My shopping cart
Your cart is currently empty.Continue Shopping
During the beginning quarter of 2021 there was a massive surge of retail investors heading out on various investment apps, mostly Robinhood, to boost several stocks that would inflict massive losses on several U.S. hedge funds that had bet against them. The most popular stock out of all of them was GAMESTOP.
Ensign Peak Advisors, the investment manager for the assets of the Church of Jesus Christ of Latter-day Saints made a play for the Gamestop stock and it paid off big time as they saw their 46,000 shares with an $867,000 stock value go to $8.7 million. Ensign Peak Advisors’ portfolio has gained $16.6 billion since the onset of the COVID-19 crisis, according to documents filed with the U.S. Securities and Exchange Commission.
Church leaders have described the Ensign Peak Advisors investment reserves as a “rainy day account” to help the global religion of 16.5 million members weather economic downturns and help fund its operations around the world.
What are your thoughts on this? Let us know in the comments!