Investor Letters

Letters through June 26, 2025

1 letter reporting on the period ending June 26, 2025, in each firm's own reckoning.

Andrew Hill Investment Advisors 2nd Quarter Recap - Ending Up, After A Wild Ride Andrew Hill Investment Advisors emphasizes AI infrastructure holdings, a laddered high-quality bond strategy and a gold allocation as hedges against tariff, inflation and geopolitical risks. The firm removed Visa in favor of Circle and Fiserv, while adding Yeti, Thermo Scientific and HA Sustainable Infrastructure amid political and tariff-related selling pressure. second quarter of 2025 YETI $3B