What Happened to Ensign Peak Advisors?

Ensign Peak Advisors, Inc. was established in 1997 as a separate legal entity to manage the investment portfolio of the Church of Jesus Christ of Latter-day Saints (LDS Church). Named after a prominent hill overlooking Salt Lake City, its primary objective is to ensure the financial stability and growth of the Church's assets, supporting global operations such as missionary work, educational programs, and humanitarian efforts.

The firm operated with a high degree of confidentiality, a practice reflecting the LDS Church's limited financial disclosure. This approach drew significant scrutiny in late 2019 when former employee David Nielsen filed a whistleblower complaint with the IRS. Nielsen alleged that Ensign Peak had amassed a fund exceeding $100 billion without making substantial charitable distributions, raising questions about its tax-exempt status and purpose.

The allegations led to an investigation by the U.S. Securities and Exchange Commission (SEC). In February 2023, the SEC charged Ensign Peak Advisors and the LDS Church for failing to disclose the Church's investments and for using shell companies to obscure the portfolio's true size from 1997 through 2019. The SEC found that the Church was concerned that public disclosure of its growing portfolio, which reached approximately $32 billion by 2018, would lead to negative consequences. To avoid this, Ensign Peak, with the Church's knowledge and approval, created 13 shell LLCs to file quarterly investment disclosures (Form 13F) rather than filing a single aggregated report.

To settle these charges, Ensign Peak agreed to pay a $4 million penalty, and the Church agreed to pay a $1 million penalty, totaling $5 million. The Church acknowledged the mistakes made and stated that Ensign Peak adjusted its reporting approach in June 2019, after the SEC first expressed concerns, and has since been filing single, aggregated reports in full accordance with SEC requirements.

As of 2026, Ensign Peak Advisors continues its role as the Church's investment manager. Its public equity portfolio reported a market value of $53.7 billion in Q1 2026 and grew to $60.82 billion by the end of Q2 2026 (June 30, 2026). Top holdings in its Q2 2026 portfolio included NVIDIA Corporation, Apple Inc., Microsoft Corp, Alphabet Inc., and Amazon.com Inc. While its public equity holdings are substantial, the fund's total assets, including private equity, real estate, and other alternative investments, are estimated to be around $100 billion or more. Recent analysis suggests that Ensign Peak's U.S. stock portfolio performance has lagged the S&P 500 index in recent years, including Q2 2026.

Beyond public market investments, the LDS Church, through various subsidiaries, is also actively engaged in large-scale real estate development. As of August 2026, the Church is undertaking significant projects, such as planning a new city called "Tributary" in Aurora, Colorado, for over 12,000 residents, and the "Sunbridge" project in Florida to build more than 36,000 dwellings. These developments highlight the Church's extensive and diversified financial footprint.