Core Equity

Investment Philosophy

Tocqueville Asset Management L.P. (“TAM”) believes that a long only core equity portfolio whose objective is to outperform the S&P 500® Index over a full market cycle can be the cornerstone of a successful overall equity portfolio allocation. The hallmark of the team’s bottom-up investment approach is to seek to become shareholders in companies that exhibit a durable competitive advantage and balance sheet, with sustainable earnings growth, which generates substantial free cash flow, led by a management team focused on high returns on invested capital.

Investment Strategy

TAM’s Core Equity portfolio team combines the best practices of value and growth investment disciplines by purchasing stocks that have declined due to a general market, sector, or company-specific issue but exhibit a history of strong and/or constant rate of earnings growth. We favor financially transparent companies led by proven management teams which sell at attractive valuations. The team focuses on a conservative and long-term approach to maintain wealth preservation by utilizing a bottom-up, fundamentally driven research process. The portfolio typically contains concentrated holdings of 35-45 positions.