Amy Raskin, CIO, Chevy Chase Trust

Likes the energy space. Shell is cheap compared to its peers. Boasts a 12% free cash flow yield.

She expects their quarter next week to be fine. It well-positioned with high-end users and travel.

Wants to trim, because it's had a such a big run like all semis (overbought sector). ASML trades over 40x PE. 

An analyst signalled buy on weakness, but Apple remains a hard call for her. Thes tock is still expensive for its future growth, despite new innovations just announced in AI. Trades at 25x. Is a great company, but she won't add to it now.

Recently took some shares off the table. She's owned this a long time. A large position. Shares have doubled in 3 months. It has a perfect set-up now: many buyers with cash, concentrated positions, little capacity and too much demand. Nothing to stop this for the long term, but it's prudent to take profits.

It it continues to correct, this may become interesting. But it still trades at a 25x PE with almost no growth and a high market cap. Their share buyback helps.

She just bought it because she needed consumer exposure. She likes leisure, travel and post-pandemic consumer behaviour of this. Trades below the market multiple and is not well-loved.

A biotech that does, among other things, cancer testing which is very accurate.. She just bought it. Is growing fast and expects it to be cash-flow positive this year.

Likes it, but took profits because it's gone up a lot.

She trimmed it before it declined last week after earnings. Really likes it, but Costco is expensive now.

Likes it, but she trimmed it because a lot of the good news from its pain medicine is now in the stock.

It's too early to say whether this will break out, but she likes it long term. Has a lot of exposure to China and faces more competition than in the past. Not sure if she'd add shares now.

Is underweight megatech . Apple's valuation now is crazy at 30x. They bought back 40% of its shares in the past 10 years. Revenues are down year or year, though cash flow is strong. Will keep buying back shares. Growth is limited.

Added more recently. Boasts high barriers to entry, and long term it can gain retail market share.

The gains have been so incredible that she has taken some profits. It's a tremendous data play and just in AI.