Mormon Church Stock Fund Buys More Tesla Shares, Cuts Back on Ford and GM

The Church of Jesus Christ of Latter-day Saints’ $52 billion USD investment fund expanded its position on Tesla during Q4 2021, adding 118,380 shares of the electric vehicle (EV) company, with a market value of $755.6 million, to its portfolio — reports Markets Insider.

At the same time, the fund also cut back its positions on veteran automakers Ford and General Motors Co., dropping 7.9 million shares ($105.2 million) and 2.5 million shares ($177.6 million) of the two, respectively. The information comes from the fund’s latest quarterly Form 13F filing with the U.S. Securities and Exchange Commission (SEC).

Ensign Peak Advisors is the equity division of the Mormon Church’s investment fund, with an investment portfolio consisting of roughly $52 billion worth of stocks that has been built over more than 50 years with donations from around 16 million members. Since the third quarter of 2021 alone, the fund saw the value of its holdings increase by about $4 billion.

The 118,380 Tesla shares purchased by Ensign Peak Advisors cost the Mormon Church approximately $715.21 per share.

Tesla enjoyed a stellar 2021, with a record 936,000 deliveries in the year. Analysts and market experts were quick to raise share price targets following the company’s Q4 and full-year results, with almost all of them now hovering well above $1,000 per share with positive outlooks for the future.

Tesla’s growth continues to beat Wall Street’s expectations, and the EV pioneer currently has higher operating margins than any other automaker.