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2023.Q4 PERFORMANCE

4th Quarter Recap

2023 - Year in Review

Two factors have been driving the macroeconomic landscape through 2023: interest rates and inflation. In 2022, The Federal Reserve began a rate hiking campaign to combat rising inflation. This year, they continued the hikes in the spring, but have left rates unchanged since July…[READ MORE]

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Concept idea of FED, federal reserve system is the central banking system of the united states of america and change interest rates

2024 Investment Outlook and Strategy

With the economy slowing, inflation moderating and unemployment claims rising, it is likely that the Federal Reserve has finished raising interest rates for this cycle. The cash built up from the Covid years in individual bank accounts has been exhausted, so the impact of higher interest rates may have a bigger economic bit… [READ MORE]

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Hand holding piece of jigsaw puzzle with word FINANCIAL PLANNING.

Year-End Tax and Financial Planning Items to Consider

IRA owners who are eligible to contribute have until April 15, 2024, to max out for tax year 2023. 401(k) participants have until December 31, 2023, to fund their account with pre-tax earnings to report for tax year 2023. It is legal to have multiple 401(k) accounts… [READ MORE]

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Microsoft – MSFT $374 Microsoft is the largest software provider in the world led by its teams M365 suite of apps including Word, Excel, Power Point, Publisher, and leading communication tools. Microsoft leverages its cloud services to provide applications. In the September 3rd quarter, sales rose 13% and earnings rose 27%, truly remarkable given the size of Microsoft. Looking forward to Microsoft incorporating its AI product offering Co-Pilot as an overlay with a rollout that started with large corporate customers. Although Microsoft’s stock is among the top performers in 2023, AI sales could dramatically increase profits over the next five years. And hopefully leading to further stock gains. Palo Alto Networks – PANW $290.90 Palo Alto is one of the largest security network service providers to primarily large corporations and government agencies. Palo Alto focuses on software that protects their clients from cyber-attacks that are increasing globally and pose a significant risk to all organizations. Recent hacks at MGM in Las Vegas shut down betting and lodging activities, presenting the threat and need for cyber protection. AI technology is being implemented in protecting offerings while hackers are also advancing their techniques. Palo Alto’s stock has been on a terror rising 25% in the past month. Vertex Pharmaceuticals – VRTX $351 Vertex develops and sells pharmaceutical products, addressing life threating diseases where there is no other treatment. On December 8th, the FDA will rule on their sickle cell drug which could be the first drug approved by employing gene editing technology. In addition, Vertex has a non-opioid pain management drug in phase 3 in clinical trials that a filing to the FDA is expected in the first quarter of 2024. Recent financial results included sales rising 8% and earnings 7%. High premarketing and drug trial expenses will hurt profitability until the new drug revenues become material. Vertex operates at the highest level of sophistication. Revenues could double over the next 3 to 5 years with FDA approvals for new drugs. Garmin – GRMN $124.05 Garmin’s origins date back to the dashboard navigational device you may have bought for someone as a holiday present 20 years ago. Today, Garmin is a leader in navigation devices used in marine, fitness, aviation, outdoor, and auto markets. After strong pandemic sales, present results at face value look unappealing, but renewed growth in sales is evolving from new product innovation. The investment community pays little attention to Garmin as they have no need for capital rise since they have no debt and have produced $1.3 billion in free cash flow over the last year. Garmin may be one of the few stocks’ worth holding forever. As an owner of multiple Garmin devices, I need to watch being biased. Oneok – OKE $69.67 Oneok recently acquired Magellan to become the largest fuel pipeline in the U.S. Given the barriers in constructing new pipelines, owners of existing pipelines benefit from a huge barrier to new competition. In addition, growth from the Magellan acquisitions that added transporting jet fuel, crude oil, and other refined products, Oneok is positioned to benefit from the exporting of L.N.G. (liquified natural gas). We expect the 6% dividend yield to increase when the debt raised recently is paid down. Nvidia – NVDA $462.03 In the emerging AI market Nvidia is the leading semiconductor provider by a very wide margin. Their technology leadership in high end competition needed for AI applications is unmatched at present, although competitors are attempting to catch up. While the stock of Nvdia have risen by almost 3-fold this year, earnings estimates have risen by a greater margin from $4.50 to $12.30 for fiscal year end of 2024, truly amazing growth. Nvdia has a strong competitive advantage in continuing to be leaders of AI growth. Although the stock may experience profit taking in the short term as investors will harvest the recent gains. Linde – LIN $403.56 Linde is a world leading industrial gas provider. Industrial gases are used in many industries from manufacturing health care and energy for large customers. Linde “builds” a gas production facility on site. The significant up-front investment creates a large barrier to losing a customer. Linde’s financial performance has been consistently steady over time. Hydrogen offers an excellent long-term opportunity as the gas may be the fuel for large engines such as ships, buses, and power plants. Producing cost effective hydrogen is the challenge. Deere – DE $368 Deere is the world leader in farm equipment. Also, it receives about 30% of revenues from construction products. Financial services contribute about 10% to earnings before taxes. In Deere’s case, the stock has been stuck in a range for two years and recently the company reduced its profit outlook for 2024 by 15%. Lower farm income due to the fall in commodity prices was the culprit. Given the long-term demand for food and Deere’s lead in AI and innovation, a long-term position is warranted from a portfolio perspective, holding out of favor positions of quality companies is a good strategy as business prospects. Next Era Energy – NEE $58.10 We have recently re-established a position in Next Era Energy after eliminating NEE from the portfolio prior to a plunge in the stock price earlier this year. Renewable energy stocks are in the “penalty box” with investors. The big issue is interest rates. Renewable energy projects require large upfront investments with dramatically lower operating expenses in the future, often reducing or eliminating fuel expenses. Solar and wind (on shore) are good examples and make up a growing portal for NEE’s energy production portfolio. Here is the problem; higher interest rates to finance projects kills the profitability of the investment. While NEE’s stock is down 30% for the year so far, operating results have exceeded expectations due to a hot summer and growth in customers coming to Florida. The investment opportunity in NEE is a quality company with growing earnings but out of favor with investors.

Top Holdings

Microsoft is the largest software provider in the world led by its teams M365 suite of apps including Word, Excel, PowerPoint, Publisher, and leading communication tools. Microsoft leverages its cloud services to provide applications. In the September 3rd quarter, sales rose 13% and earnings rose 27%, truly remarkable given the…[READ MORE]

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Make A Positive Client Reception

The Naples-based investment and wealth management advisory firm of Andrew Hill Investment Advisors hosted its annual “Make a Positive” client reception at the Naples Sailing & Yacht Club in conjunction with National Philanthropy Day in November. During the event, the firm presented $5,000 grants to each of The Immokalee Foundation and Trinity Life Foundation Inc… [READ MORE]

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OUR TEAM

Andrew Hill

Andrew “Andy”
D. W. Hill, CFA

President and
Co-Founder

Jennifer Figurelli

Jennifer R.
Figurelli, CTFA

Managing Director
and Co-Founder

Elicha D.
Moore

Client Concierge
Representative

Sean
O'Brien

Associate
Portfolio Manager

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WEBSITE DISCLAIMERS & DISCLOSURE

  • Andrew Hill Investment Advisors, Inc. is registered as an investment adviser with the Securities and Exchange Commission (SEC), and only transacts business in states where it is properly notice filed, or is excluded or exempted from such requirements. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability. Information on this website is directed toward U.S. residents only.
  • Information on this website does not involve the rendering of personalized investment advice, but is limited to the dissemination of general information on products and services. A professional adviser should be consulted before implementing any of the options presented.
  • Information on this website is not an offer to buy or sell, or a solicitation of any offer to buy or sell the securities mentioned herein.
  • Hyperlinks on this website are provided as a convenience and we disclaim any responsibility for information, services or products found on websites linked hereto.
  • Images and photographs are included for the sole purpose of visually enhancing the website, and should not be construed as an endorsement or testimonial from any of the persons in the image or photograph.
  • Andrew Hill Investment Advisors, Inc. is not engaged in the practice of law or accounting. Always discuss specific legal or tax issues with your attorney or accountant.
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Business Continuity and Succession Plan Disclosure Statement

Andrew Hill Investment Advisors, Inc. (“AHIA”) maintains a Business Continuity and Succession Plan (“BCP”) that has been developed with the goal of protecting the health and safety of our employees and maintaining continuity of service for our clients. Our Plan is designed to ensure that we are prepared to operate through significant business disruptions, so that our clients can access their accounts without significant interruption under most circumstances.
Key elements of our BCP include the following:

  • Critical data from our computer systems is backed up daily to geographically remote, secure facilities.
  • All AHIA employees can access its computer data remotely via secure connection. If AHIA’s primary network is not accessible, AHIA maintains replicas of all files and database servers in a geographically remote disaster recovery network available to all employees over a secure connection.
  • We maintain an office evacuation plan and emergency procedures in the event of a disaster affecting our primary office facilities or surrounding area.
  • We maintain an emergency contact list and procedures updated and distributed on a regular basis.

If your account requires servicing during a significant business disruption and we are unable to assist you, please call Fidelity Investments at 1-800-523-1203 and a dedicated team member will be able to assist you. It is impossible for us to anticipate every potential problem that may occur, but we believe our BCP will enable us to conduct business in the event of a variety of possible business disruptions. We review and test our BCP at least annually and it is subject to modification based on changing circumstances and assessment of need.

As a fiduciary, AHIA has certain legal obligations, including the obligation to act in client’s best interest. AHIA seeks to avoid a disruption of service to clients in the event of an unforeseen loss of key personnel, due to disability or death. AHIA can provide additional information to any current or prospective client upon request to Andrew D.W. Hill, President at 239-450-3999 or [email protected].

Andrew Hill Investment Advisors, Inc.
Privacy Notice

Andrew Hill Investment Advisors, Inc. (“AHIA”) believes it is essential that we maintain the privacy of the nonpublic personal information provided to us and that we obtain in connection with providing our products and services to clients.  AHIA views protecting its customers’ private information as a top priority subject to the requirements of the Federal Gramm-Leach-Bliley Act.  AHIA has instituted policies and procedures to ensure that client information is kept private and secure. 

AHIA limits the use, collection, and retention of such information to what we believe is necessary or useful to conduct our business and to provide and offer clients quality products and services, as well as other opportunities that may be of interest. Information collected may include, but is not limited to name, address, telephone number, tax identification number, date of birth, employment status, annual income, and net worth. 

In providing products and services, we collect nonpublic personal information about our clients from the following sources: 

  • Information we receive from clients on applications or other forms (e.g. investment/insurance applications, new account forms, and other forms and agreements);
  • Information about client transactions with us or others (e.g. broker/dealers, clearing firms, or other chosen investment sponsors); and
  • Information we receive from consumer reporting agencies (e.g. credit bureaus), as well as other various materials we may use to put forth an appropriate recommendation, or to fill a service request.


AHIA does not disclose any nonpublic personal information about its clients or former clients to any non-affiliated third parties, except as permitted by law.  While servicing a clients’ account, AHIA may share some information with its service providers, such as transfer agents, custodians, broker-dealers, accountants and lawyers.  Additionally, we will share such information where required by legal or judicial process, such as a court order, or otherwise to the extent permitted under the federal privacy laws.  

AHIA restricts internal access to nonpublic personal information about clients to those associated persons of AHIA who need to access that information to provide services.  As emphasized above, it has always been and will always be AHIA’s policy never to sell information about current or former clients or their accounts to anyone.  It is also AHIA’s policy not to share information unless required to process a transaction, at the request of a customer, or required by law.

AHIA places strict limits on who receives specific information about client account(s) and other personally identifiable data. As a rule, we do not disclose nonpublic personal information we collect to others. However, because we rely on certain third parties for services that enable us to provide our advisory services to clients, such as our attorneys, auditors, other consultants, brokers, and custodians who, in the ordinary course of providing their services to us, may require access to information, we may share nonpublic personal information with such third parties. 

AHIA may also disclose such information to others upon a client’s written instructions.  Such written instructions may be amended, and/or rescinded at any time in writing.  If a client prefers that we not disclose confidential personal information about them to non-affiliated third parties who provide a product or service that we feel would benefit them, the client may direct us not to make disclosures to such non-affiliated third parties via an opt-out provision.  We restrict access to nonpublic personal information about clients to those persons associated with AHIA, who need access to such information in order to provide our products or services to clients.  We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard clients’ nonpublic personal information. If a client decides to close his/her account(s) or become an inactive customer, we will adhere to the privacy policies and practices as described in this notice. 

AHIA reserves the right to change these Privacy Principles, and any of the policies or procedures described above, at any time without prior notice. However, clients will be promptly provided with a current copy of our privacy notice upon material changes or upon request.  Active clients will receive a current copy of our privacy notice at least annually. These Privacy Principles are for general guidance and do not constitute a contract or create legal rights, and do not modify or amend any agreements.   If you have questions about this privacy policy, or if you wish to amend or rescind your written instructions with us at any time, please call us at (239) 777-3188.

Andrew Hill

Andrew “Andy” D. W. Hill, CFA

President & Co-Founder

Andrew (“Andy”) D.W. Hill has more than 30 years of portfolio management experience. He currently serves as the President of Andrew Hill Investment Advisors, a Naples-based boutique investment advisory firm that he co-founded in 2009 with long-time business partner Jennifer Figurelli. Since its inception, the firm has steadily grown to more than $220 million in client assets under management.

Prior to forming his own firm, Andy was a Senior Portfolio Manager and regional Chief Investment Officer with two regional Trust banks. While working at both institutions, Andy served in various nationwide investment strategy capacities, including forming asset allocation recommendations and political research.

Andy holds an MBA from Syracuse University and a Bachelor of Science degree from Canisius University and has earned the Chartered Financial Analyst (CFA) designation. He is a Past President of the Chartered Financial Analysts Society of Naples. Andy has been honored with induction into the Sigma Beta Delta International Honor Society and induction into the Canisius University DiGamma Honor Society.

Frequently interviewed by the media on the financial markets, Andy’s comments are often quoted in Investor’s Business Daily, Naples Daily News and Fort Myers News-Press. He also has appeared on CNBC and FOX.

In addition to his responsibilities with Andrew Hill Investment Advisors, Andy is a frequent speaker on sustainable investing strategies. In 2023, he was re-appointed by Governor Ron DeSantis to serve on the Big Cypress Basin Board. Andy also currently serves as officer of the Executive Finance Committee of the Greater Naples Chamber of Commerce.

Andy is married to Dr. Susan M. Liberski and they have a German Shepherd dog, “Ranger”. In his spare time, Andy enjoys spending time with family, playing hockey, fishing on his boat and relaxing at his second home in Chokoloskee, Florida.

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Jennifer Figurelli

Jennifer R. Figurelli, CTFA

Co-Founder & Managing Director

Jennifer R. Figurelli, CTFA, has more than 25 years of experience in Trust and Estate Administration. She currently serves the Managing Director of Andrew Hill Investment Advisors, Inc., a Naples-based boutique investment advisory firm that she co-founded in 2009 with long-time business partner Andrew Hill. Since its inception the firm has steady grown to more than $220 million in client assets under management.

Prior to forming the firm, Jennifer was a Vice President and Senior Trust Officer with a national Trust bank. A native Floridian, Jennifer has lived in Naples since 1976. She has significant experience working with individuals who are undergoing a transition, such as retirement, death of a spouse or loved one, divorce, college expense planning, and special needs situations.

Jennifer received her Bachelor of Arts degree in Business Administration from Florida Southern College and holds a Legal Assistants Certificate from Florida Atlantic University. She is a graduate of the Florida Bankers Association Graduate Trust School and has earned the Certified Trust and Fiduciary Advisor (CTFA) designation. Figurelli also is a licensed Investment Advisor Representative in the State of Florida (Series 65).

Outside of her responsibilities with Andrew Hill Investment Advisors, Jennifer is actively involved in her community. She has volunteered with various organizations, including The David Lawrence Foundation, Youth Haven, Habitat for Humanity, Ave Maria University and St. Peter the Apostle Catholic Church. Currently, she serves on the Board of Directors for Trinity Life Foundation of Naples, Inc. and is a Committee Member for Southwest Florida Council of Boy Scouts of America in Troop 165. Jennifer also is a graduate of the Greater Naples Chamber of Commerce’s Leadership Collier Class of 2015.

Jennifer has been married to Michael Figurelli for 20 years and they have two children, Dante and Ginger, as well as a Shih-Poo dog “Popeye” and a domestic cat “Lovey “Dovey”. In her spare time, Jennifer enjoys spending as much time as possible exploring the great outdoors.

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Elicha D. Moore

Client Concierge Representative

Elicha Moore joined Andrew Hill Investment Advisors in July 2017, bringing several years of professional experience to the financial firm. Most recently, she served as an office manager at Cinnabar Design. Previously, she worked as an administrative associate at Leo Jr. Landscaping, as an executive assistant at La Mer and as an administrative assistant at Taylored Food Concepts in Champaign, Illinois.

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Sean O'Brien

Sean O'Brien

Associate Portfolio Manager

Sean is an Associate Portfolio Manager & a registered Investment Adviser Representative (IAR) with AHIA, providing investment advisory services in New York and Florida.

He supports client portfolios through in-depth research on equities, fixed income securities, & market trends, working closely with the firm’s President on portfolio strategy & implementation.

Sean earned both his Bachelor’s degree in Finance (2023) & MBA (2024) from Canisius University, where he developed his passion for investing through the prestigious Golden Griffin Fund — a student-managed investment portfolio recognized globally for its hands-on training in equity analysis.

Before joining AHIA full time in the Spring of 2024, Sean worked part time as a Research Analyst with the firm throughout his MBA program. In his current role, he also contributes to the financial planning process & maintains regular communication with clients.

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