ChurchCo slashed Exxon, Marriott & Wells Fargo stakes

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I have a question
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ChurchCo slashed Exxon, Marriott & Wells Fargo stakes

Post by I have a question »

From Business Insider we get this headline
The Mormon Church's secretive $100 billion fund slashed its Exxon, Marriott, and Wells Fargo stakes last quarter
https://markets.businessinsider.com/new ... 1029208392
Ensign Peak Advisors, the investing arm of the Church of Jesus Christ of Latter-day Saints, reported a 21% plunge in the value of its stock portfolio to just below $30 billion. The decline reflected the painful impact of the coronavirus pandemic on share prices, plus the fund trimmed some positions and slightly reduced its total number of holdings to around 1,620.

Ensign's big moves included cutting its Exxon stake by 44%, its Wells Fargo position by 30%, and its Marriott holding by 26%. The fund's managers may have wanted to cut their exposure to the coronavirus crisis, which has hit energy and hotel companies especially hard, and spurred banks to set aside billions in anticipation of a surge in defaults.
Ensign declined to comment, citing a policy of not commenting on individual holdings.

Notably, Ensign may have capitalized on the market meltdown to bolster some of its biggest holdings at a discount.

During the quarter, it added to 13 of its top 20 positions by market value at the end of December. For example, it boosted its Microsoft position by 159,000 shares and added more than 600,000 JPMorgan shares.

Ensign made many other tweaks to its portfolio. For instance, it more than quadrupled its stake in Zoom Video Communications, added small stakes in Tiffany & Co and Planet Fitness, and exited its Slack and Box positions.
No wonder Nelson, like Trump, is trying to get things up and running as quickly as possible. Got to get the money coming in, right?

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Philo Sofee
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Re: ChurchCo slashed Exxon, Marriott & Wells Fargo stakes

Post by Philo Sofee »

Whew! That's GREAT news, we wouldn't want the Kingdom to go broke and things to go south, that would mean Jesus would have to stop doing whatever he is doing and come down and manage things, and we all know how much THAT would piss him off........I mean, to make the king himself actually work, that would just be rude.

kairos
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Re: ChurchCo slashed Exxon, Marriott & Wells Fargo stakes

Post by kairos »

The investor advisors at EP were scared to sit still and wait for the long term recovery of the market. History shows that those who "waited it out" in 2002/3 and 2008/9 were successful in recovering their losses. my friends who jumped into annunities at those time frames to get the fear bug off their backs, instead lost their shirts and shorts along with their money and regret their actions now- they cannot get out of the anunities without paying an arm and a leg in fees.

The members will probably just follow the prophet not on investments but on enhancing the ward foyers !

k

I have a question
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Re: ChurchCo slashed Exxon, Marriott & Wells Fargo stakes

Post by I have a question »

Some more insight and analysis...
Ensign Peak Advisors, the investment arm of the Salt Lake City-based faith, reported to federal regulators that the value of its stock holdings fell by $8.1 billion, to $29.7 billion, during that three-month span.
https://www.sltrib.com/religion/2020/05 ... lls-exxon/
“The first observation is they moved to something called ‘stay-at-home stocks,’” said Haran Segram, a clinical assistant professor of finance at New York University’s Stern School of Business.
Segram, who teaches a course in the valuation of stocks, defines that term as companies consumers will keep using or use more often while social isolating. He said Ensign Peak Advisors also seems to be making those new investments in companies with good cash flows and prospects to increase those flows.
Segram said the quarterly filing demonstrates the sophistication of Ensign Peak Advisors’ financial analysis.
“This is not throwing a dart in the dark,” Segram said of the portfolio shifts. “This is based on solid fundamentals.”
The Church is far more professional with it’s money making than it is with its theological “Marketing” division.
A church spokesman declined to comment on the SEC filing or where any cash generated by the sales went.

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