National Fuel Gas CO

• AH Andrew Hill Investment Advisors The Client Letter ↗ Andrew Hill Investment Advisors maintained a defensive tilt through natural gas, healthcare, gold and short-duration fixed income while adding Tesla, Deere, Microsoft, Nvidia and Henry Schein. The firm reduced JPMorgan, Goldman Sachs and Nvidia, avoided most real estate and oil exposure, and argued that inflation, war-related supply shocks and tighter Federal Reserve policy would keep markets volatile. 1st Quarter 2022 AAPL $4.8TDE $181BMSFT $3.8T +3
• AH Andrew Hill Investment Advisors Hurricane Ian Edition of the Client Letter/4Q2022 ↗ Andrew Hill Investment Advisors cut equity exposure, added an S&P 500 short position and kept bond maturities short with high credit quality as the Federal Reserve raised rates. The firm favored energy-transition holdings and rebuilding beneficiaries, while waiting for bond yields and earnings expectations to stabilize before extending duration or taking more equity risk. Q3 2022 NEE $159BTSLA $1.4T

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