Permanent Portfolio
Moderate allocation fund
As of its 2026 Q2 report, Permanent Portfolio held 196 positions with $7.59B in net assets. Its ten largest holdings made up 38.5% of the fund. The PRPFX share class costs 0.79% a year. Over the 12 months to May 2026, PRPFX returned 25.4%, with dividends reinvested. In 2026 Q3 it added 7 new positions and exited 17.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
GOLD BULLION | 14.13% | $1.07B | 232.3K | $4,614.70 |
SILVER BULLION | 5.58% | $423.51M | — | — |
3.33% | $252.89M | 570.0K | $443.67 | |
GOLD/US GOLDEN EAGLES | 3.12% | $236.35M | — | — |
GOLD CANADIAN MAPLE LEAF | 2.49% | $188.83M | — | — |
2.20% | $166.93M | 1.2M | $139.11 | |
SWITZERLAND 0.00% · due 2029-06-22 | 2.18% | $165.54M | — | — |
NVDANVIDIA Corp | 1.97% | $149.68M | 750.0K | $199.57 |
1.83% | $138.67M | 2.4M | $57.78 | |
SWITZERLAND 0.50% · 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.
All 196 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 48.99% |
| Bonds | 39.00% |
| Cash & short-term | 11.18% |
By sector
- Government
- 18.3%
- International
- 16.6%
- Energy
- 11.4%
- Cash
- 9.9%
- 11 other sectors
- 43.8%
- Government
- 18.3%
- International
- 16.6%
- Energy
- 11.4%
- Cash
- 9.9%
- Real Estate
- 9.5%
- Information Technology
- 7.6%
- Industrials
- 5.5%
- Materials
- 4.9%
- Financials
- 4.6%
- Other
- 3.5%
- Consumer Staples
- 2.4%
- Utilities
- 1.9%
- Communication Services
- 1.6%
- Health Care
- 1.3%
- Consumer Discretionary
- 0.8%
How it has done
PRPFX share class · total returns with dividends reinvested
Volatility over the last 12 months: 9.78%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.79% | +25.36% | +82.21% | +73.97% | -5.53% | |
| 1.79% | +24.10% | +76.82% | +65.47% | -5.60% | |
| 1.04% | +25.07% | +80.90% | +71.88% | -5.55% |
These classes hold the same portfolio, so the 8.50pp spread over 5 years is the cost difference between them — roughly 1.70pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 0.79% – 1.79%· PRPFX 0.79%
- Portfolio turnover
- 16.21% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
7 new· the largest 5
17 exited· the largest 4
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.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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