Ensign Peak Q1 2026: A $53.67B Book That Barely Trades

Ensign Peak Advisors, the investment arm of the Church of Jesus Christ of Latter-day Saints, reported a $53.67B U.S. equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0001454984-26-000003, filed 2026-05-13). The headline number fell 5.2% from $56.62B the prior quarter — but almost none of that move was the manager's doing. Across its eight largest positions, every single one is marked held roughly flat. This is a portfolio that barely trades.

What a casual 13F summary misses is the shape of the book behind that flat top. Ensign Peak runs a concentrated megacap-technology core bolted onto an unusually long tail of roughly 1,700 names — a structure that looks far more like a passively managed endowment index than the discretionary hedge-fund books that dominate 13F coverage. The quarter's AUM decline is market beta on its largest holdings, not repositioning.

That distinction matters for anyone reading Ensign Peak as a signal. When this filer's value drops, it is telling you what megacap tech did, not what a portfolio manager decided.

A megacap-tech core that does not move

The top of the book reads like the Nasdaq-100's leadership cohort. Nvidia (NVDA) is the single largest position at $4.02B, or 7.66% of the portfolio. Apple (AAPL) follows at $2.97B (5.67%), then Microsoft (MSFT) at $2.45B (4.68%), Amazon (AMZN) at $1.84B, and Alphabet's GOOGL shares at $1.78B. Meta (META) and Broadcom (AVGO) round out a top tier that is entirely large-cap technology.

The notable feature is not which names sit on top — it is that none of them changed. Seven of the eight largest holdings carry a held-roughly-flat tag quarter over quarter; the lone exception, Alphabet's GOOG class shares, saw share count rise about 9%. For a $53B book, that is an extraordinarily low turnover signature, and it is the clearest tell that Ensign Peak is managing a buy-and-hold core rather than expressing quarterly conviction.

The barbell: a concentrated head, a very long tail

Ensign Peak's ten largest positions account for roughly 35.8% of the reported book. The remaining 64.2% is spread across the rest of its holdings — and the filer reported 1,708 positions for the quarter, up from 1,685 at year-end 2025.

That is a barbell most discretionary managers never run: heavy concentration in a handful of megacaps, paired with a tail so broad it resembles a total-market index sleeve. A hedge fund with 30 names expresses a view in every line. A 1,700-name book holds the market and overweights the top. Reading Ensign Peak as "bullish on Nvidia" because NVDA is its largest position misreads the structure — NVDA is its largest position in part because NVDA is one of the largest stocks in the market.

AUM trajectory: beta, not flows

Ensign Peak's reported value peaked at $60.95B in the third quarter of 2025 and has fallen for two consecutive quarters since — down 7.1% to $56.62B in Q4 2025, then down another 5.2% to $53.67B in Q1 2026.

Because the underlying positions held flat, that two-quarter slide is best read as the drawdown in megacap technology flowing through a static book rather than as redemptions or de-risking. The same mechanism worked in reverse in the second quarter of 2025, when the book jumped 11.8% with little position change. For a perpetual-capital pool like a church endowment, that is exactly the behavior you would expect: set the allocation, then let the market mark it.

What it means for 13F readers

Ensign Peak is worth watching precisely because it does so little. A flat book is a stable baseline — when this filer does eventually move a megacap weight, the change is signal rather than noise, because it is so rare. Until then, the most useful read is structural: a disciplined, low-turnover megacap core inside one of the largest single-filer equity books that discloses under its own name. You can track its quarter-over-quarter holdings on the Ensign Peak Advisors filer page.

FAQ

What is Ensign Peak Advisors?

Ensign Peak Advisors is the investment management arm of the Church of Jesus Christ of Latter-day Saints. It reported a $53.67B U.S. equity portfolio in its 13F filing for the quarter ended March 31, 2026.

What are Ensign Peak's largest holdings in Q1 2026?

Its five largest positions are Nvidia (7.66%), Apple (5.67%), Microsoft (4.68%), Amazon (3.51%), and Alphabet's GOOGL shares (3.38%) — a top tier entirely composed of large-cap technology.

Why did Ensign Peak's 13F value fall in Q1 2026?

The reported value fell 5.2% to $53.67B, but its largest positions were held roughly flat. The decline reflects the market drawdown in megacap technology passing through a static book, not selling or redemptions.

How concentrated is Ensign Peak's portfolio?

The ten largest positions are about 35.8% of the book, while the remaining 64.2% is spread across roughly 1,700 holdings — a barbell of concentrated megacaps plus a broad index-like tail.