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Tocqueville Asset Management LP (TAM) is a New York, NY-based investment advisory firm founded by François D. Sicart in 1985. The firm manages over $11 billion in the Tocqueville series of funds in addition to other funds and caters to individuals, institutional clients, investment companies.

Investment Strategy: Tocqueville Asset Management LP employs a contrarian value approach to investing, seeking undervalued companies with good businesses and long-term fundamentals. The investment process is primarily driven by a bottom-up approach, focused on identifying value in a company’s balance sheet, ability to generate cash, durability of franchise, and viability of its long-term strategy. The firm places emphasis on a company’s longer-term earnings power and catalyst for positive change, such as a change in management or management approach.

Investments are monitored for changes in a company’s structure, market price, economic or financial conditions, management and customer or shareholder constituencies, as well as corporate strategy. Tocqueville manages multi-cap and small-cap focused portfolios for its domestic investments. The firm also invests in international stocks using a similar approach.

Sell Criteria:

  1. Earnings potential has been maximized;
  2. Potential for favorable surprises has been eliminated;
  3. Position becomes too large in the portfolio.

The following is a list of its top 15 buys by market value in the last quarter, as released in their most recent 13F filing with the SEC.

Stock

Symbol

Shares held

Plexus Corp.

PLXS

1347807

Celanese Corp.

CE

898200

Detour Gold Corporation

OTC:DRGDF

1232000

Merck & Co. Inc.

MRK

1031393

Parexel International Corp.

PRXL

999336

Harris Corp.

HRS

765800

Cameco Corp.

CCJ

1090665

Electro Scientific Industries Inc.

ESIO

1846775

New Gold, Inc.

NGD

1894500

Barrick Gold Corporation

ABX

1398900

Freeport-Mcmoran Copper & Gold Inc.

FCX

746297

Anglogold Ashanti Ltd.

AU

872000

Teleflex Incorporated

TFX

320145

Royal Gold, Inc.

RGLD

1271965

Vulcan Materials Company

VMC

348450

Here are some of the specifics about these companies, including a brief description of their business, growth rates (top-line and bottom-line) and Valuation:

Plexus Corp.

TAM purchased 1347807 shares of Plexus Corp. This position is 0.5% of its portfolio. The share price of Plexus Corp. has increased from $30.94 on December 31, 2010 to $35.06 on March 31, 2011.

Plexus Corp., along with its subsidiaries, provide optimized product realization solutions through a product realization value stream service model. It provides these services to original equipment manufacturers and other technology companies in the wireline/networking, wireless infrastructure, medical, industrial/commercial and defense/security/aerospace market sectors. Its EPS forecast for the current year is 2.38 and next year is 2.95. According to the consensus estimates, its top line is expected to grow 14.10% current year and 13.10% next year. It is trading at a forward P/E of 12.36. Out of 9 analysts covering the company, 4 are positive and have buy recommendations and 5 have hold ratings.

Celanese Corporation

TAM purchased 898200 shares of Celanese Corporation This position is 0.42% of its portfolio. The share price of Celanese Corporation has increased from $41.17 on December 31, 2010 to $44.37 on March 31, 2011.

Celanese Corporation is a technology and specialty materials company. The Company is a producer of acetyl products, which are intermediate chemicals, for industries, as well as a global producer of engineered polymers that are used in a variety of applications. The Company operates through four business segments: Advanced Engineered Materials, Consumer Specialties, Industrial Specialties and Acetyl Intermediates. Its EPS forecast for the current year is 4.11 and next year is 4.71. According to the consensus estimates, its top line is expected to grow 8.00% current year and 5.60% next year. It is trading at a forward P/E of 10.59. Out of 12 analysts covering the company, 10 are positive and have buy recommendations, 1 has a sell recommendation and 1 has a hold rating.

Detour Gold Corporation

TAM purchased 916500 shares of Detour Gold Corporation last quarter and now holds a total of 1232000 shares. This position is 0.41% of its portfolio. The share price of Detour Gold Corporation has increased from $29.75 on December 31, 2010 to $31.5 on March 31, 2011.

Detour Gold Corporation is engaged in the acquisition, exploration and development of mineral properties in Canada. The Company’s primary asset is the Detour Lake project, which is the subject of a feasibility study. There is no meaningful production/sales by the company as yet. Out of 15 analysts covering the company, 13 have buy recommendations and 2 have hold ratings.

Merck & Co., Inc.

TAM purchased 799140 shares of Merck & Co., Inc. last quarter and now holds a total of 1031393 shares. This position is 0.36% of its portfolio. The share price of Merck & Co., Inc. has decreased from $36.04 on December 31, 2010 to $33.01 on March 31, 2011.

Merck & Co., Inc. is a global healthcare company. Merck delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets through its joint ventures. Merck operates in four segments: the Pharmaceutical, Animal Health, Consumer Care and Alliances segments. Its EPS forecast for the current year is 3.69 and next year is 3.79. According to the consensus estimates, its top line is expected to grow 2.30% current year and decline 1.40% next year. It is trading at a forward P/E of 9.48. Out of 24 analysts covering the company, 17 are positive and have buy recommendations and 7 have hold ratings.

PAREXEL International Corporation

TAM purchased 999336 shares of PAREXEL International Corporation. This position is 0.26% of its portfolio. The share price of PAREXEL International Corporation has increased from $21.23 on December 31, 2010 to $24.9 on March 31, 2011.

PAREXEL International Corporation is a biopharmaceutical services company, providing a range of expertise in clinical research, medical communications, consulting, and advanced technology products and services to the worldwide pharmaceutical, biotechnology, and medical device industries. Its EPS forecast for the current year is 1.21 and next year is 1.41. According to the consensus estimates, its top line is expected to grow 8.60% current year and 9.50% next year. It is trading at a forward P/E of 19.68. Out of 12 analysts covering the company, 8 are positive and have buy recommendations, 2 have sell recommendations and 2 have hold ratings.

Harris Corporation

TAM purchased 491900 shares of Harris Corporation last quarter and now holds a total of 765800 shares. This position is 0.4% of its portfolio. The share price of Harris Corporation has increased from $45.3 on December 31, 2010 to $49.6 on March 31, 2011.

Harris Corporation, together with its subsidiaries, is an international communications and information technology company serving government and commercial markets in more than 150 countries. The Company operates in three segments: RF Communications segment, Government Communications Systems segment and Broadcast Communications segment. Its EPS forecast for the current year is 4.89 and next year is 5.08. According to the consensus estimates, its top line is expected to grow 15.00% during the current year and 8.40% next year. It is trading at a forward P/E of 10.45. Out of 13 analysts covering the company, 11 are positive and have buy recommendations and 2 have hold ratings.

Cameco Corporation

TAM purchased 761315 shares of Cameco Corporation last quarter and now holds a total of 1090665 shares. This position is 0.35% of its portfolio. The share price of Cameco Corporation has decreased from $40.38 on December 31, 2010 to $30.04 on March 31, 2011.

Cameco Corporation is a uranium producer and a provider of processing services required to produce fuel for nuclear power plants. Cameco, along with its subsidiaries, is primarily engaged in the exploration for and the development, mining, refining, conversion and fabrication of uranium for sale as fuel for generating electricity in nuclear power reactors in Canada and other countries. It operates in three segments: uranium, fuel services and electricity. Its EPS forecast for the current year is 1.44 and next year is 1.76. According to the consensus estimates, its top line is expected to grow 11.60% current year and 6.30% next year. It is trading at a forward P/E of 16.75. Out of 6 analysts covering the company, 2 are positive and have buy recommendations and 4 have hold ratings.

Electro Scientific Industries, Inc.

TAM purchased 1305294 shares of Electro Scientific Industries, Inc. last quarter and now holds a total of 1846775 shares. This position is 0.34% of the fund's portfolio. The share price of Electro Scientific Industries, Inc. has increased from $16.03 on December 31, 2010 to $17.36 on March 31, 2011.

Electro Scientific Industries, Inc. and its subsidiaries provide high-technology manufacturing equipment to the global semiconductor and micro-electronics markets, including advanced laser systems that are used to micro-engineer electronic device features in high-volume production environments. Its EPS forecast for the current year is 0.56 and next year is 1.00. According to the consensus estimates, its top line is expected to grow 71.40% current year and 17.60% next year. It is trading at a forward P/E of 16.45. Out of 4 analysts covering the company, 3 are positive and have buy recommendations and 1 has a hold rating.

New Gold Inc.

TAM purchased 1894500 shares of New Gold Inc. This position is 0.24% of its portfolio. The share price of New Gold Inc. has increased from 9.76 on March 31, 2010 to $11.71 on March 31, 2011.

New Gold Inc. is an intermediate gold producer with a portfolio of global assets in the United States, Mexico, Australia, Canada, Chile and Brazil. The Company’s operating assets consist of the Mesquite gold mine (Mesquite Mine) in the United States, the Cerro San Pedro gold-silver mine (Cerro San Pedro Mine) in Mexico, and the Peak gold-copper mine (Peak Mine) in Australia. Its EPS forecast for the current year is 0.47 and next year is 0.57. According to the consensus estimates, its top line is expected to grow 20.80% current year and 12.70% next year. It is trading at a forward P/E of 19.71. Out of 7 analysts covering the company, 4 are positive and have buy recommendations and 3 have hold ratings.

Barrick Gold Corporation

TAM purchased 425100 shares of Barrick Gold Corporation last quarter and now holds a total of 1398900 shares. This position is 0.77% of its portfolio. The share price of Barrick Gold Corporation has increased from $51.91 on December 31, 2010 to $55.55 on March 31, 2011.

Barrick Gold Corporation is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. It also produces copper, and hold interests in oil and gas properties located in Canada through its oil and gas subsidiary, Barrick Energy. Its EPS forecast for the current year is 4.20 and next year is 4.36. According to the consensus estimates, its top line is expected to grow 15.30% current year and 2.70% next year. It is trading at a forward P/E of 11.69. Out of 24 analysts covering the company, 21 are positive and have buy recommendations and 3 have hold ratings.

Freeport-McMoRan Copper & Gold Inc.

TAM purchased 386452 shares of Freeport-McMoRan Copper & Gold Inc. last quarter and now holds a total of 746297 shares. This position is 00.44% of its portfolio. The share price of Freeport-McMoRan Copper & Gold Inc. has decreased from $120.09 on December 31, 2010 to $55.55 on March 31, 2011.

Freeport-McMoRan Copper & Gold Inc., through its wholly owned subsidiary, Phelps Dodge Corporation (Phelps Dodge) is a copper, gold and molybdenum mining company. Its portfolio of assets includes the Grasberg minerals district in Indonesia, which contains the single recoverable copper reserve and the single gold reserve; mining operations in North and South America, and the Tenke Fungurume minerals district in the Democratic Republic of Congo (DRC). Its EPS forecast for the current year is 6.07 and next year is 6.25. According to the consensus estimates, its top line is expected to grow 25.40% current year and 1.60% next year. It is trading at a forward P/E of 8.98. Out of 18 analysts covering the company, 13 are positive and have buy recommendations, 2 have sell recommendations and 3 have hold ratings.

AngloGold Ashanti Limited

TAM purchased 387820 shares of AngloGold Ashanti Limited last quarter and now holds a total of 872000 shares. This position is 00.44% of its portfolio. The share price of AngloGold Ashanti Limited has decreased from $49.23 on December 31, 2010 to $47.95 on March 31, 2011.

AngloGold Ashanti Limited is a global producer of gold. AngloGold Ashanti has 21 operations and a number of exploration programs in gold-producing regions of the world. Its EPS forecast for the current year is 4.07 and next year is 4.23. According to the consensus estimates, its top line is expected to grow 22.40% current year and 2.40% next year. It is trading at a forward P/E of 12.05. Out of 4 analysts covering the company, 2 are positive and have buy recommendations and 2 have hold ratings.

Teleflex Incorporated

TAM purchased 315145 shares of Teleflex Incorporated last quarter and now holds a total of 320145 shares. This position is 0.2% of their portfolio. Share price of Teleflex Incorporated has increased from $53.81 on December 31, 2010 to $57.98 on March 31, 2011.

Teleflex Incorporated is a global provider of medical technology products that enable healthcare providers to improve patient outcomes, reduce infections and enhance patient and provider safety. It primarily develops, manufactures and supplies single-use medical devices used by hospitals and healthcare providers for common diagnostic and therapeutic procedures in critical care and surgical applications. Its EPS forecast for the current year is 4.35 and next year is 4.77. According to the consensus estimates, its top line is expected to decline 11.00% current year and grow 3.10% next year. It is trading at a forward P/E of 13.20. Out of 5 analysts covering the company, 1 has a buy recommendation and 4 have hold ratings.

Royal Gold, Inc.

TAM purchased 337300 shares of Royal Gold, Inc. last quarter and now holds a total of 1271965 shares. This position is 0.71% of their portfolio. Share price of Royal Gold, Inc. has decreased from $54.63 on December 31, 2010 to $52.4 on March 31, 2011.

Royal Gold, Inc. together with its subsidiaries is engaged in the business of acquiring and managing precious metals royalties and similar interests derived from production. The Company focuses to acquire existing royalties or to finance projects that are in production or in development stage in exchange for royalty interests. Its EPS forecast for the current year is 1.30 and next year is 1.82. According to the consensus estimates, its top line is expected to grow 61.80% current year and 20.50% next year. It is trading at a forward P/E of 33.50. Out of 7 analysts covering the company, 4 are positive and have buy recommendations and 3 have hold ratings.

Vulcan Materials Company

TAM purchased 348450 shares of Vulcan Materials Company. This position is 0.17% of their portfolio. Share price of Vulcan Materials Company has increased from 44.36 on Dec 31, 2010 to $45.6 on March 31, 2011.

Vulcan Materials Company is a producer of construction aggregates, primarily crushed stone, sand, and gravel. Vulcan has 319 aggregates facilities. The Company operates four segments: aggregates, concrete, asphalt mix and cement. Its EPS forecast for the current year is -0.48 and next year is 0.09. According to the consensus estimates, its top line is expected to grow 2.60% current year and 9.50% next year. It is trading at a forward P/E of 502.2. Out of 19 analysts covering the company, 3 are positive and have buy recommendations, 2 have sell recommendations and 14 have hold ratings.



Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: Tocqueville Asset Management Top 15 Buys