The investment fund of The Church of Jesus Christ of Latter-day Saints, worth more than $100 billion, has reduced its stake in older automakers such as Ford and General Motors. Meanwhile, it continued to increase its position in Tesla (NASDAQ: TSLA) last quarter, according to the latest 13F quarterly report.
Ensign Peak Advisors, an investment fund for The Church of Jesus Christ of Latter-day Saints, holds $52 billion in US stocks as of December 31, according to filings with the SEC. The fund's assets have grown by about $4 billion since the third quarter of 2021, and it opened more than 400 new positions in the fourth quarter, according to Markets Insider. The portfolio consists of thousands of shares of various companies, excluding shares of the tobacco and alcohol industries.
Last quarter, the fund added Tesla shares, which had a market value of $755.6 million. The church bought 118,380 TSLA shares, representing a 19% increase from its past holdings, at an average cost of $715.21 per share. At the same time, the fund trimmed Ford by 60%, selling 7.9 million shares, and General Motors by 44%, selling 2.5 million shares.
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.