| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Andrew Hill Investment Advisors navigated a narrow Q2 2026 rally driven by AI and technology earnings, with S&P 500 up 13% but performance concentrated in ten stocks. The firm lagged benchmarks due to insufficient memory semiconductor exposure and overweight in software versus hardware. Portfolio shifted from technology to biotechnology, with Eli Lilly now the largest position following explosive GLP-1 revenue growth. Nvidia reduced despite strong fundamentals. AI theme remains core across chips, networking, and energy infrastructure, with GE Vernova manufacturing sold out through 2030. Inflation running hot at 4.2% CPI driven by oil and memory chip shortages, prompting Federal Reserve pivot toward rate increases. All gold positions liquidated on negative momentum. Fixed income repositioned with floating rate funds and short duration bonds. Manager sees 10% upside for S&P 500 but concerned about AI investment magnitude, IPO dilution, excessive sentiment, and Fed tightening. Added to undervalued software names (ADP, Docusign, Blackbaud) after sector selloff. Bond laddering strategy maintains near-term security while extending equity risk long-term.
Portfolio positioned across AI ecosystem and biotechnology with conviction that core holdings will produce strong earnings, while managing risks from inflation, Federal Reserve tightening, and excessive market optimism through bond laddering strategy and selective equity positioning.
Manager expects 10% gains for S&P 500 with continued high volatility as winners and laggards rotate. Earnings growth remains strong with 2027 estimates accelerating to 16%, but concerns over market factors limit optimism including potential Iran war rekindling, IPO dilution, and Fed rate increases. Third quarter historically weakest of the year due to limited trading volume. Interest rate concerns offset earnings optimism, with Fed potentially following through on restrictive policy. Investor sentiment appears excessively optimistic. Software sector presents opportunities after indiscriminate selling. Oil expected to remain oversupplied with lower prices. Manager maintains confidence in core holdings producing strong earnings but acknowledges market factors could prevent stock price appreciation even after strong earnings reports.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 2 2026 | 2026 Q2 | AAPL, ADP, AMD, ANET, ASML, BLKB, D, DOCU, GE, GEV, GOOGL, GRMN, LLY, MSFT, NEE, NVDA, ORCL, ULTA, VRTX, YETI | AI, Biotechnology, Energy Transition, Federal Reserve, inflation, oil, semiconductors, technology | - | Portfolio pivoted from technology to biotechnology with Eli Lilly as largest position on GLP-1 growth, while maintaining AI exposure across infrastructure and chips. Inflation at 4.2% driving Fed toward rate hikes. Liquidated gold, repositioned bonds for rising rates. Sees 10% S&P 500 upside but concerned about AI investment speed, IPO supply, and excessive optimism. Added undervalued software names after indiscriminate selling. |
| Apr 8 2026 | 2026 Q1 | 1211 HK, AAPL, COST, EQT, GE, GEV, GOOGL, GRMN, MSFT, NFGC, NVDA, NXT, OKE, RIVN, TSLA, VRTX, YETI | AI, energy, geopolitics, Iran, Natural Gas, oil, semiconductors, technology |
NXT AAPL GOOGL OKE EQT |
Andrew Hill positioned defensively through Q1 2026's geopolitical turmoil, with portfolios outperforming the SP500 by nearly 1%. The Iran war and AI disruption drove market volatility, prompting risk reduction through trimmed equity exposure and added hedges. Core holdings in energy infrastructure, natural gas producers, and AI leaders like Nvidia reflect positioning for structural trends despite economic headwinds and high uncertainty. |
| Dec 29 2025 | 2025 Q4 | CEG, GE, GEV | Allocation, gold, income, Macro, valuation |
GEV GE CEG |
AHIA delivered strong 2025 returns but adopts defensive positioning for 2026 given premium valuations and peaking earnings. Gold outperformed with 70% gains amid Dollar weakness. Tariff volatility disrupted markets before partial reversal. Energy transition accelerates from AI demand while sector leadership shifts from infrastructure builders to users. Underweight equities, overweight bonds, maintaining Gold core position. |
| Sep 24 2025 | 2025 Q3 | AMSC, COST, EQT, GE, GEV, GLD, GOOGL, META, MSFT, NVDA, NXT, SEDG, SYK, TMO, VRTX, YETI | AI, Energy Transition, equities, Federal Reserve, gold, Rate Cuts, Solar, technology | YETI | AHIA's Q3 performance matched benchmarks while positioning for the next phase of AI investment focused on energy infrastructure companies supporting data center power demands. With first-tier AI stocks losing momentum despite strong earnings, the firm is targeting second-tier plays like GE Vernova and American Superconductor, while maintaining gold as a geopolitical hedge and selective solar exposure. |
| Jun 26 2025 | 2025 Q2 | AAPL, AMSC, CEG, DUK, EQT, GE, GRMN, HASI, JPM, MSFT, MSI, NFLX, NVDA, OKE, PGR, SFM, TMO, UBER, VRTX, YETI | AI, Bonds, energy, gold, healthcare, Stablecoins, tariffs, technology | - | Andrew Hill navigated Q2 2025 volatility through strategic AI infrastructure positioning and gold diversification. Despite tariff headwinds potentially slowing GDP growth, the firm maintains conviction in quality companies with competitive advantages. Portfolio adjustments include removing Visa for stablecoin beneficiaries, while maintaining roughly one-third exposure to AI infrastructure across multiple sectors. |
| Mar 26 2025 | 2025 Q1 | 1211.HK, AAPL, ACN, AMZN, ANET, CEG, DUK, EQT, GE, GLD, GRMN, JNJ, JPM, MSFT, NFLX, NVDA, PGR, TTEK | AI, Bonds, defense, Electric Vehicles, healthcare, inflation, Natural Gas, tariffs |
JNJ PGR JPM NFLX AAPL AMZN DUK GRMN MSFT |
Hill cuts equity exposure and shifts defensive amid Trump policy uncertainty. Tariffs and budget cuts drive GDP estimates down 4% while SP500 trades at elevated 21x earnings. Portfolio emphasizes healthcare, financials, utilities with select AI exposure. Added gold, increased bonds as policy headwinds favor fixed income over equities until clarity emerges. |
| Dec 19 2024 | 2024 Q4 | AAPL, ADBE, AMSC, AMZN, ANET, CEG, ENPH, GEV, GRMN, GS, IDXX, JNJ, JPM, MSFT, NVDA, OKE, UTHR | AI, energy, financials, inflation, nuclear, tariffs, technology, Utilities |
AAPL GRMN CEG NVDA MSFT GS GEV JPM ANET AMZN |
AHIA delivered superior Q4 returns through AI and energy infrastructure exposure, led by NVIDIA, Constellation Energy, and Garmin. Reduced equity allocation 5% after massive gains while increasing financials exposure for Trump deregulation. Expects 5-10% 2025 returns despite tariff and inflation risks. Maintains focus on AI beneficiaries and energy transition plays. |
| Sep 29 2024 | 2024 Q3 | AAPL, AMZN, AXON, CEG, CMG, EQT, GEV, HIW, ISRG, LLY, MSFT, MSI, NEE, NVDA, UTHR | AI, Energy Transition, Rate Cuts, real estate, technology, Utilities |
CEG GEV NEE HIW LLY CMG MSI AXON ISRG UTHR |
AHIA's energy transition focus delivered strong Q3 outperformance, led by utility holdings like Constellation Energy. Fed rate cuts benefited interest-sensitive sectors while AI power demand drove utility appreciation. Portfolios remain fully invested with overweights in Utilities and Industrials, underweight Technology. Favorable outlook supported by falling rates and economic growth despite geopolitical and election risks. |
| Jun 30 2024 | 2024 Q2 | AAPL, AMSC, AMZN, ANET, CEG, CMG, COST, DELL, DUK, GRMN, HIW, ISRG, JNJ, LLY, META, MSFT, NVDA, VRTX | AI, Data centers, energy, healthcare, semiconductors, technology | - | Strong Q2 performance driven by concentrated AI ecosystem exposure including Nvidia's semiconductor dominance, Microsoft's Copilot success, and Constellation Energy's data center power demand. Portfolio holds 30 core positions with AI theme most prevalent. Considering equity reduction for fixed income given market trends while increasing healthcare allocation on improving fundamentals. |
| Apr 10 2024 | 2024 Q1 | AAPL, ADBE, ANET, CARR, CEG, CMG, DELL, EQT, GE, GRMN, JPM, KEY, MSFT, NEE, NVDA, OKE | AI, energy, growth, large cap, Natural Gas, semiconductors, technology, Utilities | - | Andrew Hill concentrates on AI leaders Nvidia and Microsoft as largest holdings, delivering strong Q1 outperformance. Overweight utilities benefit from AI power demand while natural gas positions face weather headwinds. Fully invested and equity-overweight positioning targets continued AI growth with commodity exposure for potential summer supply-driven rallies. |
| Dec 31 2023 | 2023 Q4 | NVDA | AI, Bonds, Federal Reserve, inflation, interest rates, technology | - | Andrew Hill Investment Advisors navigated 2023's rate-driven environment by maintaining disciplined equity positioning while capitalizing on bond opportunities created by higher rates. Despite strong AI-driven tech performance, they avoided overconcentration. With Fed rate cuts expected in 2024, they see bonds as potentially more attractive than stocks for the first time in over a decade. |
| Sep 30 2023 | 2023 Q3 | ANET, CARR, DE, EQT, GOOGL, MSFT, NVDA, OKE, PANW | AI, Automation, energy, fixed income, interest rates, Natural Gas, technology |
CARR COKE EQT GRMN AAPL|MSFT|NFLX|NVDA|UNH AAPL|MSFT|NFLX|NVDA|UNH GOOGL ANET PANW 2HP.DE |
Hill positions for economic slowdown benefits while maintaining exposure to AI leaders (Nvidia, Microsoft, Google), natural gas infrastructure (Oneok, EQT), energy efficiency (Carrier), and automation (Deere). Portfolio 80-90% invested with NASDAQ hedges as protection. Expects Q4 strength to resolve current challenges as inflation and rate pressures ease. |
| Jun 26 2023 | 2023 Q2 | MSFT | AI, fixed income, healthcare, interest rates, technology | - | Technology pivot from healthcare drove Q2 gains with Microsoft as largest AI opportunity. Initially lagged narrow S&P 500 leadership but outperformed in June as breadth improved. Fed paused rate hikes temporarily. Fixed income outperformed via short duration strategy capitalizing on inverted yield curve dynamics. |
| Mar 24 2023 | 2023 Q1 | AAPL, ANET, DE, GRMN, LECO, MRK, MSFT, ULTA, V, VRTX | Banking, Bear Market, Federal Reserve, healthcare, interest rates, technology, value | - | Bear market appears to be bottoming after 15 months, with S&P500 in uptrend since October. Fed policy risks breaking fragile banking system, but firm maintains 80-90% equity exposure balanced between growth and defensive names. Recently added gold position expecting rate cuts. Quality holdings like Apple, Microsoft, and Vertex positioned for multiple scenarios as economy slows toward zero growth. |
| Dec 27 2022 | 2022 Q4 | AAPL, BAC, DE, ENPH, F, HTZ, LECO, MRK, MSFT, NEE, NVDA, RY, TSLA, VRTX | Energy Transition, Federal Reserve, healthcare, infrastructure, interest rates, Onshoring, technology, Utilities |
RY VRTX NEE DE ENPH LECO MRK |
Hill aggressively de-risked in 2022 but began redeploying in Q4, favoring bonds over stocks. Portfolio positioned for energy transition, onshoring, and infrastructure themes through quality holdings like NextEra and Vertex. Highly critical of Fed policy above 5% rates. Expects slow 2023 growth with recession risk but sees opportunity in presidential cycle tailwinds and structural investment themes. |
| Oct 6 2022 | 2022 Q3 | AAPL, CARR, ENPH, FDX, GE, GNRC, GRMN, HUN, MSFT, NEE, NFG, NUE, NVDA, OKE, TSLA, ULTA, XYL | Bonds, Energy Transition, Federal Reserve, Hurricane Ian, inflation, rates, Recession | - | Hill slams Fed rate hikes as misguided given supply-driven inflation, positioning defensively with reduced equity exposure and S&P shorts. Sees opportunities in energy transition names like NextEra and Tesla, plus hurricane rebuilding beneficiaries. Expects continued weakness until bond yields stabilize, maintaining high-quality bonds while waiting for better entry points in growth stocks. |
| Jun 29 2022 | 2022 Q2 | AAPL, ABBV, CARR, DE, ENPH, GOOGL, ISRG, MSFT, NEE, NVDA, OKE, TREX, TSLA | Bear Market, commodities, Energy Transition, Federal Reserve, inflation, interest rates, Portfolio Management, technology | - | Hill maintains maximum defensive positioning through Q2 2022's bear market with historically low equity allocations and high cash. Focuses on secular growth themes including cloud technology, energy transition, and climate adaptation while reducing speculative positions. Sees early signs inflation may be peaking as Fed policy gains traction, beginning selective deployment of capital into quality names like Alphabet. |
| - | 2022 Q1 | AAPL, ABBV, DE, FFWM, GS, HII, HSIC, ISRG, JNJ, JPM, KEY, MSFT, NEM, NFG, NVDA, OKE, TREX, TSLA | defense, Fed policy, healthcare, inflation, Natural Gas, technology, Ukraine War | - | Hill maintains defensive positioning with natural gas, healthcare, and select technology exposure while navigating inflation and Fed tightening. Natural gas companies benefit from utility demand and export potential. Healthcare recovers from delayed procedures. Technology focused on stable leaders like Microsoft and Apple. Gold and defense serve as war hedges amid continued market volatility. |
| Dec 17 2021 | 2021 Q4 | ABB, ABBV, AMZN, ARKK, CARR, GS, JNJ, JPM, MRNA, MSFT, NEE, NFG, NUE, NVDA, OKE, RY, TDOC, TREX, TSLA, V | Energy Transition, Fed policy, financials, growth, healthcare, inflation, materials, technology | - | Hill rotated from speculative growth to stable recurring revenue companies in 2021, harvesting ARK Innovation and Teladoc at peaks. Portfolio emphasizes energy transition leaders NextEra and Tesla, defensive healthcare names, and materials exposure. Views inflation as temporary and Fed hikes as policy mistake. Expects wider 2022 volatility but confident in strategic positioning for post-pandemic economic transition. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIAI investment is driving massive capital expenditure across technology companies, with hyperscalers investing billions in infrastructure. The firm has increased research productivity using AI tools but expresses concern about the speed and magnitude of investment. Portfolio positioned across the AI ecosystem including chips (Nvidia, AMD), networking (Arista), energy infrastructure (GE Vernova, NextPower), and equipment (ASML). |
Data Centers Semiconductors Cloud Infrastructure |
GLP1Eli Lilly experiencing explosive revenue growth from blockbuster diabetes and obesity treatments, now the largest equity position in many accounts. The company is investing proceeds into global manufacturing capacity to resolve supply shortages and expand pipeline. Vertex Pharmaceuticals also highlighted as expanding beyond Cystic Fibrosis into gene editing and pain management. |
Biotechnology Diabetes Obesity Pharmaceuticals | |
Energy TransitionPortfolio holds multiple positions in energy production, transmission, and storage to benefit from AI-driven electricity demand. GE Vernova provides gas turbines and power equipment with manufacturing sold out through 2030. NextPower focuses on utility-scale solar with integration capabilities. NextEra Energy positioned for AI demand but facing challenges from Dominion Energy acquisition attempt. |
Power Equipment Solar Grid Upgrade Renewable Developers | |
InflationInflation running red hot with CPI up 4.2% and PCE up 6.3% year-over-year. Personal inflation examples include health insurance premiums up 30%, fishing lures up 23%, and restaurant wine up 29%. Iran war increased costs of oil, fertilizer, and commodities. Memory chip shortages driving component price increases, with Apple announcing device price increases due to unprecedented component cost inflation. |
Oil Commodities Rates Components | |
Semiconductor CycleMemory chip manufacturers experienced massive profits due to undersupply, but the firm did not participate as this is a cyclical industry with companies pledging to dramatically increase production capacity. Eventually expects oversupply and price deflation. Nvidia continues to produce exceptional cash flow but stock has waned recently despite strong fundamentals. Position reduced in Nvidia to add to biotechnology holdings. |
Memory Semiconductors Cyclical | |
OilOil increased from Iran War outbreak in February until peaking recently, with current Brent Crude trading at $70 per barrel. After thirty-eight peace agreements, current ceasefire appears to be holding. Traders expect oil at $78 year-end and $75 next year. After inventory restocking, oil expected to return to oversupplied market with lower prices. China's oil demand declining due to electric vehicle adoption. |
Crude Iran China Electric Vehicles | |
GoldFirm liquidated all gold positions in Q2 and never held Bitcoin. High interest rates and restrictive Federal Reserve policy are strong headwinds for gold. While several compelling reasons to own the asset remain, negative price momentum led to watching from sidelines. Gold was liquidated by global central banks to buy oil. |
Gold Miners Rates Dollar | |
RatesEconomic backdrop shifted from expected rate cuts to market pricing in a hike by year-end. 2-year Treasury yield rose from 3.7% to 4.1%, while 10-year Treasury rose from 4.25% to 4.3%. New Federal Reserve Chair Kevin Warsh set priority of price stability but strategy unclear. In response to rising yields, firm added floating rate funds and short duration bonds to reduce rate exposure. |
Federal Reserve Inflation Bonds | |
| 2026 Q1 |
AIAI investment is estimated at $650-690 billion by the Mag 7, up 70% from 2025, driving significant economic impact. However, AI also sent a scare through markets as new products disrupted several businesses, with software companies bearing the brunt of the pain. The manager views AI as creating both opportunities and risks across multiple sectors. |
Data Centers Semiconductors Software Cloud Automation |
Energy TransitionRising oil prices are adding to growing demand for electricity for AI, making renewable energy often the cheapest and fastest source of energy to construct. The manager expects energy production to be more localized in years to come, reducing dependence on chokepoints like the Strait of Hormuz, which is favorable for renewables. |
Solar Renewable Components Energy Storage Grid Upgrade Nuclear | |
Natural GasNatural gas is significantly cheaper in the U.S. than Europe or Asia due to ample domestic supplies and high transportation costs. The war in Iran has led to near closure of the Strait of Hormuz where about 20% of LNG passes, creating supply disruptions and price opportunities for U.S. producers. |
Gas Pipelines LNG Midstream Gas Producers Energy Trading | |
OilThe combined impact of Venezuelan and Iranian conflicts could materially increase oil prices for years to come, with experts predicting the question is whether that will be 20%, 40%, or 60% over beginning-of-year prices. Oil infrastructure destruction is extending the impact from months to years. |
Exploration & Production Refiners Oil Services Pipelines Energy Trading | |
GeothermalMilitary actions involving Venezuela and Iran have affected most major asset classes, with the U.S. involvement setting the stage for a geopolitically dominated quarter. The manager discusses various scenarios for the Middle East war and their economic implications. |
Defense Sanctions Trade Policy Volatility Risk Appetite | |
| 2025 Q4 |
AIAI continues to drive significant market performance with hype surrounding everything it touches. Some areas got overheated and were subsequently punished, with Oracle jumping 40% in one day on AI results before falling 50% from that level. The firm has identified similar situations and remained disciplined to avoid them. Technology sector leadership is waning as focus shifts from AI builders to AI users like Apple. |
Artificial Intelligence Technology Data Centers Semiconductors Cloud |
GoldGold has been a material portion of client portfolios for nearly the entire year and outperformed the stock market, rising 70%. The drivers behind Gold's performance in 2025 are likely to continue into 2026, including central banks globally accumulating Gold and declining confidence in the US Dollar due to political instability. Gold regained its reputation as a safety asset compared to cryptocurrencies. |
Gold Safety Asset Central Banks Dollar Commodities | |
Energy TransitionAfter decades of level demand for electrons, electric demand is now growing from data centers, electric vehicles, industrial growth, and hotter summers. Several portfolio holdings cover major aspects of energy demand including NextPower for solar tracking, GE Vernova for gas turbines and grid equipment, and Constellation as the largest nuclear power provider. US electricity demand is increasing about 4% annually. |
Energy Infrastructure Solar Nuclear Grid Data Centers | |
InflationInflation appears to be under control but the decreasing spread between wage gains and inflation is concerning. The supply and demand imbalances from Covid-19 created the first big price increase, tariffs presented the second blow, and health insurance increases could be the next factor to push prices higher in 2026. Many products and services that have increased significantly in price are not adequately reflected in popular inflation indices. |
Inflation Wages Healthcare Tariffs Consumer | |
Trade PolicyTariff rates announced on April 2nd ranged from 10% on some countries up to 34% for China and 46% on Vietnam. This led to one of the worst multi-day sell-offs in stock market history with the S&P500 dropping over 10% in two days. Treasury Secretary Scott Bessent quickly began walking back the highest tariffs, though average tariff rates remain significantly higher than a year ago. |
Tariffs China Trade Policy Markets | |
FinancialsThe financial sector has been gaining speed while technology loses momentum. Holdings include JP Morgan and recent additions including First Horizon, Goldman Sachs, and Skyward Specialty Insurance. Financials are benefiting from short-term interest rates falling while longer term rates hold steady, increasing lending margins. Bank mergers are expected to accelerate in the New Year. |
Banks Interest Rates Lending Mergers Insurance | |
| 2025 Q3 |
AIThe AI buildout continues to drive equity market performance with companies like Microsoft and Meta showing strong results from AI products. However, momentum is stalling for first-tier AI companies despite excellent earnings, suggesting the next phase may be led by second-tier companies focused on energy infrastructure for data centers. |
Data Centers Energy Infrastructure Technology Growth Innovation |
Energy TransitionSolar industry shows rising demand despite weak investor sentiment, creating attractive bargain opportunities. Solar construction takes only one year versus 3-4 years for natural gas plants. Wind and solar paired with battery storage represents the cheapest power production according to Bloomberg research. |
Solar Wind Battery Storage Renewable Energy Power Generation | |
GoldGold represents about 5% of portfolios as a hedge against geopolitical risks. The risk of decreasing Fed independence has sparked a new rally, with gold up 43% year-to-date, its best year since 1979. |
Commodities Hedge Geopolitical Risk Fed Independence Safe Haven | |
RatesThe Federal Reserve cut rates by 0.25% in September with more reductions expected by year-end due to weakening labor market. The Fed faces a difficult predicament with inflation trending higher at 3.1% while employment trends are cooling significantly. |
Federal Reserve Interest Rates Monetary Policy Employment Inflation | |
| 2025 Q2 |
AIAI infrastructure investment remains strong despite global conflicts and political policies. Approximately one-third of equity holdings are directly involved in AI infrastructure build-out spanning technology, communications, finance, and utilities. AI holdings have largely driven strong equity returns over the past few years, modestly outperforming the S&P 500 in 2025. |
Infrastructure Technology Data Centers Semiconductors Cloud |
GoldGold remains a reliable safe haven given various risks to financial markets and emerging threats. Gold has outperformed both stocks and bonds, increasing 24% year-to-date. Gold hedges several risks including currency fluctuation and inflation and is seeing increased demand from central banks. Currently constitutes roughly 5% of most client portfolios. |
Safe Haven Inflation Currency Central Banks Volatility | |
Trade PolicyRecent political policies have influenced the shorter-term economic outlook with tariff rates, reduction in undocumented workers, and reductions in Federal spending potentially decreasing GDP. Recent tariffs have increased car prices and the impact on imported goods will become evident soon. Several companies face tariff uncertainty due to outsourced manufacturing to foreign countries. |
Tariffs GDP Manufacturing Imports Policy | |
Energy TransitionChina's investment in solar and wind energy, coupled with rapid adoption of electric vehicles, may impact oil demand. Constellation leads in nuclear power production and supports major data centers, benefiting from high barriers to entry. Duke Energy offers reliable energy from multiple sources with low volatility. |
Solar Wind Electric Vehicles Nuclear Data Centers | |
CryptoThe proposed GENIUS Act may allow companies to issue stablecoins tied to the U.S. dollar. Stablecoins are cryptocurrency pegged to the U.S. dollar, essentially digital cash. Using stablecoins could simplify payments and reduce fees. Companies processing high volumes of transactions could issue their own stablecoin to cut out middlemen like Visa and Mastercard. |
Stablecoins Digital Payments GENIUS Act Transaction Processing FinTech | |
| 2025 Q1 |
Trade PolicyThe Trump Administration is pursuing tariffs, immigration controls, and budget cuts to reshape the US economy from global services-based to domestically focused manufacturing. Tariffs are viewed as generally bad policy that will result in lower margins and less efficient operations. The uncertainty around tariffs is leading to lower business activity and stock prices. |
Tariffs Immigration Reshoring Manufacturing Trade War |
InflationExpected GDP growth is anticipated to be lower while inflation is expected to be higher than previously projected due to Trump's policies. The shift from globalization to domestic manufacturing will likely result in higher costs for consumers who have benefited from lower priced goods through foreign competition. |
GDP Consumer Prices Policy Impact Economic Growth | |
Defense SpendingWhite House discussions have mentioned $2 trillion of budget cuts from the total budget of about $7 trillion. Companies like Accenture and TetraTech have collapsed due to contracts with the US government being cancelled, serving as a precursor for long-term reduction in Federal spending which accounts for 19% of GDP. |
Budget Cuts Government Contracts Federal Spending DOGE | |
Electric VehiclesElectric and hybrid autos now account for 50% of new vehicle sales in China, with China having the best battery technology. In the US, EV and hybrid sales are growing at a more moderate trend. Unlike China, there is not a budget EV car being sold in the US like BYD's Seagull model costing approximately $10,000. |
EV Sales Battery Technology China BYD Auto Market | |
Natural GasNatural gas prices have risen due to a colder than normal winter. Longer term, exporting of liquified natural gas offers a growth opportunity with natural gas in Europe at about $13/mcf versus $4/mcf in the US. Natural gas utility demand is expected to grow from replacing coal and data center demand. |
LNG Energy Exports Data Centers Coal Replacement Utility Demand | |
AIThe artificial intelligence ecosystem, including technology providers, users and utility providers accounted for a large portion of client gains last year. Apple is leaning into AI with Apple Intelligence integrated into new devices, while Amazon's AWS has been supercharged by AI developments and huge spending from customers. |
Technology Cloud Computing Data Centers Software Innovation | |
| 2024 Q4 |
AIAI drives superior portfolio returns with holdings providing AI products and services or energy to AI providers. NVIDIA leads semiconductor industry providing the brains behind AI, with ChatGPT powered by their chips. Microsoft integrates AI across business lines with Co-Pilot subscription enhancing productivity. |
Semiconductors Cloud Data Centers Productivity Computing |
Energy TransitionNuclear power benefits from tax incentives under the Inflation Reduction Act making it profitable. Solar and wind are cheapest forms of power with solar being quickest to construct. Combination of renewable battery storage and natural gas or nuclear provides best mix of cost, reliability, and environmental friendliness. |
Nuclear Solar Wind Battery Storage Clean Energy | |
Trade PolicyTrump administration expected to enact tariffs from 10% to 60% as soon as possible. Historically tariffs have led to bad economy, with 2018 solar panel tariffs increasing costs 200% and bankrupting installers. Apple manufacturing in Asia would be subject to significant tariffs affecting iPhone pricing. |
Tariffs Manufacturing Inflation Policy | |
InflationInflation has moderated in 2024 but further declines unlikely as labor costs unlikely to fall while product costs may increase. Immigration and deportations are key risk that would negatively affect labor market and raise inflation. Trump administration policies anticipated to be highly inflationary. |
Labor Costs Immigration Policy Wages | |
| 2024 Q3 |
Energy TransitionDue to increasing power needs driven by Artificial Intelligence, utility stocks saw the greatest appreciation during the quarter. AHIA identified this trend early and favored the utility sector with positions in companies providing carbon-free reliable electricity. The firm sees continued room for appreciation as lower rates benefit these sectors. |
Nuclear Utilities AI Power Grid |
AIArtificial Intelligence is driving increasing need for power, benefiting utility companies and second-tier suppliers. While many AI technology stocks outperformed in the first half, the second-tier suppliers like utility companies have outperformed in the second half of the year. |
Data Centers Power Technology Semiconductors | |
RatesThe Federal Reserve cut rates by 0.5% in September, signaling more cuts to come with the market expecting another 1% cut by end of 2024. Lower rates benefit interest rate sensitive sectors like Real Estate and provide positive conditions for stocks. The trend is clearly decreasing through 2024 and 2025. |
Fed Monetary Policy Real Estate Bonds | |
| 2024 Q2 |
AIAI theme is the most prevalent across portfolios with holdings from enablers to users. Nvidia dominates data center semiconductors with 92% market share and significant competitive advantages. Microsoft's Copilot AI works alongside Office 365, while Apple recently unveiled Apple Intelligence for iOS18. |
Semiconductors Data Centers Software Cloud Productivity |
Data CentersData centers drive significant energy demand, benefiting Constellation Energy as the largest carbon-free electricity generator in the US. Arista Networks provides essential data networking for rapid data flow from data centers to users. |
Energy Infrastructure Networking Power Grid | |
Energy TransitionFocus on carbon-free electricity generation through Constellation Energy and grid modernization through American Superconductor's energy grid products. Duke Energy benefits from growing commercial base as data centers and manufacturing reshoring bring new customers. |
Nuclear Grid Upgrade Clean Energy Infrastructure Utilities | |
| 2024 Q1 |
AIAI is the dominant investment theme with Nvidia rising 82%, Microsoft advancing 15%, and Dell positioned to benefit from computer upgrades needed for AI applications. The manager views AI as requiring significant electricity to power data centers, leading to investments in utilities like Constellation Energy. |
Artificial Intelligence Data Centers Semiconductors Cloud Productivity |
Energy TransitionThe manager is overweight utilities including Constellation Energy and NextEra Energy, both positioned to benefit from increased power needs driven by AI data centers. Heat pumps are viewed as potentially better ways to heat and cool buildings. |
Utilities Power Demand Heat Pumps Electricity Grid | |
Natural GasNatural gas prices are at multi-year lows due to record warm winter weather. EQT has reduced drilling after prices fell below $2 per million cubic feet. The manager sees potential for supply contraction and weather-driven demand increases. |
Natural Gas Weather Supply Drilling Commodities | |
| 2023 Q4 |
AIArtificial Intelligence hype drove Big Tech stock gains in the first half of 2023, with companies like Nvidia seeing surge in stock prices as key players in the AI space. The AI theme contributed to the concentration of returns in the Magnificent 7 stocks. |
Artificial Intelligence Big Tech Nvidia Technology |
RatesInterest rates have been the primary macroeconomic driver through 2023. The Federal Reserve continued rate hikes in spring but left rates unchanged since July. Higher rates created pressure on consumers through elevated mortgage and auto loan rates, nearly double from two years prior. |
Federal Reserve Interest Rates Monetary Policy Consumer Impact | |
InflationInflation has been slowing as measured by CPI, though prices remain elevated with grocery bills up 20% from 2020. While wages also increased 20% from 2020, nearly all wage growth has been eroded by inflation, impacting consumer purchasing power. |
CPI Consumer Prices Wage Growth Purchasing Power | |
| 2023 Q3 |
AIManager maintains focus on AI leaders including Nvidia as the semiconductor chip leader for highest level AI applications. Microsoft and Google purchase high-end chips from Nvidia to run new AI applications. Palo Alto Networks protects technology infrastructure with new AI products to enhance security. |
Semiconductors Cloud Cybersecurity Data Centers |
Natural GasEnergy holdings have made acquisitions to position for enhanced long-term growth. Oneok acquired Magellan to create the nation's largest pipeline network transporting natural gas and refined products. EQT made property acquisitions to expand natural gas reserves despite weak pricing hurting near-term earnings. |
Pipelines Midstream Gas Producers Energy Trading | |
Energy EfficiencyCarrier Corp is reshaping business to focus on New Era air conditioning technology and acquiring Weissman for heat pump technology. This positions the company for revenue growth from domestic infrastructure and energy efficiency trends. |
HVAC Heat Pumps Building Automation | |
AutomationDeere is advancing autonomous tractors globally as the leading agriculture provider. The innovation and labor savings may be pushing the current equipment cycle into a long-term trend, with Nvidia as one of Deere's top suppliers. |
Agriculture Machinery Robotics Industrial IoT | |
| 2023 Q2 |
AIMicrosoft is positioned as the largest AI opportunity in client portfolios. The firm pivoted into the rapid growth of the technology sector with a special focus on Artificial Intelligence during the quarter to capture significant returns. |
Microsoft Technology Growth |
| 2023 Q1 |
GoldRecently added to position in gold via GLD exchange traded funds that closely tracks gold prices. Gold seems to perform better when interest rates are falling which may be the case later this year. Industrial uses of gold are only about 10% of users, thus the store of value remains the global interest of gold investors. |
Gold GLD Store of value Interest rates Alternative assets |
AIMicrosoft has been one of the first adapters of Artificial Intelligence technology with their investment in ChatGPT creator OpenAI, and continues to incorporate AI in their product offerings. As a first mover in this space, Microsoft's competitors are being forced to play catch-up, showing promising opportunities to maintain a long-term competitive advantage. |
AI ChatGPT OpenAI Microsoft Competitive advantage | |
CloudArista Networks is in the business of cloud networking and manufactures the software, routers, and switches required for the cloud operations of large tech companies. Microsoft's cloud platform allows for collaboration and ease of use. These cloud technologies are essential to business functions and represent secular growth trends. |
Cloud Networking Software Collaboration Business functions | |
| 2022 Q4 |
RatesFederal Reserve raised rates from 0.25% to 4.5% in 2022 at historic pace. Manager believes Fed is making mistakes by continuing aggressive hikes above 5% when inflation appears to be peaking. Current rates are high enough to slow economy but further increases may tank it. |
Federal Reserve Interest Rates Inflation Monetary Policy |
Energy TransitionNextEra Energy positioned as leader in transition from fossil fuels to renewables and working on green hydrogen to replace natural gas. Electric vehicles becoming mainstream with domestic manufacturing requirements from Inflation Reduction Act driving new facilities construction. |
Renewables Electric Vehicles Green Hydrogen Solar | |
OnshoringGrowing trend of re-shoring manufacturing to US from Asia and other low-cost locations. Government bills for chips, infrastructure, and Inflation Reduction Act will benefit steel, engineering, and industrial companies. Lincoln Electric positioned to benefit from sophisticated welding equipment demand. |
Manufacturing Reshoring Industrial Government Spending | |
Infrastructure SpendingThree recent government bills - chips, infrastructure, and Inflation Reduction Act - will help industries and regions. Steel and engineering will benefit from all three bills, providing growth opportunities despite broader economic challenges. |
Government Bills Infrastructure Steel Engineering | |
| 2022 Q3 |
Energy TransitionManager views energy transition as driven by environmental concerns, geopolitical factors (avoiding autocrats like Saudi Arabia and Russia), and improving economics of renewables. Portfolio benefits from NextEra Energy, Enphase, Tesla, and others. The IRA bill provides long-term predictability for clean energy investments. |
Renewables Solar Wind Tesla NextEra |
RatesManager is highly critical of Federal Reserve's aggressive rate hikes, calling their approach myopic. Believes Fed is raising rates for wrong reasons (supply shocks, climate damage) and risks causing deep recession. Views current bond yields as attractive for long-term investors. |
Federal Reserve Interest Rates Bond Yields Inflation | |
InflationManager attributes inflation to supply shocks, climate damage, and geopolitical factors rather than demand. Critical of Fed's approach to combat inflation through rate hikes when underlying causes are structural. Hurricane Ian will add inflationary pressure. |
Supply Shocks Climate Geopolitical Hurricane | |
ResilienceHurricane Ian creates rebuilding opportunities for companies like Carrier Global, Xylem, Garmin, Generac, and Nucor. Manager sees investment potential in disaster recovery and infrastructure rebuilding efforts. |
Hurricane Rebuilding Infrastructure Disaster Recovery | |
| 2022 Q2 |
InflationInflation has taken over as the primary economic issue with May CPI at 8.6% annually, well above the Fed's 2% target. The underlying factors causing hot inflation are largely the lack of supplies of labor, industrial commodities, fuel, food, and housing. Unfortunately, inflation longer term could remain high due to unreliable foreign sourcing and demographic challenges creating labor shortages. |
CPI Supply Chain Labor Shortage Commodities Housing |
Energy TransitionEnergy transition to low carbon has gotten a boost from Europe that is quickly building its renewable energy base. NextEra Energy continues to be the leading utility in renewable energy production with a growing customer base of new Florida residents. A position in Enphase, a leading renewable electronics firm, was established after reducing Tesla due to the Twitter saga. |
Renewable Energy Solar Wind Clean Technology Utilities | |
TechnologyTechnology holdings are focused on leveraging the cloud, including Microsoft, Nvidia, Apple, and Alphabet. The addition of Alphabet has been the largest recent purchase. Investment in technology offers the best strategy to reduce inflation over time, with core holdings providing excellent examples of how leading-edge technologies can reduce costs. |
Cloud Computing Software Hardware Innovation Productivity | |
CryptoThe crypto mania is just beginning its decline with Bitcoin down only two-thirds from its highs. Tighter monetary conditions have bruised the crypto bubble with limited tangible value. The crypto industry fought any form of regulation, and now many non-investors are experiencing financial losses motivated by celebrity endorsements. |
Bitcoin Cryptocurrency Speculation Regulation Bubble | |
RatesThe Federal Reserve recently made a bold move increasing the Fed Funds rate by 0.75%, the largest increase since 1994. With recent increases and expected additional increases, Fed Funds will soon be near the neutral rate of 2.5%. Chair Powell has stated that Fed Funds may need to be restrictive above the neutral rate to reduce inflationary pressures. |
Federal Reserve Interest Rates Monetary Policy Fed Funds Bond Yields | |
OilRussia's barbaric invasion of Ukraine is reducing the supply of many commodities including oil from world markets. The total number of oil rigs working in the United States has increased by 54% from a year ago and new production will soon reach the market. Over the last week, oil prices dropped by 14%, evidence that demand destruction is occurring. |
Crude Oil Energy Prices Drilling Production Geopolitics | |
| 2022 Q1 |
InflationInflation running at 6-8% annually caused by extraordinary factors including pandemic disruptions, war-related supply shocks, and consumer greed. Fed targeting symptoms rather than causes of inflation through rate hikes. |
Inflation Fed Policy Supply Shocks |
Natural GasNatural gas positioned for long-term growth from utility demand, coal plant decommissioning, and export potential. Holdings in National Fuel Gas and Oneok benefit from these trends and rising commodity prices. |
Natural Gas Energy Utilities | |
DefenseWar has changed outlook for defense-related industries. Huntington Ingalls Industries could benefit from increased military budgets and is selling at low valuation as a hedge against war-related negative events. |
Defense Military Geopolitical | |
GoldNewmont Corp serves as hedge against negative war-related events. Gold has performed well as investors seek safety, with the company offering 3% dividend yield. |
Gold Safe Haven Commodities | |
RatesFed expected to raise rates to 2-3% by mid-2023, with Goldman Sachs expecting 4% Fed funds rate. Higher rates will address greed factor but won't combat supply shortage-driven inflation. |
Interest Rates Fed Policy Monetary Policy | |
| 2021 Q4 |
InflationManager views current inflation spike as primarily pandemic-driven and temporary, expecting moderation to 3% by Q4 2022. Attributes inflation to demand surge from fiscal stimulus while supply chains remain constrained. Believes Federal Reserve rate hikes would be ineffective policy mistake since inflation is supply-driven, not demand-driven. |
CPI Supply Chain Labor Shortage Fed Policy Monetary Policy |
Energy TransitionManager maintains significant exposure to renewable energy leaders including NextEra Energy as top holding and Tesla for integrated energy solutions. Views natural gas as transitional fuel away from coal, with pipeline companies like Oneok positioned to benefit. ABB supplies electrical infrastructure for EV charging and renewable connections. |
Renewable Energy Natural Gas Solar EV Infrastructure Clean Energy | |
GrowthManager shifted away from speculative growth stocks in early 2021, selling ARK Innovation, Teladoc, and Visa at peaks. Now favors stable growth companies with recurring revenues over high-multiple speculative names. Expects investors to become more discerning and pay lower multiples for growth going forward. |
Speculative Growth Valuations Recurring Revenue Multiple Compression | |
TechnologyManager questions whether technology sector is approaching long-term top after years of outperformance. Reduced Nvidia exposure in favor of Apple to lower risk, though maintains Microsoft as top holding. Evaluating long-term charts for potential performance peak as Federal Reserve policy shifts. |
Tech Valuations Semiconductors Cloud Computing Sector Rotation | |
GoldManager increased Newmont Mining position from nominal level after gold declined 7% in 2021. Views cryptocurrency decline as validation that digital assets failed as store of value alternative to gold. Expects potential higher gold prices as Covid-19 production constraints ease and mining output increases. |
Gold Mining Store of Value Cryptocurrency Mining Production |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 8, 2026 | Fund Letters | Andrew Hill Investment Advisors, Inc. | EQT | EQT Corporation | Oil & Gas E&P | Oil, Gas & Consumable Fuels | Bull | New York Stock Exchange | Coal Replacement, Long-lateral Drilling, natural gas, Shale Production, Utility Industry, vertical integration | Login |
| Apr 8, 2026 | Fund Letters | Andrew Hill Investment Advisors, Inc. | NXT | NextPower | Solar | Electrical Equipment | Bull | - | clean technology, energy efficiency, renewable energy, robotics, Solar, Utility Scale | Login |
| Apr 8, 2026 | Fund Letters | Andrew Hill Investment Advisors, Inc. | AAPL | Apple Inc. | Consumer Electronics | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | buybacks, capital allocation, consumer electronics, Ecosystem, Fast Follower, iPhone, Sustainability | Login |
| Apr 8, 2026 | Fund Letters | Andrew Hill Investment Advisors, Inc. | GOOGL | Alphabet Inc. | Internet Content & Information | Interactive Media & Services | Bull | NASDAQ | AI, autonomous vehicles, Cloud computing, Data Assets, Gemini, Search, TPU Chips | Login |
| Apr 8, 2026 | Fund Letters | Andrew Hill Investment Advisors, Inc. | OKE | ONEOK, Inc. | Oil & Gas Midstream | Oil, Gas & Consumable Fuels | Bull | New York Stock Exchange | Energy security, Fee-based Income, midstream, natural gas, Permian Basin, Pipelines, Tollbooth Model | Login |
| Dec 29, 2025 | Fund Letters | Andrew D.W. Hill | GEV | GE Vernova Inc. | Industrials | Renewable Electricity | Bull | New York Stock Exchange | backlog, Electrification, Grid, Margins, renewables | Login |
| Dec 29, 2025 | Fund Letters | Andrew D.W. Hill | GE | GE Aerospace | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, aftermarket, Aviation, cashflow, Engines | Login |
| Dec 29, 2025 | Fund Letters | Andrew D.W. Hill | CEG | Constellation Energy Corporation | Utilities | Electric Utilities | Bull | NASDAQ | Electrification, Nuclear, Power, Pricing, utilities | Login |
| Sep 24, 2025 | Fund Letters | Andrew D.W. Hill | YETI | YETI Holdings Inc. | Consumer Discretionary | Leisure Products | Bull | NYSE | Brand, consumer, growth, Lifestyle, Outdoors, retail, small-cap | Login |
| Mar 26, 2025 | Fund Letters | Andrew Hill Investment Advisors | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Artificial Intelligence, AWS, Cloud computing, e-commerce, Enterprise Services, Logistics, revenue diversification | Login |
| Mar 26, 2025 | Fund Letters | Andrew Hill Investment Advisors | PGR | Progressive Corporation | Financials | Property & Casualty Insurance | Bull | NYSE | climate change, Competitive Advantage, Insurance, market share, Property & Casualty, underwriting | Login |
| Mar 26, 2025 | Fund Letters | Andrew Hill Investment Advisors | JNJ | Johnson & Johnson | Health Care | Pharmaceuticals | Bull | NYSE | AAA Credit Rating, defensive, dividend, drug pipeline, growth, healthcare, pharmaceuticals | Login |
| Mar 26, 2025 | Fund Letters | Andrew Hill Investment Advisors | GRMN | Garmin Ltd. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Aviation, Diversified Markets, Fitness, GPS Technology, Marine, technology leadership, Wearables | Login |
| Mar 26, 2025 | Fund Letters | Andrew Hill Investment Advisors | DUK | Duke Energy Corporation | Utilities | Electric Utilities | Bull | NYSE | data centers, defensive, dividend, Eastern US, low risk, Regulated, utilities | Login |
| Mar 26, 2025 | Fund Letters | Andrew Hill Investment Advisors | NFLX | Netflix, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Content Creation, entertainment, market dominance, Software, Streaming, Subscription, Tariff Immune | Login |
| Mar 26, 2025 | Fund Letters | Andrew Hill Investment Advisors | JPM | JPMorgan Chase & Co. | Financials | Diversified Banks | Bull | NYSE | banking, diversified revenue, financial services, investment banking, Macro Resilient, strong balance sheet | Login |
| Mar 26, 2025 | Fund Letters | Andrew Hill Investment Advisors | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Artificial Intelligence, brand loyalty, cash position, Ecosystem, innovation, subscription services, technology | Login |
| Mar 26, 2025 | Fund Letters | Andrew Hill Investment Advisors | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AAA Credit Rating, Artificial Intelligence, Cloud computing, Copilot, M365, Software, Subscription | Login |
| Dec 19, 2024 | Fund Letters | Andrew Hill Investment Advisors | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, autonomous vehicles, ChatGPT, Computing, Drug Research, Gaming, GPU Technology, semiconductors | Login |
| Dec 19, 2024 | Fund Letters | Andrew Hill Investment Advisors | GRMN | Garmin Ltd. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | automotive, Aviation, Fitness Wearables, GPS Technology, Health Technology, Marine Electronics, Navigation Systems | Login |
| Dec 19, 2024 | Fund Letters | Andrew Hill Investment Advisors | GEV | GE Vernova Inc. | Industrials | Electrical Equipment | Bull | NYSE | clean energy, electricity generation, energy equipment, energy transition, Gas turbines, Hydro, Nuclear, Wind power | Login |
| Dec 19, 2024 | Fund Letters | Andrew Hill Investment Advisors | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Artificial Intelligence, AWS, Cloud computing, e-commerce, Logistics Network, market leadership, online retail, operational efficiency | Login |
| Dec 19, 2024 | Fund Letters | Andrew Hill Investment Advisors | JPM | JPMorgan Chase & Co. | Financials | Banks | Bull | NYSE | Commercial Banking, Diversified Banking, financial services, investment banking, scale advantage, Traditional Lending, wealth management | Login |
| Dec 19, 2024 | Fund Letters | Andrew Hill Investment Advisors | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Artificial Intelligence, consumer electronics, Ecosystem, innovation, Smartphones, Tariff risk, technology hardware | Login |
| Dec 19, 2024 | Fund Letters | Andrew Hill Investment Advisors | MSFT | Microsoft Corporation | Information Technology | Software | Bull | NASDAQ | Artificial Intelligence, Azure, Carbon Negative, Cloud computing, Co-Pilot, Enterprise software, productivity software, Sustainability | Login |
| Dec 19, 2024 | Fund Letters | Andrew Hill Investment Advisors | ANET | Arista Networks, Inc. | Information Technology | Communications Equipment | Bull | NASDAQ | AI infrastructure, Cloud networking, Communications Equipment, Data center infrastructure, energy efficiency, Ethernet Cables, network switches | Login |
| Dec 19, 2024 | Fund Letters | Andrew Hill Investment Advisors | GS | The Goldman Sachs Group, Inc. | Financials | Investment Banking & Brokerage | Bull | NYSE | advisory services, Deregulation, financial services, investment banking, Mergers acquisitions, Trading, underwriting | Login |
| Dec 19, 2024 | Fund Letters | Andrew Hill Investment Advisors | CEG | Constellation Energy Corporation | Utilities | Electric Utilities | Bull | NASDAQ | Baseload Power, Carbon-Free, clean energy, Electric Utilities, energy infrastructure, Microsoft partnership, nuclear energy | Login |
| Oct 1, 2024 | Fund Letters | Andrew Hill Investment Advisors | NEE | NextEra Energy, Inc. | Utilities | Electric Utilities | Bull | NYSE | AI power demand, clean energy, Electric Utilities, energy transition, regulated utility, renewable energy, utilities | Login |
| Oct 1, 2024 | Fund Letters | Andrew Hill Investment Advisors | HIW | Highwoods Properties, Inc. | Real Estate | Office REITs | Bull | NYSE | Corporate Office, High-end Properties, Interest Rate Sensitive, Office REIT, Real Estate, Southeastern Markets | Login |
| Oct 1, 2024 | Fund Letters | Andrew Hill Investment Advisors | LLY | Eli Lilly and Company | Health Care | Pharmaceuticals | Neutral | NYSE | Alzheimer’s, Competition, Diabetes, Diet Drugs, GLP-1, healthcare innovation, pharmaceuticals | Login |
| Oct 1, 2024 | Fund Letters | Andrew Hill Investment Advisors | CMG | Chipotle Mexican Grill, Inc. | Consumer Discretionary | Restaurants | Bull | NYSE | CEO transition, Consumer Discretionary, contrarian, Fast casual, Leadership Change, Restaurants | Login |
| Oct 1, 2024 | Fund Letters | Andrew Hill Investment Advisors | MSI | Motorola Solutions, Inc. | Technology | Communications Equipment | Bull | NYSE | Communications Equipment, Defensive Technology, Emergency Services, Government Technology, Mission-Critical, Public safety | Login |
| Oct 1, 2024 | Fund Letters | Andrew Hill Investment Advisors | AXON | Axon Enterprise, Inc. | Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Body Cameras, Digital Evidence, government contracts, Law Enforcement Technology, Police Technology, Public safety, SaaS | Login |
| Oct 1, 2024 | Fund Letters | Andrew Hill Investment Advisors | ISRG | Intuitive Surgical, Inc. | Health Care | Health Care Equipment & Supplies | Bull | NASDAQ | da Vinci, Healthcare Equipment, Medical devices, Minimally Invasive, Procedure Growth, Robotic Surgery, Surgical Systems | Login |
| Oct 1, 2024 | Fund Letters | Andrew Hill Investment Advisors | UTHR | United Therapeutics Corporation | Health Care | Biotechnology | Bull | NASDAQ | Artificial Organs, Biotech Recovery, biotechnology, Orphan drugs, Pulmonary hypertension, rare disease, Regenerative Medicine | Login |
| Oct 1, 2024 | Fund Letters | Andrew Hill Investment Advisors | CEG | Constellation Energy Corporation | Utilities | Electric Utilities | Bull | NASDAQ | AI infrastructure, Carbon-free Energy, data centers, Electricity Production, energy transition, nuclear energy, utilities | Login |
| Oct 1, 2024 | Fund Letters | Andrew Hill Investment Advisors | GEV | GE Vernova Inc. | Industrials | Electrical Equipment | Bull | NYSE | AI power demand, energy equipment, energy storage, energy transition, Industrials, infrastructure, Wind power | Login |
| Oct 15, 2023 | Fund Letters | Andrew Hill Investment Advisors | GRMN | Garmin Ltd | Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Aviation, Dividend Growth, Gps, innovation, Marine, Navigation, technology hardware, undervalued | Login |
| Oct 15, 2023 | Fund Letters | Andrew Hill Investment Advisors | AAPL|MSFT|NFLX|NVDA|UNH | NVIDIA Corporation | Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, Artificial Intelligence, Chips, Gpu, market leader, semiconductors, Technology leader | Login |
| Oct 15, 2023 | Fund Letters | Andrew Hill Investment Advisors | CARR | Carrier Global Corporation | Industrials | Building Products | Bull | NYSE | acquisition, Building Products, business transformation, energy efficiency, heat pumps, HVAC, infrastructure | Login |
| Oct 15, 2023 | Fund Letters | Andrew Hill Investment Advisors | AAPL|MSFT|NFLX|NVDA|UNH | Microsoft Corporation | Technology | Software | Bull | NASDAQ | AI, AI applications, Cloud computing, Enterprise software, Software, technology infrastructure | Login |
| Oct 15, 2023 | Fund Letters | Andrew Hill Investment Advisors | PANW | Palo Alto Networks Inc | Technology | Software | Bull | NASDAQ | AI Security, cybersecurity, Network Security, Software, Technology Infrastructure Protection, Threat Detection | Login |
| Oct 15, 2023 | Fund Letters | Andrew Hill Investment Advisors | COKE | ONEOK Inc | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | acquisition, energy infrastructure, midstream, natural gas, Oil & Gas, Pipelines, Transportation | Login |
| Oct 15, 2023 | Fund Letters | Andrew Hill Investment Advisors | 2HP.DE | Deere & Company | Industrials | Machinery | Bull | NYSE | agriculture, AI, Autonomous Tractors, Cyclical, Farming Equipment, innovation, Labor Savings, machinery | Login |
| Oct 15, 2023 | Fund Letters | Andrew Hill Investment Advisors | EQT | EQT Corporation | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | acquisition, Appalachian Basin, Cost Reduction, Cyclical, Drilling Efficiency, natural gas, Reserves | Login |
| Oct 15, 2023 | Fund Letters | Andrew Hill Investment Advisors | GOOGL | Alphabet Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, AI applications, cloud services, Data, Interactive Media, machine learning, Search | Login |
| Oct 15, 2023 | Fund Letters | Andrew Hill Investment Advisors | ANET | Arista Networks Inc | Technology | Communications Equipment | Bull | NYSE | AI infrastructure, cloud infrastructure, Communications Equipment, data centers, Data Transmission, Networking | Login |
| Dec 27, 2022 | Fund Letters | Andrew Hill Investment Advisors | RY | Royal Bank of Canada | Banks - Diversified | Banks | Bull | Toronto Stock Exchange | Canadian Bank, core holding, defensive, dividend yield, Predictable Returns, Stable Environment | Login |
| Dec 27, 2022 | Fund Letters | Andrew Hill Investment Advisors | VRTX | Vertex Pharmaceuticals | Biotechnology | Biotechnology | Bull | NASDAQ | biotechnology, Cystic fibrosis, Genetic Disorders, long-term growth, pipeline development, rare diseases | Login |
| Dec 27, 2022 | Fund Letters | Andrew Hill Investment Advisors | NEE | NextEra Energy | Utilities - Regulated Electric | Electric Utilities | Bull | New York Stock Exchange | energy transition, Florida Power & Light, Green Hydrogen, renewable energy, steady growth, utility | Login |
| Dec 27, 2022 | Fund Letters | Andrew Hill Investment Advisors | DE | Deere & Company | Farm & Heavy Construction Machinery | Agricultural & Farm Machinery | Bull | New York Stock Exchange | Agricultural Technology, Environmental Benefits, Farm Equipment, Low Correlation, Precision Farming, See & Spray | Login |
| Dec 27, 2022 | Fund Letters | Andrew Hill Investment Advisors | ENPH | Enphase Energy | Solar | Semiconductor Equipment | Bull | NASDAQ | Energy security, energy transition, Grid Reliability, Residential Solar, Solar Energy, Technology leader | Login |
| Dec 27, 2022 | Fund Letters | Andrew Hill Investment Advisors | LECO | Lincoln Electric Holdings | Tools & Accessories | Industrial Machinery | Bull | NASDAQ | Industrial automation, manufacturing, Reshoring, Robotic Products, supply chain, Welding Equipment | Login |
| Dec 27, 2022 | Fund Letters | Andrew Hill Investment Advisors | MRK | Merck & Co. | Drug Manufacturers - General | Pharmaceuticals | Bull | New York Stock Exchange | A- credit rating, cancer treatment, healthcare, Immunotherapy, Keytruda, pharmaceuticals | Login |
| TICKER | COMMENTARY |
|---|---|
| LLY | Eli Lilly is experiencing explosive revenue growth driven by global demand for its blockbuster diabetes and obesity treatments. The company is prudently investing the proceeds from this cash generator into global manufacturing capacity to resolve ongoing supply shortages and expand its pipeline. Alongside the GLP1's are an emerging Alzheimer's franchise (Donanemab and follow-ons) and a broad bench across oncology, immunology, and cardiovascular disease. We view the company as well positioned to advance its current pipeline for years to come. Recently we reduced the position in Nvidia and increased our position in Eli Lilly, now Eli Lilly is the largest equity position in many accounts. |
| VRTX | Vertex Pharmaceuticals has caught the eye of investors as well. Vertex is developing several lifesaving new products to treat kidney disease and type – 1 diabetes. Vertex remains the undisputed powerhouse in Cystic Fibrosis treatment while successfully expanding its rare-disease playbook into lucrative new markets. The company is actively scaling two major non-CF commercial launches, Casgevy for gene editing and Journavx for non-opioid acute pain management. Supported by multiple regulatory approvals, positive Phase 3 clinical trial updates, and a multi-billion-dollar balance sheet, Vertex is well positioned for continued steady growth in our opinion. |
| NVDA | Nvidia's stock has waned recently, despite excellent financial performance. Their cash flow from operations for the recent quarter was over $50 Billion. Only Saudi Aramco and Apple had bigger cash flow production in a single quarter. Recently we reduced the position in Nvidia and increased our position in Eli Lilly. Nvidia continues to solidify its role as the backbone of the AI revolution, driving the global market forward with its superior computer chips. The company maintains incredibly high profit margins as tech and healthcare leaders route massive portions of their capital expenditure directly to Nvidia's computational hardware. We view the current valuation as attractive due to their rapid annual pace of product development which provides a clear path to future revenue growth in an era of insatiable compute demand. In our view, all roads lead to Nvidia. Nvidia remains the alpha in computer capabilities. |
| AMD | Our other AI positions include Advanced Micro Devices and Arista Networks, both female led tech companies. |
| GEV | Fancy data centers don't run without electricity. Hence, we have several positions in energy production, transmission, and storage. GE Vernova provides the equipment to producing electricity with gas turbines being the most recognizable product. GE Vernova is a global leader in the energy transition, providing the essential infrastructure needed to modernize the power grid and expand renewable capacity. The company is experiencing a staggering surge in power equipment and natural gas turbine orders, effectively selling out its manufacturing slots through 2030. We believe that management's focus on streamlining the business and improving operational margins positions GEV well for attractive long-term returns. |
| NEE | Another energy producer, NextEra Energy, is positioned to benefit from the AI demand for electrons, except they made a bonehead decision to make a takeover bid for Dominion Energy, the biggest utility provider to data centers in the US. This large acquisition will be difficult to consummate due to the political implications of paying for the AI supply, which consumers fear. NextEra's stock has lost about 10% since the announcement. |
| D | NextEra Energy is positioned to benefit from the AI demand for electrons, except they made a bonehead decision to make a takeover bid for Dominion Energy, the biggest utility provider to data centers in the US. This large acquisition will be difficult to consummate due to the political implications of paying for the AI supply, which consumers fear. |
| ANET | Our other AI positions include Advanced Micro Devices and Arista Networks, both female led tech companies. |
| ASML | In addition, we have a smaller holding in ASML that makes the equipment necessary for high-end microprocessors with no current competitors in the world. |
| GE | With the Iran war hopefully over, GE Aerospace has caught investors interest. Lower fuel cost and more international travel should lead to a pickup in service revenues for GE Aerospace. Airline schedules have been recently consolidated due to high jet fuel costs in attempt to fly planes with 100% occupancy. GE Aerospace's biggest profits come from routine engine maintenance. As a standalone powerhouse in aviation, GE Aerospace benefits from a massive installed base of engines and a highly lucrative long-term services business. The stock recently experienced weakness due to higher crude oil prices weighing on global air travel, but the share price has recovered to new highs as oil fell. We view the company's business fundamentals as exceptionally strong and see no threats to their competitive position. |
| MSFT | Microsoft, a long-time core holding, has felt the rath of the selling of software stocks despite producing strong financial results suggesting that the selling may be algorithmic related. AHIA was overweighted in software with companies like Microsoft and Docusign, and did not have enough in the hardware space, other than Nvidia and Advanced Micro Devices. |
| ORCL | On the other hand, Oracle (not held in client accounts), has been very aggressive in AI investment by borrowing billions, but lacks the profit margins enjoyed by other mega software companies. Oracle's reckless AI strategy may be leading to the entire software industry being lower as other software providers are being painted with a bad brush. |
| ADP | We have added to three companies caught up in the software debacle and appear to have been unduly punished. Automated Data Processing, is the largest payroll processor in the US, continues to grow its earnings, pays a 3% dividend, and has an AA- Credit rating from S&P. It's unlikely that the ADP's clients are going to transition their payroll processing to an AI agent, given the legal and reputational ramifications of payroll errors. If Automated Data Processing can recover the 30% recent decline in their stock price, it could produce an above market return. |
| DOCU | In addition to Automated Data Processing, we have added two other smaller companies to client accounts. Docusign, the industry leader in E-signatures that are generally considered valid by courts. Both stocks trade at ridiculously low multiples of earnings, while still growing their businesses. AHIA was overweighted in software with companies like Microsoft and Docusign, and did not have enough in the hardware space. |
| BLKB | In addition to Automated Data Processing, we have added two other smaller companies to client accounts. Blackbaud, the leader in enterprise software for not-for-profit organizations. Both stocks trade at ridiculously low multiples of earnings, while still growing their businesses. |
| GOOGL | Alphabet dominates the digital landscape through its core search engine while aggressively integrating generative AI capabilities across its vast consumer and enterprise ecosystem. The company has many subsidiaries, which we believe diversifies the business nicely. We believe that the company's business fundamentals are strong and expect Alphabet to benefit from a growing digital environment and an expansion in their AI product offerings. |
| AAPL | In late June, Apple announced price increases across many of its devices due to these memory chips. A spokesperson said the company has never seen a component price increase this much, this quickly. This may be the core area of future inflation. Apple recently reinforced its leadership in the consumer ecosystem by updating its operating systems to feature Apple Intelligence at their annual developer conference, a move that integrates advanced AI across its billion-plus device base. This strategic focus on privacy-centric, personalized AI is expected to trigger a significant iPhone upgrade cycle among its loyal users. We believe Apple remains well positioned for sustainable growth and supports their strategy of keeping their extremely loyal customers happy with annual updates and improvements. |
| YETI | Yeti and Garmin have produced strong sales and earnings, while Ulta Beauty which appeals to the mass market, has been more challenging despite many innovative new products. We have witnessed a bifurcation in financial market returns. This is reminiscent of the 1920's, when the equity market reflected the demarcation of consumer spending with companies appealing to higher income consumers doing better than lower income consumers. |
| GRMN | Yeti and Garmin have produced strong sales and earnings. Garmin dominates the premium wearable and navigation markets by leveraging its proprietary technology across the aviation, marine, and outdoor fitness sectors. The company's diversified global brand portfolio and high-margin specialized electronics provide a significant competitive moat against generalist tech firms. We expect the company to benefit from an expanding range of sophisticated data services, driven by management's long and successful track record of research and development. |
| ULTA | Ulta Beauty which appeals to the mass market, has been more challenging despite many innovative new products. |
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