About Chevy Chase Trust's Quarterly Investment Update
Chevy Chase Trust’s unique approach to Thematic Investing weaves together multiple themes across sectors, geographies, and industries, each designed to capitalize on research-driven insights. Listen to our quarterly update of economic conditions and investment strategy.
Everything we do starts with a conversation. Understanding your unique story is key in the development of a plan with your best interests in mind. To connect with us to learn more and begin a conversation, visit chevychasetrust.com.
Spencer Smith, Senior Managing Director and Head of Institutional Investments of Chevy Chase Trust, reviews 2026’s third quarter.
Equity markets extended year-to-date gains in the third quarter, despite the ongoing war in the Middle East and rapidly rising interest rates. We continue to maintain a close eye on the economy and capital markets. In this issue, we share important updates on several of our investment themes.
8 Jul 2026
Q2 2026 INVESTMENT UPDATE
Jeff Whitaker, President and CEO of Chevy Chase Trust, reviews 2026’s second quarter.
Excessive optimism about AI has led to higher corporate profits and U.S. equity prices. We fear that expectations for uninterrupted exponential AI-related earnings growth have risen too far and too fast. We see better opportunities in several unloved areas both within and outside of the U.S.
7 Apr 2026
Q1 2026 INVESTMENT UPDATE
Jeff Whitaker, President and CEO of Chevy Chase Trust, reviews 2026’s first quarter.
Even before the jolt of the Iran conflict, investors were beginning to grapple with several new market realities: higher structural inflation, persistently higher long-term interest rates, growing skepticism about artificial intelligence (AI) and stress in private credit. At Chevy Chase Trust, we have been focused on these dynamics for some time, working diligently to position clients well amid a sea change in the economy and markets.
8 Jan 2026
Q4 2025 Investment Update
Edward Dobranetski, Managing Director and Senior Portfolio Manager, reviews Q4 2025.
After a year of exceptionally strong returns globally, we expect more muted performance in equity markets in 2026. We are excited, however, by the dynamics unfolding for our investment themes, which we believe provide excellent hunting grounds for companies with significant, long-term share price appreciation.
8 Oct 2025
Q3 2025 Investment Update
Jeff Dillman, Senior Portfolio Manager, reviews Q3 2025 and offers perspective on recent developments in private equity.
10 Jul 2025
Q2 2025 Investment Update
Jeff Whitaker, President and CEO of Chevy Chase Trust, reviews 2025’s second quarter.
7 Apr 2025
Q1 2025 Investment Update
Jeff Whitaker, President and CEO of Chevy Chase Trust, reviews 2025’s first quarter.
6 Jan 2025
Q4 2024 Investment Update
Spencer C. Smith, Senior Managing Director and Head of Institutional Investments at Chevy Chase Trust, reviews 2024’s fourth quarter. The S&P 500 delivered another year of exceptional returns in 2024. Today, U.S. equity market valuations fully reflect both recent good news and expectations of more, increasing the risk of a correction if inflation picks up, the economy slows or anything else goes wrong. We see the broad markets as less attractive than 12 months ago, but we’re still finding opportunities in individual companies at home and abroad that we believe will better withstand – or even benefit from – the challenges and disruption that may lie ahead.
7 Oct 2024
Q3 2024 Investment Update
Chevy Chase Trust President and CEO Jeff Whitaker reviews 2024’s third quarter. Stock indices reached new highs in the third quarter as the Fed announced its first rate cut since its battle with inflation began in 2022. While U.S. equity markets appear priced to perfection, we continue to be excited by opportunities in many of our investment themes. Listen to the latest report.
8 Jul 2024
Q2 2024 Investment Update
Chevy Chase Trust President and CEO Jeff Whitaker reviews 2024’s second quarter. Equity index returns were strong through the first six months of 2024, driven largely by investor excitement about artificial intelligence (AI). We suspect that the amount of capital chasing the promise of AI will depress future returns. We are focusing on areas that have seen more modest investor interest, including global commodities and Europe. Listen to the latest report.
5 Apr 2024
Q1 2024 Investment Update
Chevy Chase Trust President and CEO Jeff Whitaker reviews 2024’s first quarter. Equity markets were strong globally in the first quarter. Easier financial conditions and expectations of both interest rate cuts and earnings growth drove strong performance. With the short-term outlook for rate cuts and other macroeconomic factors remaining fluid, we continue to manage risk and focus our research on our long-term investment themes. Listen to the latest report.
25 Mar 2024
Q4 2023 Investment Update
Chevy Chase Trust President and CEO Jeff Whitaker reviews 2023’s fourth quarter. Strong equity market performance in 2023 has many investors entering 2024 optimistic about the economy and markets. While we see risks in the broader market, we also see neglected investment opportunities at home and abroad. Listen to this latest report.
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