Mormon Church’s 15 Biggest Stock Positions
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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.
Content retrieved from: https://finance.yahoo.com/news/mormon-church-15-biggest-stock-195558119.html.
The Mormon Church has enormous wealth, which essential sources is the religious tithing of its devoted members. But Mormonism is a religion led by pragmatic prophets that invests heavily in the worldly markets, making profits for its prophets.