Tocqueville Asset Management L.P.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 10, 2025), Tocqueville Asset Management L.P. reported 535 stock positions worth $6.4 billion. Its top holding was Home Depot (HD) at 5.7% of the portfolio, followed by Microsoft (MSFT, 3.6%) and Nvidia (NVDA, 3.4%). Compared with Q3 2024, it opened 38 new positions, sold out of 29, added to 174 and reduced 210. The biggest buy was FedEx (FDX, shares +50%) and the biggest sale Biogen (BIIB, shares −90%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0000883961
- Portfolio Value
- $6.4B (Q4 2024)
- SEC Filing
- 0000919574-25-000916 ↗ filed Feb 10, 2025
Holdings Value
Holdings 535 stocks · $6.4B
| HD Home Depot Inc. | 5.65% | 925,910 | $360.2M | Reduce -1.7% |
| MSFT Microsoft Corp. | 3.58% | 540,882 | $228.0M | Add +0.0% |
| NVDA Nvidia Corp. | 3.42% | 1,621,477 | $217.7M | Reduce -4.8% |
| AAPL Apple Inc. | 3.30% | 838,774 | $210.0M | Reduce -0.3% |
| AMZN Amazon.com Inc. | 2.78% | 806,947 | $177.0M | Reduce -0.1% |
| GOOGL Alphabet Inc. Class A | 2.48% | 834,106 | $157.9M | Add +0.4% |
| GOOG Alphabet Inc. Class C | 2.08% | 697,291 | $132.8M | Reduce -0.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.66% | 233,781 | $106.0M | Add +2.1% |
| IAU iShares Gold Trust | 1.55% | 2,000,169 | $99.0M | Reduce -1.2% |
| NEE Nextera Energy Inc. | 1.54% | 1,372,666 | $98.4M | Reduce -0.2% |
| QCOM Qualcomm Inc. | 1.42% | 587,512 | $90.3M | Add +0.8% |
| APO Apollo Global Management Inc. | 1.27% | 490,748 | $81.1M | Add +1.0% |
| RSG Republic Services Inc. | 1.21% | 383,524 | $77.2M | Reduce -1.0% |
| MRK Merck & Co. Inc. | 1.19% | 760,610 | $75.7M | Reduce -3.7% |
| APD Air Products & Chemicals Inc. | 1.12% | 245,585 | $71.2M | Add +0.4% |
| ABBV Abbvie Inc. | 1.09% | 392,612 | $69.8M | Add +26.5% |
| FDX FedEx Corp. | 1.08% | 245,539 | $69.1M | Add +50.3% |
| CRM Salesforce Inc. | 1.07% | 203,216 | $67.9M | Reduce -4.4% |
| JPM JPMorgan Chase & Co. | 1.05% | 279,039 | $66.9M | Reduce -0.0% |
| PG The Procter & Gamble Co. | 0.92% | 351,084 | $58.9M | Add +0.1% |
| AMAT Applied Materials Inc. | 0.88% | 344,063 | $56.0M | Add +1.9% |
| FCX Freeport-McMoran Inc. | 0.86% | 1,446,421 | $55.1M | Reduce -2.3% |
| ADBE Adobe Inc. | 0.86% | 123,189 | $54.8M | Reduce -2.8% |
| DE Deere & Co. | 0.86% | 129,123 | $54.7M | Reduce -8.3% |
| CL Colgate-Palmolive Co. | 0.82% | 575,090 | $52.3M | Reduce -4.9% |
| WMT Walmart Inc. | 0.81% | 572,348 | $51.7M | Reduce -8.6% |
| CCJ Cameco Corp. | 0.79% | 979,246 | $50.3M | Add +0.7% |
| PGR Progressive Corp. | 0.77% | 205,731 | $49.3M | Reduce -0.0% |
| CAT Caterpillar Inc. | 0.76% | 133,118 | $48.3M | Reduce -3.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.75% | 431,663 | $48.1M | Reduce -1.6% |
| HON Honeywell International Inc. | 0.73% | 207,309 | $46.8M | Add +14.4% |
| JNJ Johnson & Johnson | 0.73% | 323,579 | $46.8M | Reduce -1.4% |
| PH Parker Hannifin Corp. | 0.73% | 72,753 | $46.3M | Add +0.3% |
| BKNG Booking Holdings Inc. | 0.72% | 9,204 | $45.7M | Reduce -2.2% |
| BSX Boston Scientific Corp. | 0.70% | 496,912 | $44.4M | Reduce -1.1% |
| PANW Palo Alto Networks Inc. | 0.69% | 240,773 | $43.8M | Add +0.7% |
| META Meta Platforms Inc. Class A | 0.66% | 72,031 | $42.2M | Reduce -0.2% |
| EMR Emerson Electric Co. | 0.64% | 326,955 | $40.5M | Add +17.2% |
| MCD McDonald's Corp. | 0.63% | 139,504 | $40.4M | Reduce -2.8% |
| WY Weyerhaeuser Co. | 0.63% | 1,430,589 | $40.3M | Reduce -1.6% |
| FLEX Flex Ltd. | 0.63% | 1,041,781 | $40.0M | Reduce -0.7% |
| TMO Thermo Fisher Scientific Inc. | 0.62% | 75,683 | $39.4M | Add +4.9% |
| FANG Diamondback Energy Inc. | 0.61% | 236,912 | $38.8M | Add +4.2% |
| MRVL Marvell Technology Inc. | 0.61% | 350,761 | $38.7M | Reduce -2.9% |
| WPM Wheaton Precious Metals Corp. | 0.60% | 676,570 | $38.1M | Reduce -0.6% |
| RKLB Rocket Lab USA Inc. | 0.59% | 1,483,845 | $37.8M | Reduce -3.9% |
| XLE SS Energy Select Sector | 0.59% | 439,145 | $37.6M | Add +2.5% |
| TPL Texas Pacific Land Corp. | 0.58% | 33,550 | $37.1M | Reduce -0.6% |
| CB Chubb Ltd. | 0.58% | 133,566 | $36.9M | Add +8.2% |
| LMT Lockheed Martin Corp. | 0.58% | 75,541 | $36.7M | Reduce -0.5% |
| AVGO Broadcom Inc. | 0.55% | 152,366 | $35.3M | Add +2.4% |
| PEP Pepsico Inc. | 0.54% | 227,359 | $34.6M | Reduce -22.4% |
| CSCO Cisco Systems Inc. | 0.54% | 580,698 | $34.4M | Reduce -0.0% |
| UL Unilever PLC | 0.53% | 599,645 | $34.0M | Reduce -0.3% |
| MA Mastercard Inc. Class A | 0.52% | 63,333 | $33.3M | Add +0.5% |
| RTX RTX Corp. | 0.52% | 285,888 | $33.1M | Add +0.1% |
| CVX Chevron Corp. | 0.52% | 227,162 | $32.9M | Reduce -0.3% |
| XLK SS Technology Select Sector | 0.51% | 139,640 | $32.5M | No change |
| NEM Newmont Corp. | 0.51% | 871,154 | $32.4M | Reduce -4.2% |
| PFE Pfizer Inc. | 0.50% | 1,211,335 | $32.1M | Reduce -12.1% |
| CMG Chipotle Mexican Grill Inc. | 0.50% | 531,346 | $32.0M | Reduce -1.4% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.50% | 169,225 | $31.8M | Add +0.1% |
| VMC Vulcan Materials Co. | 0.50% | 123,167 | $31.7M | No change |
| AER Aercap Holdings NV | 0.46% | 303,150 | $29.0M | Add +2.1% |
| V Visa Inc. Class A | 0.44% | 88,009 | $27.8M | Reduce -0.2% |
| PCAR Paccar Inc. | 0.43% | 263,260 | $27.4M | Reduce -9.8% |
| ICE Intercontinental Exchange Inc. | 0.41% | 176,870 | $26.4M | Add +0.9% |
| RVTY Revvity Inc. | 0.41% | 234,625 | $26.2M | Add +91.2% |
| ADP Automatic Data Processing | 0.40% | 88,064 | $25.8M | Add +0.2% |
| ORCL Oracle Corp. | 0.40% | 154,432 | $25.7M | Reduce -1.3% |
| USB US Bancorp | 0.40% | 533,065 | $25.5M | Add +0.3% |
| VRT Vertiv Holdings Co. Class A | 0.39% | 219,745 | $25.0M | Add +0.9% |
| OXY Occidental Petroleum Corp. | 0.39% | 500,551 | $24.7M | Add +10.9% |
| GEHC GE Healthcare Technology | 0.38% | 307,046 | $24.0M | Add +0.3% |
| BDX Becton Dickinson and Co. | 0.37% | 104,992 | $23.8M | Reduce -17.4% |
| NTR Nutrien Ltd. | 0.37% | 526,243 | $23.5M | Reduce -15.1% |
| CARR Carrier Global Corp. | 0.36% | 340,840 | $23.3M | Add +9.8% |
| EXE Expand Energy Corp. | 0.36% | 230,805 | $23.0M | New |
| XLC SS Comm Select Sector SPDR | 0.36% | 233,978 | $22.7M | Reduce -0.0% |
| ABT Abbott Laboratories | 0.35% | 199,030 | $22.5M | Add +1.6% |
| SDGR Schrodinger Inc. | 0.35% | 1,148,070 | $22.1M | Reduce -0.8% |
| WM Waste Management Inc. | 0.33% | 105,426 | $21.3M | Add +0.1% |
| ROK Rockwell Automation Inc. | 0.33% | 72,995 | $20.9M | Add +1.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.33% | 473,818 | $20.8M | Add +1.4% |
| LLY Eli Lilly & Co. | 0.31% | 25,645 | $19.8M | Add +27.9% |
| NKE Nike Inc. Class B | 0.31% | 261,576 | $19.8M | Add +0.9% |
| XLF SS Financial Select Sector | 0.31% | 408,395 | $19.7M | Add +0.3% |
| LOW Lowe's Cos Inc. | 0.30% | 78,272 | $19.3M | Reduce -0.4% |
| GS Goldman Sachs Group Inc. | 0.30% | 32,868 | $18.8M | Add +96.3% |
| FNV Franco-Nevada Corp. | 0.29% | 159,439 | $18.7M | Add +1.2% |
| XOM Exxon Mobil Corp. | 0.29% | 173,470 | $18.7M | Add +1.2% |
| DGX Quest Diagnostics Inc. | 0.29% | 122,135 | $18.4M | Reduce -2.2% |
| VWO Vanguard Ftse Emerging Marke | 0.28% | 406,329 | $17.9M | Add +0.1% |
| BLDR Builders Firstsource Inc. | 0.28% | 122,930 | $17.6M | Add +42.0% |
| DUK Duke Energy Corp. | 0.27% | 161,028 | $17.3M | Add +0.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.27% | 29,440 | $17.3M | Reduce -1.0% |
| ON On Semiconductor | 0.27% | 272,827 | $17.2M | Reduce -16.2% |
| SOUN Soundhound AI Inc. Class A | 0.27% | 860,527 | $17.1M | Reduce -3.4% |
| XPO Xpo Inc. | 0.27% | 130,000 | $17.0M | Add +0.0% |
| GDX Vaneck Gold Miners ETF | 0.26% | 491,943 | $16.7M | Reduce -1.5% |
Options reported separately and not counted above: NVDA puts ($806K), PEP puts ($456K), KO puts ($187K).
Portfolio Sells Q3 2024 → Q4 2024
| BIIB Biogen Inc. | Reduce -90.4% | 0.06% | −0.70 |
| HD Home Depot Inc. | Reduce -1.7% | 5.65% | −0.35 |
| FCX Freeport-McMoran Inc. | Reduce -2.3% | 0.86% | −0.30 |
| SWN Southwestern Energy Co. | Sold out | 0.00% | −0.30 |
| NEE Nextera Energy Inc. | Reduce -0.2% | 1.54% | −0.28 |
| NEM Newmont Corp. | Reduce -4.2% | 0.51% | −0.25 |
| PEP Pepsico Inc. | Reduce -22.4% | 0.54% | −0.24 |
| MRK Merck & Co. Inc. | Reduce -3.7% | 1.19% | −0.22 |
| SCHW Schwab (charles) Corp. | Reduce -56.0% | 0.21% | −0.21 |
| ADBE Adobe Inc. | Reduce -2.8% | 0.86% | −0.17 |
| CL Colgate-Palmolive Co. | Reduce -4.9% | 0.82% | −0.17 |
| WY Weyerhaeuser Co. | Reduce -1.6% | 0.63% | −0.14 |
| STZ Constellation Brands Inc. Class A | Reduce -33.1% | 0.17% | −0.13 |
| PFE Pfizer Inc. | Reduce -12.1% | 0.50% | −0.12 |
| LMT Lockheed Martin Corp. | Reduce -0.5% | 0.58% | −0.12 |
| BDX Becton Dickinson and Co. | Reduce -17.4% | 0.37% | −0.11 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -43.5% | 0.07% | −0.10 |
| ON On Semiconductor | Reduce -16.2% | 0.27% | −0.10 |
| JNJ Johnson & Johnson | Reduce -1.4% | 0.73% | −0.10 |
| NTR Nutrien Ltd. | Reduce -15.1% | 0.37% | −0.10 |
| CNXC Concentrix Corp. | Reduce -85.7% | 0.01% | −0.09 |
| CAT Caterpillar Inc. | Reduce -3.7% | 0.76% | −0.09 |
| SNPS Synopsys Inc. | Reduce -93.4% | 0.01% | −0.09 |
| UL Unilever PLC | Reduce -0.3% | 0.53% | −0.08 |
| COP Conocophillips | Reduce -53.2% | 0.06% | −0.08 |
| MPC Marathon Petroleum Corp. | Reduce -37.6% | 0.09% | −0.08 |
| KHC The Kraft Heinz Co. | Reduce -83.6% | 0.01% | −0.07 |
| KDP Keurig Dr Pepper Inc. | Reduce -18.9% | 0.15% | −0.07 |
| SNN Smith & Nephew PLC -Spon ADR | Reduce -44.7% | 0.05% | −0.07 |
| DE Deere & Co. | Reduce -8.3% | 0.86% | −0.07 |
| LHX L3HARRIS Technologies Inc. | Reduce -40.6% | 0.07% | −0.06 |
| IONS Ionis Pharmaceuticals Inc. | Reduce -13.4% | 0.19% | −0.06 |
| CARS Cars.com Inc. | Reduce -37.3% | 0.11% | −0.06 |
| WPM Wheaton Precious Metals Corp. | Reduce -0.6% | 0.60% | −0.06 |
| MCD McDonald's Corp. | Reduce -2.8% | 0.63% | −0.05 |
| GDX Vaneck Gold Miners ETF | Reduce -1.5% | 0.26% | −0.05 |
| SLB SLB Ltd. | Reduce -7.6% | 0.26% | −0.05 |
| VZ Verizon Communications Inc. | Reduce -10.2% | 0.19% | −0.05 |
| PGR Progressive Corp. | Reduce -0.0% | 0.77% | −0.05 |
| AMCR Amcor PLC | Reduce -34.4% | 0.05% | −0.04 |
| HSY The Hershey Co. | Reduce -45.7% | 0.04% | −0.04 |
| OEC Orion SA | Reduce -55.2% | 0.02% | −0.04 |
| PYPL PayPal Holdings Inc. | Reduce -32.9% | 0.10% | −0.03 |
| LOW Lowe's Cos Inc. | Reduce -0.4% | 0.30% | −0.03 |
| TTE Totalenergies SE -Spon ADR | Reduce -46.0% | 0.03% | −0.03 |
| CNH CNH Industrial NV | Reduce -67.6% | 0.01% | −0.03 |
| UNH Unitedhealth Group Inc. | Reduce -0.0% | 0.19% | −0.03 |
| IAU iShares Gold Trust | Reduce -1.2% | 1.55% | −0.03 |
| ABM Abm Industries Inc. | Reduce -16.4% | 0.10% | −0.02 |
| BAX Baxter International Inc. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q3 2024 → Q4 2024
| FDX FedEx Corp. | Add +50.3% | 1.08% | +0.38 |
| EXE Expand Energy Corp. | New | 0.36% | +0.36 |
| APO Apollo Global Management Inc. | Add +1.0% | 1.27% | +0.32 |
| GOOGL Alphabet Inc. Class A | Add +0.4% | 2.48% | +0.31 |
| GS Goldman Sachs Group Inc. | Add +96.3% | 0.30% | +0.17 |
| RVTY Revvity Inc. | Add +91.2% | 0.41% | +0.16 |
| EMR Emerson Electric Co. | Add +17.2% | 0.64% | +0.16 |
| AVGO Broadcom Inc. | Add +2.4% | 0.55% | +0.15 |
| HON Honeywell International Inc. | Add +14.4% | 0.73% | +0.15 |
| ABBV Abbvie Inc. | Add +26.5% | 1.09% | +0.13 |
| CELH Celsius Holdings Inc. | New | 0.09% | +0.09 |
| PLTR Palantir Technologies Inc. Class A | Add +5.5% | 0.15% | +0.08 |
| GNR State Street SPDR S&P Global | New | 0.07% | +0.07 |
| CCJ Cameco Corp. | Add +0.7% | 0.79% | +0.06 |
| VDE Vanguard Energy ETF | Add +265.6% | 0.08% | +0.06 |
| MU Micron Technology Inc. | Add +87.1% | 0.16% | +0.05 |
| VRT Vertiv Holdings Co. Class A | Add +0.9% | 0.39% | +0.05 |
| XLP SS Consumer Staples Sel Sect | Add +1271.0% | 0.05% | +0.05 |
| QQQ Invesco QQQ Trust Series 1 | Add +195.4% | 0.07% | +0.05 |
| IYM iShares U.S. Basic Materials | New | 0.05% | +0.05 |
| XPO Xpo Inc. | Add +0.0% | 0.27% | +0.05 |
| PID Invesco International Divide | New | 0.05% | +0.05 |
| PANW Palo Alto Networks Inc. | Add +0.7% | 0.69% | +0.05 |
| APTV Aptiv PLC | Add +301.1% | 0.06% | +0.04 |
| RSP Invesco S&P 500 Equal Weight | Add +80.6% | 0.10% | +0.04 |
| SII Sprott Inc. | Add +81.8% | 0.09% | +0.04 |
| LH Labcorp Holdings Inc. | Add +96.4% | 0.08% | +0.04 |
| NVT Nvent Electric PLC | Add +52.6% | 0.12% | +0.04 |
| LB Landbridge Co. LLC-A | Add +7.6% | 0.09% | +0.04 |
| SIBN Si-Bone Inc. | New | 0.04% | +0.04 |
| IHI iShares U.S. Medical Devices | New | 0.04% | +0.04 |
| FBIN Fortune Brands Innovations I | Add +150.0% | 0.08% | +0.04 |
| HYD Vaneck High Yield Muni ETF | New | 0.04% | +0.04 |
| BAC Bank of America Corp. | Add +1.4% | 0.33% | +0.04 |
| MA Mastercard Inc. Class A | Add +0.5% | 0.52% | +0.03 |
| LLY Eli Lilly & Co. | Add +27.9% | 0.31% | +0.03 |
| MAGN Magnera Corp. | New | 0.03% | +0.03 |
| CEG Constellation Energy | Add +87.8% | 0.08% | +0.03 |
| BX Blackstone Inc. | Add +0.4% | 0.25% | +0.03 |
| FISV Fiserv Inc. | Add +3.1% | 0.19% | +0.03 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 0.03% | +0.03 |
| BAM Brookfield Asset Mgmt-A | Add +1.3% | 0.20% | +0.03 |
| VTRS Viatris Inc. | Add +22.9% | 0.11% | +0.03 |
| MTB M & T Bank Corp. | Add +0.1% | 0.50% | +0.03 |
| SDY SS SPDR S&P Dividend ETF | Add +308.4% | 0.03% | +0.03 |
| FMAT Fidelity MSCI Materials Indx | New | 0.03% | +0.03 |
| PBJ Invesco Food & Beverage ETF | New | 0.03% | +0.03 |
| ROK Rockwell Automation Inc. | Add +1.5% | 0.33% | +0.02 |
| OXY Occidental Petroleum Corp. | Add +10.9% | 0.39% | +0.02 |
| ADP Automatic Data Processing | Add +0.2% | 0.40% | +0.02 |
Options Activity Q3 2024 → Q4 2024
| NVDA Nvidia Corp. | put | New | 6,000 | $806K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 550 | $7.6B | HD, NVDA, AMAT, GOOGL, GOOG |
| Q1 2026 | 540 | $6.7B | HD, NVDA, MSFT, GOOGL, GOOG |
| Q4 2025 | 573 | $6.9B | HD, NVDA, MSFT, GOOG, GOOGL |
| Q3 2025 | 542 | $6.9B | HD, NVDA, MSFT, AAPL, GOOGL |
| Q2 2025 | 529 | $6.6B | HD, MSFT, NVDA, AMZN, AAPL |
| Q1 2025 | 510 | $6.1B | HD, MSFT, AAPL, NVDA, AMZN |
| Q4 2024 | 535 | $6.4B | HD, MSFT, NVDA, AAPL, AMZN |
| Q3 2024 | 526 | $6.4B | HD, MSFT, NVDA, AAPL, AMZN |
| Q2 2024 | 525 | $6.1B | HD, MSFT, NVDA, AAPL, AMZN |
| Q1 2024 | 534 | $6.1B | HD, MSFT, NVDA, AAPL, AMZN |