Ensign Peak Advisors Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

The institutional portrait of Ensign Peak Advisors is one of a "diversified giant" that blends the characteristics of a passive index-tracking fund with the strategic tilts of an active value-and-growth manager. With a staggering 1,706 individual holdings , the institution demonstrates an extreme commitment to diversification. This breadth of holdings suggests a risk-management philosophy designed to smooth out idiosyncratic shocks from any single company or industry. When an institution holds nearly two thousand stocks, it is effectively capturing the broad beta of the equity markets, yet the specific weightings and quarterly adjustments reveal the "smart money" logic that differentiates its performance from a simple market-cap-weighted index.

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

The allocation of 12.31% to Financials and 12.02% to Healthcare suggests a balanced approach to the current economic cycle. Financials often serve as a proxy for the institution's view on interest rates and economic health. A double-digit allocation here implies a belief in the resilience of the banking and payment processing sectors (as evidenced by large positions in JPMorgan Chase and Mastercard). Meanwhile, the Healthcare allocation provides a necessary hedge. As the global population ages and medical technology advances, Healthcare offers a combination of defensive characteristics and growth potential that complements the high-volatility nature of the Technology sector.

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

NVIDIA remains the crown jewel of the Ensign Peak portfolio, representing a massive $4.02 billion position. Despite a nominal reduction of 688 shares—which is statistically negligible for a position of over 23 million shares—the holding remains the institution's largest bet. This is a classic "conviction holding." The fact that the institution held steady while the weight decreased slightly from 7.59% to 7.49% suggests that the change was primarily driven by the relative performance of other assets rather than an active desire to exit. NVIDIA’s role as the primary provider of the hardware infrastructure for the AI revolution makes it an indispensable asset for a fund of this size. The institution is clearly comfortable with NVIDIA’s valuation, viewing it as a long-term play on the fundamental restructuring of global computing power.

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

While the institution added to both classes of Alphabet shares, the 9.44% increase in the Class C shares (GOOG) is particularly noteworthy, representing an estimated $109.8 million addition. This move, combined with the addition to Class A shares, signals a strong belief that Alphabet’s "AI overhang"—the market's fear that it was losing the AI race—has been overblown. The institution is likely looking at Alphabet’s massive cash flow, its dominant position in search, and its growing cloud business as a "valuation trough mining" opportunity. At a time when other tech giants are trading at extreme multiples, Alphabet offers a more reasonable entry point for a long-term steward like Ensign Peak.

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 most significant reduction this quarter was in AbbVie, where the institution slashed its position by 39.05% , realizing an estimated $170.9 million . This is a "Major Strategic Contraction." AbbVie has been a staple for income-seeking investors, but it faces significant headwinds as its blockbuster drug, Humira, continues to lose market share to biosimilars. By reducing its weight from 0.81% to 0.50%, Ensign Peak is signaling a lack of confidence in the company’s immediate pipeline to offset these losses. This is a "logical clearing" based on deteriorating fundamentals relative to the broader healthcare sector, where the institution is instead favoring growth names like Boston Scientific.

The complete liquidation of the $16.99 million position in Exact Sciences is a "Logical Clearing." While the amount is small relative to the total portfolio, the 100% exit indicates a fundamental break in the investment thesis. Exact Sciences, known for its Cologuard screening test, operates in a highly competitive and capital-intensive segment of the diagnostics market. This exit, combined with other liquidations like Avidity Biosciences (RNA) and Nurix Therapeutics (NRIX) , suggests a broader "portfolio slimming" where the institution is exiting smaller, more speculative biotech names to focus on large-cap stability.

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 logic chain is clear: 1. Sold what : High-valuation mega-caps (Microsoft, Amazon) and healthcare companies facing fundamental headwinds (AbbVie, UnitedHealth). 2. Why sell : To harvest profits from overextended positions and mitigate risk in sectors with regulatory or patent-related uncertainty. 3. Bought what : Specialized medical technology (Boston Scientific), semiconductor infrastructure (Micron), and industrial gas leaders (Linde). 4. Why buy : To capture the "second wave" of the AI revolution and the structural growth driven by the energy transition and medical innovation. 5. Overall change : The portfolio has become more resilient and diversified, with a reduced reliance on the "Magnificent Seven" and a greater emphasis on "infrastructure" plays across multiple sectors.

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.