The current size of Ensign Peak’s holdings remains a tightly held secret. The firm, based in Salt Lake City, was incorporated in 1997. Under SEC rules, it must disclose some types of investments, like U.S.-listed stocks, that it manages directly, which amounted to roughly $40 billion on Sept. 30. The remainder of the portfolio is made up of investments such as fixed-income securities, private companies or funds. Ensign Peak had an estimated $100 billion of holdings in 2019.