Top 5 Stock Picks of John Hurley’s Cavalry Asset Management

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In this article, we discuss top 5 stock picks of John Hurley’s Cavalry Asset Management. If you want to read our detailed analysis of Hurley’s investment philosophy and portfolio construction, go directly to the Top 10 Stock Picks of John Hurley’s Cavalry Asset Management.

5. Tesla, Inc. (NASDAQ:TSLA)

Cavalry Asset Management’s Stake Value: $55,775,000
Percentage of Cavalry Asset Management’s 13F Portfolio: 5.2%
Number of Hedge Fund Holders: 72

Tesla, Inc. (NASDAQ:TSLA) manufactures electric automobiles. It also provides services relating to these products. On October 24, Morgan Stanley analyst Adam Jonas retained an ‘Overweight’ rating on Tesla, Inc. (NASDAQ:TSLA) stock while trimming his price objective from $350 to $330. According to Jonas, Tesla’s third-quarter report, although in line with consensus expectations, was better and of higher quality than predicted.

Cavalry Asset Management made its first investment in Tesla, Inc. (NASDAQ:TSLA), during the first quarter of 2017, purchasing shares worth about $12.09 million. In Q2 2022, the hedge fund bought an additional 30,833 Tesla, Inc. (NASDAQ:TSLA) shares, increasing its position in the company by 60%. As a result, the fund’s TSLA stake amounted to over $55.78 million in Q2, representing 5.2% of Cavalry Asset Management’s portfolio.

As per Insider Monkey’s Q2 data, the number of hedge funds holding stakes in Tesla, Inc. (NASDAQ:TSLA) decreased to 72 by the end of Q2, down from 80 at the end of Q1. The total stake value of those 72 funds was roughly $7.17 billion. In the third quarter of 2022, Catherine D. Wood’s ARK Investment Management, with shares worth nearly $1.08 billion, is a prominent Tesla, Inc. (NASDAQ:TSLA) investor among those funds.

In its Q2 2022 investor letter, Carillon Tower Advisers mentioned Tesla, Inc. (NASDAQ:TSLA). Here is what the firm had to say:

 “Tesla, Inc. (NASDAQ:TSLA), the electric vehicle and clean energy company, is set to recall more than 100,000 cars in China over a potential safety risk and is reportedly delaying a plan to restore production at its Shanghai plant. CEO Elon Musk was reported to have said that the company would cut 10% of salaried staff and freeze hiring due to a bad feeling he has about the economy.”

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