Tocqueville Asset Management L.P Revenue and Competitors

We maintain an inventory of well-researched investment ideas at all times. However, an investment idea becomes a portfolio position after a process that typically includes: Thorough research of publicly available information Canvassing of analysts, experts, and professional "friends" of ours who are familiar with the company or at least its industry's dynamics Conversations with the company's customers and competitors Manufacturing facility and headquarters site visits, as well as frequent phone discussions with management Ongoing discussions by our investment committee at our weekly, internal investment meetings Portfolio positions are monitored on a regular basis to ensure the original investment thesis remains intact. To accomplish this, each stock in any Tocqueville portfolio has a sponsoring manager who is responsible for monitoring events that might affect a particular investment thesis, with particular attention to changes in: The company's structure (acquisitions, divestitures, financial restructurings, etc.) Market price, economic or financial conditions Management, customer or shareholder constituencies, or Corporate strategy So much for our approach to buying and monitoring investments, but what about selling them? Any value investor will tell you that the sell decision is the most difficult part of the investment process. At Tocqueville, unlike many of our peers, we believe that a price increase in a stock is not reason enough to sell. One criterion for buying into a position - in addition to low downside risk - is the possibility of doubling a client's money over a three- to five-year period. As long as such potential remains, even if the stock has already appreciated significantly, we will continue to hold the position. Our relatively low portfolio turnover (far from being a sign of inactivity) indicates the significant research we do on companies and the high comfort level that develops when we know a company well. Ultimately, we either sell when we feel a company's earnings potential has run its course, or when it has been embraced by the investment community to such an extent that the potential for favorable surprises has been eliminated. We will also sell stocks for other reasons such as if a position becomes too large. No matter how attractive a company's prospects, we are uncomfortable holding disproportionately large positions relative to a portfolio's overall holdings. Finally, integral to our investment philosophy is our commitment to investing our personal assets along with those of our clients. We expect our senior partners - indeed, all of our employees - to invest alongside our clients. We feel strongly that exposing our own capital to the same investment decisions we make on behalf of our clients helps focus the mind, making us less susceptible to outside distractions and more sensitive to risk.