fisher Scientific Inc. (NYSE:TMO). The total value of these stakes was $6.8 billion.

Aristotle Atlantic made the following comment about Thermo Fisher Scientific Inc. (NYSE:TMO) in its Q3 2022 investor letter:

“Thermo Fisher Scientific Inc. (NYSE:TMO) is considered one of the world’s leaders in serving science. The company makes and distributes analytical instruments, scientific equipment, consumables and other laboratory supplies. Thermo Fisher Scientific operates in four segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics and Laboratory Product and Biopharma Services. We see Thermo Fisher Scientific as one of the leading management teams in our coverage both through solid execution and savvy Mergers & Acquisitions (M&A). The company is a diversified provider of research and discovery instruments, tools, consumables, and services, and offers a broad-based play on the increased Research & Development (R&D) spend from the biopharma industry. Thermo Fisher Scientific continues to see organic growth in the high single digits with acquisitions increasing their overall portfolio composition and gaining market share.”

14. Merck & Co., Inc. (NYSE:MRK)

The Mormon Church’s investment fund has a $413 million stake in Merck & Co., Inc. (NYSE:MRK), one of the most notable pharmaceutical companies in the world. Merck & Co., Inc. (NYSE:MRK) has increased its dividend for the past 12 years without a break. The stock is up by 35% over the past 12 months.

Of the 920 hedge funds tracked by Insider Monkey, 92 hedge funds had stakes in Merck & Co., Inc. (NYSE:MRK), compared to 79 funds in the previous quarter.

13. ConocoPhillips (NYSE:COP)

Ensign Peak has a $416 million stake in Texas-based petroleum refining giant ConocoPhillips (NYSE:COP). With an over 4% dividend yield, COP is a solid dividend payer, which also increased its payout in November last year.

ConocoPhillips (NYSE:COP) and QatarEnergy recently announced agreements to supply 2 million/year metric tons of liquefied natural gas to Germany for 15 years starting in 2026.

12. Meta Platforms, Inc. (NASDAQ:META)

Ensign Peak has a $449 million stake in Meta Platforms, Inc. (NASDAQ:META) as of the end of the third quarter. 2022 was one of the worst years for Meta Platforms, Inc. (NASDAQ:META). The stock has lost a whopping 60% over the past 12 months. However, some analysts still believe the company can turn the corner. Last month, investment firm Baird added Meta Platforms, Inc. (NASDAQ:META) in its top stock picks list for 2023. The firm said that Meta could make a comeback in 2023, mainly due to the engagement in Reels, its automation capabilities and  growth in shopping and click-to-message ads.

Hedge funds were cutting their stakes in Meta Platforms, Inc. (NASDAQ:META). 177 funds in our database reported having stakes in Meta Platforms, Inc. (NASDAQ:META) at the end of September last year, compared to 185 funds at the end of the second quarter.

11. Walmart Inc. (NYSE:WMT)

The Mormon Church’s fund has a $522 million stake in Walmart Inc. (NYSE:WMT), one of the most stable companies out there. Walmart Inc. (NYSE:WMT) has increased its dividends consistently for the last 49 years. Over the past 6 months, Walmart Inc. (NYSE:WMT) has gained about 17%. A total of 68 hedge funds tracked by Insider Monkey reported having stakes in Walmart Inc. (NYSE:WMT) at the end of the third quarter.

10. JPMorgan Chase & Co. (NYSE:JPM)

The Mormon Church’s biggest positions also include America’s biggest bank. The Church has a $533 million stake in JPMorgan Chase & Co. (NYSE:JPM) via Ensign Peak Advisors as of the end of the third quarter of 2022.

JPMorgan Chase & Co. (NYSE:JPM) recently announced zero-emissions targets by 2050 for three more sectors in its financing portfolio — aviation, iron & steel, and cement.

JPMorgan Chase & Co. (NYSE:JPM) is the most popular bank stock among elite hedge funds. 110 hedge funds tracked by Insider Monkey had stakes in JPMorgan Chase & Co. (NYSE:JPM) at the end of the September quarter, compared to 104 funds in the previous quarter.

9. Mastercard Incorporated (NYSE:MA)

Ensign Peak Advisors has a $547 million stake in the second-biggest payment processor in the world. Mastercard Incorporated (NYSE:MA) shares have gained about 13% over the past six months. In December, Mastercard Incorporated (NYSE:MA) increased its dividend by a whopping 16.3%. The company also announced a new stock buyback program of up to $9 billion of its class A stock. The new program will be in effect after the completion of Mastercard Incorporated (NYSE:MA)’s existing $8 billion buyback program.

A total of 146 hedge funds tracked by Insider Monkey reported having stakes in Mastercard Incorporated (NYSE:MA) as of the end of the third quarter. The total value of these stakes was $13.9 billionhttps://www.culteducation.com/group/1057-the-mormon-church/36896-mormon-church-s-15-biggest-stock-positions.htmlHere is what Stewart Asset Management has to say about Mastercard Incorporated (NYSE:MA) in its Q3 2022 investor letter:

“We invest in businesses with strong, resilient earnings growth which are less cyclical. In the pandemic recession of 2020, the aggregate earnings of the portfolios we manage did not decline year-over-year, and in fact grew, albeit modestly. Looking at the Great Recession which began at year-end 2007 and lasted to mid-year 2009 is helpful too. Our four largest current holdings in the portfolio weathered that period well. During this same period, Mastercard’s (NYSE:MA) earnings almost tripled.

8. Tesla Inc. (NASDAQ:TSLA)

Ensign Peak Advisors has a $569 million stake in Tesla Inc. (NASDAQ:TSLA). The fund first bought a stake in the company back in the fourth quarter of 2019.

Tesla Inc. (NASDAQ:TSLA) is in the news after famous short seller Bill Miller revealed that he was adding to his Tesla Inc. (NASDAQ:TSLA) short position. In an interview with CNBC, Miller said that he does not think Tesla is “worth more than the top 5 automakers in the world combined.”

"If it goes up, I'll short more," Miller added.

Hedge funds disagree. They amassed Tesla Inc. (NASDAQ:TSLA) shares during the third quarter of last year. As of the end of the September quarter, 88 hedge funds in our database reported having stakes in Tesla Inc. (NASDAQ:TSLA), compared to 73 funds in the previous quarter.

7. Exxon Mobil Corporation (NYSE:XOM)

The Mormon Church has a $673 million stake in Exxon Mobil Corporation (NYSE:XOM) via Ensign Peak Advisors, as of the end of the third quarter of 2022. Exxon Mobil Corporation (NYSE:XOM) has gained about 61% over the past 12 months. However, the company recently said that its profits in Q4 were expected to take a hit due to lower prices.

Exxon Mobil Corporation (NYSE:XOM) is a part of the Dividend Aristocrats group, a set of companies who have increased their dividends consistently for the past 25 years. A total of 75 hedge funds of the 920 funds tracked by Insider Monkey are bullish on Exxon Mobil Corporation (NYSE:XOM) as of the end of the third quarter.

6. Johnson & Johnson (NYSE:JNJ)

Vaccine and healthcare products maker Johnson & Johnson (NYSE:JNJ) is also among the biggest holdings of the Mormon Church. Ensign Peak Advisors owns a $775 million stake in Johnson & Johnson (NYSE:JNJ) as of the end of the third quarter of 2022. Last month, it was reported that Johnson & Johnson (NYSE:JNJ) and Merck's (NYSE:MRK) Ebola vaccines posted strong results.

Johnson & Johnson (NYSE:JNJ) is also one of the best dividend stocks to own. The company has increased its payouts consistently for the past 60 years. A total of 85 hedge funds tracked by Insider Monkey reported having stakes in Johnson & Johnson (NYSE:JNJ) as of the end of the third quarter.

5. UnitedHealth Group Inc. (NYSE:UNH)

The Mormon Church’s biggest positions list also includes UnitedHealth Group Inc. (NYSE:UNH), in which Ensign Peak Advisors has a $951 million stake. Over the past one year the stock has performed pretty well given the market situation, gaining over 5%.

In November, UnitedHealth Group Inc. (NYSE:UNH) reaffirmed its FY 2022 EPS and adj. EPS guidance ahead of its annual investor conference. For 2022 UnitedHealth Group Inc. (NYSE:UNH) said it was expecting its revenue to come in at $324 billion, compared to the consensus estimate of $323.27 billion. For 2023, UnitedHealth Group Inc. (NYSE:UNH) expects its revenue to come in between $357 billion to $360 billion, compared to the consensus of $352.95 billion.

4. Alphabet Inc. (NASDAQ:GOOGL)

Ensign Peak Advisors upped its stake in Alphabet Inc. (NASDAQ:GOOGL) by 1% in the September quarter, ending the period with a whopping $991 million stake in the search engine company. On January 6, Alphabet shares jumped after Tigress Financial reiterated its Strong Buy rating for Alphabet Inc. (NASDAQ:GOOGL). The firm’s analyst Ivan Feinseth is bullish on Alphabet Inc. (NASDAQ:GOOGL) due to its strengths in search and Cloud. The analyst is also bullish on Alphabet’s AI investments.

Alphabet Inc. (NASDAQ:GOOGL) is the third most popular stock among elite hedge funds. A total of 196 funds have stakes in the search engine giant, as of the end of the third quarter.

LVS Advisory made the following comment about Alphabet Inc. (NASDAQ:GOOGL) in its Q4 2022 investor letter:

“We sold our remaining shares of Alphabet Inc. (NASDAQ:GOOGL) in the quarter, taking a profit. Google was a day 1 holding for the Growth Portfolio and it has performed well.

18 years after its initial public offering, Google is showing signs of business maturity. During the 2008/2009 recession, Google’s business was able to power through with double digit growth. As of Q3 2022, Google’s core search business has decelerated to low single digit growth and the YouTube and display network businesses reported revenue decline. At the same time, the company’s spending is outpacing the rate of expected revenue growth. Advertising spend is cyclical and the digital advertising industry is fragmenting as many major consumer platforms are scrambling to turn on new streams of revenue (Netflix, Spotify, TikTok, etc.).

My best guess is that Google’s financial results could be quite disappointing, and my estimates are far below what Wall Street analysts are currently modeling. I do not make sell decisions purely based on near term results expectations as they are generally priced into the stock but my downbeat assumptions for Google come at a time when we are finding more value in other areas of the market that we would prefer to allocate to.”

3. Amazon.com, Inc. (NASDAQ:AMZN)

Ensign Peak Advisors has a $1.1 billion stake in Amazon.com, Inc. (NASDAQ:AMZN) as of the end of the third quarter of 2022. The fund first bought a stake in Amazon.com, Inc. (NASDAQ:AMZN) back in the fourth quarter of 2019. Over the past one year Amazon.com, Inc. (NASDAQ:AMZN) lost about half of its stock value. However, analysts are hopeful that the stock would rebound once the market begins to turn the corner.

Hedge funds continue to hold large stakes in Amazon.com, Inc. (NASDAQ:AMZN). Insider Monkey’s database shows that 269 hedge funds had stakes in the eCommerce giant. The total value of these stakes was $34.6 billion.

Here is what Lakehouse Capital specifically said about Amazon.com, Inc. (NASDAQ:AMZN) in its November letter:

“Meanwhile, the largest detractor was Amazon.com, Inc. (NASDAQ:AMZN), which remained under pressure due to concerns around near-term profitability. We continue to believe that Amazon’s cost pressures will prove to be short-term in nature and that the company remains on track to deliver significant profit improvements over the next twelve months. For more commentary on their most recent earnings report please see last month’s letter here.”

2. Microsoft Corporation (NASDAQ:MSFT)

The Mormon Church’s second biggest stock position is Microsoft Corporation (NASDAQ:MSFT), as of the end of the third quarter of 2022. Ensign Peak Advisors added over 184,000 shares of Microsoft Corporation (NASDAQ:MSFT) to its portfolio in the September quarter. The total value of the firm’s stake at the end of the period was $1.93 billion.

Microsoft Corporation (NASDAQ:MSFT) is also the most popular stock among the 920 elite hedge funds tracked by Insider Monkey. As of the end of the third quarter of last year, 269 hedge funds had stakes in Microsoft Corporation (NASDAQ:MSFT), compared to 258 funds in the previous quarter.

1. Apple Inc. (NASDAQ:AAPL)

Apple Inc. (NASDAQ:AAPL) is the biggest stock position of the Mormon Church as of the end of the third quarter of 2022, as it owned a $2.16 billion stake in Apple Inc. (NASDAQ:AAPL) via Ensign Peak Advisors. Apple Inc. (NASDAQ:AAPL) is also among the most popular stocks held by hedge funds. As of the end of the September quarter, 140 hedge funds reported having stakes in Apple Inc. (NASDAQ:AAPL), compared to 128 funds in the previous quarter.

Earlier this month, Wedbush’s Dan Ives called Apple Inc. (NASDAQ:AAPL) his top stock pick in the technology sector. The analyst, however, lowered the price target on the stock to $175. The analyst said that the demand side of the company is still strong.