Merck & Co., Inc.

• AH Andrew Hill Investment Advisors The Client Letter ↗ Andrew Hill Investment Advisors shifted holdings after technology leadership displaced healthcare and kept client equity exposure below targets pending confirmation of a market bottom. The firm raised bond credit standards, plans to extend maturities, added to GLD, and argues that its core equity holdings balance recession resilience with secular growth and industrial exposure. 1st Quarter AAPL $4.8TANET $260BDE $181B +8
• AH Andrew Hill Investment Advisors Investment Wrap Up of 2022 & Outlook for 2023 ↗ Andrew Hill Investment Advisors reduced technology and long-duration bond exposure during the selloff, then began selectively adding stocks and longer-term high-grade bonds. The firm favors Treasury bills for near-term cash needs and municipal bonds for taxable accounts, while arguing that Federal Reserve tightening risks an unnecessary recession. It sold Tesla over governance concerns and added Merck for its defensive balance sheet and Keytruda-led growth. 2022 TSLA $1.4T

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