2026.Q1 PERFORMANCE recap
Managing Risk Through Markets That Offer Fewer Safe Havens
The first quarter of 2026 has been a rough one although most client portfolios have declined less than our benchmark by almost one percent. Generally, equity holdings declined less than the SP500 and the fixed income holdings are about flat for the year today, while the bond market has declined.
The SP500 is down -4.7% year-to-date and the Bloomberg Bond Index is down -0.7%. The year opened with the U.S. involvement in Venezuela, which set the stage for a geopolitically dominated quarter. As a follow up to Venezuela, tensions rose in mid-January as the U.S. turned its focus to Greenland during an international summit. This was short lived but added to the turbulent environment for various asset classes. The main event of the quarter opened on February 28th, when the U.S. struck Iran. This is proving to be an ongoing issue and will be covered in our Investment Strategy and Outlook section.
In addition to the geo-political developments, AI (Artificial Intelligence) sent a scare through markets as new products disrupted several businesses. Software companies bore the brunt of the pain, with companies like Monday.com, Asan, and HubSpot, who have easily replaceable products, selling off by as much as 50%. Several other companies were punished unfairly in our view, including Microsoft (-20%), Intuit (-30%) and DocuSign (-30%). The products and services of these companies are not easily replaced by AI. This fear spilled over into the trucking and finance industry as new AI products were released.
The third big event of the first quarter was the appointment of Kevin Warsh as the Chairman of the Federal Reserve. Although not yet appointed, it appears Warsh will be Fed Chair this year. This announcement knocked Gold off its all-time high, which still has not recovered. Warsh is viewed as neutral by investors, who were prepared for an unscrupulous Chairman who would cut interest rates to 0%.
Each of these events has moved markets. Starting with Gold, the chaos at the start of the year and uncertainty about who would be nominated for Fed Chair sent Gold soaring over 20%. However, as each of these events has become fact instead of speculation, Gold has lost some of its appeal and is now up 2% year-to-date.
Moving to stocks, up until the start of March, the index had remained flat for the year. Under the surface, stocks experienced dramatic swings. For about 2 months, the market moved sideways, losing its upward momentum. Recently, the SP500 has broken down and is currently looking to find footing.
Our top performing stocks this year include Nextpower (NXT, +36%). Nextpower sells robotic parts to solar farms that optimize how much energy the panels can produce. Nextpower reported strong earnings in late January that sent the stock higher but gains slowly faded. With the recent spike in oil prices, investors are looking elsewhere for energy, and solar is the quickest option.
Another well-performing stock has been Oneok, rising 22% year-to-date. The company owns and operates gas pipelines throughout the U.S. and uses a “toll booth” pricing strategy where they charge based on how much gas is flowing through their pipes. With the U.S. now a net exporter and the IEA announcing millions of barrels of oil being released, demand is likely to increase.
Up 37% this year, GE Vernova continues to be a top performing stock. The company produces massive amounts of energy and is sold out through 2028.
Stocks that have done poorly include Microsoft (-20%), mainly because the industry is going through a much-needed shakeout. The company reported strong financial results, and the stock fell 10%. Some other stocks that have had a rough ride include Yeti (-15%), and recently General Electric and the banking industry. We have reduced our exposure to these positions and others that have shown weakness.
The bond market has also been very volatile. Over the past year, yields have trended lower. This continued up until the start of the war in Iran, as investors expect higher inflation and a larger deficit make U.S. debt less attractive. Shown in the chart below, yields have broken the downtrend and are heading higher, which is bad for bonds.
Iran War and the Battle Over Oil
The U.S. and Israel War on Iran follows the outing of Venezuelan leader Nicolas Maduro in January. Both Iran and Venezuela have two similarities; their leaders were bad actors, and they have large quantities of oil sold in non-U.S. dollar currencies.
Since the overthrow of Venezuela, the U.S. is believed to be controlling the sale of oil but little accountability is available. Since Venezuela sold oil on the “Black Market” at cheaper prices than prevailing oil markets, the effect is to raise all oil prices which was seen prior to the commencement of war in Iran.
Moving on to the financial market implications of the Iran war, Bloomberg Intelligence has been a huge help in understanding the situation. Although oil is produced in various regions of the world, the US is a global market. While oil produced in Texas does trade 3% to 5% (normally) cheaper than oil priced in Europe (Brent) most oil traded in U.S. dollars is similar.
However, natural gas is significantly cheaper in the U.S. than Europe or Asia due to the ample supplies domestically and high transportation cost.
The war in Iran has led to the near closure of the Strait of Hormuz, where about 20% of the oil and LNG (liquefied natural gas) passes, mostly heading to Asia. Iran anticipated the U.S. and Israeli attacks and prepared counter attacks on the middle east region with the intention of causing fear and disruption. With many Iranian leaders dead, and military infrastructure damaged, their remaining military capacity is limited to patrolling the Strait of Hormuz with drones and other low-grade missiles.
A new issue is arising in addition to the Strait of Hormuz; the destruction of oil infrastructure. The problem recently has been the Strait of Hormuz, but when the conflict is resolved, maritime travel can resume at full speed immediately. Now, there is lasting damage to oil fields and export facilities. This changes things from a weeks long issue to a months long issue.
The area to watch is now Kharg Island, which is the main export and refinery in the region, processing about 90% of Iranian oil exports. This is an area where possible US soldiers may attempt a presence.
Looking forward to where oil prices go, last week’s Bloomberg Energy webinar concluded with experts providing oil price targets. Generally, the experts predict lower prices in six months ranging from the high $60/barrel to $80/barrel compared to near $110/barrel today. In addition to oil, natural gas may be a more critical issue, while numerous other commodity markets are being disrupted as a result of the closer.
The combined impact of the Venezuelan and Iranian conflicts could materially increase oil prices for years to come. The question is, “Will that be 20%, 40%, or 60% over the price at the beginning of the year?” The impact on the economy will be to increase inflation and reduce economic growth. Secondary economic impact could also be felt in many industries such as semiconductor nations in Asia that could slow the A.I. build out.
The financial markets are rapidly changing as the energy markets fluctuate. We currently are exposed to energy pipelines, natural gas production, utilities, and utility scale solar manufacturing. The rise in oil prices is adding to the growing demand for more electricity for A.I. NextPower, a leading supplier of solar tracking equipment, has been a strong performer, increasing up 31% year to date. Renewable energy is often the cheapest and fastest source of energy to construct. Experts analyzing the situation expect energy production to be more “localized” in years to come, reducing dependence on chokepoints like the Strait of Hormuz. This is favorable for renewables.
We are very grateful to the staff of Bloomberg Intelligence; their research focused on analysts across the globe that cover just about every market you could imagine. Their objective, unbiased analysis provides the basis for our judgment as to the “buy-hold-sell” decisions. To sum up the current Middle East situation, Bloomberg provides the following potential outcomes:
IRS Transition to Electronic Tax Payments
The IRS has announced significant changes to how taxpayers will make payments and receive refunds beginning later this year. As part of the United States Treasury’s initiative to modernize and secure federal transactions – all tax payments must now be made electronically. Paper checks are being phased out because they are far more likely to be lost, stolen, altered, or delayed compared to electronic methods.
What this means for taxpayers:
Beginning with the 2025 tax year (filed in 2026), all balances due and quarterly estimated tax payments must be submitted electronically. The IRS will no longer accept paper checks for these payments.
Electronic payment options are available include:
- IRS Direct Pay via IRS.gov official website
- Electronic Federal Tax Payment System (EFTPS)
- Debit card, credit card, or digital wallet (not recommended due to processing fees)
Because of these IRS requirements, our firm will no longer be issuing check payments on behalf of clients for tax balances or estimated payments.
Additionally, due to strict security, custody, and regulatory requirements, we are not permitted to log in as a client or access a client’s bank account to make electronic payments on their behalf. This protects both you and your accounts and ensures compliance with industry regulations.
We encourage you to consult with your tax preparer regarding these new procedures, (especially if you expect to make estimated tax payments for 2026) so you can ensure the appropriate electronic payment method is set up in advance.
The Resilient Economy Facing Multiple Head Winds
I began the year reading the New York Times bestseller, “1929” written by Andrew Ross Sorkin. This book was a gift from our Associate Portfolio Manager, Sean O’Brien, and tells the story of the factors, many economic and social trends that led to the stock market crash in October 1929. There are a scary number of similarities to the current day including tariff policy, excessive optimism, and the lack of appropriate regulations.
At present, economic expectations are for continued growth with GDP advancing 2.5% and SP500 composite earnings growing by 15%. This very optimistic outlook should be of little comfort as the trends in the financial markets are hinting at major downgrades in economic and earnings outlook.
With the long-term trend of the economy increasing by about 2.1% per year, several tail and headwinds will alter the economy this year. The big tail wind is that A.I. investment is estimated to be $650 billion to $690 billion, up 70% from 2025 by the “Mag 7” (Magnificent Seven- Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia and Tesla), thus the total economic impact is far greater.
The cartoon below was created by Microsoft’s Copilot, an AI application:
The head winds are listed below, although the Iran war would be better described as a hurricane than a headwind and is analyzed in greater detail in the Client Letter.
Economic Headwinds
- #. Headwind (potential impact)
- 1. Iran war (higher energy costs; weaker demand, higher inflation)
- 2. “K-shaped” economy has weakened (lower consumer spending)
- 3. A.I. productivity impact (layoffs and wage pressure)
- 4. Total employment declines (down 1% year over year)
- 5. Climate change (more frequent and severe extreme weather, no FEMA help)
The effect of these negative factors, including the Iran war, could slow the economy from the 2.5% projected growth to barely positive. The Iran war will negatively impact the economy, and the only question is how bad is bad. The war is impacting the global supply chain by making many products more expensive because it has disrupted the world’s most critical energy corridor, causing massive spikes in oil, gas, shipping, and production costs, and those increases ripple through the entire economy.
As the battles continue, the oil and natural gas infrastructure are being destroyed, thus the impact of the war economically is extending from months to years. The impact is personally felt in higher oil, natural gas, and interest rates.
Clients have asked “why are gas prices increasing so much when the U.S. domestic oil production exceeds our demand?” Unfortunately, oil is a global commodity thus oil can be shipped from low-cost locations, so the transportation expense is the reconciliation issue. Furthermore, the oil industry is controlled by the world’s largest enterprises who wish to profit from higher oil prices at the expense of the consumer. Another factor is refining capacity; certain grades of crude oil are needed to produce various fuels. While the U.S. is less exposed to energy loss than in the 1970’s (oil embargo), we still are dependent on oil. According to Charles Schwab research, consumers spend about 2% of total expenditure on gasoline and other energy. Given the shock of the Iranian war, consumers may reduce overall spending.
Prior to the commencement of military actions, consumers were already financially pinched by wage gains lower than cost increases. Last year, tariffs pushed up many product costs. This year, many people were hit with health insurance increases of around 30% and higher fuel costs, leading to lower spending on nondiscretionary items. A bigger question pertains to the “K” economy that refers to the wealthiest individuals accounting for the lion’s share of overall consumer expenditures and how they will react to a lower investment return. Further, the decline in private equity and bond funds may also hurt the disposable income of this segment of high-end consumers. Fortunately, we have avoided investing in any illiquid investments, thus avoiding another blow-up.
While the economy is beginning to feel the head winds from energy prices, inflation, and lower investment income, the economy has proved to be resilient for years. This momentum, combined with an uptick in military expenditures and the AI build-out, should keep the economy from a recession which Bloomberg data indicates is a 25% possibility in the next year. However, there are many unknown factors that could emerge from the Middle East including China’s response. Thus, economic risks are very high.
Portfolio Strategy
Balancing stocks, bonds, gold, and cash
2026 has been a difficult year so far, with extreme volatility driven by geopolitical events. Individual investments have seen sharp moves up and down, while major market indices are moderately lower year-to-date. In most client portfolios, we have been reducing risk by trimming stocks, long-term bonds, and gold, and increasing short-term bond fund holdings. Signs of economic weakness—along with the war involving Iran—are the main reasons for this more conservative stance. Put simply: risks are high.
Military actions involving Venezuela and Iran have affected most major asset classes, leaving few clear “safe havens” besides cash. Oil prices have risen due to disrupted Iranian supply and the removal of discounted Venezuelan oil from the market, as the U.S. has taken control of certain oil exports. In addition, the U.S. dollar was not used in some Iranian and Venezuelan oil transactions (“petrodollars”). As more oil is now being traded in U.S. dollars, the dollar has strengthened—contributing to weakness in gold. Further, central banks around the world that were buying gold in the past year, now maybe selling gold to purchase expensive oil on the spot market. Meanwhile, with war-related costs estimated at about $1 billion per day, bond prices have fallen (and yields have risen) as investors anticipate increased government borrowing to finance the war. In response, we reduced our gold exposure and trimmed long-term bonds in favor of short-term bonds, adding to the Fidelity Conservative Bond Fund, which is yielding about 3.6%. In equities, while we remain confident in our core holdings, we are mindful that overall market risk has increased as investor risk appetite declines. Our more detailed strategy by asset class follows.
Fixed Income; the Portfolio’s Foundation
Fixed income remains the foundation of most client portfolios. Many accounts hold individual bonds structured to mature each year over the next five to seven years. Across accounts, these bonds typically have an average S&P credit rating of A or higher (AAA is the highest). Because we generally intend to hold these bonds to maturity, we can estimate the return at purchase using the bond’s “yield to maturity” (the annualized return if the bond is held until it matures, and the issuer makes all payments as expected). With inflation rising and signs of a slowing labor market—trends that began even before the war—the Federal Reserve has kept short-term interest rates steady while it assesses the economy. For investors, this creates an opportunity to earn attractive yields in high-quality, short-term investments, such as short-term Treasury bills yielding about 3.7% and high-grade corporate bonds yielding about 4.25%.
Yield Curve including Municipal, Treasuries, and Corporate Issues, Shaded area below shows the spread between municipal and corporate bond yields relative to treasuries.
To complement core bond holdings, we hold preferred stocks in many accounts. Our current favorites are Key Bank and JP Morgan, both yielding over 6%.
For additional diversification, our position in the Pioneer Cat Bond Fund has performed well recently. This fund invests in catastrophe (reinsurance) bonds, which typically pay higher interest if the referenced insurance losses do not exceed certain thresholds, for example, from a major hurricane (wind damage only), earthquake, or fire. Because of the way these bonds are structured, interest is generally paid once per year (typically in December). Investors have shown increasing interest in this niche segment to diversify economic risk while potentially earning yields above those of traditional high-quality bonds. The fund’s expected yield is about 9%, twice the yield of a high-grade corporate bond fund and closer to long-term stock market returns.
The head winds are listed below, although the Iran war would be better described as a hurricane than a headwind and is analyzed in greater detail in the Client Letter.
Equities: Strong holdings, but higher market risk
We began 2026 with most client portfolios underweight equities relative to their IPS (Investment Policy Statement), and we have reduced equity exposure further as risks increased. Early in the year, the stock market was choppy but modestly positive, supported by hopes for Federal Reserve rate cuts and solid corporate earnings. More recently, expectations have shifted: higher oil prices can pressure corporate profits, and inflation concerns have moved the discussion from possible rate cuts to potential rate hikes. As a result, the SP500 appears to be entering a downward trend. Given these risks and the change in market direction, we have trimmed certain positions and added a hedge position in the SP500 Inverse Fund (a fund designed to move in the opposite direction of the SP500).
SP500 chart: Next support level is ~6,200
As the SP500 chart shows, stocks appear to be starting a downward trend that may continue unless geopolitical conditions improve. A decline toward the 6,200 area (a potential “support level,” where buying interest sometimes emerges) would represent a pullback of roughly 38% of the gains since the current bull-market phase began in April 2025. Market declines are rarely a straight line; they often include sharp, temporary rallies when news improves. For example, a lull in the fighting could spark a short-term drop in oil prices and a brief rebound in stocks.
The longer the war continues, the greater the chance stocks trend lower for two reasons. First, the economic impact—and by extension, the impact on corporate earnings—would likely be negative, with higher oil prices being a primary driver. Second, reduced investor confidence can lead investors to demand a higher potential return, which often shows up as a lower price-to-earnings (P/E) ratio. (The P/E ratio compares a company’s stock price to its earnings; when investors are less willing to pay for future growth, P/E ratios often fall.) The current market P/E is about 21.8x based on 2026 earnings estimates. As the chart below shows, P/E ratios have been declining while earnings estimates have held up so far. Often, investors sell before analysts reduce their earnings forecasts, so we are watching analyst revisions closely.
Across our core equity holdings, we continue to emphasize three characteristics that have contributed to strong long-term results:
- Strong competitive advantages
- Consistent growth in sales and earnings
- Solid stock performance relative to peers and the overall market
As we discuss our equity holdings, it’s worth remembering that in declining markets, investors often sell not what they want to sell, but what they can sell quickly. That can pressure even high-quality, large-cap stocks if index funds or large institutions raise cash. Within our reduced equity exposure, we are emphasizing a few key themes. Technology remains our largest area of exposure, though at roughly half the weight of technology in the SP500 (about 33%). We favor the largest, most financially secure companies with durable strategies and the ability to repurchase shares during periods of volatility. Nvidia is our largest holding, with an AA- S&P credit rating, followed by Microsoft with an AAA rating. We also hold a core position in Apple, which continues to benefit from its ecosystem even without a single, dominant AI narrative. Google was previously our top holding, but we trimmed the position after a significant run-up. Currently, Nvidia is a key beneficiary of the large capital spending by “hyperscalers” (major cloud providers). In the most recent quarter, Nvidia’s free cash flow was $34.9 billion.
Energy-related businesses are also positioned for growth as electricity demand rises—driven by new data centers as well as broader needs across the power grid. Renewable-energy equipment providers such as GE Vernova and NextPower are among our top holdings in this area. Separately, we have increased exposure to oil and natural gas infrastructure as the war threatens production and distribution in key regions. Since last fall, we have owned Oneok, a leading pipeline operator. More recently, we added natural gas producers EQT and National Fuel Gas, both of which we have owned in the past. The U.S. currently has abundant natural gas, while some other regions face shortages. For context, parts of Asia have paid roughly 10 times the U.S. price (about $3 per MCF, or million cubic feet), though transportation and logistics can materially affect delivered costs. We also added Rivian, an electric-vehicle manufacturer that sells SUVs, pickup trucks, and commercial vehicles, including vehicles used by Amazon. As EV technology improves (range, charging speed, and performance), and as gasoline prices rise, the operating-cost advantage of EVs can widen. Outside the U.S., BYD continues to expand its EV lineup and remains a major competitor to Tesla.
Turning to consumer-oriented companies, we focus on market leaders that can continue to sell products and services even if higher fuel costs reduce household disposable income. We still hold a significant position in Garmin; the primary risk is that demand could soften if higher fuel prices reduce aviation and boating activity. Costco may benefit from strong traffic due to discounted gasoline (often cited as roughly 20–30 cents per gallon in Florida), which can help support membership growth—and membership fees are a key driver of profitability.
In less economically sensitive areas of the portfolio, we hold two sizable healthcare positions: Vertex Pharmaceuticals and Globus Medical. Vertex continues to strengthen its leadership in cystic fibrosis treatments with an improved once-a-day therapy that leapfrogs its older twice-a-day product. Our longer-term interest is also in Vertex’s R&D pipeline, including potential treatments for kidney disease and diabetes. At Globus Medical, sales growth has improved over the last two quarters, particularly in its spine-related products. These procedures are often needed for trauma cases or degenerative disc conditions, including among retired athletes. A key differentiator for Globus is its robotic-assisted surgery platform.
The final group of noteworthy stocks is the financial sector. Earlier in the year, banks were expected to benefit as the Federal Reserve cut short-term rates, which can improve lending margins in certain environments. That outlook has weakened as inflation has reaccelerated, and rate cuts have become less likely. In addition, concerns about private credit (non-bank lending) have resurfaced, reviving some fears of a broader financial shock—though we do not see conditions today as comparable to the financial crisis. We continue to like First Horizon Bank (a regional bank with exposure to growing markets in the Southeast), JP Morgan, and Goldman Sachs. Large investment banks were also hoping for increased activity in IPOs and mergers, but geopolitical uncertainty can cause companies to delay major decisions.
Below, you’ll find more in-depth discussion of our core holdings, who they are, how they may generate profits over time, and how they may contribute positively to society.
Significant Positions in Client Accounts
Nvidia
Nvidia has been called the “most consequential company of our time”. Time will tell if that is true, but what is certain is that it is the most consequential company for the stock market. The manufacturer of AI computer chips continues to develop superior products at a rapid annual pace. Revenue has increased by a factor of 8 times over the past 3 years and is expected to grow over 65% in the year ahead, while Nvidia maintains their ridiculously high profit margins. While many companies are increasing their spending, much of their budget is going to Nvidia. Nvidia’s massive compute power assists companies such as Vertex Pharmaceuticals create life savings drugs.
NextPower
Formerly called NextTracker, NextPower creates robotic technology that rotates several hundred solar panels at once to optimize their power generation. NextPower supports industrial size companies with large solar fields. In addition to their robotics, they also have technology that determines the optimal location for a solar field, provides various insights, and can even protect the panels from weather events like wind and hail. NextPower’s products help the buildout of solar utilities saving users money and providing electricity with limited pollution.
Microsoft
The third biggest company in the world, Microsoft, has had a rough ride this year down by ~20%. The company failed to “wow” investors in their most recent report. The problem was that demand outpaced supply, meaning they could not buy enough chips from Nvidia. We view this favorably, as it shows that demand is still growing and there is a clear path to future revenue growth. Microsoft is an incumbent provider of software and has several advantages over competitors, in addition to a strong balance sheet with an AAA credit rating from Standard & Poor’s.
Vertex Pharmaceuticals
Vertex is the undisputed leader in Cystic Fibrosis (CF) treatment, with its core franchise generating $12 billion in 2025 revenue. While CF continues to grow through new pediatric approvals, the company is hitting a major inflection point in its “non-CF” business. Management is targeting over $500 million in 2026 revenue from two new launches: Casgevy (gene editing) and Journavx (non-opioid pain). We view the recent positive Phase 3 data in kidney disease as a clear signal that Vertex can successfully diversify its rare-disease playbook into new, multi-billion-dollar markets. Vertex’s lifesaving drugs is being recognized by Time magazine in listing them in their top 100 most influential healthcare companies.
Apple
A cornerstone of many portfolios, Apple remains a consistent and reliable investment. Revenue continues to be driven by the iPhone’s dominant market share and a loyal ecosystem of over 2 billion active devices. Notably, Apple has not followed competitors into the massive spending spree on AI infrastructure. By avoiding the multi-billion-dollar AI arms race, they have maintained a superior balance sheet and consistent shareholder buybacks. Apple has never truly been a pioneer. Rather, they wait out speculative companies and ultimately partner with whomever the winner is. They are sticking to that script with their AI strategy. On the product manufacturing side of the business, Apple recycles and reuses a significant amount of rare earth materials, cobalt, and aluminum. Their long-term objective is to have all products either recycled or renewable materials and packaging.
Alphabet (Google)
Alphabet is the parent company to Google search and cloud, YouTube, Gemini, Waymo, and more. Through AI, the company has found a way to leverage their immense amount of data. This has led to their AI model named Gemini to be a top performing model. In addition to this, they have broken into a new business: AI chips called TPUs. These compete directly with Nvidia chips and even outperform in some areas, further boosting the attractiveness of the stock.
GE Vernova
GE Vernova’s equipment helps generate roughly 25% of the world’s electricity. As AI becomes more predominant, the massive power requirements of new data centers are putting massive strain on the global grid. To meet this demand, GE Vernova is seeing a historic surge in orders for its high-efficiency gas turbines, with a backlog now stretching through 2028. As Andy and Sean recently learned at an industry event, the primary bottleneck for the company is not a lack of products or facilities, it is a global shortage of specialized engineers required to deploy and service these complex systems. GE Vernova’s management team is world class, and we view this as a long-term core holding.
ONEOK
ONEOK is a critical midstream player, operating one of the largest natural gas and natural gas liquids (NGL) networks in North America. Following their recent major acquisitions, they now control essential infrastructure to transport energy from the Permian and Bakken Basins to the Gulf Coast. With a “tollbooth” business model that generates consistent fee-based income and a history of robust dividend growth, ONEOK remains a premier way to play the increasing demand for domestic energy security. Now that the company has acquired important assets, we would like to see them deleverage and pay off their debt. Given the dangerous products transported via their system, we believe Oneok’s strong environmental standards reduce the risk of a negative event.
EQT
One of the largest Natural Gas producers in the U.S. is EQT. Led by Toby Rice, a leading voice in the energy industry, EQT is expanding rapidly. Natural gas has replaced a significant portion of coal used in the utility industry. Natural gas is cheaper, has significantly less pollution, and is safer to produce than coal. The company has closed acquisitions over the past two years and continues to make strategic investments. EQT now owns almost all the assets they need, from wells and drilling natural gas out of the ground to the pipelines needed to transport the product. EQT has also pioneered “long-lateral” drilling, which allows them to reach miles of reservoir from a single starting point. This approach is far more efficient than traditional methods, as it minimizes the surface footprint and maximizes the amount of gas recovered per well, leading to increased profitability.
AHIA Community Investment During an Active 1st Quarter
Nvidia
Winter is a busy time for non-profit organizations’ events. During the 1st quarter of 2026, our firm supported three organizations.
In January, we supported the Trinity Life Foundation’s annual Reverend Dr. Martin Luther King, Jr. Prayer Breakfast. This organization runs a very successful program for young people who have been involved in the juvenile justice system, by partnering with local organizations who support citizenship, education, character building, family support, and economic development.
In February, we were the cocktail hour sponsor for the Captains for Clean Water 10th Anniversary Gala. For the past decade, Captain’s has been battling large corporate entities that use our water resources as their dumping ground, which has caused significant environmental and economic damage.
Recently in March, we hosted a reception for Audubon of the Western Everglades at the Naples Sailing & Yacht Club. Guests enjoyed wines featuring different birds and an informative presentation by Brad Cornell on the imperiled bird life in Southwest Florida, burrowing owls and gopher tortoises.
OUR TEAM
Andrew “Andy”
D. W. Hill, CFA
President and
Co-Founder
Jennifer R.
Figurelli, CTFA
Managing Director
and Co-Founder
Elicha D.
Moore
Client Concierge
Representative
Sean
O'Brien
Associate
Portfolio Manager
