Tocqueville Asset Management L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Tocqueville Asset Management L.P. reported 573 stock positions worth $6.9 billion. Its top holding was Home Depot (HD) at 4.3% of the portfolio, followed by Nvidia (NVDA, 3.2%) and Microsoft (MSFT, 3.1%). Compared with Q3 2025, it opened 52 new positions, sold out of 23, added to 203 and reduced 218. The biggest buy was Intl Flavors & Fragrances (IFF, shares +97%) and the biggest sale Home Depot (HD, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0000883961
- Portfolio Value
- $6.9B (Q4 2025)
- SEC Filing
- 0000919574-26-000743 ↗ filed Feb 12, 2026
Holdings Value
Holdings 573 stocks · $6.9B
| HD Home Depot Inc. | 4.29% | 854,549 | $294.1M | Reduce -3.2% |
| NVDA Nvidia Corp. | 3.24% | 1,190,302 | $222.0M | Reduce -8.3% |
| MSFT Microsoft Corp. | 3.12% | 442,485 | $214.0M | Reduce -3.6% |
| GOOG Alphabet Inc. Class C | 2.86% | 625,007 | $196.1M | Reduce -5.4% |
| GOOGL Alphabet Inc. Class A | 2.84% | 621,427 | $194.5M | Reduce -11.8% |
| AAPL Apple Inc. | 2.43% | 612,988 | $166.6M | Reduce -12.5% |
| AMZN Amazon.com Inc. | 2.23% | 663,232 | $153.1M | Reduce -12.8% |
| IAU iShares Gold Trust | 2.08% | 1,754,253 | $142.4M | Reduce -3.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.52% | 207,630 | $104.4M | Reduce -7.2% |
| QCOM Qualcomm Inc. | 1.46% | 584,412 | $100.0M | Add +0.3% |
| NEE Nextera Energy Inc. | 1.37% | 1,172,550 | $94.1M | Reduce -0.0% |
| AMAT Applied Materials Inc. | 1.30% | 346,012 | $88.9M | Reduce -1.9% |
| JPM JPMorgan Chase & Co. | 1.21% | 257,387 | $82.9M | Reduce -1.9% |
| CCJ Cameco Corp. | 1.13% | 845,634 | $77.4M | Reduce -0.2% |
| ABBV Abbvie Inc. | 1.11% | 333,901 | $76.3M | Reduce -0.4% |
| RSG Republic Services Inc. | 1.10% | 354,143 | $75.1M | Add +1.2% |
| FDX FedEx Corp. | 1.09% | 258,928 | $74.8M | Add +1.4% |
| NEM Newmont Corp. | 1.05% | 717,134 | $71.6M | Reduce -0.9% |
| RKLB Rocket Lab Corp. | 1.03% | 1,008,850 | $70.4M | Reduce -17.3% |
| FCX Freeport-McMoran Inc. | 0.97% | 1,307,036 | $66.4M | Add +0.1% |
| WPM Wheaton Precious Metals Corp. | 0.87% | 509,095 | $59.8M | Reduce -0.5% |
| JNJ Johnson & Johnson | 0.85% | 282,575 | $58.5M | Reduce -0.3% |
| VRT Vertiv Holdings Co. Class A | 0.80% | 338,171 | $54.8M | Reduce -1.7% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.79% | 805,812 | $54.3M | Add +97.0% |
| MRK Merck & Co. Inc. | 0.76% | 492,211 | $51.8M | Reduce -10.1% |
| CVX Chevron Corp. | 0.74% | 332,006 | $50.6M | Reduce -6.1% |
| MU Micron Technology Inc. | 0.74% | 177,106 | $50.5M | Reduce -34.8% |
| META Meta Platforms Inc. Class A | 0.73% | 76,062 | $50.2M | Add +0.4% |
| DE Deere & Co. | 0.72% | 105,724 | $49.2M | Reduce -0.1% |
| PH Parker Hannifin Corp. | 0.70% | 54,901 | $48.3M | Add +1.0% |
| UBER Uber Technologies Inc. | 0.69% | 578,566 | $47.3M | Reduce -11.2% |
| TMO Thermo Fisher Scientific Inc. | 0.68% | 80,731 | $46.8M | Reduce -5.1% |
| CAT Caterpillar Inc. | 0.68% | 81,363 | $46.6M | Add +0.5% |
| PG The Procter & Gamble Co. | 0.66% | 317,752 | $45.5M | Reduce -2.2% |
| C Citigroup Inc. | 0.64% | 373,515 | $43.6M | Reduce -1.2% |
| CL Colgate-Palmolive Co. | 0.64% | 550,913 | $43.5M | Add +3.3% |
| BSX Boston Scientific Corp. | 0.62% | 443,728 | $42.3M | Reduce -0.7% |
| WMT Walmart Inc. | 0.61% | 375,068 | $41.8M | Reduce -0.8% |
| GDX Vaneck Gold Miners ETF | 0.60% | 480,502 | $41.2M | Reduce -3.2% |
| GS Goldman Sachs Group Inc. | 0.59% | 45,633 | $40.1M | Reduce -22.1% |
| EMR Emerson Electric Co. | 0.58% | 300,402 | $39.9M | Add +0.3% |
| APD Air Products & Chemicals Inc. | 0.56% | 156,327 | $38.6M | Reduce -15.5% |
| APO Apollo Global Management Inc. | 0.56% | 263,262 | $38.1M | Reduce -38.3% |
| BKNG Booking Holdings Inc. | 0.55% | 7,039 | $37.7M | Add +0.1% |
| REGN Regeneron Pharmaceuticals | 0.53% | 46,824 | $36.1M | Reduce -13.6% |
| AVGO Broadcom Inc. | 0.53% | 104,092 | $36.0M | Reduce -3.4% |
| HON Honeywell International Inc. | 0.52% | 182,597 | $35.6M | Reduce -16.4% |
| MA Mastercard Inc. Class A | 0.51% | 61,770 | $35.3M | Add +2.7% |
| PANW Palo Alto Networks Inc. | 0.51% | 190,440 | $35.1M | Reduce -1.9% |
| CB Chubb Ltd. | 0.51% | 111,766 | $34.9M | Reduce -0.3% |
| GPC Genuine Parts Co. | 0.51% | 282,592 | $34.7M | Add +73.1% |
| XLE SS Energy Select Sector | 0.51% | 775,630 | $34.7M | No change |
| RTX RTX Corp. | 0.50% | 188,379 | $34.5M | Reduce -1.8% |
| XLK SS Technology Select Sector | 0.48% | 227,784 | $32.8M | Add +0.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.46% | 46,050 | $31.4M | Add +88.8% |
| UL Unilever PLC-Sponsored ADR | 0.46% | 477,400 | $31.2M | Reduce -0.3% |
| AER Aercap Holdings NV | 0.45% | 213,265 | $30.7M | Reduce -2.8% |
| WY Weyerhaeuser Co. | 0.44% | 1,283,087 | $30.4M | Reduce -17.9% |
| USB US Bancorp | 0.44% | 566,418 | $30.2M | Add +1.5% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.44% | 149,133 | $30.0M | Add +0.9% |
| PGR Progressive Corp. | 0.44% | 131,594 | $30.0M | Add +1.8% |
| KVUE Kenvue Inc. | 0.44% | 1,728,143 | $29.8M | Add +616.7% |
| UTHR United Therapeutics Corp. | 0.43% | 61,143 | $29.8M | Reduce -1.0% |
| TSN Tyson Foods Inc. Class A | 0.42% | 488,647 | $28.6M | Add +12.7% |
| UNH Unitedhealth Group Inc. | 0.42% | 86,578 | $28.6M | Reduce -6.6% |
| GEHC GE Healthcare Technology | 0.41% | 342,176 | $28.1M | Add +25.1% |
| ICE Intercontinental Exchange Inc. | 0.41% | 171,368 | $27.8M | Add +17.4% |
| FANG Diamondback Energy Inc. | 0.39% | 179,117 | $26.9M | Reduce -5.1% |
| LLY Eli Lilly & Co. | 0.39% | 24,924 | $26.8M | Add +2.2% |
| T AT&T Inc. | 0.39% | 1,072,272 | $26.6M | Add +1.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.38% | 478,669 | $26.3M | Add +1.9% |
| ABT Abbott Laboratories | 0.38% | 208,402 | $26.1M | Reduce -2.1% |
| ALL Allstate Corp. | 0.38% | 124,518 | $25.9M | Reduce -2.5% |
| NFG National Fuel Gas Co. | 0.37% | 313,791 | $25.1M | Add +11.6% |
| CSCO Cisco Systems Inc. | 0.36% | 321,954 | $24.8M | Reduce -7.9% |
| CVS CVS Health Corp. | 0.36% | 309,147 | $24.5M | Add +0.7% |
| GLD SPDR Gold Shares | 0.36% | 61,850 | $24.5M | Reduce -10.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.36% | 82,313 | $24.4M | Reduce -0.8% |
| TPL Texas Pacific Land Corp. | 0.35% | 83,643 | $24.0M | No change |
| ADBE Adobe Inc. | 0.34% | 67,007 | $23.5M | Reduce -6.2% |
| MRVL Marvell Technology Inc. | 0.33% | 269,727 | $22.9M | Reduce -2.4% |
| NTR Nutrien Ltd. | 0.33% | 367,723 | $22.7M | Reduce -3.4% |
| ADP Automatic Data Processing | 0.32% | 86,355 | $22.2M | Add +0.9% |
| D Dominion Energy Inc. | 0.32% | 377,759 | $22.1M | Add +2.8% |
| XLC SS Comm Select Sector SPDR | 0.32% | 185,618 | $21.9M | Add +0.7% |
| GPN Global Payments Inc. | 0.32% | 279,152 | $21.6M | Add +49.4% |
| VWO Vanguard Ftse Emerging Marke | 0.31% | 399,642 | $21.5M | Add +1.8% |
| CMG Chipotle Mexican Grill Inc. | 0.31% | 580,614 | $21.5M | Add +0.5% |
| AVAV Aerovironment Inc. | 0.31% | 87,665 | $21.2M | Reduce -4.2% |
| DLTR Dollar Tree Inc. | 0.31% | 171,014 | $21.0M | Add +8.4% |
| ORCL Oracle Corp. | 0.29% | 102,936 | $20.1M | Reduce -2.6% |
| MDT Medtronic PLC | 0.29% | 208,788 | $20.1M | Reduce -6.2% |
| SWK Stanley Black & Decker Inc. | 0.29% | 269,912 | $20.0M | Add +35.6% |
| NOW ServiceNow Inc. | 0.29% | 130,525 | $20.0M | Reduce -0.9% |
| AXP American Express Co. | 0.29% | 53,909 | $19.9M | Reduce -0.3% |
| BLDR Builders Firstsource Inc. | 0.28% | 188,559 | $19.4M | Reduce -12.2% |
| VMC Vulcan Materials Co. | 0.28% | 67,683 | $19.3M | No change |
| MSI Motorola Solutions Inc. | 0.28% | 50,195 | $19.2M | Add +59.2% |
| NUE Nucor Corp. | 0.28% | 117,617 | $19.2M | Add +0.5% |
| WM Waste Management Inc. | 0.28% | 86,599 | $19.0M | Reduce -1.1% |
Options reported separately and not counted above: NVDA puts ($3.0M), KO puts ($280K), BRK.B puts ($251K), MA puts ($114K), AAPL puts ($109K), IONS calls ($79K), BBIO calls ($76K).
Portfolio Sells Q3 2025 → Q4 2025
| HD Home Depot Inc. | Reduce -3.2% | 4.29% | −0.92 |
| MSFT Microsoft Corp. | Reduce -3.6% | 3.12% | −0.34 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -96.9% | 0.01% | −0.29 |
| NVDA Nvidia Corp. | Reduce -8.3% | 3.24% | −0.29 |
| APO Apollo Global Management Inc. | Reduce -38.3% | 0.56% | −0.27 |
| V Visa Inc. Class A | Reduce -59.8% | 0.18% | −0.25 |
| UBER Uber Technologies Inc. | Reduce -11.2% | 0.69% | −0.24 |
| AMZN Amazon.com Inc. | Reduce -12.8% | 2.23% | −0.20 |
| COST Costco Wholesale Corp. | Reduce -79.5% | 0.04% | −0.19 |
| OXY Occidental Petroleum Corp. | Reduce -44.7% | 0.17% | −0.18 |
| APD Air Products & Chemicals Inc. | Reduce -15.5% | 0.56% | −0.17 |
| AAPL Apple Inc. | Reduce -12.5% | 2.43% | −0.17 |
| HON Honeywell International Inc. | Reduce -16.4% | 0.52% | −0.15 |
| COR Cencora Inc. | Reduce -52.5% | 0.15% | −0.14 |
| TPR Tapestry Inc. | Reduce -98.2% | 0.00% | −0.14 |
| FISV Fiserv Inc. | Reduce -87.1% | 0.01% | −0.14 |
| ORCL Oracle Corp. | Reduce -2.6% | 0.29% | −0.14 |
| ENSG The Ensign Group Inc. | Reduce -97.1% | 0.00% | −0.13 |
| CDE Coeur Mining Inc. | Reduce -70.4% | 0.05% | −0.13 |
| WY Weyerhaeuser Co. | Reduce -17.9% | 0.44% | −0.12 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -7.2% | 1.52% | −0.11 |
| AVAV Aerovironment Inc. | Reduce -4.2% | 0.31% | −0.11 |
| AXON Axon Enterprise Inc. | Reduce -95.3% | 0.00% | −0.11 |
| NFLX Netflix Inc. | Reduce -66.6% | 0.04% | −0.11 |
| CEG Constellation Energy | Reduce -97.3% | 0.00% | −0.10 |
| AZO AutoZone Inc. | Sold out | 0.00% | −0.10 |
| BLDR Builders Firstsource Inc. | Reduce -12.2% | 0.28% | −0.10 |
| GS Goldman Sachs Group Inc. | Reduce -22.1% | 0.59% | −0.09 |
| ISRG Intuitive Surgical Inc. | Reduce -64.4% | 0.07% | −0.09 |
| CRM Salesforce Inc. | Reduce -37.8% | 0.20% | −0.09 |
| MEC Mayville Engineering Co. Inc. | Reduce -86.4% | 0.02% | −0.09 |
| MLM Martin Marietta Materials | Reduce -29.4% | 0.18% | −0.08 |
| ARIS WATER SOLUTIONS INC-A | Sold out | 0.00% | −0.07 |
| WNS WNS Holdings Ltd. | Sold out | 0.00% | −0.07 |
| COP Conocophillips | Reduce -52.2% | 0.06% | −0.06 |
| PANW Palo Alto Networks Inc. | Reduce -1.9% | 0.51% | −0.06 |
| PG The Procter & Gamble Co. | Reduce -2.2% | 0.66% | −0.06 |
| CVX Chevron Corp. | Reduce -6.1% | 0.74% | −0.06 |
| NOW ServiceNow Inc. | Reduce -0.9% | 0.29% | −0.06 |
| HOOD Robinhood Markets Inc. Class A | Reduce -12.0% | 0.13% | −0.06 |
| SOUN Soundhound AI Inc. Class A | Reduce -1.6% | 0.09% | −0.06 |
| ARCC Ares Capital Corp. | Reduce -79.6% | 0.01% | −0.05 |
| LVS Las Vegas Sands Corp. | Reduce -40.2% | 0.14% | −0.05 |
| INTC Intel Corp. | Reduce -31.6% | 0.16% | −0.05 |
| UNH Unitedhealth Group Inc. | Reduce -6.6% | 0.42% | −0.05 |
| VZ Verizon Communications Inc. | Reduce -9.1% | 0.23% | −0.04 |
| TXN Texas Instruments Inc. | Reduce -82.7% | 0.01% | −0.04 |
| LOW Lowe's Cos Inc. | Reduce -9.2% | 0.25% | −0.04 |
| VDC Vanguard Consumer Staple ETF | Reduce -36.3% | 0.06% | −0.04 |
| PEP Pepsico Inc. | Reduce -14.6% | 0.25% | −0.04 |
Portfolio Buys Q3 2025 → Q4 2025
| IFF Intl Flavors & Fragrances | Add +97.0% | 0.79% | +0.43 |
| KVUE Kenvue Inc. | Add +616.7% | 0.44% | +0.38 |
| FCX Freeport-McMoran Inc. | Add +0.1% | 0.97% | +0.22 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +88.8% | 0.46% | +0.22 |
| FDX FedEx Corp. | Add +1.4% | 1.09% | +0.21 |
| GPC Genuine Parts Co. | Add +73.1% | 0.51% | +0.18 |
| LLY Eli Lilly & Co. | Add +2.2% | 0.39% | +0.12 |
| CAT Caterpillar Inc. | Add +0.5% | 0.68% | +0.12 |
| GEHC GE Healthcare Technology | Add +25.1% | 0.41% | +0.11 |
| BAX Baxter International Inc. | New | 0.11% | +0.11 |
| PH Parker Hannifin Corp. | Add +1.0% | 0.70% | +0.10 |
| DLTR Dollar Tree Inc. | Add +8.4% | 0.31% | +0.09 |
| GPN Global Payments Inc. | Add +49.4% | 0.32% | +0.09 |
| WSM Williams-Sonoma Inc. | Add +201.8% | 0.14% | +0.09 |
| SBUX Starbucks Corp. | Add +123.9% | 0.15% | +0.08 |
| SWK Stanley Black & Decker Inc. | Add +35.6% | 0.29% | +0.08 |
| TSN Tyson Foods Inc. Class A | Add +12.7% | 0.42% | +0.08 |
| MSI Motorola Solutions Inc. | Add +59.2% | 0.28% | +0.07 |
| ARE Alexandria Real Estate Equit | Add +132.3% | 0.26% | +0.07 |
| DV Doubleverify Holdings Inc. | Add +161.0% | 0.10% | +0.06 |
| IWF iShares Russell 1000 Growth | Add +135.1% | 0.10% | +0.06 |
| ST Sensata Technologies Holdplc | Add +29.2% | 0.19% | +0.06 |
| ALLY Ally Financial Inc. | Add +11.3% | 0.25% | +0.06 |
| HUM Humana Inc. | Add +27.3% | 0.28% | +0.06 |
| KDP Keurig Dr Pepper Inc. | Add +115.0% | 0.09% | +0.05 |
| IONS Ionis Pharmaceuticals Inc. | Add +5.5% | 0.24% | +0.05 |
| STZ Constellation Brands Inc. Class A | New | 0.05% | +0.05 |
| NUE Nucor Corp. | Add +0.5% | 0.28% | +0.05 |
| USB US Bancorp | Add +1.5% | 0.44% | +0.05 |
| DHR Danaher Corp. | Add +18.4% | 0.18% | +0.05 |
| QCOM Qualcomm Inc. | Add +0.3% | 1.46% | +0.05 |
| MUR Murphy Oil Corp. | Add +10.4% | 0.26% | +0.05 |
| ICE Intercontinental Exchange Inc. | Add +17.4% | 0.41% | +0.05 |
| SOLS Solstice Adv Materials Inc. | Add +119.3% | 0.09% | +0.05 |
| IWD iShares Russell 1000 Value E | Add +387.6% | 0.06% | +0.05 |
| BCPC Balchem Corp. | New | 0.04% | +0.04 |
| MSCI MSCI Inc. | Add +71.6% | 0.10% | +0.04 |
| SPGI S&P Global Inc. | Add +71.4% | 0.09% | +0.04 |
| COIN Coinbase Global Inc. Class A | Add +977.2% | 0.05% | +0.04 |
| PHR Phreesia Inc. | New | 0.04% | +0.04 |
| BBY Best Buy Co. Inc. | Add +1289.5% | 0.04% | +0.04 |
| QUAL iShares MSCI USA Quality Fac | New | 0.04% | +0.04 |
| IJS iShares S&P Small-Cap 600 Va | New | 0.03% | +0.03 |
| BAC Bank of America Corp. | Add +1.9% | 0.38% | +0.03 |
| ROK Rockwell Automation Inc. | Add +0.6% | 0.27% | +0.03 |
| IWV iShares Russell 3000 ETF | New | 0.03% | +0.03 |
| SIBN Si-Bone Inc. | Add +10.9% | 0.09% | +0.03 |
| RELY Remitly Global Inc. | Add +123.1% | 0.06% | +0.03 |
| TFX Teleflex Inc. | New | 0.03% | +0.03 |
| REET iShares Global REIT ETF | New | 0.03% | +0.03 |
Options Activity Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 15,000 | $10.0Mbefore exit |
| NVDA Nvidia Corp. | put | Add +51.9% | 16,100 | $3.0M |
| KO The Coca-Cola Co. | put | Reduce -50.0% | 4,000 | $280K |
| AAPL Apple Inc. | put | Reduce -20.0% | 400 | $109K |
| IONS Ionis Pharmaceuticals Inc. | call | New | 1,000 | $79K |
| BBIO Bridgebio Pharma Inc. | call | New | 1,000 | $76K |
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 |