Vale S.A. - Depositary Receipt (Common Stock)
US ˙ NYSE ˙ US91912E1055

SecurityVALE / Vale S.A. - Depositary Receipt (Common Stock)
InstitutionTocqueville Asset Management L.p.
Latest Disclosed Ownership81,565 shares
Latest Disclosed Value $ 1,297,699
Tocqueville Asset Management L.p. reports 1.18% increase in ownership of VALE / Vale S.A. - Depositary Receipt (Common Stock)

On May 12, 2026 - Tocqueville Asset Management L.p. filed a 13F-HR form disclosing ownership of 81,565 shares of Vale S.A. - Depositary Receipt (Common Stock) (US:VALE) valued at $1,297,699 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 12, 2026 disclosing 80,614 shares of Vale S.A. - Depositary Receipt (Common Stock). This represents a change in shares of 1.18% during the quarter. The current value of the position is $1,242,235 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-12 2026-03-31 13F VALE S A SPONSORED ADS 91912E105 81,565 951 1.18 1,298 23.52 0.0192
2026-02-12 2025-12-31 13F VALE S A SPONSORED ADS 91912E105 80,614 80,614 1,050 0.0153
2023-08-11 2023-06-30 13F VALE S A SPONSORED ADS 91912E105 0 -227,595 -100.00 0 -100.00
2023-05-10 2023-03-31 13F VALE S A SPONSORED ADS 91912E105 227,595 25,156 12.43 3,591 4.54 0.0678
2023-02-09 2022-12-31 13F VALE S A SPONSORED ADS 91912E105 202,439 202,439 3,435 0.0652
2020-08-12 2020-06-30 13F VALE S A COM 91912E105 0 -184,690 -100.00 0 -100.00
2020-05-15 2020-03-31 13F VALE S A COM 91912E105 184,690 -2,575 -1.38 1,531 -38.07 0.0380
2020-01-14 2019-12-31 13F Vale S A Adr COM 91912E105 187,265 4,100 2.24 2,472 17.38 0.0364
2019-10-31 2019-09-30 13F Vale S A Adr COM 91912E105 183,165 -5,160 -2.74 2,106 -16.79 0.0286
2019-07-31 2019-06-30 13F Vale S A Adr COM 91912E105 188,325 -4,850 -2.51 2,531 0.32 0.0328
2019-04-30 2019-03-31 13F Vale S A Adr COM 91912E105 193,175 -65,870 -25.43 2,523 -26.16 0.0337
2019-02-08 2018-12-31 13F Vale S A Adr COM 91912E105 259,045 -25,700 -9.03 3,417 -19.14 0.0512
2018-11-13 2018-09-30 13F Vale S A Adr COM 91912E105 284,745 13,000 4.78 4,226 21.30 0.0532
2018-08-13 2018-06-30 13F Vale S A Adr COM 91912E105 271,745 2,120 0.79 3,484 1.57 0.0442
2018-05-14 2018-03-31 13F Vale S A Adr COM 91912E105 269,625 -5,100 -1.86 3,430 2.08 0.0437
2018-02-13 2017-12-31 13F Vale S A Adr COM 91912E105 274,725 87,000 46.34 3,360 77.78 0.0381
2017-10-30 2017-09-30 13F Vale S A Adr COM 91912E105 187,725 187,725 1,890 0.0217
2014-10-30 2014-09-30 13F Vale S.A. - ADR COM 91912E105 0 -12,900 -100.00 0 -100.00
2014-09-18 2014-06-30 13F/A-1 Vale S.A. - ADR COM 91912E105 12,900 12,900 171 0.0017
2014-07-30 2014-06-30 13F Vale S.A. - ADR COM 91912E105 12,900 171
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.