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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Andrew Hill Investment Advisors, Inc.. This analysis is provided for institutional research purposes only and is not investment advice.
"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."
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.
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