80-20

Investment Philosophy

Tocqueville Asset Management L.P. (“TAM”) believes that an 80/20 portfolio, whose objective is to outperform a blend of the S&P 500® Index and the ICE BofAML 1-10 Year Government/Corporate AAA-A Index over a full market cycle, can be the cornerstone of a successful overall investment strategy to meet foundation annual disbursement requirements.

Investment Strategy

TAM’s 80/20 Foundation portfolio management team combines the best practices of marrying equity and fixed income value, growth and yield disciplines by purchasing securities that have declined due to a general market, sector, company-specific, fiscal or monetary issues but exhibit a history of strong and/or constant rate of earnings growth and sustainable credit quality. We favor financially transparent companies led by proven management teams which sell at an attractive risk/reward valuation. The team focuses on a conservative and long-term approach to maintain and grow principal while generating income to meet foundation demands, by utilizing a bottom-up, fundamentally-driven research process including proprietary and third-party analyses to quantify strategy and assess risk and total return exposure. The strategy may also allocate to third party non-equity managers who offer strategies that incorporate targeted assets classes or styles. The portfolio typically contains concentrated holdings of 50-60 positions.