Tocqueville Fund
Fund Objective
To achieve long-term capital appreciation
Investment Strategy
• Employ a bottom-up selection process based on fundamental security analysis.
• Seek to identify contrarian, value-oriented securities that are depressed in price, out of favor with investors and trading at a substantial discount to intrinsic value.
• Identify the most attractive risk/reward propositions across all market capitalizations largely based on free cash flow generation, balance sheet quality and the fundamental strength of a business franchise.
• Focus primarily on the securities of US issuers, but frequently invests in non-US issuers.
Robert W. Kleinschmidt, Portfolio Manager
Robert W. Kleinschmidt, CFA, is President, Chief Executive Officer and Chief Investment Officer of Tocqueville Asset Management L.P. Mr. Kleinschmidt joined Tocqueville in 1991 and manages discretionary portfolios for institutional, individual and family clients. He is the Portfolio Manager of the firm’s flagship fund, The Tocqueville Fund, and the lead manager of the Multi Cap Equity strategy. In addition, Mr. Kleinschmidt is the Chairman of the Investment Committee. Prior to joining Tocqueville, Mr. Kleinschmidt spent thirteen years with David J. Greene & Company.
Prior to joining David J. Greene & Company, he spent two years at the Irving Trust Company, starting his career there in 1976. From 1973 to 1976, he continued postgraduate work in Economics at Columbia University. Mr. Kleinschmidt earned a B.B.A. in Accounting from the University of Wisconsin (Oshkosh) and an M.A. in Economics from the University of Massachusetts (Amherst).
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Fund Fact Sheet
Download QUARTERLY FACT SHEET
Fund Insights
Read more about the fund, its strategy and commentary from the manager
Insights
Top Holdings
TOCQX Q12025 Manager Commentary
Dear Fellow Shareholders, Market volatility reared its ugly head in the waning weeks of the first quarter of the...
Tocqueville Fund (TOCQX) Manager Commentary
3Q 2022 • Global equity markets continued to decline during Q3 2022, the economy moved from quantitative easing and...
| As of May 31, 2025 | % of Total Assets |
|---|---|
| NVIDIA Corp. | 4.36% |
| Rocket Lab Corp. | 4.18% |
| Microsoft Corp. | 3.97% |
| Alphabet, Inc. | 3.70% |
| ServiceNow, Inc. | 3.27% |
| Amazon.com, Inc. | 3.09% |
| Automatic Data Processing, Inc. | 2.80% |
| NextEra Energy, Inc. | 2.66% |
| Applied Materials, Inc. | 2.36% |
| QUALCOMM, Inc. | 2.34% |
Updated monthly
News
Tocqueville Funds Performance
Final 2024 Distribution
The Tocqueville Fund paid a distribution on December 6th.
2024 Distributions – Preliminary
The Tocqueville Fund (TOCQX) anticipates making a distribution on December 6, 2024 in the amounts listed in...
TOCQX Distribution
The Tocqueville Fund (“Fund”) paid a distribution on December 8, 2023. Details The Record Date was December 7,...
Tocqueville Trust Reorganization
The Board of Trustees of The Tocqueville Trust has approved an Agreement and Plan of Reorganization (the “Plan”)...
Year to Date Performance
| as of 07/09/2025 | Total Return YTD% |
|---|---|
| Tocqueville Fund (TOCQX) | 8.28% |
Year to Date Performance as of 07/09/2025
8.28%
Last Month’s Performance as of 06/30/2025
6.65%
6.20%
6.12%
Average Annual Return (%)
14.10%
15.16%
15.66%
16.26%
19.71%
19.59%
14.97%
16.64%
16.30%
11.23%
13.65%
13.35%
Last Quarter’s Performance as of 06/30/2025
6.65%
6.20%
6.12%
Average Annual Return (%)
14.10%
15.16%
15.66%
16.26%
19.71%
19.59%
14.97%
16.64%
16.30%
11.23%
13.65%
13.35%
Annual Fund Operating Expenses after Fee Waiver/Expense Reimbursement: 1.21%
The Advisor has contractually agreed to waive management fees and/or reimburse expenses in order to ensure that the Fund’s expense ratio does not exceed 1.20% (excluding taxes, interest expense, acquired fund fees and expenses, or extraordinary expenses such as litigation) until at least 3/1/2025. In the absence of these fee waivers, total returns would be lower.
Last Month’s Performance as of 06/30/2025
| Total Return YTD% | Average Annual Return (%) | ||||
|---|---|---|---|---|---|
| 1 Year | 3 Years | 5 Years | 10 Years | ||
| Tocqueville Fund (TOCQX) |
6.65% | 14.10% | 16.26% | 14.97% | 11.23% |
| S&P 500 | 6.20% | 15.16% | 19.71% | 16.64% | 13.65% |
| Russell 1000 Value | 6.12% | 15.66% | 19.59% | 16.30% | 13.35% |
Last Quarter’s Performance as of 06/30/2025
| Total Return YTD% | Average Annual Return (%) | ||||
|---|---|---|---|---|---|
| 1 Year | 3 Years | 5 Years | 10 Years | ||
| Tocqueville Fund (TOCQX) |
6.65% | 14.10% | 16.26% | 14.97% | 11.23% |
| S&P 500 | 6.20% | 15.16% | 19.71% | 16.64% | 13.65% |
| Russell 1000 Value | 6.12% | 15.66% | 19.59% | 16.30% | 13.35% |
Annual Fund Operating Expenses after Fee Waiver/Expense Reimbursement: 1.21%The Advisor has contractually agreed to waive management fees and/or reimburse expenses in order to ensure that the Fund’s expense ratio does not exceed 1.20% (excluding taxes, interest expense, acquired fund fees and expenses, or extraordinary expenses such as litigation) until at least 3/1/2025. In the absence of these fee waivers, total returns would be lower. |
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Performance data on this page represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Average annual return reflects annualized change whereas total return reflects aggregate change, and is not annualized. The current performance may be lower or higher than the performance data quoted. The above charts assume reinvestment of capital gains and dividends and are not intended to imply any future performance.
The S&P 500 Index is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. You cannot invest directly in an index.
There are special risks associated with investing in foreign securities, including: the value of foreign currencies may decline relative to the US dollar; a foreign government may expropriate the Fund’s assets; differences in accounting methods; and political, social or economic instability in a foreign country in which the Fund invests may cause the value of the Fund’s investments to decline. The above listed risks associated with foreign securities are more likely in the securities of companies located in emerging markets.
Please consider the investment objectives, risks and charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. For more complete information on this Fund, including its charges and expenses, please obtain a free prospectus by downloading a copy from this website, by contacting an authorized broker/dealer, or by calling 1-800-697-3863.
Please read the prospectus carefully before you invest or send money.
Insights
TOCQX Q12025 Manager Commentary
Dear Fellow Shareholders, Market volatility reared its ugly head in the waning weeks of the first quarter of the...
Tocqueville Fund (TOCQX) Manager Commentary
3Q 2022 • Global equity markets continued to decline during Q3 2022, the economy moved from quantitative easing and...
News
Final 2024 Distribution
The Tocqueville Fund paid a distribution on December 6th.
2024 Distributions – Preliminary
The Tocqueville Fund (TOCQX) anticipates making a distribution on December 6, 2024 in the amounts listed in...
TOCQX Distribution
The Tocqueville Fund (“Fund”) paid a distribution on December 8, 2023. Details The Record Date was December 7,...
Tocqueville Trust Reorganization
The Board of Trustees of The Tocqueville Trust has approved an Agreement and Plan of Reorganization (the “Plan”)...