| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Andrew Hill Investment Advisors navigated a turbulent first quarter 2026 marked by geopolitical conflicts and AI disruption, with client portfolios declining less than the SP500 benchmark by almost one percent. The quarter was dominated by U.S. involvement in Venezuela, tensions over Greenland, and most significantly, the February 28th strike on Iran that led to near closure of the Strait of Hormuz. AI sent shockwaves through markets as new products disrupted businesses, particularly software companies that saw declines of up to 50%. The firm reduced risk by trimming stocks, long-term bonds, and gold while increasing short-term bond holdings and adding an SP500 inverse hedge position. Key holdings include energy infrastructure plays like Oneok and natural gas producers EQT, technology leaders Nvidia and Microsoft, and renewable energy equipment provider NextPower. The manager expects continued volatility with few safe havens besides cash, positioning defensively while maintaining exposure to structural trends in AI investment and energy transition that could drive long-term returns despite near-term economic headwinds.
The manager is positioning defensively amid multiple headwinds including the Iran war, AI disruption, and economic weakness, while maintaining exposure to energy infrastructure and technology leaders that can benefit from structural trends in AI investment and energy transition.
The manager expects continued volatility driven by geopolitical events with few clear safe havens besides cash. Economic expectations are for continued growth with GDP advancing 2.5% and SP500 earnings growing 15%, but the manager believes these optimistic outlooks should be of little comfort as financial market trends hint at major downgrades. The effect of negative factors including the Iran war could slow the economy from 2.5% projected growth to barely positive. Bloomberg data indicates a 25% possibility of recession in the next year.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| 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. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 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 |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | CEG | Constellation Energy Corporation | Utilities | Electric Utilities | Bull | NASDAQ | Baseload Power, Carbon-Free, clean energy, Electric Utilities, energy infrastructure, Microsoft partnership, nuclear energy | 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 | 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 | 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 | 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 | 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 | 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 | 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 |
| 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 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 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 | 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 | 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 | 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 | 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 | 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 |
| 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 | 2HP.DE | Deere & Company | Industrials | Machinery | Bull | NYSE | agriculture, AI, Autonomous Tractors, Cyclical, Farming Equipment, innovation, Labor Savings, machinery | Login |
| TICKER | COMMENTARY |
|---|---|
| NXT | Nextpower (NXT, +36%). Nextpower sells robotic parts to solar farms that optimize how much energy the panels can produce. Nextpower reported strong earnings in late January that sent the stock higher but gains slowly faded. With the recent spike in oil prices, investors are looking elsewhere for energy, and solar is the quickest option. |
| OKE | Another well-performing stock has been Oneok, rising 22% year-to-date. The company owns and operates gas pipelines throughout the U.S. and uses a 'toll booth' pricing strategy where they charge based on how much gas is flowing through their pipes. With the U.S. now a net exporter and the IEA announcing millions of barrels of oil being released, demand is likely to increase. |
| GEV | Up 37% this year, GE Vernova continues to be a top performing stock. The company produces massive amounts of energy and is sold out through 2028. |
| MSFT | Stocks that have done poorly include Microsoft (-20%), mainly because the industry is going through a much-needed shakeout. The company reported strong financial results, and the stock fell 10%. |
| YETI | Some other stocks that have had a rough ride include Yeti (-15%). |
| NVDA | Nvidia is our largest holding, with an AA-S&P credit rating. Nvidia has been called the 'most consequential company of our time'. The manufacturer of AI computer chips continues to develop superior products at a rapid annual pace. Revenue has increased by a factor of 8 times over the past 3 years and is expected to grow over 65% in the year ahead, while Nvidia maintains their ridiculously high profit margins. |
| AAPL | We also hold a core position in Apple, which continues to benefit from its ecosystem even without a single, dominant AI narrative. A cornerstone of many portfolios, Apple remains a consistent and reliable investment. Revenue continues to be driven by the iPhone's dominant market share and a loyal ecosystem of over 2 billion active devices. |
| GOOGL | Google was previously our top holding, but we trimmed the position after a significant run-up. Alphabet is the parent company to Google search and cloud, YouTube, Gemini, Waymo, and more. Through AI, the company has found a way to leverage their immense amount of data. |
| EQT | More recently, we added natural gas producers EQT and National Fuel Gas, both of which we have owned in the past. One of the largest Natural Gas producers in the U.S. is EQT. Led by Toby Rice, a leading voice in the energy industry, EQT is expanding rapidly. |
| RIVN | We also added Rivian, an electric-vehicle manufacturer that sells SUVs, pickup trucks, and commercial vehicles, including vehicles used by Amazon. As EV technology improves (range, charging speed, and performance), and as gasoline prices rise, the operating-cost advantage of EVs can widen. |
| VRTX | Vertex is the undisputed leader in Cystic Fibrosis (CF) treatment, with its core franchise generating $12 billion in 2025 revenue. While CF continues to grow through new pediatric approvals, the company is hitting a major inflection point in its 'non-CF' business. |
| COST | Costco may benefit from strong traffic due to discounted gasoline (often cited as roughly 20–30 cents per gallon in Florida), which can help support membership growth—and membership fees are a key driver of profitability. |
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