Tocqueville Fund
TOCQX
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- Tocqueville Fund (TOCQX) is a mutual fund that seeks long-term capital appreciation primarily through investments in common stocks of U.S. companies, employing a bottom-up selection process based on fundamental security analysis to identify contrarian, value-oriented securities depressed in price and trading at a substantial discount to intrinsic value; it targets attractive risk/reward propositions across all market capitalizations, emphasizing free cash flow generation, balance sheet quality, and business franchise strength, with up to 25% of net assets allocated to non-U.S. issuers including American Depositary Receipts in developed and emerging markets. The fund, categorized in the large blend segment with assets under management of approximately $523 million, features an expense ratio of 1.20%, a minimum initial investment of $1,000, and a portfolio turnover of 18%; top holdings as of September 30, 2025, include Rocket Lab Corp. (6.18%), NVIDIA Corp. (5.35%), and Alphabet Inc. (4.65%). Managed by Robert W. Kleinschmidt, CFA, President, CEO, and CIO of Tocqueville Asset Management L.P., the fund delivered year-to-date total returns of 19.15% as of November 28, 2025, outperforming benchmarks in recent periods such as 25.81% over one year ended October 31, 2025. Tocqueville Fund operates within the Tocqueville Funds family, advised by Tocqueville Asset Management L.P., an independent, employee-owned investment firm founded in 1985 and headquartered at 40 West 57th Street, 19th Floor, New York, New York, with an additional office in Vero Beach, Florida. The firm serves high-net-worth individuals, families, family offices, institutions, and mutual fund investors with a focus on long-term growth and capital preservation through rigorous proprietary research and alignment of interests, as portfolio managers invest alongside clients. Geographically, the fund primarily targets U.S. issuers while maintaining flexibility for international exposure. In recent developments, Tocqueville Asset Management L.P. acquired Poplar Forest Capital, a $1.3 billion AUM firm founded in 2007, in early 2025 to expand its advisory capabilities, research, and investment talent; Poplar Forest's team, led by CEO Dale Harvey, integrated into Tocqueville's platform, with Harvey joining the management committee as a shareholder. The firm continues routine portfolio adjustments, including opening significant new positions such as $54.5 million in Regeneron Pharmaceuticals (REGN) in Q1 2025 and $27.8 million in Cencora (COR) in Q2 2025, reflecting ongoing active management. Additionally, the fund announced preliminary 2025 distribution estimates as of October 31, 2025, following its final 2024 distribution paid on December 6, 2024, and maintains a contractual expense cap of 1.20% through at least March 1, 2026.