Ensign Peak Advisors Q4 2025 13F Holdings and Activity Report

I. Institutional Overview

The most striking feature of Ensign Peak’s Q4 2025 report is the sheer breadth of its holdings. With 1,683 individual stocks in the portfolio, the institution operates with a level of diversification that mirrors a broad-market index, yet it maintains a highly concentrated "head" of core convictions. This "long-tail" strategy suggests an investment style that is part passive, part active—a "quasi-index" approach designed to capture broad market returns while using significant overweights in specific sectors (notably Technology) to generate alpha. The psychological profile here is one of extreme patience and risk mitigation. By holding over 1,600 names, the fund effectively eliminates idiosyncratic risk from any single small or mid-cap position, ensuring that the portfolio’s performance is driven by macro trends and the success of its largest "ballast" positions.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

One of the most significant insights from this quarter is the weight of Healthcare at 12.66% . While Technology remains the leader, the aggressive addition to names like Eli Lilly (LLY) suggests a rotation toward "Secular Growth Healthcare." This is a move away from purely cyclical growth and toward industries with high barriers to entry and massive, non-discretionary demand. The institution appears to be betting that the next wave of massive value creation will come from biotechnology and pharmaceutical breakthroughs (such as GLP-1 weight-loss drugs), which offer a different risk-return profile than the semiconductor-heavy Tech sector.

Within the Technology and Communication sectors, the allocation suggests a subtle shift. While they still hold massive amounts of NVIDIA (hardware), the additions to Oracle and the continued dominance of Microsoft and Alphabet point to a focus on "AI Platforms and Infrastructure." The institution is moving its focus from the "shovels" (chips) to the "gold mines" (software platforms and cloud ecosystems) that will actually utilize the AI hardware to generate recurring revenue. This represents a maturation of their AI investment thesis—moving from the speculative hardware phase to the sustainable software phase.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

The logic here is "house money." Ensign Peak has held NVDA since at least 2019, meaning their cost basis is likely a tiny fraction of the current $187 price. By holding such a large position, they are betting that NVIDIA’s data center dominance and AI moat are insurmountable in the medium term. The fact that the weight actually increased from 7.34% to 7.59% despite the share reduction indicates that NVDA’s price appreciation outperformed the rest of the portfolio, forcing the fund to trim just to keep the position from becoming dangerously large.

Microsoft occupies the #2 spot with a 5.80% weight . The 2.63% reduction in shares is a minor adjustment to a core allocation. Microsoft represents the "safest" way to play the AI revolution, given its diversified revenue streams across Azure, Office 365, and LinkedIn. For Ensign Peak, MSFT is a "core allocation" that provides steady growth with lower volatility than pure-play semiconductor stocks. The slight decrease in weight (from 5.92% to 5.80%) suggests that the fund is slightly rotating capital out of the "first-movers" in software to fund new opportunities in healthcare or other tech platforms.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The additions this quarter are clustered in Healthcare (LLY) and Enterprise Software/Cloud (ORCL, TEAM, GOOG) . This reveals a clear strategy: Ensign Peak is moving "up the stack." They are reducing exposure to the raw hardware (like the minor trim in NVDA) and increasing exposure to the platforms and biological innovations that will define the next five years. They are looking for "High-Moat Growth" —companies that have proprietary technology or biological patents that cannot be easily replicated.

The total estimated buy scale for these top additions is roughly $530 million . Much of this capital appears to be "recycled" from the reductions in Section V (like the $173M from NVDA and $114M from ABT). This is "inventory reallocation." The fund is not necessarily bringing in massive amounts of new cash; instead, it is selling its "fully valued" winners to fund its "high-conviction" emerging leaders. This rotation increases the portfolio's overall "offensiveness" by moving capital into higher-growth names like LLY and ORCL.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The overall quality of these exits is "Active and Decisive." Ensign Peak is not just nibbling at the edges; they are making 20-30% cuts in multi-hundred-million-dollar positions (ABT, TJX, GILD). This indicates a fund that is not afraid to "kill its darlings" to make room for new growth. The impact of these operations is a "slimmer," more focused portfolio that is less reliant on legacy value names and more geared toward future-proof growth.

The reduction in Exxon Mobil (XOM) by 17.86% and JPMorgan (JPM) by 12.95% suggests that the fund is slightly lowering its exposure to "Old Economy" value. While they still hold significant amounts of these stocks, the trend is toward de-risking from cyclical sectors. If the fund believed in a massive commodity boom or a banking super-cycle, they wouldn't be trimming these leaders. This reinforces the "Growth-First" bias of the institution.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The Healthcare Renaissance : The most profound insight is the aggressive pivot into Eli Lilly. This suggests that "Smart Money" views the current breakthroughs in metabolic medicine (obesity/diabetes) as being as economically significant as the invention of the internet or the smartphone. This is a move toward "Secular Certainty" —buying growth that is driven by biological necessity rather than discretionary spending. 3. Tactical Efficiency : The swap from IVV to SPY and the meticulous rebalancing of the Top 10 holdings demonstrate a high level of operational sophistication. The fund is not just picking stocks; it is managing a complex ecosystem of liquidity, beta, and alpha.

Reference Value for Investors : Retail investors can learn from Ensign Peak’s patience . They don't exit their winners entirely; they trim them. They don't chase every new trend; they wait for established leaders (like LLY and ORCL) to prove their dominance before making massive moves. However, the move into LLY at $1,000+ requires a very long-term horizon and a high risk tolerance that may not be suitable for all individual portfolios.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.