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.
“Paying tithing [donations] is more of a sense of commitment than it is the church needing the money…So they never wanted to be in a position where people felt like, you know, they shouldn’t make a contribution,” Clarke reportedly said.
Photo by Michael Hart on Unsplash
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 billion.
Here 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.
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Disclosure: None. Mormon Church’s 15 Biggest Stock Positions is originally published on Insider Monkey.
