Tocqueville Asset Management cut its stock holdings in Xerium Technologies Inc. to 5.37 percent, according to a filing from the Securities Exchange Commission.

New York-based Tocqueville Asset Management L.P was founded in 1985 as an independently owned partnership focused exclusively on long-term growth and preservation of clients’ capital.

The company also caters to banking for thrift institutions, investment companies, pension and sharing plans, other pooled investment vehicles, charitable organizations, and smaller joint and family accounts.

Robert W. Kleinschmidt, president and CEO of Tocqueville Asset Management LP, joined the company in 1991 and is the portfolio manager of the Tocqueville Fund and the lead manager of the multi cap equity strategy.

Tocqueville is one of Xerium’s top holders with 879,000 shares, worth $3.8 million, as of Dec. 31.

Tocqueville previously owned 7 percent of Xerium Technologies at the end of the third quarter.

Xerium Technologies is a global manufacturer and supplier of specially engineered products used in the pulp, paper, paperboard and tissue industry.

Xerium has 28 manufacturing facilities in 13 countries and have approximately 2,950 employees worldwide.