TOCQUEVILLE ASSET MANAGEMENT L.P.

Tocqueville Asset Management is an investment management company based out of New York. The company was established in 1985 and took its name from Alexis de Tocqueville, the nineteenth-century chronicler of American democracy, resisting “preconceived notions and constantly test our ideas against the hard realities of the marketplace.” Tocqueville Asset Management conducts its research in house and utilizes a contrarian fundamental analysis to make its investment decisions. The company invests in various public equity markets on a global scale, allocating its assets in the value stocks of small cap, micro cap, and core equity stocks and benchmarking its performance against the Dow Jones Industrial Average and S&P 500 Index. The company invests the most in the materials sector, which alone makes up a quarter of its total asset allocations, and also invests in the information technology, health care, consumer discretionary, industrials, finance, and energy sectors, among others to a lesser degree, in order of decreasing allocation. Tocqueville Asset Management currently has 110 employees with 46 of them being investment professionals. The firm holds over $13 billion in total assets under management spread across over 3,000 accounts with all by 69 of these accounts being discretionary. Both of the company’s total number of accounts and total assets under management have been rising in recent years with its accounts held growing from 2,100 to its amount today and its total assets under management growing from $7.6 billion to its current amount. Tocqueville Asset Management caters mainly to individuals, which alone makes up almost half of its client base, and also provides services to high net worth individuals, investment advisors, state or municipal government entities, corporations, pooled investment vehicles, and others, in order of decreasing clientele. The company’s family of funds current includes its Tocqueville, Opportunity, International, Select, Gold, Delafield, and Alternative Strategies funds.