The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
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.
As of Jul 6, 2026
Andrew Hill Investment Advisors was founded in 2009 by Andrew 'Andy' D. W. Hill, CFA (President and Co-Founder) and Jennifer R. Figurelli, CTFA (Managing Director, Chief Compliance Officer, and Co-Founder). Andrew Hill brings more than 30 years of portfolio management experience and is a frequent speaker on sustainable investing strategies, holding an MBA in Investments from Syracuse University and a B.S. in Accounting from Canisius College with CFA designation. Jennifer Figurelli contributes more than 25 years of experience in Trust and Estate Administration with the Certified Trust and Fiduciary Advisor (CTFA) designation. The firm employs four professionals and has grown steadily since founding to manage over $222 million in client assets.
Andrew Hill Investment Advisors is one of the few financial advisory firms who incorporates sustainable investing into its services, because they believe good stewardship leads to great outcomes. The firm's sustainable investing approach assesses companies on three key ESG areas: environmental impact, social stewardship, and corporate governance. One of the most important investment decisions is the allocation of portfolios between fixed income, equities, commodities and cash, considering not just what investment products might accomplish clients' needs, but also weighing how future investments have the opportunity to impact the world in terms of sustainable investing factors. Their investment strategies include fundamental analysis, technical analysis, cyclical analysis, behavioral finance, and integrating Environmental, Social and Governance (ESG) factors. The equity investment process targets mid- and large-cap companies projected to outperform in returns and growth, incorporating ESG criteria into research and analysis, while fixed income strategies prioritize matching client cash flow needs with bond maturities and evaluating securities based on credit quality and risk premiums.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
Letter demonstrates moderate-high conviction through specific position sizing language and clear portfolio actions. Manager explicitly states Eli Lilly is 'the largest equity position in many accounts' and provides detailed thesis for 8-10 core holdings with specific company names and rationales. Portfolio actions are decisive: liquidated all gold, reduced Nvidia to add to Lilly, added three software names. However, conviction is tempered by diversified portfolio approach (20+ named positions across sectors), hedged language about market factors, and acknowledgment of lagging benchmark performance. The letter discusses multiple scenarios and market risks without stating a single dominant base case. Specific position sizing and named holdings support moderate-high conviction, but diversification and hedging language prevent a higher score.
Growth Outlook
The market outlook is rated at 0.45, reflecting moderate caution. The manager directly states that broad market factors 'limit our optimism.' They point out that a restrictive Federal Reserve policy historically creates a tough environment for equities, and note that the third quarter is typically the weakest of the year.
Risk Appetite
The risk appetite is balanced (0.50). The firm actively managed down risk by completely liquidating its gold position, trimming high-flying chipmaker Nvidia, and favoring floating-rate debt and short-duration municipal bonds to protect against interest rate hikes.
Capital Deployment
Capital deployment activity reflects rotation rather than net deployment or de-risking. Manager sold Nvidia to fund Eli Lilly increase, sold all gold positions, and added to three software names, but these are capital rotations within equity allocation. Fixed income repositioning to floating rate funds and short duration bonds is defensive reallocation, not deployment. No evidence of cash level changes or net increase in equity exposure. SpaceX IPO allocation was funded by 'investors sold positions in other growth stocks,' confirming rotation. The letter describes selective additions but no indication of deploying cash reserves or increasing overall risk exposure. This is portfolio rebalancing and rotation, scoring near zero per the rotation rule.
Forward Guidance
The forward guidance score is 0.55. The manager outlined clear strategic changes, including adding to beaten-down software providers and maintaining short-duration fixed income, but remains selective. They maintain a watchful stance because restrictive Federal Reserve policies make general stock and bond deployment challenging.
Language Signal
Language is mixed with both opportunity and risk terminology. Bullish language includes 'explosive revenue growth' for Eli Lilly, 'attractive valuation' for Nvidia, 'well positioned' for multiple holdings, and 'ridiculously low multiples' for software names. However, bearish language is prominent: 'really concerned' about AI investment speed, 'bonehead decision' for NextEra acquisition, 'reckless AI strategy' for Oracle, inflation 'running red hot,' Fed could 'kill the fun,' and investor sentiment shows 'excessive optimism' and 'euphoria.' The manager uses cautionary framing throughout including 'concerns over market factors limit our optimism.' The balance tilts slightly positive due to conviction in specific holdings, but heavy risk language keeps this in low positive territory.
Perceived Risk
Perceived risk is scored at 0.72. The manager highlights several headwind risks, such as persistent wage and component inflation, highly aggressive Fed positioning, equity market dilution from massive IPOs, and potential geopolitical flare-ups in the Middle East.
Opportunity Density
Manager sees selective opportunities in defined areas rather than broad opportunity set. Identifies specific value in three software names trading at 'ridiculously low multiples' after sector selloff, and maintains conviction in biotechnology with Eli Lilly and Vertex. However, explicitly avoided memory chip rally despite strong performance, liquidated all gold due to negative momentum, and expresses concern about overall market factors limiting upside. Statement that 'market factors could kill the run up of stock price from a super strong earnings report' suggests difficulty in finding compelling risk-reward even in strong fundamental stories. The opportunity set is characterized as requiring selectivity and patience rather than abundance, warranting a mid-range score reflecting neither scarcity nor abundance.
Time Horizon
Letter demonstrates multi-year investment horizon through bond laddering strategy explicitly designed for 5-7 year time frames and emphasis on long-term growth. Manager describes 'long-term methodologies remain the same' and discusses companies positioned for 'sustainable long-term returns' and 'years to come.' GE Vernova manufacturing sold out 'through 2030' cited as positive. However, letter also shows attention to near-term catalysts including quarterly earnings, Fed meetings, and Q3 seasonal weakness. Portfolio actions (rotating out of Nvidia, liquidating gold) show willingness to act on near-term momentum rather than pure multi-year holding through volatility. The mix of structural long-term strategy with tactical near-term adjustments places this in the medium-term range of 2-4 years rather than permanent capital territory.
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