The Tocqueville Phoenix Fund 

To fulfill its investment mandate, the fund primarily directs its capital towards the shares of value-oriented companies with small and mid-market capitalizations. The portfolio managers specifically target firms they consider to be undervalued, which exhibit robust free cash flow generation, operate under management teams aligned with shareholder interests, and possess identifiable drivers for future financial improvement. Furthermore, the fund has the discretion to include large-capitalization companies in its portfolio.