Permanent Portfolio
PERMANENT PORTFOLIO FAMILY OF FUNDS · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Permanent Portfolio is a moderate allocation fund.
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Moderate
- Features
- Non-diversified
Fund profile
As filed in the prospectus · 2026 Q2
Permanent Portfolio seeks to preserve and increase the purchasing power value of its shares over the long term.
The fund maintains fixed target allocations across six investment categories—gold, silver, Swiss franc assets, real estate and natural resource stocks, aggressive growth stocks, and dollar assets—rebalancing when any category drifts more than one-quarter of its target percentage. The fund is non-diversified and may concentrate assets in fewer issuers and types of investments than a diversified fund. Because the fund's holdings do not track an index but instead pursue a static allocation strategy across inherently different asset classes, performance will diverge from any single market benchmark. The strategy reflects a view that economic conditions cannot be reliably forecast and that holding contrary investments across multiple asset classes may reduce aggregate risk over the long term.
| Share class | Expense ratio |
|---|---|
| PRPFX | 0.79% |
| PRPHX | 1.79% |
| PRPDX | 1.04% |
Portfolio turnover 16.21% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 48.99% |
| Bonds | 39.00% |
| Cash & short-term | 11.18% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Government | 18.5% |
| International | 18.0% |
| Cash | 11.3% |
| Energy | 10.9% |
| 11 smaller | 41.3% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: United States Treasury ×3, FIFTH THIRD BANCORP, PIONEER NATURAL RESOURCE, AMERICAN FINANCIAL GROUP, OKLAHOMA G&E CO, LENNAR CORP
Largest exited: United States Treasury ×3, OVINTIV INC, UBS GROUP AG, PULTEGROUP INC, BOSTON PROPERTIES LP, AVNET INC
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +27.01% | +78.61% | +77.74% | 9.70% | -5.53% | |
| +25.73% | +73.31% | +69.04% | 9.68% | -5.60% | |
| +26.68% | +77.31% | +75.51% | 9.70% | -5.55% |
These classes hold the same portfolio, so the 8.70pp spread over 5 years is the cost difference between them — roughly 1.74pp a year — not a difference in what they own.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 87.0% |
| Zero-coupon or unclassified | 13.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 16.8% |
| 1-3y | 37.8% |
| 3-5y | 26.9% |
| 5-10y | 12.8% |
| 10y+ | 5.7% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 70% |
| Credit spreads | 30% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +0.51 yr |
| High yield | +0.01 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 1% |
| 1 yr | 0.33 yr | 27% |
| 5 yr | 0.54 yr | 45% |
| 10 yr | 0.27 yr | 23% |
| 30 yr | 0.04 yr | 3% |
| 3 mo | 0.01 yr | 2% |
| 1 yr | 0.20 yr | 40% |
| 5 yr | 0.27 yr | 53% |
| 10 yr | 0.03 yr | 5% |
| 30 yr | 0.00 yr | 0% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.01 | +0.00 | $7.5k | $18 |
| 1 yr | +0.33 | +0.20 | +0.00 | $152.4k | $3.0k |
| 5 yr | +0.54 | +0.27 | +0.00 | $203.9k | $950 |
| 10 yr | +0.27 | +0.03 | +0.00 | $20.6k | $0 |
| 30 yr | +0.04 | +0.00 | +0.00 | $1.2k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 1.20 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | GOLD BULLION | 14.13% | $4,614.70 | $1.07B | 232.3K |
| — | SILVER BULLION | 5.58% | — | $423.51M | — |
| TPL | Texas Pacific Land CorpTPL | 3.33% | $443.67 | $252.89M | 570.0K |
| — | GOLD/US GOLDEN EAGLES | 3.12% | — | $236.35M | — |
| — | GOLD CANADIAN MAPLE LEAF | 2.49% | — | $188.83M | — |
| PLTR | Palantir Technologies IncPLTR | 2.20% | $139.11 | $166.93M | 1.2M |
| — | SWITZERLAND0.00% · due 2029-06-22 | 2.18% | — | $165.54M | — |
| NVDA | NVIDIA CorpNVDA | 1.97% | $199.57 | $149.68M | 750.0K |
| FCX | Freeport-McMoRan IncFCX | 1.83% | $57.78 | $138.67M | 2.4M |
| — | SWITZERLAND0.50% · due 2030-05-27 | 1.71% | — | $129.56M | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
Top 10 positions are 38.53% of net assets, top 25 54.20%, across 164 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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