Fund Evaluator:
Tocqueville (TOCQX)
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Best Performing in Large Blend Over the Last Year
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Fund Details
Tocqueville Overview
Tocqueville (TOCQX) is an actively managed U.S. Equity Large Blend fund. Tocqueville launched the fund in 1987.
The investment seeks long-term capital appreciation. The fund invests primarily in common stocks of U.S. companies. It may also invest up to 25% of its net assets in non-U.S. companies, including in American Depositary Receipts ("ADRs"), in both developed and emerging markets. The fund seeks to invest in companies that have good long-term business fundamentals but are temporarily out of favor with investors, and hence have a market value lower than their intrinsic value.
About Tocqueville (TOCQX)
There are 1 members of the management team with an average tenure of 34.60 years: Robert Kleinschmidt (1992). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Tocqueville has 56 securities in its portfolio. The top 10 holdings constitute 48.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Tocqueville is part of the Equity global asset class and is within the U.S. Equity fund group. Tocqueville has 5.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 92.9%. There is 5.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Tocqueville has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $585 million in total assets, which is below the $6 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TOCQX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Tocqueville expense ratio is high compared to funds in the Large Blend category. Tocqueville has an expense ratio of 1.20%, which is 48% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Tocqueville has a portfolio turnover rate of 16%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.
Recently, in the month of July 2026, Tocqueville returned -8.4%, which earned it a grade of F, as the Large Blend category had an average return of 0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Tocqueville has a trailing yield of 0.10%, which is below the 0.56% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Tocqueville Grades
Year to date, the fund has returned 11.8%, 2.5 percentage points better than the category, which translates into a grade of A. The fund has returned 24.6% over the past year (grade of A), 18.9% over the past three years (grade of B) and 13.0% per year over the past five years (grade of A) and 13.4% per year over the past 10 years (grade of D).
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TOCQX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TOCQX Return (NAV) | -8.4% | -1.5% | 24.6% | 18.9% | 13.0% | 13.4% |
| TOCQX Grade | F | F | A | B | A | D |
| +/- Category | -8.8% | -5.5% | 7.2% | 1.6% | 1.9% | -0.3% |
| Large Blend Avg | 0.4% | 4.1% | 17.5% | 17.3% | 11.1% | 13.7% |
| TOCQX Tax Cost Ratio | na | na | 1.6% | 1.9% | 2.0% | 1.9% |
TOCQX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TOCQX Return (NAV) | 11.8% | 22.9% | 20.7% | 16.8% | -13.8% | 25.7% | 12.6% | 29.3% | -7.3% | 20.3% | 8.6% |
| TOCQX Grade | A | A | D | F | A | D | F | D | D | D | D |
| +/- Category | 2.5% | 7.1% | -1.4% | -6.9% | 3.5% | -0.8% | -5.0% | -0.6% | -1.4% | -1.0% | -1.6% |
| Large Blend Avg | 9.3% | 15.8% | 22.1% | 23.7% | -17.3% | 26.5% | 17.5% | 29.8% | -5.9% | 21.3% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 15.9% |
| Total Risk Index: | 1.29 - Above Average |
| Category Risk Index: | 1.20 - High |
| Category Risk Grade: | F (98% Rank) |
| Beta: | 1.06 |
| R-Squared: | 75% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.1% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $585 Mil |
| Fund Total Assets: | $ 586 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 16% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 34.6 years | |||
| Average Tenure: 34.6 years | |||
| Managers (Year): Kleinschmidt Robert (1992) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 56 |
| % in Top 10 Holdings: | 48.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.7% |
Portfolio Allocation |
|
| Domestic Stock: | 92.9% |
| Foreign Stock: | 5.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 1.1% |
| Cash: | 0.3% |
Purchase Information
| Fund Family: | Tocqueville |
| Phone Number: | 800-697-3863 |
| Website: | www.tocquevillefunds.com |
| Status: | Open |
| Inception Date: | January 13, 1987 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.20% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.81% |
| Share Class: | Tocqueville |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
