Tocqueville Asset Management L.P.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Tocqueville Asset Management L.P. reported 529 stock positions worth $6.6 billion. Its top holding was Home Depot (HD) at 5.1% of the portfolio, followed by Microsoft (MSFT, 3.5%) and Nvidia (NVDA, 3.2%). Compared with Q1 2025, it opened 42 new positions, sold out of 23, added to 135 and reduced 230. The biggest buy was AT&T (T, shares +901%) and the biggest sale Apple (AAPL, shares −7%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0000883961
Portfolio Value
$6.6B (Q2 2025)
SEC Filing
0000919574-25-004475 ↗ filed Aug 12, 2025

Holdings Value

0$2.0B$4.0B$6.0B$8.0B Q1 2024: $6.1B Q1 2024 Q2 2024: $6.1B Q2 2024 Q3 2024: $6.4B Q3 2024 Q4 2024: $6.4B Q4 2024 Q1 2025: $6.1B Q1 2025 Q2 2025: $6.6B $6.6B Q2 2025 Q3 2025: $6.9B Q3 2025 Q4 2025: $6.9B Q4 2025 Q1 2026: $6.7B Q1 2026 Q2 2026: $7.6B Q2 2026

Holdings 529 stocks · $6.6B
HD Home Depot Inc. 5.11% 913,083 $334.8M Add +3.4%
MSFT Microsoft Corp. 3.55% 467,101 $232.3M Reduce -12.0%
NVDA Nvidia Corp. 3.25% 1,346,426 $212.7M Reduce -13.1%
AMZN Amazon.com Inc. 2.57% 767,013 $168.3M Reduce -6.2%
AAPL Apple Inc. 2.21% 704,780 $144.6M Reduce -6.8%
GOOGL Alphabet Inc. Class A 1.92% 712,562 $125.6M Reduce -11.1%
GOOG Alphabet Inc. Class C 1.83% 676,030 $119.9M Reduce -1.2%
IAU iShares Gold Trust 1.76% 1,852,147 $115.5M Reduce -7.5%
BRK.B Berkshire Hathaway Inc. Class B 1.68% 226,942 $110.2M Add +0.1%
QCOM Qualcomm Inc. 1.43% 590,071 $94.0M Reduce -1.8%
RSG Republic Services Inc. 1.33% 352,252 $86.9M Reduce -7.6%
NEE Nextera Energy Inc. 1.22% 1,155,843 $80.2M Reduce -14.0%
JPM JPMorgan Chase & Co. 1.19% 269,066 $78.0M Reduce -3.2%
ABBV Abbvie Inc. 0.98% 346,308 $64.3M Reduce -12.4%
CCJ Cameco Corp. 0.97% 856,448 $63.6M Reduce -2.0%
UBER Uber Technologies Inc. 0.95% 664,377 $62.0M Reduce -17.3%
FDX FedEx Corp. 0.94% 272,239 $61.9M Add +31.9%
ADBE Adobe Inc. 0.93% 157,592 $61.0M Add +25.4%
APO Apollo Global Management Inc. 0.93% 428,939 $60.9M Reduce -8.1%
AMAT Applied Materials Inc. 0.92% 328,814 $60.2M Reduce -12.1%
FCX Freeport-McMoran Inc. 0.87% 1,313,538 $56.9M Reduce -9.8%
META Meta Platforms Inc. Class A 0.86% 76,280 $56.3M Add +11.2%
CVX Chevron Corp. 0.85% 388,951 $55.7M Add +70.4%
DE Deere & Co. 0.83% 106,307 $54.1M Reduce -16.0%
APD Air Products & Chemicals Inc. 0.82% 190,041 $53.6M Reduce -22.0%
MRK Merck & Co. Inc. 0.81% 670,358 $53.1M Reduce -3.5%
PG The Procter & Gamble Co. 0.80% 327,177 $52.1M Reduce -4.2%
HON Honeywell International Inc. 0.79% 221,111 $51.5M Reduce -12.2%
BSX Boston Scientific Corp. 0.78% 475,195 $51.0M Reduce -3.4%
CL Colgate-Palmolive Co. 0.74% 534,077 $48.5M Reduce -6.6%
RKLB Rocket Lab Corp. 0.71% 1,309,035 $46.8M Reduce -2.6%
WPM Wheaton Precious Metals Corp. 0.70% 513,313 $46.1M Reduce -24.7%
VRT Vertiv Holdings Co. Class A 0.68% 345,127 $44.3M Reduce -18.7%
JNJ Johnson & Johnson 0.67% 287,724 $43.9M Reduce -3.8%
EMR Emerson Electric Co. 0.66% 322,226 $43.0M Add +2.1%
NEM Newmont Corp. 0.64% 717,605 $41.8M Reduce -17.7%
BKNG Booking Holdings Inc. 0.63% 7,137 $41.3M Reduce -4.2%
UNH Unitedhealth Group Inc. 0.62% 130,396 $40.7M Reduce -1.4%
PANW Palo Alto Networks Inc. 0.62% 198,333 $40.6M Reduce -17.4%
TMO Thermo Fisher Scientific Inc. 0.60% 97,109 $39.4M Add +20.7%
WY Weyerhaeuser Co. 0.59% 1,508,247 $38.7M Reduce -0.4%
C Citigroup Inc. 0.59% 450,941 $38.4M Add +288.1%
PH Parker Hannifin Corp. 0.58% 54,359 $38.0M Reduce -25.3%
WMT Walmart Inc. 0.57% 384,499 $37.6M Reduce -24.3%
CB Chubb Ltd. 0.57% 129,209 $37.4M Reduce -4.4%
T AT&T Inc. 0.57% 1,291,099 $37.4M Add +901.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.54% 120,499 $35.5M Add +319.4%
PGR Progressive Corp. 0.54% 131,661 $35.1M Reduce -5.8%
MA Mastercard Inc. Class A 0.53% 61,724 $34.7M Reduce -2.2%
MU Micron Technology Inc. 0.51% 273,643 $33.7M Add +35.4%
UL Unilever PLC 0.51% 545,156 $33.3M Reduce -3.9%
NFG National Fuel Gas Co. 0.51% 392,205 $33.2M New
XLE SS Energy Select Sector 0.50% 390,018 $33.1M Reduce -11.4%
AVGO Broadcom Inc. 0.49% 117,478 $32.4M Reduce -18.8%
REGN Regeneron Pharmaceuticals 0.49% 61,102 $32.1M Reduce -28.9%
ALL Allstate Corp. 0.49% 158,597 $31.9M Add +1379.5%
CAT Caterpillar Inc. 0.48% 80,969 $31.4M Reduce -37.4%
GS Goldman Sachs Group Inc. 0.47% 43,275 $30.6M Add +6.9%
V Visa Inc. Class A 0.47% 86,130 $30.6M Add +0.2%
CSCO Cisco Systems Inc. 0.46% 433,931 $30.1M Reduce -23.5%
EQH Equitable Holdings Inc. 0.46% 532,136 $29.9M New
ORCL Oracle Corp. 0.45% 135,219 $29.6M Reduce -2.6%
TPL Texas Pacific Land Corp. 0.45% 27,832 $29.4M Reduce -16.3%
XLK SS Technology Select Sector 0.44% 114,292 $28.9M Reduce -20.5%
MTB M & T Bank Corp. filed as M & T BK CORP 0.44% 148,615 $28.8M Reduce -4.0%
ABT Abbott Laboratories 0.44% 211,608 $28.8M Add +6.4%
RTX RTX Corp. 0.43% 192,487 $28.1M Reduce -33.0%
ICE Intercontinental Exchange Inc. 0.43% 152,823 $28.0M Reduce -13.7%
COR Cencora Inc. 0.42% 92,837 $27.8M New
AER Aercap Holdings NV 0.42% 237,049 $27.7M Reduce -22.6%
ADP Automatic Data Processing 0.41% 88,014 $27.1M No change
NOW ServiceNow Inc. 0.41% 26,359 $27.1M Add +85.9%
CVS CVS Health Corp. 0.40% 384,097 $26.5M Add +7566.6%
CMG Chipotle Mexican Grill Inc. 0.40% 468,183 $26.3M Reduce -5.1%
FANG Diamondback Energy Inc. 0.40% 190,273 $26.1M Reduce -19.8%
GDX Vaneck Gold Miners ETF 0.39% 496,078 $25.8M Reduce -1.7%
AVAV Aerovironment Inc. 0.39% 90,630 $25.8M Reduce -35.7%
TSN Tyson Foods Inc. Class A 0.39% 461,062 $25.8M Add +822.5%
D Dominion Energy Inc. 0.39% 456,070 $25.8M Add +5699.5%
BLDR Builders Firstsource Inc. 0.39% 218,527 $25.5M Add +43.6%
LMT Lockheed Martin Corp. 0.38% 53,454 $24.8M Reduce -5.5%
USB US Bancorp 0.38% 545,396 $24.7M Add +1.6%
CRM Salesforce Inc. 0.36% 87,021 $23.7M Reduce -54.1%
GPC Genuine Parts Co. 0.36% 193,847 $23.5M Add +163.9%
NTR Nutrien Ltd. 0.35% 398,699 $23.2M Reduce -35.0%
VSH Vishay Intertechnology Inc. 0.34% 1,399,494 $22.2M New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.34% 466,052 $22.1M Reduce -2.3%
CRWD CrowdStrike Holdings Inc. Class A 0.33% 42,734 $21.8M Add +0.5%
MRVL Marvell Technology Inc. 0.33% 278,276 $21.5M Reduce -45.8%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.33% 173,675 $21.5M Reduce -49.4%
OXY Occidental Petroleum Corp. 0.33% 512,395 $21.5M Add +1.5%
WM Waste Management Inc. 0.32% 90,951 $20.8M Reduce -8.2%
XLC SS Comm Select Sector SPDR 0.32% 190,558 $20.7M Reduce -20.8%
GEHC GE Healthcare Technology 0.31% 276,140 $20.5M Reduce -3.6%
GLD SPDR Gold Shares 0.31% 66,750 $20.3M Reduce -1.8%
DLTR Dollar Tree Inc. 0.31% 202,369 $20.0M New
DGX Quest Diagnostics Inc. 0.31% 111,368 $20.0M Reduce -2.2%
MCD McDonald's Corp. 0.30% 67,382 $19.7M Reduce -42.3%
VWO Vanguard Ftse Emerging Marke 0.30% 394,365 $19.5M Reduce -3.1%
CACI Caci International Inc. Class A 0.30% 40,813 $19.5M Add +200.3%

Show all 529 holdings

Options reported separately and not counted above: SPY puts ($9.3M), NVDA puts ($8.3M), BRK.B puts ($243K), KO puts ($212K), MA puts ($112K), AAPL puts ($103K).

Portfolio Sells Q1 2025 → Q2 2025
AAPL Apple Inc. Reduce -6.8% 2.21% −0.54
UNH Unitedhealth Group Inc. Reduce -1.4% 0.62% −0.51
CRM Salesforce Inc. Reduce -54.1% 0.36% −0.47
REGN Regeneron Pharmaceuticals Reduce -28.9% 0.49% −0.40
ABBV Abbvie Inc. Reduce -12.4% 0.98% −0.37
APD Air Products & Chemicals Inc. Reduce -22.0% 0.82% −0.36
NEE Nextera Energy Inc. Reduce -14.0% 1.22% −0.33
EXE Expand Energy Corp. Reduce -75.1% 0.10% −0.32
MCD McDonald's Corp. Reduce -42.3% 0.30% −0.30
SLB SLB Ltd. Reduce -95.8% 0.01% −0.27
TPL Texas Pacific Land Corp. Reduce -16.3% 0.45% −0.27
FNV Franco-Nevada Corp. Reduce -61.6% 0.16% −0.26
SDGR Schrodinger Inc. Reduce -65.2% 0.12% −0.24
PCAR Paccar Inc. Reduce -76.6% 0.06% −0.23
DIS The Walt Disney Co. Reduce -49.4% 0.33% −0.23
FANG Diamondback Energy Inc. Reduce -19.8% 0.40% −0.22
CAT Caterpillar Inc. Reduce -37.4% 0.48% −0.22
RVTY Revvity Inc. Reduce -41.6% 0.21% −0.21
MRK Merck & Co. Inc. Reduce -3.5% 0.81% −0.21
VMC Vulcan Materials Co. Reduce -45.0% 0.27% −0.20
BX Blackstone Inc. Reduce -93.8% 0.01% −0.20
NKE Nike Inc. Class B Reduce -70.0% 0.09% −0.19
RTX RTX Corp. Reduce -33.0% 0.43% −0.19
MRVL Marvell Technology Inc. Reduce -45.8% 0.33% −0.19
RSG Republic Services Inc. Reduce -7.6% 1.33% −0.18
SONY Sony Group Corp. - SP ADR Reduce -66.3% 0.08% −0.18
IAU iShares Gold Trust Reduce -7.5% 1.76% −0.17
XLE SS Energy Select Sector Reduce -11.4% 0.50% −0.17
CARR Carrier Global Corp. Reduce -48.0% 0.21% −0.16
WPM Wheaton Precious Metals Corp. Reduce -24.7% 0.70% −0.16
PG The Procter & Gamble Co. Reduce -4.2% 0.80% −0.16
WMT Walmart Inc. Reduce -24.3% 0.57% −0.16
DE Deere & Co. Reduce -16.0% 0.83% −0.15
NTR Nutrien Ltd. Reduce -35.0% 0.35% −0.14
PH Parker Hannifin Corp. Reduce -25.3% 0.58% −0.14
JNJ Johnson & Johnson Reduce -3.8% 0.67% −0.14
XOM Exxon Mobil Corp. Reduce -28.9% 0.21% −0.14
CL Colgate-Palmolive Co. Reduce -6.6% 0.74% −0.14
WY Weyerhaeuser Co. Reduce -0.4% 0.59% −0.13
BDX Becton Dickinson and Co. Reduce -0.4% 0.29% −0.13
APO Apollo Global Management Inc. Reduce -8.1% 0.93% −0.12
CSCO Cisco Systems Inc. Reduce -23.5% 0.46% −0.11
GOOGL Alphabet Inc. Class A Reduce -11.1% 1.92% −0.11
PGR Progressive Corp. Reduce -5.8% 0.54% −0.11
PEP Pepsico Inc. Reduce -12.7% 0.28% −0.11
PFE Pfizer Inc. Reduce -23.1% 0.22% −0.10
TSM Taiwan Semiconductor-SP ADR Reduce -84.7% 0.02% −0.10
CB Chubb Ltd. Reduce -4.4% 0.57% −0.10
AER Aercap Holdings NV Reduce -22.6% 0.42% −0.09
HON Honeywell International Inc. Reduce -12.2% 0.79% −0.09

Portfolio Buys Q1 2025 → Q2 2025
T AT&T Inc. Add +901.1% 0.57% +0.51
NFG National Fuel Gas Co. New 0.51% +0.51
EQH Equitable Holdings Inc. New 0.46% +0.46
ALL Allstate Corp. Add +1379.5% 0.49% +0.45
C Citigroup Inc. Add +288.1% 0.59% +0.45
IBM Intl Business Machines Corp. Add +319.4% 0.54% +0.43
COR Cencora Inc. New 0.42% +0.42
CVS CVS Health Corp. Add +7566.6% 0.40% +0.40
D Dominion Energy Inc. Add +5699.5% 0.39% +0.39
TSN Tyson Foods Inc. Class A Add +822.5% 0.39% +0.34
VSH Vishay Intertechnology Inc. New 0.34% +0.34
DLTR Dollar Tree Inc. New 0.31% +0.31
NUE Nucor Corp. Add +7230.5% 0.29% +0.29
TPR Tapestry Inc. New 0.28% +0.28
UTHR United Therapeutics Corp. New 0.27% +0.27
HUM Humana Inc. New 0.27% +0.27
NOW ServiceNow Inc. Add +85.9% 0.41% +0.23
MU Micron Technology Inc. Add +35.4% 0.51% +0.23
CVX Chevron Corp. Add +70.4% 0.85% +0.23
ALLY Ally Financial Inc. New 0.22% +0.22
GPC Genuine Parts Co. Add +163.9% 0.36% +0.22
CACI Caci International Inc. Class A Add +200.3% 0.30% +0.22
META Meta Platforms Inc. Class A Add +11.2% 0.86% +0.21
LVS Las Vegas Sands Corp. New 0.21% +0.21
INTC Intel Corp. Add +2825.9% 0.19% +0.18
MUR Murphy Oil Corp. New 0.18% +0.18
SWK Stanley Black & Decker Inc. New 0.16% +0.16
SUI Sun Communities Inc. New 0.15% +0.15
ST Sensata Technologies Holdplc New 0.14% +0.14
ADBE Adobe Inc. Add +25.4% 0.93% +0.14
FDX FedEx Corp. Add +31.9% 0.94% +0.12
HOOD Robinhood Markets Inc. Class A Add +184.4% 0.14% +0.12
COO The Cooper Cos Inc. New 0.12% +0.12
ON On Semiconductor Add +205.4% 0.16% +0.12
LPLA LPL Financial Holdings Inc. New 0.11% +0.11
ROST Ross Stores Inc. Add +173.3% 0.17% +0.11
GS Goldman Sachs Group Inc. Add +6.9% 0.47% +0.11
EMR Emerson Electric Co. Add +2.1% 0.66% +0.09
CRWD CrowdStrike Holdings Inc. Class A Add +0.5% 0.33% +0.09
GPN Global Payments Inc. Add +695.4% 0.10% +0.08
BLDR Builders Firstsource Inc. Add +43.6% 0.39% +0.08
FLEX Flex Ltd. Add +0.3% 0.24% +0.07
ARIS WATER SOLUTIONS INC-A New 0.06% +0.06
FISV Fiserv Inc. Add +77.7% 0.27% +0.06
ROK Rockwell Automation Inc. Add +11.1% 0.24% +0.06
LH Labcorp Holdings Inc. Add +56.7% 0.15% +0.06
NXT Nextpower Inc. Add +83.9% 0.10% +0.06
TFC Truist Financial Corp. Add +835.2% 0.05% +0.05
NFLX Netflix Inc. Add +1.2% 0.17% +0.04
CYRX Cryoport Inc. New 0.04% +0.04

Options Activity Q1 2025 → Q2 2025
NVDA Nvidia Corp. put Add +19.6% 52,600 $8.3M
BRK.B Berkshire Hathaway Inc. Class B put New 500 $243K
MA Mastercard Inc. Class A put New 200 $112K
AAPL Apple Inc. put New 500 $103K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 550$7.6BHD, NVDA, AMAT, GOOGL, GOOG
Q1 2026 540$6.7BHD, NVDA, MSFT, GOOGL, GOOG
Q4 2025 573$6.9BHD, NVDA, MSFT, GOOG, GOOGL
Q3 2025 542$6.9BHD, NVDA, MSFT, AAPL, GOOGL
Q2 2025 529$6.6BHD, MSFT, NVDA, AMZN, AAPL
Q1 2025 510$6.1BHD, MSFT, AAPL, NVDA, AMZN
Q4 2024 535$6.4BHD, MSFT, NVDA, AAPL, AMZN
Q3 2024 526$6.4BHD, MSFT, NVDA, AAPL, AMZN
Q2 2024 525$6.1BHD, MSFT, NVDA, AAPL, AMZN
Q1 2024 534$6.1BHD, MSFT, NVDA, AAPL, AMZN