CIK: 0001462020
Total reported value
$34.7B
Reporting period: 2026-03-31 · Number of holdings: 1154
Chevy Chase Trust Holdings, LLC disclosed 1154 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $34.7B and a quarterly turnover rate of 15.5%.
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Chevy Chase Trust Holdings, LLC's disclosed holdings carry a Herfindahl concentration index of 0.019 — mathematically equivalent to about 53 equally-sized positions, well below its 1154 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 3.34), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim MSFT
-3.0% -$562.5M
Add XOM
-4.1% $96.0M
Trim NVDA
-2.9% -$262.6M
Trim TSLA
-2.7% -$125.8M
Trim AAPL
-2.9% -$234.8M
Trim AMZN
-2.2% -$165.0M
Chevy Chase Trust is systematically shaving the crown jewels of its portfolio—MSFT, NVDA, AAPL, AMZN, GOOGL, GOOG, META, TSLA—all trimmed in unison. This isn't a panicked exit; it's a deliberate profit-lock to reduce conviction sizing on the consensus AI trade while maintaining a massive sector bet. They're preserving alpha by taking chips off the table from the names that have run the most, not rotating out of tech—yet.
The institution is pricing in a regime where the outsized returns from mega-cap AI leadership begin to mean-revert or face multiple compression. The consistent trims across every top holding telegraph an expectation that the concentration trade has peaked. The opposing thesis is that secular AI adoption still accelerates, these companies grow into elevated multiples, and these trims will look like premature de-risking in an ongoing bull cycle.
With 32.8% of the portfolio sunk into Information Technology despite 642 holdings, this portfolio is carrying a de facto single-factor bet hidden under a veneer of diversification. The 100 contrarian tilt is a double-edged sword—if the broader market also begins to rotate out of mega-cap tech, that positioning becomes reflexively crowded, accelerating the very de-rating the trims are meant to pre-empt. The low turnover (15.5%) means the portfolio is slow to adjust if the regime shift happens faster than expected.
This overview is machine-generated from public regulatory data and describes past filings only — it does not constitute financial advice.
Showing top 200 holdings (of 1154 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 7.48% | -0.24% | -2.88% | |
| 2 | AAPL | Apple INC | Stock-Tech | 6.57% | -0.22% | -2.88% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 4.68% | -1.23% | -2.97% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.58% | -0.22% | -2.18% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.98% | -0.18% | -3.76% | |
| 6 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.65% | -0.14% | -2.70% | |
| 7 | AVGO | Broadcom INC | Stock-Tech | 2.41% | -0.14% | -0.82% | |
| 8 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.85% | -0.01% | -2.64% | |
| 9 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.79% | -0.19% | -2.39% | |
| 10 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.64% | -0.11% | -3.59% | |
| 11 | TSLA | Tesla INC | Stock-Consumer Disc | 1.49% | -0.24% | -2.74% | |
| 12 | V | Visa Inc-class A Shares | Stock-Financials | 1.20% | -0.14% | -2.40% | |
| 13 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 1.13% | +0.21% | +0.22% | |
| 14 | XOM | Exxon Mobil CORP | Stock-Energy | 1.06% | +0.32% | -4.06% | |
| 15 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.05% | -0.14% | -3.07% | |
| 16 | GS | Goldman Sachs Group INC | Stock-Financials | 1.02% | -0.04% | -6.33% | |
| 17 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.92% | +0.16% | -3.56% | |
| 18 | WMT | Walmart INC | Stock-Consumer Staples | 0.78% | — | -2.79% | |
| 19 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.73% | — | -0.84% | |
| 20 | MA | Mastercard INC - A | Stock-Financials | 0.61% | -0.07% | -3.08% | |
| 21 | NFLX | Netflix INC | Stock-Comm Services | 0.58% | — | -3.13% | |
| 22 | ABBV | Abbvie INC | Stock-Healthcare | 0.57% | — | -2.74% | |
| 23 | CVX | Chevron CORP | Stock-Energy | 0.56% | +0.16% | -3.78% | |
| 24 | VZ | Verizon Communications INC | Stock-Comm Services | 0.56% | +0.16% | +4.98% | |
| 25 | NEE | Nextera Energy INC | Stock-Utilities | 0.55% | — | -0.60% | |
| 26 | MU | Micron Technology INC | Stock-Tech | 0.55% | — | -2.62% | |
| 27 | VRTX | Vertex Pharmaceuticals INC | Stock-Healthcare | 0.52% | — | -0.18% | |
| 28 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.50% | — | -3.28% | |
| 29 | CAT | Caterpillar INC | Stock-Industrials | 0.48% | +0.10% | -3.90% | |
| 30 | HD | Home Depot INC | Stock-Consumer Disc | 0.48% | — | -2.69% | |
| 31 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.47% | -0.09% | -2.86% | |
| 32 | AMD | Advanced Micro Devices | Stock-Tech | 0.47% | — | -2.68% | |
| 33 | BAC | Bank Of America CORP | Stock-Financials | 0.47% | -0.05% | -4.16% | |
| 34 | CSCO | Cisco Systems INC | Stock-Tech | 0.46% | — | -2.52% | |
| 35 | NVS | Novartis Ag-sponsored Adr | Stock-Healthcare | 0.46% | — | -1.09% | |
| 36 | REGN | Regeneron Pharmaceuticals | Stock-Healthcare | 0.46% | — | +2.53% | |
| 37 | SAN | Banco Santander Sa-spon Adr | Stock-Financials | 0.45% | — | -1.04% | |
| 38 | SHEL | Shell Plc-adr | Stock-Energy | 0.45% | +0.12% | -0.82% | |
| 39 | ASML | ASML Holding N.V. | Stock-Tech | 0.45% | +0.10% | -1.97% | |
| 40 | AEP | American Electric Power | Stock-Utilities | 0.44% | — | -0.95% | |
| 41 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.44% | -0.09% | -4.78% | |
| 42 | ISRG | Intuitive Surgical INC | Stock-Healthcare | 0.44% | -0.09% | -4.79% | |
| 43 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 0.44% | — | +3.17% | |
| 44 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.44% | — | -2.93% | |
| 45 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.43% | — | -2.97% | |
| 46 | GE | General Electric | Stock-Industrials | 0.43% | — | -3.39% | |
| 47 | AMAT | Applied Materials INC | Stock-Tech | 0.41% | +0.10% | -6.16% | |
| 48 | IAU | Ishares Gold Trust | ETF-Commodities | 0.40% | — | -2.27% | |
| 49 | SLB | Slb LTD | Stock-Energy | 0.40% | +0.15% | +12.31% | |
| 50 | CDNS | Cadence Design Sys INC | Stock-Tech | 0.39% | — | -0.91% |
Performance for Q3 2026
+3.3%
Performance Last 4 Quarters
+23.7%
Based on 77% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1154 | $34.7B | 16 | |
| 2025-12-31 | 1152 | $37.0B | 10 | |
| 2025-09-30 | 1144 | $36.3B | 23 | |
| 2025-06-30 | 1147 | $34.4B | 0 | |
| 2025-03-31 | 1146 | $31.3B | 100 | |
| 2024-12-31 | 1146 | $32.8B | 0 | |
| 2024-09-30 | 1139 | $32.6B | 0 | |
| 2024-06-30 | 1123 | $31.3B | 0 | |
| 2024-03-31 | 1122 | $30.6B | 0 | |
| 2023-12-31 | 1127 | $27.9B | 0 | |
| 2023-09-30 | 1126 | $25.3B | 0 | |
| 2023-06-30 | 1130 | $26.7B | 0 | |
| 2023-03-31 | 1141 | $25.3B | 0 | |
| 2022-12-31 | 1157 | $23.5B | 0 | |
| 2022-09-30 | 1143 | $23.4B | 0 | |
| 2022-06-30 | 1140 | $24.2B | 0 | |
| 2022-03-31 | 1153 | $29.0B | 0 | |
| 2021-12-31 | 1179 | $31.0B | 0 | |
| 2021-09-30 | 1171 | $28.7B | 0 | |
| 2021-06-30 | 1186 | $29.4B | 98 | |
| 2021-03-31 | 1188 | $28.0B | 11 | |
| 2020-12-31 | 1162 | $28.1B | 14 | |
| 2020-09-30 | 1064 | $25.3B | 11 | |
| 2020-06-30 | 1059 | $24.7B | 18 | |
| 2020-03-31 | 1034 | $21.5B | 24 | |
| 2019-12-31 | 3468 | $26.4B | 12 | |
| 2019-09-30 | 1077 | $24.4B | 10 | |
| 2019-06-30 | 1082 | $24.1B | 6 | |
| 2019-03-31 | 1083 | $24.2B | 20 | |
| 2018-12-31 | 1240 | $20.5B | 20 | |
| 2018-09-30 | 1179 | $24.1B | 10 | |
| 2018-06-30 | 1196 | $23.1B | 11 | |
| 2018-03-31 | 1184 | $22.5B | 10 | |
| 2017-12-31 | 1195 | $23.2B | 10 | |
| 2017-09-30 | 1195 | $22.1B | 11 | |
| 2017-06-30 | 1433 | $20.9B | 8 | |
| 2017-03-31 | 1413 | $20.4B | 12 | |
| 2016-12-31 | 1429 | $18.9B | 10 | |
| 2016-09-30 | 1435 | $18.3B | 10 | |
| 2016-06-30 | 1425 | $17.9B | 10 | |
| 2016-03-31 | 1403 | $17.5B | 12 | |
| 2015-12-31 | 1090 | $17.0B | 15 | |
| 2015-09-30 | 1083 | $16.0B | 13 | |
| 2015-06-30 | 1415 | $16.7B | 10 | |
| 2015-03-31 | 1434 | $16.6B | 12 | |
| 2014-12-31 | 1480 | $16.0B | 11 | |
| 2014-09-30 | 1468 | $15.4B | 11 | |
| 2014-06-30 | 1475 | $14.4B | 9 | |
| 2014-03-31 | 1112 | $13.9B | 8 | |
| 2013-12-31 | 1351 | $13.7B | 14 | |
| 2013-09-30 | 1107 | $12.3B | 100 | |
| 2013-06-30 | 1066 | $11.4B | 0 |
Chevy Chase Trust Holdings, LLC's most significant position changes for 2026-03-31: New buy: Vertiv Holdings Co-a (VRT); New buy: Ciena CORP (CIEN); Trim: Microsoft CORP (MSFT) — shares -2.97%; Trim: Exxon Mobil CORP (XOM) — shares -4.06%; Trim: Nvidia CORP (NVDA) — shares -2.88%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | XOM | Exxon Mobil CORP | +0.3% | -4.06% | Trim |
| 2 | COST | Costco Wholesale CORP | +0.2% | +0.22% | Add |
| 3 | CVX | Chevron CORP | +0.2% | -3.78% | Trim |
| 4 | VZ | Verizon Communications INC | +0.2% | +4.98% | Add |
| 5 | JNJ | Johnson & Johnson | +0.2% | -3.56% | Trim |
| 6 | SLB | Slb LTD | +0.2% | +12.31% | Add |
| 7 | CGNX | Cognex CORP | +0.1% | +25.33% | Add |
| 8 | SHEL | Shell Plc-adr | +0.1% | -0.82% | Trim |
| 9 | WMB | Williams Cos INC | +0.1% | +16.10% | Add |
| 10 | FNV | Franco-nevada CORP | +0.1% | +9.19% | Add |
| 11 | EOG | Eog Resources INC | +0.1% | -1.35% | Trim |
| 12 | AMAT | Applied Materials INC | +0.1% | -6.16% | Trim |
| 13 | ASML | ASML Holding N.V. | +0.1% | -1.97% | Trim |
| 14 | CAT | Caterpillar INC | +0.1% | -3.90% | Trim |
| 15 | GEV | GE Vernova INC | +0.1% | -3.44% | Trim |
| 16 | SNDK | Sandisk CORP | +0.1% | +3.02% | Add |
| 17 | BRK-B | Berkshire Hathaway Inc-cl B | 0% | -2.64% | Trim |
| 18 | GS | Goldman Sachs Group INC | 0% | -6.33% | Trim |
| 19 | BAC | Bank Of America CORP | -0.1% | -4.16% | Trim |
| 20 | WFC | Wells Fargo & Co | -0.1% | -3.53% | Trim |
| 21 | DIS | Walt Disney Co/the | -0.1% | -9.16% | Trim |
| 22 | IBM | Intl Business Machines CORP | -0.1% | -2.88% | Trim |
| 23 | NOW | Servicenow INC | -0.1% | -2.02% | Trim |
| 24 | ADBE | Adobe INC | -0.1% | +0.48% | Add |
| 25 | BSX | Boston Scientific CORP | -0.1% | -2.52% | Trim |
| 26 | MA | Mastercard INC - A | -0.1% | -3.08% | Trim |
| 27 | AXP | American Express Co | -0.1% | -10.12% | Trim |
| 28 | ACN | Accenture plc | -0.1% | -8.38% | Trim |
| 29 | INTU | Intuit INC | -0.1% | -2.63% | Trim |
| 30 | ISRG | Intuitive Surgical INC | -0.1% | -4.79% | Trim |
| 31 | UNH | Unitedhealth Group INC | -0.1% | -4.78% | Trim |
| 32 | PLTR | Palantir Technologies Inc-a | -0.1% | -2.86% | Trim |
| 33 | ORCL | Oracle CORP | -0.1% | -2.14% | Trim |
| 34 | PI | Impinj INC | -0.1% | +6.82% | Add |
| 35 | CRM | Salesforce INC | -0.1% | -4.36% | Trim |
| 36 | APP | Applovin Corp-class A | -0.1% | -2.80% | Trim |
| 37 | JPM | Jpmorgan Chase & Co | -0.1% | -3.59% | Trim |
| 38 | GOOG | Alphabet Inc-cl C | -0.1% | -2.70% | Trim |
| 39 | AVGO | Broadcom INC | -0.1% | -0.82% | Trim |
| 40 | V | Visa Inc-class A Shares | -0.1% | -2.40% | Trim |
| 41 | LLY | Eli Lilly & Co | -0.1% | -3.07% | Trim |
| 42 | GOOGL | Alphabet Inc-cl A | -0.2% | -3.76% | Trim |
| 43 | META | Meta Platforms Inc-class A | -0.2% | -2.39% | Trim |
| 44 | AAPL | Apple INC | -0.2% | -2.88% | Trim |
| 45 | AMZN | Amazon.com INC | -0.2% | -2.18% | Trim |
| 46 | NVDA | Nvidia CORP | -0.2% | -2.88% | Trim |
| 47 | TSLA | Tesla INC | -0.2% | -2.74% | Trim |
| 48 | MSFT | Microsoft CORP | -1.2% | -2.97% | Trim |
| 49 | VRT | Vertiv Holdings Co-a | — | NEW | New buy |
| 50 | CIEN | Ciena CORP | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-29 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-23 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-30 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-22 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-03 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-24 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-23 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-25 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-17 | Amendment | View on EDGAR |
| 2023-03-31 | 2023-05-16 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-09 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-04 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-10 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-27 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-01-31 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-20 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-20 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-22 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-06 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-13 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-12 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-20 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-13 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-23 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-02 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-10 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-01-22 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-13 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-04-05 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-01-09 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-10-05 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-08 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-07 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-15 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-15 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-15 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-17 | Amendment | View on EDGAR |
| 2015-03-31 | 2015-04-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-01-15 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-10-17 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-16 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-01-23 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-15 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-07-18 | Amendment | View on EDGAR |
| 2013-06-30 | 2013-07-18 | Amendment | View on EDGAR |
| 2013-06-30 | 2013-07-17 | 13F-HR | View on EDGAR |
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