Fund Currently Managed

Tocqueville Small Cap Value Fund (TSCVX), since August 1994.

Investment Style Overview

Looks for small companies whose shares have been beaten down by the market but can rebound over the next three to five years. Favors shares priced low compared to company’s sales. Seeks financially sound firms but is willing to own unprofitable ones that he thinks will turn themselves around. Maintains concentrated (30-40 stock) portfolio, and aims to hold stocks for the long term.

Key Stock Selection Criteria

*Price-to-sales multiple near historical lows over last five or ten years.

*Sound balance sheet.

*Not widely followed by analysts, but heavily owned by company executives.

Key Sell Criteria

*Insiders sell heavily.

*Stock valuation becomes pricey.

Biographical Notes

Jean-Pierre Conreur is a portfolio manager with Tocqueville Asset Management, his employer since 1985. He was previously a research analyst with Smith Barney before joining Tucker Anthony Inc. He is a graduate of Lycee Chanzy in France.