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Funds (13F)

Tocqueville Asset Management L.P.

Backtest from 2 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+14.1%
S&P 500 +13.8%
Last 12 months
+15.9%
S&P 500 +12.1%
Sharpe ratio
0.77
S&P 500 0.76
Biggest drop
−32.5%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.4k$55.3k
StrategyS&P 500 $10,000 in Tocqueville Asset Management L.P. from 2 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Tocqueville Asset Management L.P.'s quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Tocqueville Asset Management L.P.'s 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+14.1%+13.8%
Total return+474%+453%
Last 12 months+15.9%+12.1%
Last 3 months+0.0%—
Last month−1.0%—
This year so far+12.8%—
Volatility a year16.2%16.0%
Sharpe ratio0.770.76
Biggest drop−32.5%−31.8%
Beta to the S&P 5000.971.00
Alpha a year (t-statistic)+0.7% (0.51)—
Share of weeks up58%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
HD4.5%——
NVDA3.5%——
AMAT3.3%——
GOOGL3.1%——
MSFT2.5%——
AAPL2.5%——
AMZN2.4%——
MU1.6%——
NEE1.5%——
VRT1.5%——
RKLB1.3%——
ABBV1.3%——
CAT1.3%——
GPC1.2%——
IFF1.2%——
QCOM1.2%——
CCJ1.2%——
JPM1.2%——
MRVL1.2%——
RSG1.1%——
PANW1.1%——
FCX1.1%——
DE1.0%——
NEM1.0%——
JNJ1.0%——
FDX0.9%——
META0.9%——
MRK0.9%——
PH0.8%——
IBM0.8%——
C0.8%——
WPM0.7%——
SBUX0.7%——
CL0.7%——
UBER0.7%——
DIS0.7%——
GEHC0.7%——
GLW0.7%——
GS0.7%——
ABT0.7%——
EMR0.6%——
TMO0.6%——
PG0.6%——
WMT0.6%——
TSN0.6%——
EXE0.6%——
BKNG0.6%——
UTHR0.6%——
BSX0.6%——
CB0.6%——
AVGO0.6%——
FLEX0.6%——
APD0.5%——
TPL0.5%——
NFG0.5%——
UNH0.5%——
INTC0.5%——
RTX0.5%——
CSCO0.5%——
WY0.5%——
MTB0.5%——
VSH0.5%——
CVX0.5%——
FANG0.5%——
CVS0.5%——
AER0.5%——
APO0.5%——
PGR0.5%——
BAX0.5%——
PAYX0.5%——
MA0.5%——
KVUE0.5%——
SPGI0.5%——
SWK0.5%——
LLY0.4%——
ALL0.4%——
D0.4%——
HUM0.4%——
AVAV0.4%——
CMG0.4%——
BAC0.4%——
NUE0.4%——
HONA0.4%——
GPN0.4%——
ROK0.4%——
T0.3%——
NFLX0.3%——
ICE0.3%——
MSI0.3%——
DGX0.3%——
EQH0.3%——
CACI0.3%——
HON0.3%——
BLDR0.3%——
VMC0.3%——
IONS0.3%——
ADP0.3%——
KO0.3%——
WSM0.3%——
WM0.3%——
NVT0.3%——
AXP0.3%——
MUR0.3%——
ARE0.3%——
BDX0.3%——
ALLY0.3%——
SII0.3%——
ST0.3%——
SLB0.3%——
XPO0.3%——
VZ0.2%——
LOW0.2%——
MCD0.2%——
DLTR0.2%——
USB0.2%——
NI0.2%——
UNP0.2%——
LIN0.2%——
UL0.2%——
BKR0.2%——
AFL0.2%——
SHOP0.2%——
SCHW0.2%——
PWR0.2%——
MIAX0.2%——
CARR0.2%——
SYY0.2%——
DHR0.2%——
CR0.2%——
PFE0.2%——
MPC0.2%——
ASML0.2%——
V0.2%——
MLM0.2%——
AJG0.2%——
NTR0.2%——
ORCL0.2%——
NOW0.2%——
TRMB0.2%——
LH0.2%——
ZD0.1%——
LB0.1%——
BAM0.1%——
HOOD0.1%——
B0.1%——
PEP0.1%——
NXT0.1%——
AEP0.1%——
FNV0.1%——
EBAY0.1%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest2 Aug 2013 to 2 Nov 2026+14.1%+13.8%0.770.76−32.5%0.97+0.7% (0.51)
2018 onwards5 Jan 2018 to 2 Nov 2026+14.3%+13.9%0.670.66−32.5%0.98+0.6% (0.43)
Last three years3 Nov 2023 to 2 Nov 2026+20.6%+21.8%1.111.16−17.6%0.940.0% (0.00)
Last year7 Nov 2025 to 2 Nov 2026+17.9%+14.2%1.110.84−8.3%0.88+4.4% (0.79)
DateCompanyAction
14 Aug 2026YELPBought
14 Aug 2026WINGBought
14 Aug 2026VGNTBought
14 Aug 2026TROWBought
14 Aug 2026TDCBought
14 Aug 2026TDBought
14 Aug 2026TBLABought
14 Aug 2026SWKSBought
14 Aug 2026SPCXBought
14 Aug 2026SNXBought
14 Aug 2026SBACBought
14 Aug 2026QBought
14 Aug 2026ONCYBought
14 Aug 2026OHIBought
14 Aug 2026NVGSBought
14 Aug 2026NIBought
14 Aug 2026MRLNBought
14 Aug 2026MKCBought
14 Aug 2026MGABought
14 Aug 2026LUVBought
14 Aug 2026JBHTBought
14 Aug 2026IONQBought
14 Aug 2026HONABought
14 Aug 2026HONBought
14 Aug 2026HLFBought

Dated at the rebalance that made the change.

DateCompanyAction
14 Aug 2026WATSold
14 Aug 2026VTRSold
14 Aug 2026VLTOSold
14 Aug 2026TKOSold
14 Aug 2026TFXSold
14 Aug 2026SNPSSold
14 Aug 2026ROPSold
14 Aug 2026PCVXSold
14 Aug 2026MICCSold
14 Aug 2026IDCCSold
14 Aug 2026IDASold
14 Aug 2026GTMSold
14 Aug 2026FISVSold
14 Aug 2026EVRGSold
14 Aug 2026DMACSold
14 Aug 2026DCISold
14 Aug 2026CPBSold
14 Aug 2026CORSold
15 May 2026WRBSold
15 May 2026UNFSold
15 May 2026TWLOSold
15 May 2026TDGSold
15 May 2026TDCSold
15 May 2026TDSold
15 May 2026SWKSSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest