Ensign Peak Advisors, the fund that manages The Church of Jesus Christ of Latter-day Saints' publicly reported U.S. stock holdings, logged another multibillion-dollar slide in the first quarter of 2026. Even as the paper value dropped, the fund kept buying, leaving market watchers and church members debating whether the move was bargain hunting or a slow, steady long-term bet.
A Form 13F filed with the U.S. Securities and Exchange Commission on May 13 shows Ensign Peak Advisors held about $53.67 billion in publicly reported 13F securities as of March 31, according to the SEC. That is down from roughly $56.62 billion reported for the quarter ended Dec. 31, 2025, per Ensign Peak's prior 13F SEC filing, implying about a $2.95 billion decline in the fund's publicly disclosed U.S. stock holdings.
According to The Salt Lake Tribune, Ensign Peak's managers were net buyers in the quarter. The Tribune also reported that broader market turbulence, including fallout tied to the Iran war, weighed on equities during the period.
Big Tech Still Dominates the Portfolio
Data from Quiver Quantitative shows the fund is still heavily concentrated in a handful of mega-cap names. The largest reported positions include Nvidia at about $3.94 billion, Apple at roughly $2.93 billion, Microsoft near $2.42 billion, and Amazon around $1.82 billion. Quiver's breakdown also estimates Ensign Peak was a net buyer by roughly $176 million in the quarter, even as the overall portfolio value fell.
Why the Numbers Matter for Salt Lake
Ensign Peak oversees reserves the church says are invested to support long-term needs such as temples, meetinghouses, humanitarian work, and global operations, rather than day-to-day budgets. The church has outlined that philosophy in a Church Newsroom explanation of how reserves are held and reported.
Past Scrutiny Still Shadows the Filings
The latest buying and selling comes with a regulatory backdrop that has not entirely faded from view. Local outlets reported that in 2023, the SEC accepted a $5 million settlement with the church and Ensign Peak over earlier disclosure practices. Deseret News detailed the settlement and the church's pledge to comply with SEC reporting rules going forward. Investors and members alike will be watching whether the fund keeps buying into market weakness or changes course if geopolitical and market risks continue to rattle stocks.
