Tocqueville Asset Management L.P.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Tocqueville Asset Management L.P. reported 542 stock positions worth $6.9 billion. Its top holding was Home Depot (HD) at 5.2% of the portfolio, followed by Nvidia (NVDA, 3.5%) and Microsoft (MSFT, 3.5%). Compared with Q2 2025, it opened 32 new positions, sold out of 19, added to 142 and reduced 248. The biggest buy was a new position in Intl Flavors & Fragrances (IFF) and the biggest sale Adobe (ADBE, shares −55%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0000883961
- Portfolio Value
- $6.9B (Q3 2025)
- SEC Filing
- 0000919574-25-006724 ↗ filed Nov 13, 2025
Holdings Value
Holdings 542 stocks · $6.9B
| HD Home Depot Inc. | 5.21% | 883,115 | $357.8M | Reduce -3.3% |
| NVDA Nvidia Corp. | 3.53% | 1,298,713 | $242.3M | Reduce -3.5% |
| MSFT Microsoft Corp. | 3.46% | 459,206 | $237.8M | Reduce -1.7% |
| AAPL Apple Inc. | 2.60% | 700,660 | $178.4M | Reduce -0.6% |
| GOOGL Alphabet Inc. Class A | 2.50% | 704,716 | $171.3M | Reduce -1.1% |
| AMZN Amazon.com Inc. | 2.43% | 760,187 | $166.9M | Reduce -0.9% |
| GOOG Alphabet Inc. Class C | 2.34% | 660,791 | $160.9M | Reduce -2.3% |
| IAU iShares Gold Trust | 1.93% | 1,818,092 | $132.3M | Reduce -1.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.64% | 223,616 | $112.4M | Reduce -1.5% |
| QCOM Qualcomm Inc. | 1.41% | 582,479 | $96.9M | Reduce -1.3% |
| NEE Nextera Energy Inc. | 1.29% | 1,172,832 | $88.5M | Add +1.5% |
| JPM JPMorgan Chase & Co. | 1.21% | 262,461 | $82.8M | Reduce -2.5% |
| RSG Republic Services Inc. | 1.17% | 349,947 | $80.3M | Reduce -0.7% |
| ABBV Abbvie Inc. | 1.13% | 335,231 | $77.6M | Reduce -3.2% |
| AMAT Applied Materials Inc. | 1.05% | 352,735 | $72.2M | Add +7.3% |
| CCJ Cameco Corp. | 1.03% | 847,377 | $71.1M | Reduce -1.1% |
| UBER Uber Technologies Inc. | 0.93% | 651,761 | $63.9M | Reduce -1.9% |
| NEM Newmont Corp. | 0.89% | 723,773 | $61.0M | Add +0.9% |
| FDX FedEx Corp. | 0.88% | 255,254 | $60.2M | Reduce -6.2% |
| RKLB Rocket Lab Corp. | 0.85% | 1,219,640 | $58.4M | Reduce -6.8% |
| WPM Wheaton Precious Metals Corp. | 0.83% | 511,464 | $57.2M | Reduce -0.4% |
| APO Apollo Global Management Inc. | 0.83% | 426,472 | $56.8M | Reduce -0.6% |
| META Meta Platforms Inc. Class A | 0.81% | 75,752 | $55.6M | Reduce -0.7% |
| CVX Chevron Corp. | 0.80% | 353,722 | $54.9M | Reduce -9.1% |
| JNJ Johnson & Johnson | 0.77% | 283,337 | $52.5M | Reduce -1.5% |
| VRT Vertiv Holdings Co. Class A | 0.76% | 344,162 | $51.9M | Reduce -0.3% |
| FCX Freeport-McMoran Inc. | 0.75% | 1,305,699 | $51.2M | Reduce -0.6% |
| APD Air Products & Chemicals Inc. | 0.74% | 185,075 | $50.5M | Reduce -2.6% |
| PG The Procter & Gamble Co. | 0.73% | 324,849 | $49.9M | Reduce -0.7% |
| DE Deere & Co. | 0.70% | 105,820 | $48.4M | Reduce -0.5% |
| GS Goldman Sachs Group Inc. | 0.68% | 58,595 | $46.7M | Add +35.4% |
| HON Honeywell International Inc. | 0.67% | 218,500 | $46.0M | Reduce -1.2% |
| MRK Merck & Co. Inc. | 0.67% | 547,200 | $45.9M | Reduce -18.4% |
| MU Micron Technology Inc. | 0.66% | 271,631 | $45.4M | Reduce -0.7% |
| BSX Boston Scientific Corp. | 0.64% | 446,729 | $43.6M | Reduce -6.0% |
| CL Colgate-Palmolive Co. | 0.62% | 533,336 | $42.6M | Reduce -0.1% |
| TMO Thermo Fisher Scientific Inc. | 0.60% | 85,045 | $41.2M | Reduce -12.4% |
| PH Parker Hannifin Corp. | 0.60% | 54,343 | $41.2M | Reduce -0.0% |
| PANW Palo Alto Networks Inc. | 0.58% | 194,219 | $39.5M | Reduce -2.1% |
| EMR Emerson Electric Co. | 0.57% | 299,583 | $39.3M | Reduce -7.0% |
| WMT Walmart Inc. | 0.57% | 378,049 | $39.0M | Reduce -1.7% |
| WY Weyerhaeuser Co. | 0.56% | 1,563,118 | $38.7M | Add +3.6% |
| CAT Caterpillar Inc. | 0.56% | 80,990 | $38.6M | Add +0.0% |
| C Citigroup Inc. | 0.56% | 378,018 | $38.4M | Reduce -16.2% |
| BKNG Booking Holdings Inc. | 0.55% | 7,035 | $38.0M | Reduce -1.4% |
| GDX Vaneck Gold Miners ETF | 0.55% | 496,414 | $37.9M | Add +0.1% |
| AVGO Broadcom Inc. | 0.52% | 107,756 | $35.5M | Reduce -8.3% |
| XLE SS Energy Select Sector | 0.50% | 387,900 | $34.7M | Reduce -0.5% |
| MA Mastercard Inc. Class A | 0.50% | 60,149 | $34.2M | Reduce -2.5% |
| RTX RTX Corp. | 0.47% | 191,776 | $32.1M | Reduce -0.4% |
| UNH Unitedhealth Group Inc. | 0.47% | 92,738 | $32.0M | Reduce -28.9% |
| PGR Progressive Corp. | 0.47% | 129,324 | $31.9M | Reduce -1.8% |
| UL Unilever PLC | 0.47% | 538,725 | $31.9M | Reduce -1.2% |
| XLK SS Technology Select Sector | 0.46% | 112,830 | $31.8M | Reduce -1.3% |
| CB Chubb Ltd. | 0.46% | 112,137 | $31.7M | Reduce -13.2% |
| REGN Regeneron Pharmaceuticals | 0.44% | 54,218 | $30.5M | Reduce -11.3% |
| T AT&T Inc. | 0.43% | 1,053,801 | $29.8M | Reduce -18.4% |
| ORCL Oracle Corp. | 0.43% | 105,706 | $29.7M | Reduce -21.8% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.43% | 147,806 | $29.2M | Reduce -0.5% |
| V Visa Inc. Class A | 0.42% | 85,142 | $29.1M | Reduce -1.1% |
| AVAV Aerovironment Inc. | 0.42% | 91,545 | $28.8M | Add +1.0% |
| ABT Abbott Laboratories | 0.42% | 212,776 | $28.5M | Add +0.6% |
| ALL Allstate Corp. | 0.40% | 127,646 | $27.4M | Reduce -19.5% |
| FANG Diamondback Energy Inc. | 0.39% | 188,725 | $27.0M | Reduce -0.8% |
| USB US Bancorp | 0.39% | 558,186 | $27.0M | Add +2.4% |
| AER Aercap Holdings NV | 0.39% | 219,325 | $26.5M | Reduce -7.5% |
| BLDR Builders Firstsource Inc. | 0.38% | 214,790 | $26.0M | Reduce -1.7% |
| TPL Texas Pacific Land Corp. | 0.38% | 27,893 | $26.0M | Add +0.2% |
| NFG National Fuel Gas Co. | 0.38% | 281,200 | $26.0M | Reduce -28.3% |
| UTHR United Therapeutics Corp. | 0.38% | 61,742 | $25.9M | Reduce -0.8% |
| ADBE Adobe Inc. | 0.37% | 71,410 | $25.2M | Reduce -54.7% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.37% | 408,984 | $25.2M | New |
| ADP Automatic Data Processing | 0.37% | 85,612 | $25.1M | Reduce -2.7% |
| ICE Intercontinental Exchange Inc. | 0.36% | 145,923 | $24.6M | Reduce -4.5% |
| GLD SPDR Gold Shares | 0.36% | 69,043 | $24.5M | Add +3.4% |
| NOW ServiceNow Inc. | 0.35% | 26,350 | $24.2M | Reduce -0.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.35% | 469,851 | $24.2M | Add +0.8% |
| OXY Occidental Petroleum Corp. | 0.35% | 507,700 | $24.0M | Reduce -0.9% |
| CSCO Cisco Systems Inc. | 0.35% | 349,667 | $23.9M | Reduce -19.4% |
| TSN Tyson Foods Inc. Class A | 0.34% | 433,552 | $23.5M | Reduce -6.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.34% | 82,947 | $23.4M | Reduce -31.2% |
| MRVL Marvell Technology Inc. | 0.34% | 276,277 | $23.2M | Reduce -0.7% |
| CVS CVS Health Corp. | 0.34% | 307,161 | $23.2M | Reduce -20.0% |
| CMG Chipotle Mexican Grill Inc. | 0.33% | 577,487 | $22.6M | Add +23.4% |
| GPC Genuine Parts Co. | 0.33% | 163,263 | $22.6M | Reduce -15.8% |
| D Dominion Energy Inc. | 0.33% | 367,501 | $22.5M | Reduce -19.4% |
| NTR Nutrien Ltd. | 0.33% | 380,462 | $22.3M | Reduce -4.6% |
| XLC SS Comm Select Sector SPDR | 0.32% | 184,336 | $21.8M | Reduce -3.3% |
| VWO Vanguard Ftse Emerging Marke | 0.31% | 392,760 | $21.3M | Reduce -0.4% |
| MDT Medtronic PLC | 0.31% | 222,513 | $21.2M | Add +3.9% |
| DGX Quest Diagnostics Inc. | 0.30% | 109,559 | $20.9M | Reduce -1.6% |
| VMC Vulcan Materials Co. | 0.30% | 67,683 | $20.8M | No change |
| CRWD CrowdStrike Holdings Inc. Class A | 0.30% | 42,369 | $20.8M | Reduce -0.8% |
| GEHC GE Healthcare Technology | 0.30% | 273,540 | $20.5M | Reduce -0.9% |
| COR Cencora Inc. | 0.30% | 65,168 | $20.4M | Reduce -29.8% |
| VSH Vishay Intertechnology Inc. | 0.29% | 1,313,711 | $20.1M | Reduce -6.1% |
| CRM Salesforce Inc. | 0.29% | 84,728 | $20.1M | Reduce -2.6% |
| LOW Lowe's Cos Inc. | 0.29% | 78,616 | $19.8M | Reduce -0.4% |
| MCD McDonald's Corp. | 0.28% | 64,376 | $19.6M | Reduce -4.5% |
| PEP Pepsico Inc. | 0.28% | 137,669 | $19.3M | Reduce -0.3% |
Options reported separately and not counted above: SPY puts ($10.0M), NVDA puts ($2.0M), KO puts ($531K), BRK.B puts ($251K), AAPL puts ($127K), MA puts ($114K).
Portfolio Sells Q2 2025 → Q3 2025
| ADBE Adobe Inc. | Reduce -54.7% | 0.37% | −0.56 |
| LMT Lockheed Martin Corp. | Reduce -96.4% | 0.01% | −0.36 |
| IBM Intl Business Machines Corp. | Reduce -31.2% | 0.34% | −0.20 |
| EQH Equitable Holdings Inc. | Reduce -29.9% | 0.28% | −0.18 |
| RSG Republic Services Inc. | Reduce -0.7% | 1.17% | −0.16 |
| UNH Unitedhealth Group Inc. | Reduce -28.9% | 0.47% | −0.15 |
| SUI Sun Communities Inc. | Sold out | 0.00% | −0.15 |
| BSX Boston Scientific Corp. | Reduce -6.0% | 0.64% | −0.14 |
| MRK Merck & Co. Inc. | Reduce -18.4% | 0.67% | −0.14 |
| AMZN Amazon.com Inc. | Reduce -0.9% | 2.43% | −0.14 |
| T AT&T Inc. | Reduce -18.4% | 0.43% | −0.14 |
| TPR Tapestry Inc. | Reduce -57.4% | 0.15% | −0.13 |
| NFG National Fuel Gas Co. | Reduce -28.3% | 0.38% | −0.13 |
| COR Cencora Inc. | Reduce -29.8% | 0.30% | −0.13 |
| FCX Freeport-McMoran Inc. | Reduce -0.6% | 0.75% | −0.12 |
| FISV Fiserv Inc. | Reduce -22.6% | 0.15% | −0.12 |
| DE Deere & Co. | Reduce -0.5% | 0.70% | −0.12 |
| CL Colgate-Palmolive Co. | Reduce -0.1% | 0.62% | −0.12 |
| HON Honeywell International Inc. | Reduce -1.2% | 0.67% | −0.12 |
| CSCO Cisco Systems Inc. | Reduce -19.4% | 0.35% | −0.11 |
| CB Chubb Ltd. | Reduce -13.2% | 0.46% | −0.11 |
| APO Apollo Global Management Inc. | Reduce -0.6% | 0.83% | −0.10 |
| DLTR Dollar Tree Inc. | Reduce -22.1% | 0.22% | −0.09 |
| ALL Allstate Corp. | Reduce -19.5% | 0.40% | −0.09 |
| EMR Emerson Electric Co. | Reduce -7.0% | 0.57% | −0.08 |
| APD Air Products & Chemicals Inc. | Reduce -2.6% | 0.74% | −0.08 |
| MSFT Microsoft Corp. | Reduce -1.7% | 3.46% | −0.08 |
| KDP Keurig Dr Pepper Inc. | Reduce -56.3% | 0.04% | −0.08 |
| BKNG Booking Holdings Inc. | Reduce -1.4% | 0.55% | −0.08 |
| PGR Progressive Corp. | Reduce -1.8% | 0.47% | −0.07 |
| BDX Becton Dickinson and Co. | Reduce -26.9% | 0.22% | −0.07 |
| SDGR Schrodinger Inc. | Reduce -56.0% | 0.05% | −0.07 |
| ICE Intercontinental Exchange Inc. | Reduce -4.5% | 0.36% | −0.07 |
| CRM Salesforce Inc. | Reduce -2.6% | 0.29% | −0.07 |
| PG The Procter & Gamble Co. | Reduce -0.7% | 0.73% | −0.07 |
| FDX FedEx Corp. | Reduce -6.2% | 0.88% | −0.07 |
| CVS CVS Health Corp. | Reduce -20.0% | 0.34% | −0.07 |
| D Dominion Energy Inc. | Reduce -19.4% | 0.33% | −0.07 |
| NUE Nucor Corp. | Reduce -20.6% | 0.23% | −0.06 |
| NOW ServiceNow Inc. | Reduce -0.0% | 0.35% | −0.06 |
| RVTY Revvity Inc. | Reduce -13.9% | 0.16% | −0.05 |
| HUM Humana Inc. | Reduce -20.1% | 0.22% | −0.05 |
| TSN Tyson Foods Inc. Class A | Reduce -6.0% | 0.34% | −0.05 |
| CVX Chevron Corp. | Reduce -9.1% | 0.80% | −0.05 |
| META Meta Platforms Inc. Class A | Reduce -0.7% | 0.81% | −0.05 |
| ADP Automatic Data Processing | Reduce -2.7% | 0.37% | −0.05 |
| DIS The Walt Disney Co. | Reduce -2.8% | 0.28% | −0.05 |
| VSH Vishay Intertechnology Inc. | Reduce -6.1% | 0.29% | −0.05 |
| REGN Regeneron Pharmaceuticals | Reduce -11.3% | 0.44% | −0.05 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.5% | 1.64% | −0.05 |
Portfolio Buys Q2 2025 → Q3 2025
| IFF Intl Flavors & Fragrances | New | 0.37% | +0.37 |
| NEM Newmont Corp. | Add +0.9% | 0.89% | +0.25 |
| GS Goldman Sachs Group Inc. | Add +35.4% | 0.68% | +0.21 |
| MSI Motorola Solutions Inc. | New | 0.21% | +0.21 |
| ARE Alexandria Real Estate Equit | Add +3802.6% | 0.19% | +0.19 |
| GDX Vaneck Gold Miners ETF | Add +0.1% | 0.55% | +0.16 |
| MIAX Miami International Holdings | New | 0.14% | +0.14 |
| AMAT Applied Materials Inc. | Add +7.3% | 1.05% | +0.13 |
| GPN Global Payments Inc. | Add +124.9% | 0.23% | +0.12 |
| ITB iShares U.S. Home Constructi | New | 0.09% | +0.09 |
| UNP Union Pacific Corp. | Add +59.0% | 0.24% | +0.09 |
| CAT Caterpillar Inc. | Add +0.0% | 0.56% | +0.08 |
| WBI Waterbridge Infrastruc Class A | New | 0.08% | +0.08 |
| IONS Ionis Pharmaceuticals Inc. | Add +3.0% | 0.18% | +0.07 |
| GLW Corning Inc. | Add +0.8% | 0.20% | +0.07 |
| NEE Nextera Energy Inc. | Add +1.5% | 1.29% | +0.06 |
| SVAL iShares US Small Cap Val Fac | Add +1241.4% | 0.07% | +0.06 |
| KVUE Kenvue Inc. | New | 0.06% | +0.06 |
| FNV Franco-Nevada Corp. | Add +4.5% | 0.21% | +0.06 |
| DUK Duke Energy Corp. | Add +280.6% | 0.07% | +0.05 |
| SWK Stanley Black & Decker Inc. | Add +24.8% | 0.22% | +0.05 |
| GLD SPDR Gold Shares | Add +3.4% | 0.36% | +0.05 |
| VDC Vanguard Consumer Staple ETF | Add +96.2% | 0.10% | +0.04 |
| RXST Rxsight Inc. | New | 0.04% | +0.04 |
| MUR Murphy Oil Corp. | Add +0.9% | 0.22% | +0.04 |
| TKR Timken Co. | New | 0.03% | +0.03 |
| ZD Ziff Davis Inc. | Add +22.7% | 0.10% | +0.03 |
| COO The Cooper Cos Inc. | Add +38.1% | 0.15% | +0.03 |
| ROST Ross Stores Inc. | Add +1.2% | 0.20% | +0.03 |
| AVAV Aerovironment Inc. | Add +1.0% | 0.42% | +0.03 |
| STX Seagate Technology Holdings | Add +444.7% | 0.03% | +0.02 |
| MDT Medtronic PLC | Add +3.9% | 0.31% | +0.02 |
| REMX Vaneck Rar Earth ND STG-Usdi | New | 0.02% | +0.02 |
| GTM Zoominfo Technologies Inc. | New | 0.02% | +0.02 |
| SNY Sanofi-ADR | Add +508.3% | 0.03% | +0.02 |
| S Sentinelone Inc. Class A | New | 0.02% | +0.02 |
| CYBR Cyberark Software Ltd./Israel | Add +0.1% | 0.16% | +0.02 |
| LHX L3HARRIS Technologies Inc. | Add +2.3% | 0.11% | +0.02 |
| EBAY eBay Inc. | Add +0.8% | 0.11% | +0.02 |
| BAC Bank of America Corp. | Add +0.8% | 0.35% | +0.02 |
| USB US Bancorp | Add +2.4% | 0.39% | +0.02 |
| SLB SLB Ltd. | Add +174.3% | 0.02% | +0.01 |
| BKR Baker Hughes Co. | Add +0.5% | 0.08% | +0.01 |
| MSCI MSCI Inc. | Add +36.7% | 0.06% | +0.01 |
| PCAR Paccar Inc. | Add +21.4% | 0.07% | +0.01 |
| ETH Grayscale Ethereum Staking M | New | 0.01% | +0.01 |
| ARIS WATER SOLUTIONS INC-A | Add +18.9% | 0.07% | +0.01 |
| IWB iShares Russell 1000 ETF | Add +18.3% | 0.06% | +0.01 |
| BAM Brookfield Asset Mgmt-A | Add +7.3% | 0.21% | +0.01 |
| AZO AutoZone Inc. | Add +0.6% | 0.10% | +0.01 |
Options Activity Q2 2025 → Q3 2025
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 |