Mormon Church’s 5 Biggest Stock Positions

3. Amazon.com, Inc. (NASDAQ:AMZN)

Ensign Peak Advisors has a $1.1 billion stake in Amazon.com, Inc. (NASDAQ:AMZN) as of the end of the third quarter of 2022. The fund first bought a stake in Amazon.com, Inc. (NASDAQ:AMZN) back in the fourth quarter of 2019. Over the past one year Amazon.com, Inc. (NASDAQ:AMZN) lost about half of its stock value. However, analysts are hopeful that the stock would rebound once the market begins to turn the corner.

Hedge funds continue to hold large stakes in Amazon.com, Inc. (NASDAQ:AMZN). Insider Monkey’s database shows that 269 hedge funds had stakes in the eCommerce giant. The total value of these stakes was $34.6 billion.

Here is what Lakehouse Capital specifically said about Amazon.com, Inc. (NASDAQ:AMZN) in its November letter:

“Meanwhile, the largest detractor was Amazon.com, Inc. (NASDAQ:AMZN), which remained under pressure due to concerns around near-term profitability. We continue to believe that Amazon’s cost pressures will prove to be short-term in nature and that the company remains on track to deliver significant profit improvements over the next twelve months. For more commentary on their most recent earnings report please see last month’s letter here.”