Tocqueville Asset Management L.P.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Tocqueville Asset Management L.P. reported 510 stock positions worth $6.1 billion. Its top holding was Home Depot (HD) at 5.3% of the portfolio, followed by Microsoft (MSFT, 3.3%) and Apple (AAPL, 2.7%). Compared with Q4 2024, it opened 23 new positions, sold out of 48, added to 160 and reduced 223. The biggest buy was a new position in Uber Technologies (UBER) and the biggest sale Nvidia (NVDA, shares −4%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0000883961
- Portfolio Value
- $6.1B (Q1 2025)
- SEC Filing
- 0000919574-25-002859 ↗ filed May 13, 2025
Holdings Value
Holdings 510 stocks · $6.1B
| HD Home Depot Inc. | 5.29% | 882,683 | $323.5M | Reduce -4.7% |
| MSFT Microsoft Corp. | 3.26% | 530,974 | $199.3M | Reduce -1.8% |
| AAPL Apple Inc. | 2.75% | 756,328 | $168.0M | Reduce -9.8% |
| NVDA Nvidia Corp. | 2.75% | 1,549,346 | $167.9M | Reduce -4.5% |
| AMZN Amazon.com Inc. | 2.55% | 817,918 | $155.6M | Add +1.4% |
| GOOGL Alphabet Inc. Class A | 2.03% | 801,905 | $124.0M | Reduce -3.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.98% | 226,634 | $120.7M | Reduce -3.1% |
| IAU iShares Gold Trust | 1.93% | 2,001,910 | $118.0M | Add +0.1% |
| GOOG Alphabet Inc. Class C | 1.75% | 684,339 | $106.9M | Reduce -1.9% |
| NEE Nextera Energy Inc. | 1.56% | 1,343,746 | $95.3M | Reduce -2.1% |
| QCOM Qualcomm Inc. | 1.51% | 601,145 | $92.3M | Add +2.3% |
| RSG Republic Services Inc. | 1.51% | 381,065 | $92.3M | Reduce -0.6% |
| ABBV Abbvie Inc. | 1.36% | 395,451 | $82.9M | Add +0.7% |
| APD Air Products & Chemicals Inc. | 1.18% | 243,596 | $71.8M | Reduce -0.8% |
| UNH Unitedhealth Group Inc. | 1.13% | 132,198 | $69.2M | Add +453.4% |
| JPM JPMorgan Chase & Co. | 1.12% | 277,908 | $68.2M | Reduce -0.4% |
| APO Apollo Global Management Inc. | 1.05% | 466,846 | $63.9M | Reduce -4.9% |
| MRK Merck & Co. Inc. | 1.02% | 695,025 | $62.4M | Reduce -8.6% |
| DE Deere & Co. | 0.97% | 126,552 | $59.4M | Reduce -2.0% |
| UBER Uber Technologies Inc. | 0.96% | 803,282 | $58.5M | New |
| PG The Procter & Gamble Co. | 0.95% | 341,438 | $58.2M | Reduce -2.8% |
| FCX Freeport-McMoran Inc. | 0.90% | 1,456,241 | $55.1M | Add +0.7% |
| REGN Regeneron Pharmaceuticals | 0.89% | 85,929 | $54.5M | New |
| AMAT Applied Materials Inc. | 0.89% | 374,017 | $54.3M | Add +8.7% |
| CL Colgate-Palmolive Co. | 0.88% | 571,639 | $53.6M | Reduce -0.6% |
| HON Honeywell International Inc. | 0.87% | 251,933 | $53.3M | Add +21.5% |
| WPM Wheaton Precious Metals Corp. | 0.87% | 681,707 | $52.9M | Add +0.8% |
| CRM Salesforce Inc. | 0.83% | 189,745 | $50.9M | Reduce -6.6% |
| FDX FedEx Corp. | 0.82% | 206,405 | $50.3M | Reduce -15.9% |
| BSX Boston Scientific Corp. | 0.81% | 491,997 | $49.6M | Reduce -1.0% |
| JNJ Johnson & Johnson | 0.81% | 298,919 | $49.6M | Reduce -7.6% |
| ADBE Adobe Inc. | 0.79% | 125,692 | $48.2M | Add +2.0% |
| WMT Walmart Inc. | 0.73% | 507,917 | $44.6M | Reduce -11.3% |
| WY Weyerhaeuser Co. | 0.73% | 1,514,267 | $44.3M | Add +5.8% |
| PH Parker Hannifin Corp. | 0.72% | 72,721 | $44.2M | Reduce -0.0% |
| TPL Texas Pacific Land Corp. | 0.72% | 33,265 | $44.1M | Reduce -0.8% |
| CAT Caterpillar Inc. | 0.70% | 129,410 | $42.7M | Reduce -2.8% |
| NEM Newmont Corp. | 0.69% | 872,296 | $42.1M | Add +0.1% |
| XLE SS Energy Select Sector | 0.67% | 440,153 | $41.1M | Add +0.2% |
| PANW Palo Alto Networks Inc. | 0.67% | 240,079 | $41.0M | Reduce -0.3% |
| CB Chubb Ltd. | 0.67% | 135,113 | $40.8M | Add +1.2% |
| TMO Thermo Fisher Scientific Inc. | 0.66% | 80,473 | $40.0M | Add +6.3% |
| META Meta Platforms Inc. Class A | 0.65% | 68,616 | $39.5M | Reduce -4.7% |
| PGR Progressive Corp. | 0.65% | 139,692 | $39.5M | Reduce -32.1% |
| CVX Chevron Corp. | 0.62% | 228,238 | $38.2M | Add +0.5% |
| RTX RTX Corp. | 0.62% | 287,387 | $38.1M | Add +0.5% |
| FANG Diamondback Energy Inc. | 0.62% | 237,311 | $37.9M | Add +0.2% |
| MCD McDonald's Corp. | 0.60% | 116,865 | $36.5M | Reduce -16.2% |
| CCJ Cameco Corp. | 0.59% | 874,411 | $36.0M | Reduce -10.7% |
| CSCO Cisco Systems Inc. | 0.57% | 567,536 | $35.0M | Reduce -2.3% |
| EMR Emerson Electric Co. | 0.57% | 315,731 | $34.6M | Reduce -3.4% |
| MA Mastercard Inc. Class A | 0.57% | 63,084 | $34.6M | Reduce -0.4% |
| BKNG Booking Holdings Inc. | 0.56% | 7,453 | $34.3M | Reduce -19.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.55% | 343,163 | $33.9M | Reduce -20.5% |
| UL Unilever PLC | 0.55% | 567,001 | $33.8M | Reduce -5.4% |
| MRVL Marvell Technology Inc. | 0.52% | 512,961 | $31.6M | Add +46.2% |
| AER Aercap Holdings NV | 0.51% | 306,370 | $31.3M | Add +1.1% |
| VRT Vertiv Holdings Co. Class A | 0.50% | 424,442 | $30.6M | Add +93.2% |
| ICE Intercontinental Exchange Inc. | 0.50% | 177,070 | $30.5M | Add +0.1% |
| NTR Nutrien Ltd. | 0.50% | 613,645 | $30.5M | Add +16.6% |
| V Visa Inc. Class A | 0.49% | 85,935 | $30.1M | Reduce -2.4% |
| XLK SS Technology Select Sector | 0.49% | 143,687 | $29.7M | Add +2.9% |
| VMC Vulcan Materials Co. | 0.47% | 123,167 | $28.7M | No change |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.45% | 154,736 | $27.7M | Reduce -8.6% |
| ADP Automatic Data Processing | 0.44% | 88,014 | $26.9M | Reduce -0.1% |
| ABT Abbott Laboratories | 0.43% | 198,885 | $26.4M | Reduce -0.1% |
| RVTY Revvity Inc. | 0.42% | 243,736 | $25.8M | Add +3.9% |
| EXE Expand Energy Corp. | 0.42% | 231,005 | $25.7M | Add +0.1% |
| BDX Becton Dickinson and Co. | 0.42% | 112,230 | $25.7M | Add +6.9% |
| FNV Franco-Nevada Corp. | 0.42% | 162,471 | $25.6M | Add +1.9% |
| LMT Lockheed Martin Corp. | 0.41% | 56,578 | $25.3M | Reduce -25.1% |
| OXY Occidental Petroleum Corp. | 0.41% | 504,881 | $24.9M | Add +0.9% |
| CMG Chipotle Mexican Grill Inc. | 0.41% | 493,403 | $24.8M | Reduce -7.1% |
| AVGO Broadcom Inc. | 0.40% | 144,642 | $24.2M | Reduce -5.1% |
| RKLB Rocket Lab USA Inc. | 0.39% | 1,344,155 | $24.0M | Reduce -9.4% |
| PEP Pepsico Inc. | 0.39% | 158,229 | $23.7M | Reduce -30.4% |
| XLC SS Comm Select Sector SPDR | 0.38% | 240,524 | $23.2M | Add +2.8% |
| GDX Vaneck Gold Miners ETF | 0.38% | 504,514 | $23.2M | Add +2.6% |
| GEHC GE Healthcare Technology | 0.38% | 286,325 | $23.1M | Reduce -6.8% |
| WM Waste Management Inc. | 0.38% | 99,076 | $22.9M | Reduce -6.0% |
| CARR Carrier Global Corp. | 0.37% | 358,813 | $22.7M | Add +5.3% |
| USB US Bancorp | 0.37% | 536,981 | $22.7M | Add +0.7% |
| SDGR Schrodinger Inc. | 0.36% | 1,124,480 | $22.2M | Reduce -2.0% |
| GS Goldman Sachs Group Inc. | 0.36% | 40,496 | $22.1M | Add +23.2% |
| XOM Exxon Mobil Corp. | 0.35% | 177,564 | $21.1M | Add +2.4% |
| LLY Eli Lilly & Co. | 0.34% | 25,380 | $21.0M | Reduce -1.0% |
| XLF SS Financial Select Sector | 0.34% | 413,050 | $20.6M | Add +1.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.33% | 477,121 | $19.9M | Add +0.7% |
| PFE Pfizer Inc. | 0.32% | 776,798 | $19.7M | Reduce -35.9% |
| GLD SPDR Gold Shares | 0.32% | 67,938 | $19.6M | Add +0.3% |
| ORCL Oracle Corp. | 0.32% | 138,801 | $19.4M | Reduce -10.1% |
| DGX Quest Diagnostics Inc. | 0.32% | 113,853 | $19.3M | Reduce -6.8% |
| MDT Medtronic PLC | 0.31% | 212,597 | $19.1M | Add +10.7% |
| BLDR Builders Firstsource Inc. | 0.31% | 152,136 | $19.0M | Add +23.8% |
| VWO Vanguard Ftse Emerging Marke | 0.30% | 407,072 | $18.4M | Add +0.2% |
| LOW Lowe's Cos Inc. | 0.30% | 78,913 | $18.4M | Add +0.8% |
| KO The Coca-Cola Co. | 0.30% | 252,826 | $18.1M | Reduce -1.0% |
| PCAR Paccar Inc. | 0.29% | 180,732 | $17.6M | Reduce -31.4% |
| MU Micron Technology Inc. | 0.29% | 202,129 | $17.6M | Add +71.2% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.28% | 414,239 | $17.3M | Reduce -4.4% |
Options reported separately and not counted above: SPY puts ($8.4M), NVDA puts ($4.8M), KO puts ($215K).
Portfolio Sells Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Reduce -4.5% | 2.75% | −0.67 |
| AAPL Apple Inc. | Reduce -9.8% | 2.75% | −0.55 |
| FLEX Flex Ltd. | Reduce -69.8% | 0.17% | −0.46 |
| GOOGL Alphabet Inc. Class A | Reduce -3.9% | 2.03% | −0.45 |
| HD Home Depot Inc. | Reduce -4.7% | 5.29% | −0.36 |
| GOOG Alphabet Inc. Class C | Reduce -1.9% | 1.75% | −0.33 |
| MSFT Microsoft Corp. | Reduce -1.8% | 3.26% | −0.31 |
| FDX FedEx Corp. | Reduce -15.9% | 0.82% | −0.26 |
| DUK Duke Energy Corp. | Reduce -93.3% | 0.02% | −0.25 |
| CRM Salesforce Inc. | Reduce -6.6% | 0.83% | −0.23 |
| APO Apollo Global Management Inc. | Reduce -4.9% | 1.05% | −0.23 |
| ON On Semiconductor | Reduce -75.5% | 0.04% | −0.23 |
| CCJ Cameco Corp. | Reduce -10.7% | 0.59% | −0.20 |
| DIS The Walt Disney Co. | Reduce -20.5% | 0.55% | −0.20 |
| RKLB Rocket Lab USA Inc. | Reduce -9.4% | 0.39% | −0.20 |
| PFE Pfizer Inc. | Reduce -35.9% | 0.32% | −0.18 |
| CMCSA Comcast Corp. Class A | Reduce -76.0% | 0.06% | −0.18 |
| MRK Merck & Co. Inc. | Reduce -8.6% | 1.02% | −0.17 |
| LMT Lockheed Martin Corp. | Reduce -25.1% | 0.41% | −0.16 |
| SOUN Soundhound AI Inc. Class A | Reduce -5.5% | 0.11% | −0.16 |
| AVGO Broadcom Inc. | Reduce -5.1% | 0.40% | −0.16 |
| BKNG Booking Holdings Inc. | Reduce -19.0% | 0.56% | −0.16 |
| PEP Pepsico Inc. | Reduce -30.4% | 0.39% | −0.15 |
| ROK Rockwell Automation Inc. | Reduce -42.6% | 0.18% | −0.15 |
| PCAR Paccar Inc. | Reduce -31.4% | 0.29% | −0.14 |
| PGR Progressive Corp. | Reduce -32.1% | 0.65% | −0.13 |
| STZ Constellation Brands Inc. Class A | Reduce -70.0% | 0.04% | −0.13 |
| IONS Ionis Pharmaceuticals Inc. | Reduce -46.8% | 0.09% | −0.10 |
| CMG Chipotle Mexican Grill Inc. | Reduce -7.1% | 0.41% | −0.10 |
| ORCL Oracle Corp. | Reduce -10.1% | 0.32% | −0.09 |
| CELH Celsius Holdings Inc. | Sold out | 0.00% | −0.09 |
| WMT Walmart Inc. | Reduce -11.3% | 0.73% | −0.08 |
| IQV Iqvia Holdings Inc. | Sold out | 0.00% | −0.08 |
| KDP Keurig Dr Pepper Inc. | Reduce -52.9% | 0.08% | −0.07 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.07 |
| PYPL PayPal Holdings Inc. | Reduce -64.9% | 0.03% | −0.07 |
| EMR Emerson Electric Co. | Reduce -3.4% | 0.57% | −0.07 |
| GNR State Street SPDR S&P Global | Sold out | 0.00% | −0.07 |
| VOX Vanguard Communication Servi | Sold out | 0.00% | −0.06 |
| CAT Caterpillar Inc. | Reduce -2.8% | 0.70% | −0.06 |
| UPS United Parcel Service Class B | Reduce -48.7% | 0.05% | −0.06 |
| NOW ServiceNow Inc. | Reduce -2.0% | 0.18% | −0.06 |
| XLP SS Consumer Staples Sel Sect | Sold out | 0.00% | −0.05 |
| VDE Vanguard Energy ETF | Reduce -71.4% | 0.03% | −0.05 |
| CR Crane Co. | Reduce -33.2% | 0.13% | −0.05 |
| SILV Silvercrest Metals Inc. | Sold out | 0.00% | −0.05 |
| SW Smurfit Westrock PLC | Sold out | 0.00% | −0.05 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -65.7% | 0.02% | −0.05 |
| IYM iShares U.S. Basic Materials | Sold out | 0.00% | −0.05 |
| VTRS Viatris Inc. | Reduce -22.3% | 0.06% | −0.05 |
Portfolio Buys Q4 2024 → Q1 2025
| UBER Uber Technologies Inc. | New | 0.96% | +0.96 |
| UNH Unitedhealth Group Inc. | Add +453.4% | 1.13% | +0.94 |
| REGN Regeneron Pharmaceuticals | New | 0.89% | +0.89 |
| IAU iShares Gold Trust | Add +0.1% | 1.93% | +0.38 |
| AVAV Aerovironment Inc. | New | 0.28% | +0.28 |
| WPM Wheaton Precious Metals Corp. | Add +0.8% | 0.87% | +0.27 |
| ABBV Abbvie Inc. | Add +0.7% | 1.36% | +0.26 |
| NEM Newmont Corp. | Add +0.1% | 0.69% | +0.18 |
| AJG Arthur J Gallagher & Co. | New | 0.15% | +0.15 |
| HON Honeywell International Inc. | Add +21.5% | 0.87% | +0.14 |
| GPC Genuine Parts Co. | Add +2163.3% | 0.14% | +0.14 |
| MU Micron Technology Inc. | Add +71.2% | 0.29% | +0.13 |
| NTR Nutrien Ltd. | Add +16.6% | 0.50% | +0.13 |
| FNV Franco-Nevada Corp. | Add +1.9% | 0.42% | +0.12 |
| GDX Vaneck Gold Miners ETF | Add +2.6% | 0.38% | +0.12 |
| C Citigroup Inc. | Add +594.1% | 0.14% | +0.12 |
| VRT Vertiv Holdings Co. Class A | Add +93.2% | 0.50% | +0.11 |
| CVX Chevron Corp. | Add +0.5% | 0.62% | +0.11 |
| RTX RTX Corp. | Add +0.5% | 0.62% | +0.10 |
| QCOM Qualcomm Inc. | Add +2.3% | 1.51% | +0.10 |
| WY Weyerhaeuser Co. | Add +5.8% | 0.73% | +0.09 |
| AXON Axon Enterprise Inc. | New | 0.09% | +0.09 |
| NFLX Netflix Inc. | Add +234.5% | 0.12% | +0.09 |
| CB Chubb Ltd. | Add +1.2% | 0.67% | +0.09 |
| ICE Intercontinental Exchange Inc. | Add +0.1% | 0.50% | +0.09 |
| COP Conocophillips | Add +113.3% | 0.14% | +0.08 |
| XLE SS Energy Select Sector | Add +0.2% | 0.67% | +0.08 |
| CACI Caci International Inc. Class A | New | 0.08% | +0.08 |
| ARCC Ares Capital Corp. | Add +828.2% | 0.09% | +0.08 |
| MDT Medtronic PLC | Add +10.7% | 0.31% | +0.07 |
| CDE Coeur Mining Inc. | New | 0.07% | +0.07 |
| GS Goldman Sachs Group Inc. | Add +23.2% | 0.36% | +0.07 |
| SNN Smith & Nephew PLC -Spon ADR | Add +91.6% | 0.12% | +0.07 |
| GLD SPDR Gold Shares | Add +0.3% | 0.32% | +0.06 |
| VZ Verizon Communications Inc. | Add +12.2% | 0.25% | +0.06 |
| EXE Expand Energy Corp. | Add +0.1% | 0.42% | +0.06 |
| AER Aercap Holdings NV | Add +1.1% | 0.51% | +0.06 |
| XOM Exxon Mobil Corp. | Add +2.4% | 0.35% | +0.05 |
| LTC LTC Properties Inc. | New | 0.05% | +0.05 |
| BDX Becton Dickinson and Co. | Add +6.9% | 0.42% | +0.05 |
| ASML ASML Holding NV-NY Reg SHS | Add +52.7% | 0.13% | +0.04 |
| B Barrick Gold Corp. | Add +15.8% | 0.13% | +0.04 |
| TASK Taskus Inc. Class A | New | 0.04% | +0.04 |
| TDUP Thredup Inc. Class A | New | 0.04% | +0.04 |
| FCX Freeport-McMoran Inc. | Add +0.7% | 0.90% | +0.04 |
| TMO Thermo Fisher Scientific Inc. | Add +6.3% | 0.66% | +0.04 |
| BLDR Builders Firstsource Inc. | Add +23.8% | 0.31% | +0.04 |
| YEXT Yext Inc. | New | 0.03% | +0.03 |
| HSY The Hershey Co. | Add +83.0% | 0.07% | +0.03 |
| AMCR Amcor PLC | Add +52.5% | 0.08% | +0.03 |
Options Activity Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 15,000 | $8.4M |
| NVDA Nvidia Corp. | put | Add +633.3% | 44,000 | $4.8M |
| PEP Pepsico Inc. | put | Sold out | 3,000 | $456Kbefore exit |
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 |