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The Widow’s Mite Report @thewidowsmite.bsky.social · 25/08/2026

Ensign Peak ended Q2 2026 with $60.8B of US stockholdings, up 14.1%. Lagged the S&P 500 return of 15.2%. Over 6.5 yrs, EP lagged the S&P 500 by 18.5%. Active stock picking has cost many billions in recent years. thewidowsmite.org/ep2026q2/

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The Widow’s Mite Report @thewidowsmite.bsky.social · 14/02/2026

Ensign Peak dumped ~9% of its US stocks in Q4 2025, shedding ~$5.6 billion. Possible explanations: (1) Portfolio strategy, (2) Opacity, (3) Unknown Church need. Net of stock sales, the fund gained 2.3% in Q4, lagging the S&P 500 return of 2.6% (including dividends). thewidowsmite.org/ep2025q4/

thewidowsmite.org

Ensign Peak Q4 2025 US Portfolio Update

Ensign Peak Q4 2025 US stock portfolio summary

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The Widow’s Mite Report @thewidowsmite.bsky.social · 06/02/2026

2025 Widow's Mite Report * ~$231B in LDS Church investment reserves, nearly a quarter trillion. * ~$320B total assets (~72% of Church assets are financial investments). * Charts & data: inflows/outflows, temple backlog, 5-year trends, endowment math. thewidowsmite.org/2025update

thewidowsmite.org

2025 Update

The Widow’s Mite Report 2025 Year-end Update

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The Widow’s Mite Report @thewidowsmite.bsky.social · 07/01/2026

For 2026, we estimate the average LDS General Authority receives ~$200k in direct equivalent taxable compensation, in addition to retirement and healthcare benefits. This is ~85% above the median UT household income and ~2x higher than the average Church employee salary. thewidowsmite.org/comp/

thewidowsmite.org

General Authority Compensation & Church Employment

Widow's Mite Report General Authority Compensation

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The Widow’s Mite Report @thewidowsmite.bsky.social · 17/11/2025

Ensign Peak sold $2.1 billion of US stocks during q3. Returns matched those of the S&P 500 for the quarter. thewidowsmite.org/ep2025q3/

thewidowsmite.org

Ensign Peak Q3 2025 US Portfolio Update

Ensign Peak Q3 2025 US stock portfolio summary

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The Widow’s Mite Report @thewidowsmite.bsky.social · 15/11/2025

The LDS Church allocated $1.2B in 2024 to the BYU system, subsidizing tuition for students. Amounts to a ~$119k 4yr scholarship (~82% subsidy) for all member students at BYU Provo. Updated BYU system financials, with simplified analysis and data through 2024: thewidowsmite.org/byu-tuition/

thewidowsmite.org

BYU Tuition Subsidy

BYU System: Overview of Tuition Subsidy and Campus Income/Expenses

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The Widow’s Mite Report @thewidowsmite.bsky.social · 24/10/2025

LDS tithing participation rates through 2024. Based on published financial data in 5 countries with ~4% of global membership. 2016 (25.1%) --> 2024 (20.8%) thewidowsmite.org/tithing-part...

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The Widow’s Mite Report @thewidowsmite.bsky.social · 09/06/2025

Q&A on the new Widow's Mite Report tax study. Evidence strongly indicates Ensign Peak engaged in systematic tax evasion by failing to report $200-450 million in taxable income from publicly traded partnerships over 2003-2017. www.reddit.com/r/mormon/com...

reddit.com

From the mormon community on Reddit: Q&A on the new Widow's Mite Report tax study. Evidence strongly indicates Ensign Peak engaged in systematic tax evasion by failing to report $200-450 million in ta...

Explore this post and more from the mormon community

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The Widow’s Mite Report @thewidowsmite.bsky.social · 08/06/2025

Our analysis of Ensign Peak’s publicly traded partnership investments as reported in IRS 990-T & SEC 13F uncovered strong evidence of systematic underreporting of unrelated business taxable income, which continued until the firm received critical public attention. thewidowsmite.org/epa-tax

thewidowsmite.org

Ensign Peak Advisors: IRS & SEC Filings Raise Tax Concerns

IRS & SEC Filings Raise Tax Concerns

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The Widow’s Mite Report @thewidowsmite.bsky.social · 17/05/2025

Ensign Peak Q1 2025 Summary $52.3B U.S. securities held at quarter-end. Total return -4.8% vs S&P500 -4.3%. Net seller of ~$1.1B of stocks in the quarter. thewidowsmite.org/ep2025q1

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The Widow’s Mite Report @thewidowsmite.bsky.social · 13/04/2025

What the data says about LDS membership migration in the U.S. Shifts in membership, activity, ward sizes, w/ global context. Data implies 3.8-5.4 global active LDS, consistent w/ other datasets. ~50% of those are in the U.S., of which ~50% live in UT & ID. thewidowsmite.org/usa-trends/

thewidowsmite.org

U.S. LDS Membership Trends

Analysis of membership & unit data in the U.S. LDS Church, in a global context

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The Widow’s Mite Report @thewidowsmite.bsky.social · 28/03/2025

Breakdown of 2024 LDS charitable expenditures of $1.45 billion, along with trended data on giving, humanitarian projects, Giving Machines, volunteerism, and other key metrics. thewidowsmite.org/caring-2024

thewidowsmite.org

Analysis: 2024 Caring For Those In Need

2024 Annual Report | Caring for those in need

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The Widow’s Mite Report @thewidowsmite.bsky.social · 23/02/2025

Ensign Peak 2024 summary. $56.3B US stocks. ~$206B estimated total investments. The fund was a net seller of ~$4.7B of US stocks in 2024. Alpha of -8% vs the market over 5 years. DMBA owns 5 "sin stocks" not held by Ensign Peak. thewidowsmite.org/ep2024q4/

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The Widow’s Mite Report @thewidowsmite.bsky.social · 10/02/2025

In early 2024, we first pointed out Ensign Peak's extensive holdings in 26 "war & weapons" stocks. Since then, EP has substantially reduced its holdings of those stocks each quarter. Its combined stake in "war & weapons" is down by roughly half as of Q3 2024. thewidowsmite.org/sinstocks

thewidowsmite.org

What Stocks Does Ensign Peak Avoid?

Sin Stocks

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The Widow’s Mite Report @thewidowsmite.bsky.social · 02/01/2025

2024 Widow's Mite Report is out. LDS Church investment funds now >$200 billion. Updates on Church wealth, cash flows, charity, temples. Examination of common misconceptions about finances of the Church of Jesus Christ of Latter-day Saints. thewidowsmite.org/2024update/

thewidowsmite.org

2024 Update

The Widow’s Mite Report 2023 Year-end Update

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The Widow’s Mite Report @thewidowsmite.bsky.social · 23/12/2024

BYU system financials updated through filing year 2023. Tithing subsidy from the LDS Church consumes roughly 18% of the LDS Church's operating budget and offsets 80% of tuition at BYU Provo, equal to a 4-year $96,000 scholarship for every student. thewidowsmite.org/byu-tuition/

thewidowsmite.org

BYU Tuition Subsidy

BYU System: Overview of Tuition Subsidy and Campus Income/Expenses

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The Widow’s Mite Report @thewidowsmite.bsky.social · 14/12/2024

For 2025, we estimate $183k taxable-equivalent salary for LDS General Authorities (senior clergy). - 85% above the median UT household income - 2x higher than the average Church employee Church employment rose ~3% in '22 & ~4% in '23. 2024 data TBD. thewidowsmite.org/comp/

thewidowsmite.org

General Authority Compensation & Church Employment

Widow's Mite Report General Authority Compensation

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The Widow’s Mite Report @thewidowsmite.bsky.social · 12/12/2024

Financial data indicates an overall stable global LDS activity rate in 2023 vs 2022 Based on filings in 5 countries, which are all now available online through 2023. Data covers ~4% of global membership. thewidowsmite.org/tithing-part...

thewidowsmite.org

Tithing Participation Rates

Widow’s Mite Report, Household Tithing Participation Rates

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The Widow’s Mite Report @thewidowsmite.bsky.social · 18/11/2024

Ensign Peak ended Q3'24 with $56.9B US stocks. Returns matched S&P500 in Q3. Sold $0.9B stocks (net); 2023-24 net sales ~$6B. EPA has lagged the index by ~1%/yr since 2019, implies ~$3B lost through active management. Estimated total investments are now $185-210B. thewidowsmite.org/ep2024q3/

thewidowsmite.org

Ensign Peak Q3 2024 US Portfolio Update

Ensign Peak Q3 2024 US stock portfolio

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