TOCQUEVILLE ASSET MANAGEMENT L.P.

Long Only Manager • Value

TOCQUEVILLE ASSET MANAGEMENT L.P. is a Value-focused institution based in New York, NY led by Paul J Kleinschmidt, reporting $9.4B in AUM as of Q3 2025 with HD as the largest holding (5% allocation).

CEOPaul J Kleinschmidt

Portfolio Value: $6.9B
Positions: 542
Top Holding: HD at 5.21%
Last Reported: Q3 2025

Address40 West 57th Street, 19th Floor, New York, NY, 10019, United States

Top Holdings

Largest long holdings in TOCQUEVILLE ASSET MANAGEMENT L.P.'s portfolio (27% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Home Depot HD	Home Improvement Consumer Cyclical	$357.8M	5.21%	-$12.1M Sold	0.09% 883.1K shares	≤ Q2 2013 Held for 12y 5m+
2 Nvidia NVDA	Semiconductors Technology	$242.3M	3.53%	-$8.9M Sold	0.01% 1.3M shares	Q4 2015 Held for 9y 11m
3 Microsoft MSFT	Software - Infrastructure Technology	$237.8M	3.46%	-$4.1M Sold	0.01% 459.2K shares	≤ Q2 2013 Held for 12y 5m+
4 Apple AAPL	Consumer Electronics Technology	$178.4M	2.60%	-$1.0M Sold	0.00% 700.7K shares	≤ Q2 2013 Held for 12y 5m+
5 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$171.3M	2.50%	-$1.9M Sold	0.01% 704.7K shares	≤ Q2 2013 Held for 12y 5m+
6 Amazon AMZN	Specialty Retail Consumer Cyclical	$166.9M	2.43%	-$1.5M Sold	0.01% 760.2K shares	≤ Q2 2013 Held for 12y 5m+
7 Alphabet Inc. GOOG	Internet Content & Information Communication Services	$160.9M	2.34%	-$3.7M Sold	0.01% 660.8K shares	Q2 2014 Held for 11y 5m
8 IAU iShares Gold Trust IAU	Unknown Unknown	$132.3M	1.93%	-$2.5M Sold	— 1.8M shares	Q4 2022 Held for 2y 11m
9 Berkshire Hathaway BRK.B	Insurance - Diversified Financial Services	$112.4M	1.64%	-$1.7M Sold	0.01% 223.6K shares	Q4 2019 Held for 5y 11m
10 Qualcomm QCOM	Semiconductors Technology	$96.9M	1.41%	-$1.3M Sold	0.05% 582.5K shares	≤ Q2 2013 Held for 12y 5m+

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in TOCQUEVILLE ASSET MANAGEMENT L.P.'s latest filing

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Market Value

$6.9B

Prior: $6.6B

Q/Q Change

+4.81%

+$315.0M

Net Flows % of MV

-4.1%

Turnover Ratio

4.21%

New Purchases

13 stocks

$32.3M

Added To

142 stocks

+$99.2M

Sold Out Of

21 stocks

$39.2M

Reduced Holdings

247 stocks

-$373.7M

Increased Positions

Position	Shares Δ	Change
1 MIAX Miami International Holdings, Inc. MIAX	New	0 → 230.7K +$9.3M
2 iShares U.S. Home Construction ITB	New	0 → 57.9K +$6.2M
3 WBI WaterBridge Infrastructure LLC WBI	New	0 → 213.8K +$5.4M
4 Kenvue KVUE	New	0 → 241.1K +$3.9M
5 RxSight, Inc. RXST	New	0 → 300.0K +$2.7M

Decreased Positions

Position	Shares Δ	Change
1 Fiserv FI	Sold	103.6K → 0 −$17.9M
2 Sun Communities SUI	Sold	78.3K → 0 −$9.9M
3 Fortune Brands Innovations FBIN	Sold	55.9K → 0 −$2.9M
4 StandardAero SARO	Sold	56.9K → 0 −$1.8M
5 AdaptHealth AHCO	Sold	183.0K → 0 −$1.7M

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Analytics

Portfolio insights and performance metrics for TOCQUEVILLE ASSET MANAGEMENT L.P.

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Sector Allocation

Technology

21.70%

Industrials

12.40%

Financial Services

11.30%

Consumer Cyclical

10.80%

Healthcare

10.10%

Communication Services

6.90%

ETF

5.50%

Basic Materials

5.40%

Energy

4.50%

Consumer Defensive

3.70%

Utilities

2.10%

Real Estate

1.10%

Market Cap Distribution

Mega Cap (> $200B)

40.14%

Large Cap ($10B - $200B)

45.86%

Mid Cap ($2B - $10B)

2.39%

Small Cap ($300M - $2B)

1.34%

Micro Cap ($50M - $300M)

0.39%

Nano Cap (< $50M)

0.44%

N/A (ETF or Unknown)

9.44%

Portfolio Concentration

Top 10 Holdings %

27.05%

Top 20 Holdings %

37.48%

Top 50 Holdings %

56.82%

Top 100 Holdings %

74.99%