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TOCQUEVILLE ASSET MANAGEMENT L.P. Cuts Portfolio Down to Size in 1st Quarter

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May 19, 2022
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TOCQUEVILLE ASSET MANAGEMENT L.P. recently filed their 13F report for the first quarter of 2022, which ended on 2022-03-31.

The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.

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.

As of the latest 13F report, the guru’s equity portfolio contained 672 stocks valued at a total of $6,420,000,000. The top holdings were HD(6.92%), MSFT(3.03%), and AAPL(2.91%).

According to GuruFocus data, these were TOCQUEVILLE ASSET MANAGEMENT L.P.’s top five trades of the quarter.

Essilorluxottica


The guru sold out of their 145,166-share investment in OTCPK:ESLOF. Previously, the stock had a 0.44% weight in the equity portfolio. Shares traded for an average price of $186.94 during the quarter.

On 05/19/2022, Essilorluxottica traded for a price of $156.36 per share and a market cap of $65,750,854,000. The stock has returned -1.97% over the past year.

GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 8 out of 10.

In terms of valuation, Essilorluxottica has a price-earnings ratio of 45.31, a price-book ratio of 1.85, a price-earnings-to-growth (PEG) ratio of 21.58, a EV-to-Ebitda ratio of 15.41 and a price-sales ratio of 3.33.

The price-to-GF Value ratio is 0.93, earning the stock a GF Value rank of 6.

Boston Properties Inc


TOCQUEVILLE ASSET MANAGEMENT L.P. reduced their investment in NYSE:BXP by 204,766 shares. The trade had a 0.34% impact on the equity portfolio. During the quarter, the stock traded for an average price of $121.23.

On 05/19/2022, Boston Properties Inc traded for a price of $109.8 per share and a market cap of $17,207,000,000. The stock has returned 7.77% over the past year.

GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 8 out of 10.

In terms of valuation, Boston Properties Inc has a price-earnings ratio of 31.46, a price-book ratio of 2.95, a price-earnings-to-growth (PEG) ratio of 9.53, a EV-to-Ebitda ratio of 16.62 and a price-sales ratio of 5.87.

The price-to-GF Value ratio is 0.92, earning the stock a GF Value rank of 6.

Mondelez International Inc


TOCQUEVILLE ASSET MANAGEMENT L.P. reduced their investment in NAS:MDLZ by 342,422 shares. The trade had a 0.32% impact on the equity portfolio. During the quarter, the stock traded for an average price of $65.15.

On 05/19/2022, Mondelez International Inc traded for a price of $60.94 per share and a market cap of $84,336,305,000. The stock has returned 7.39% over the past year.

GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.

In terms of valuation, Mondelez International Inc has a price-earnings ratio of 20.52, a price-book ratio of 3.00, a price-earnings-to-growth (PEG) ratio of 1.33, a EV-to-Ebitda ratio of 18.08 and a price-sales ratio of 2.93.

The price-to-GF Value ratio is 0.93, earning the stock a GF Value rank of 6.

Expedia Group Inc


TOCQUEVILLE ASSET MANAGEMENT L.P. reduced their investment in NAS:EXPE by 113,835 shares. The trade had a 0.29% impact on the equity portfolio. During the quarter, the stock traded for an average price of $187.4.

On 05/19/2022, Expedia Group Inc traded for a price of $120.15 per share and a market cap of $18,875,305,000. The stock has returned -27.51% over the past year.

GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 6 out of 10.

In terms of valuation, Expedia Group Inc has a price-earnings ratio of 103.57, a price-book ratio of 9.40, a EV-to-Ebitda ratio of 13.04 and a price-sales ratio of 1.95.

The price-to-GF Value ratio is 0.95, earning the stock a GF Value rank of 6.

Asahi Group Holdings Ltd


The guru sold out of their 505,500-share investment in OTCPK:ASBRF. Previously, the stock had a 0.28% weight in the equity portfolio. Shares traded for an average price of $39.72 during the quarter.

On 05/19/2022, Asahi Group Holdings Ltd traded for a price of $33.055 per share and a market cap of $16,598,313,000. The stock has returned -22.70% over the past year.

GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.

In terms of valuation, Asahi Group Holdings Ltd has a price-earnings ratio of 13.99, a price-book ratio of 1.21, a price-earnings-to-growth (PEG) ratio of 4.11, a EV-to-Ebitda ratio of 10.42 and a price-sales ratio of 0.96.

The price-to-GF Value ratio is 0.81, earning the stock a GF Value rank of 10.


Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.

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