Investor Letters

Letters through December 15, 2021

1 letter reporting on the period ending December 15, 2021, in each firm's own reckoning.

Andrew Hill Investment Advisors The Client Letter: Pivoting Investment Strategy Andrew Hill Investment Advisors expects pandemic-driven supply constraints to ease while labor and housing shortages keep longer-term inflation elevated. The firm harvested gains in speculative growth holdings, shifted from Nvidia to Apple, and favors recurring-revenue growth companies, renewable energy, financials and healthcare as Federal Reserve policy tightens. Year to Date (as of December 15, 2021) AAPL $4.8TABBNY $172BABBV $462B