From Business Insider we get this headline
https://markets.businessinsider.com/new ... 1029208392
The Mormon Church's secretive $100 billion fund slashed its Exxon, Marriott, and Wells Fargo stakes last quarter
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?