Please call 1 800 697 3863, ask for a prospectus on the fund, and read it, so as to understand the risks involved in investing and the risks I take in managing the Tocqueville Small Cap Value Fund.
First of all, you have to understand that I am a value investor: I generally buy only stock that have already come down very substantially in price. On occasion, I will add to a winner. You must also understand that I do a lot of missionary research work on stocks that are too small to attract the big institutions, that are not well known by the general public, and that are sometimes very much disliked, or even hated by the institutions.
Second, while I am a real value investor when I buy, I am also a growth investor: I only buy value stocks that have the potential to deliver a good flow of earnings over time, and to become growth stock.
Lastly, I am a long term investor, and I manage the fund to be tax efficient: I aim only to make long-term capital gains distributions taxed at a maximum of 20%. I generally hold on to my winners, and I let them run, even though they may no longer be value stocks, or small cap stocks for that matter. I invest for multiple returns of my initial investment. I try to go for ten baggers over three to five years.
Here are the ten largest positions in the Fund as of last night:
#1 Systems & Computer Technology
#2 Unisys Corp
#3 Periphonics
#4 National Computer Systems
#5 Teltrend
#6 Perrigo
#7 Olsten
#8 Sensormatics
#9 C-Cor Electronics
#10 Owens & Minor |
