10 Stocks to Buy According to Joshua Pearl’s Hickory Lane Capital Management

Published May 2, 2022 at 1:17 pm EDT Updated September 7, 2026 at 2:09 pm EDT

In this article, we discuss 10 stocks to buy now according to Joshua Pearl’s Hickory Lane Capital Management.

Hickory Lane Capital Management is an equity hedge fund that Joshua Pearl started in July 2020. Presently, he is the chief investment officer at the hedge fund. In 2003, Joshua Pearl graduated from Indiana University’s Kelley School of Business with a B.S. in Business. He was the managing director and partner at Brahman Capital, an equities long/short firm, from 2011 until 2020. As a director at UBS Investment Bank, Joshua Pearl arranged high yield financings, leveraged buyouts, and restructurings. Before joining UBS, he worked at Moelis & Company and Deutsche Bank as an investment banker. He is the co-author of Investment Banking: Valuation, LBOs, M&A, and IPOs, as well as The Little Book of Investing Like the Pros. Using a fundamentals-based strategy, he concentrates on equities investments and unusual situations.

Joshua Pearl’s Hickory Lane Capital Management had a $187.98 million asset portfolio in the fourth quarter of 2021, up from $177.12 million a quarter earlier. It focuses on information technology, utilities and telecommunications, materials, industrials, finance, consumer discretionary, and communications. The top ten equities held by Hickory Lane Capital Management account for 42.28% of the total 13F holdings. It bought 5 new stocks and sold 5 others in the fourth quarter of 2021.

Joshua Pearl’s most notable stocks in Q4 2021 include Microsoft Corporation (NASDAQ:MSFT), Amazon.com, Inc. (NASDAQ:AMZN), and NVIDIA Corporation (NASDAQ:NVDA), among others discussed below.

10. The Home Depot, Inc. (NYSE:HD)

Hickory Lane Capital Management’s Stake Value: $5,914,000

Percentage of Hickory Lane Capital Management’s 13F Portfolio: 3.14%

Number of Hedge Fund Holders: 68

The Home Depot, Inc. (NYSE:HD) is a retailer of home improvement products. Tom Gayner’s Markel Gayner Asset Management is the leading stakeholder of The Home Depot, Inc., with a stake worth $275.38 million.

Piper Sandler analyst Peter Keith cut his price objective on The Home Depot, Inc. from $342 to $314 on April 7 and maintained a Neutral rating on the stock. According to the analyst, the collapse of the stay-at-home bubble is posing difficulties to consumer spending. As a result, he lowered his 2022 forecasts and pricing targets for home improvement companies.

By the end of the fourth quarter of 2021, Joshua Pearl’s Hickory Lane Capital Management bought 14,250 shares of The Home Depot, Inc. valued at $5.91 million. According to Insider Monkey’s Q4 database, 68 hedge funds held The Home Depot, Inc. in their public stock portfolios, up from 58 funds in the third quarter.

In addition to Microsoft Corporation, Amazon.com, Inc., and NVIDIA Corporation, The Home Depot, Inc. is one of the stocks to buy now according to Joshua Pearl’s Hickory Lane Capital Management.

In its first-quarter 2022 investor letter, Ensemble Capital, an investment management firm, mentioned The Home Depot, Inc. (NYSE:HD) and discussed its stance on the company. Here is what the fund said:

“Home Depot (7.7% weight in the Fund): The demand surge for remodeling and home improvement goods sparked by shelter in place orders, remote work going mainstream, and a shortage of homes on the market to buy, ran headlong into the supply chain crisis, triggering surging prices in the products Home Depot sells. But the company has been able to pass nearly all of these increased costs on to customers, with revenue growing 37% over the past two years while gross profits, or the profits the company makes on each item they sell, increased by 35%. Even this small difference appears to be due not to inflation eating away at Home Depot’s profits, but rather be a function of the huge increase in revenue the company has been generating in low margin lumber sales.”

9. Uber Technologies, Inc. (NYSE:UBER)

Hickory Lane Capital Management’s Stake Value: $5,975,000

Percentage of Hickory Lane Capital Management’s 13F Portfolio: 3.17%

Number of Hedge Fund Holders: 153

Uber Technologies, Inc. (NYSE:UBER) is a mobility and ride-sharing company based in New York City. By the end of the fourth quarter, Hickory Lane Capital Management held 142,500 shares of Uber Technologies, Inc., worth $5.98 million, representing 3.17% of the investment firm’s portfolio. The hedge fund increased its stake in Uber Technologies, Inc. by 36% in the fourth quarter.

According to Insider Monkey’s fourth-quarter database, 153 hedge funds were bullish on Uber Technologies, Inc., with stakes amounting to $ 10.67 billion, compared to 143 funds in the prior quarter, holding stakes in the company valued at $10.77 billion.

Morgan Stanley analyst Brian Nowak decreased his price objective on Uber Technologies, Inc. to $68 from $72 on April 25 and reiterated an Overweight rating on the stock. Nowak’s revised target mirrored multiple peer reduction, but it still offered a potential upside of roughly 120%.

Here is what ClearBridge Large Cap Growth Strategy has to say about Uber Technologies, Inc. in its Q3 2021 investor letter:

“We have also been looking for multiyear secular trends outside of the IT and Internet sectors to help us maintain a portfolio that can perform well in markets with varied sector or factor leadership. In particular, electrification of the global economy and the transition to electric vehicles (EVs) are areas where we continue to add exposure. We are investing in the brains behind EVs through NXP in the control center and Aptiv for safety features. Global rideshare leader Uber will also be a key player in the transition from internal combustion engines to EVs.”

8. Marriott Vacations Worldwide Corporation (NYSE:VAC)

Hickory Lane Capital Management’s Stake Value: $5,999,000

Percentage of Hickory Lane Capital Management’s 13F Portfolio: 3.19%

Number of Hedge Fund Holders: 26

Marriott Vacations Worldwide Corporation (NYSE:VAC) is a global vacation corporation that offers vacation ownership, exchange, rental, and resort and property management services, as well as other connected companies, goods, and services.

Marriott Vacations declared a quarterly dividend of $0.62 per share on February 22, up 14.8% from the previous payout of $0.54. Out of the hedge funds being tracked by Insider Monkey, Rima Senvest Management is the most significant stakeholder of Marriott Vacations Worldwide Corporation, with 1.37 million shares worth $230.67 million.

By the end of the fourth quarter of the previous, Joshua Pearl’s Hickory Lane Capital Management owned 35,500 shares of the company. These shares are worth $6 million, representing 3.19% of the investment firm’s overall portfolio. Furthermore, out of the 924 hedge funds polled by Insider Monkey by the end of the fourth quarter of 2021, 26 held a stake in Marriott Vacations, up from 23 funds in the preceding quarter.

Baron Funds, in its second quarter 2021 investor letter, mentioned Marriott Vacations. Here is what the fund said:

“Marriott Vacations Worldwide Corp.: Marriott Vacations is a leading owner, operator, and developer of real estate timeshare resorts. With the company’s 100% focus on leisure travelers, we believe Marriott Vacations is ideally positioned for a robust travel recovery as more and more people are vaccinated. We believe the long-term growth prospects for Marriott Vacations are compelling and the shares remain attractively valued.”

7. Charter Communications, Inc. (NASDAQ:CHTR)

Hickory Lane Capital Management’s Stake Value: $6,520,000

Percentage of Hickory Lane Capital Management’s 13F Portfolio: 3.46%

Number of Hedge Fund Holders: 73

On April 19, Barton Crockett, a Rosenblatt analyst, initiated coverage of Charter Communications, Inc. (NASDAQ:CHTR), maintaining a Buy rating and a $732 price target. Charter Communications, Inc., on April 29, posted earnings for the first quarter. The reported EPS came in at $6.90, beating estimates by $0.24. Revenue over the period gained 5.4% compared to the previous year’s quarter, reaching $13.2 billion.

Under the Spectrum brand, Charter Communications, Inc. delivers broadband cable TV, internet, and telephony services to more than 26 million home and corporate customers in the United States. Joshua Pearl owned approximately 10,000 Charter Communications, Inc. shares in Q4 2021, worth $6.52 million.

Chris Hohn’s TCI Fund Management is the leading Charter Communications, Inc. stakeholder as of Q4 2021, with approximately 9.80 million shares worth $6.39 billion. Overall, Charter Communications, Inc. was found in the stock portfolios of 73 elite hedge funds tracked by Insider Monkey. These stakes were worth a total of $16.59 billion.

ClearBridge Investments, an investment management firm, in its first quarter 2021 investor letter, mentioned Charter Communications, Inc.. Here is what the fund said:

“We also added to Charter Communications, a historically strong performer that has faced headwinds recently due to a deceleration in broadband subscriber growth following a period of robust results during the pandemic.”

6. Amazon.com, Inc. (NASDAQ:AMZN)

Hickory Lane Capital Management’s Stake Value: $6,669,000

Percentage of Hickory Lane Capital Management’s 13F Portfolio: 3.54%

Number of Hedge Fund Holders: 279

Amazon.com, Inc. is a company that sells consumer goods and subscriptions online in North America and across the world. Truist analyst Youssef Squali cut his price target on Amazon.com, Inc. from $4,000 to $3,500 on April 29, but maintained a Buy recommendation on the stock. According to the analyst, Amazon will have a “difficult phase” in Q2 as eCommerce demand normalizes and cost limits become obvious.

By the end of the fourth quarter of 2021, 279 hedge funds were bullish on Amazon.com, Inc., having stakes worth more than $49.16 billion. Of these, Fisher Asset Management was the leading hedge fund, owning 2.1 million shares of Amazon.com, Inc., which amounted to $7.22 billion.

Joshua Pearl trimmed his Amazon.com, Inc. stake by 20% in Q4 2021, holding shares worth $6.67 million, representing 3.54% of his fund’s total 13F portfolio. The fund first bought a stake in Amazon.com, Inc. in the fourth quarter of 2020.

Like Microsoft Corporation and NVIDIA Corporation, Amazon.com, Inc. is a notable stock in Joshua Pearl’s Hickory Lane Capital Management Q4 portfolio.

Here is what Farrer Wealth Advisors has to say about Amazon.com, Inc. in its Q1 2022 investor letter:

“Amazon: We had a medium-sized position in Amazon which we exited after the company released its earnings. We thought earnings on aggregate were just fine and were especially impressed to see AWS (Amazon Web Services) start to reaccelerate its growth, up nearly 40% yoy. However, looking beneath the hood a little bit, we noticed a significant slowdown in the 1P and 3P ecommerce businesses that enjoyed a nice covid-bump in previous quarters. The international business also saw negative yoy growth as the covid bump deflated and competition heat up in markets such as Southeast Asia, Latin America, and India. None of these issues individually were a huge cause for concern, but they did force us to lower our internal projections. Given this, we felt the internal rate of return (“IRR”) baked into the price post-earnings was not particularly attractive given other opportunities available, and so, we exited the position. None of this is to say that Amazon is in any trouble, and we believe current investors will do just fine over time. We remain big fans of the companies and think Prime and AWS may be some of the best businesses ever created, so we reserve the right to buy back the position at cheaper valuations (or at a higher potential IRR).”

5. S&P Global Inc. (NYSE:SPGI)

Hickory Lane Capital Management’s Stake Value: $6,843,000
Percentage of Hickory Lane Capital Management’s 13F Portfolio: 3.64%
Number of Hedge Fund Holders: 79

S&P Global Inc. provides the capital and commodities markets worldwide with transparent and unbiased ratings, benchmarks, analytics, and data. TCI Fund Management is the most prominent shareholder of S&P Global Inc. and had stakes worth more than $1.77 billion as of the fourth quarter of 2021.

Joshua Pearl, via Hickory Lane Capital Management, owned 14,500 S&P Global Inc. shares in the December quarter, worth $6.84 million, representing 3.64% of the hedge fund’s total 13F portfolio. S&P Global Inc. has featured on Joshua Pearl’s portfolio since Q3 2021, and he elevated his stake by 10% in the fourth quarter of 2021.

Prior to the first-quarter results, Raymond James analyst Patrick O’Shaughnessy lowered his price objective on S&P Global Inc. from $497 to $475 and maintained an Outperform rating on the company. In a research note to investors, O’Shaughnessy stated that S&P Global Inc.’s shares would be supported by an ambitious repurchase program in 2022.

In its first quarter 2022 investor letter, Cooper Investors mentioned S&P Global Inc. and explained its insights for the company. Here is what the fund said:

“This quarter, S&P Global announced the successful completion of its acquisition of IHS Markit. The deal makes S&P a global leader across the information services industry. The Fund has been long term shareholders of S&P, building a position back in 2015 when the organization was still named McGraw-Hill Financial. We saw the initial opportunity as it refocused the business from a publishing and financial conglomerate towards its core data and financial assets. S&P’s credit ratings, benchmarks and analytics businesses in global capital and commodity markets carry leading positions, defensible offerings, consistent growth and high margins – as true today as it was seven years ago. With the increased focus management have applied over a lengthy period we see improved revenue growth, margins and cash flows…” (Click here to see the full text)

4. NVIDIA Corporation (NASDAQ:NVDA)

Hickory Lane Capital Management’s Stake Value: $6,912,000
Percentage of Hickory Lane Capital Management’s 13F Portfolio: 3.67%
Number of Hedge Fund Holders: 110

NVIDIA Corporation is a technology firm that develops and manufactures visual computing hardware, such as graphics processors for personal computers and device driver software. It was founded in 1993. Ken Fisher of Fisher Asset Management was the lead stakeholder of NVIDIA Corporation. The fund owned 5.12 million shares of stock, which are worth $1.50 billion.

NVIDIA Corporation is the latest addition to Joshua Pearl’s Hickory Lane Capital Management portfolio, as the hedge fund bought 23,500 shares of the company, worth $6.91 million. By the end of the fourth quarter of 2021, Insider Monkey identified 110 hedge funds that had stakes in NVIDIA Corporation. These holdings were worth a total of $10.49 billion.

On April 20, Deutsche Bank analyst Ross Seymore cut his price objective on NVIDIA Corporation from $285 to $255 and reiterated a Hold rating on the shares. According to Seymore, as supply loosens and demand decreases, investor worries of a seasonal slowdown/correction are likely to persist.

Here is what RiverPark Funds has to say about NVIDIA Corporation in its Q1 2022 investor letter:

“Nvidia is the leading designer of graphics processing chips (commonly known as GPU’s- graphics processing units), required for powerful computer processing. Over the past 20 years, the company has evolved through innovation and adaptation from a predominantly gaming- focused chip vendor to one of the largest semiconductor/software vendors in the world, dominating the core secular growth markets of gaming, data centers and professional visualization. Over the past decade, the company has grown revenue at a compound annual rate of over 20% while expanding operating margins and, through its asset light business model, producing ever increasing amounts of free cash flow. For 2021 the company generated 61% revenue growth to $27 billion, expanded its EBITDA margins to over 44% and generated over $8 billion of free cash flow. Over the past five years, the company has generated a cumulative $23 billion of FCF after cumulative capital expenditures of less than $4 billion…” (Click here to see the full text)

3. Microsoft Corporation (NASDAQ:MSFT)

Hickory Lane Capital Management’s Stake Value: $7,231,000
Percentage of Hickory Lane Capital Management’s 13F Portfolio: 3.84%
Number of Hedge Fund Holders: 262

By the end of the fourth quarter of 2021, 262 hedge funds held stakes in Microsoft Corporation worth $75.67 billion.

Wedbush analyst Daniel Ives decreased his price objective on Microsoft Corporation from $375 to $340 on April 27, reflecting a lower multiple, but maintained an Outperform rating on the stock.

Hickory Lane Capital Management initiated a new stake in Microsoft Corporation in the fourth quarter of 2021 by purchasing 21,500 shares of the tech behemoth, worth $7.23 million. Ken Fisher’s Fisher Asset Management is the biggest shareholder of Microsoft Corporation, with 26.84 million shares worth $9.03 billion.

In its fourth-quarter 2021 investor letter, Motiwala Capital mentioned Microsoft Corporation. Here is what the firm had to say:

“Microsoft re-enters our portfolio after a long gap. MSFT sells enterprise and consumer software products as well as hardware products such as the Xbox video game console and Surface laptops. All business segments experienced double-digit revenue growth and earnings per share have compounded in the mid-double digits over the last 5 years. We believe MSFT continues this momentum in the years ahead.”

2. Salesforce, Inc. (NYSE:CRM)

Hickory Lane Capital Management’s Stake Value: $7,878,000
Percentage of Hickory Lane Capital Management’s 13F Portfolio: 4.19%
Number of Hedge Fund Holders: 110

Salesforce, Inc. (NYSE:CRM) sells customer relationship management (CRM) software to organizations. Based on lower peer multiples, KeyBanc analyst Michael Turits reduced his price objective on Salesforce, Inc. from $281 to $223 on April 25 but maintained an Overweight rating.

Top hedge funds are paying attention to Salesforce.com, Inc.. Our data shows 110 hedge funds were long Salesforce.com, Inc. by the end of the fourth quarter of 2021. The consolidated stakes of these funds amounted to $11.46 billion. Of these, the majority stakes were of Akre Capital Management, making it the most prominent shareholder of Salesforce.com, Inc.. The fund’s stakes in Salesforce.com, Inc. were valued at $711.56 million in the fourth quarter of 2021.

In the fourth quarter, Hickory Lane Capital Management elevated its position in Salesforce.com, Inc. by 2% to 31,000 shares, accounting for 4.19% of the overall portfolio.

In its first quarter 2022 investor letter Oakmark Funds, an investment management firm mentioned Salesforce.com, Inc.. Here is what the fund said:

“Over the past 20 years, Salesforce has become a dominant global player in sales, customer service, commerce and marketing software. CRM earns 80% gross margins, grows 20% organically and virtually all of its revenue is recurring. It’s a great business that we’ve admired from afar for a long time. More recently, the organization has made some changes at the top that prompted us to take a closer look at the stock. New CEO Bret Taylor and CFO Amy Weaver are bringing a culture of financial discipline. We believe this renewed focus on profitability, combined with Salesforce’s strong underlying business characteristics, will yield strong results. The current valuation of 5x next year’s revenues represents a significant discount compared to publicly traded comparables and private market values in the software space. We view this discount as an opportunity to invest in a great business at a good value.

1. WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC)

Hickory Lane Capital Management’s Stake Value: $8,811,000
Percentage of Hickory Lane Capital Management’s 13F Portfolio: 4.68%
Number of Hedge Fund Holders: 61

WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) is a company that specializes in flexible and portable storage. Furniture rental, shipping and logistics, storage and facilities services, and commercial real estate services are all available through the company. At the end of Q4 2021, 61 hedge funds monitored by Insider Monkey were long on WillScot Mobile Mini Holdings Corp., up from 56 firms the previous quarter.

On April 27, WillScot Mobile Mini Holdings Corp. published earnings for the first quarter of 2022, announcing earnings per share of $0.22, missing estimates by $0.02. The $508.89 million revenue for the period was up 107.4% year-over-year, exceeding estimates by $30.96 million.

On March 29, Deutsche Bank analyst Faiza Alwy assigned a Buy rating and a $49 price target to WillScot Mobile Mini Holdings Corp. as part of a broader research report on Business Services companies. Hickory Lane Capital Management owned 215,750 shares of WillScot Mobile Mini Holdings Corp. as of Q4 2021, worth $8.81 million, representing 4.68% of the total 13F holdings. The hedge fund increased its WillScot Mobile Mini Holdings Corp. stake by 20% in the December quarter.

ClearBridge Investments, in its fourth quarter 2021 investor letter, mentioned WillScot Mobile Mini Holdings Corp.. Here is what the fund said:

“We added six new positions in the fourth quarter, the largest being WillScot Mobile Mini in the industrials sector. WillScot is the leading manufacturer in the modular office and storage end markets. The company has a multitude of idiosyncratic growth drivers that should support a doubling of free cash flow per share over the next four to five years.”

You can also take a peek at 10 Stocks to Buy Now According to James Katz’s Humankind Investments and 10 Stocks to Buy Now According to Steve Ketchum’s Sound Point Capital

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