Fund Evaluator:
Permanent Portfolio Permanent I (PRPFX)
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Best Performing in Moderate Allocation Over the Last Year
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Fund Details
Permanent Portfolio Permanent I Overview
Permanent Portfolio Permanent I (PRPFX) is an actively managed Allocation Moderate Allocation fund. Permanent Portfolio Family of Funds launched the fund in 1982.
The investment seeks to preserve and increase the purchasing power value of its shares over the long term. The fund allocates its assets as follows: 20% of its assets in gold, 5% of its assets in silver, 10% of its assets in swiss franc assets, 15% of its assets in real estate and natural resource stocks, 15% of its assets in aggressive growth stocks, and 35% of its assets in dollar assets. It is non-diversified.
About Permanent Portfolio Permanent I (PRPFX)
There are 1 members of the management team with an average tenure of 23.18 years: Michael Cuggino (2003). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) index with a weighting of 100% and FTSE Treasury Bill 3 Mon USD index with a weighting of 100%. Permanent Portfolio Permanent I has 199 securities in its portfolio. The top 10 holdings constitute 39.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Permanent Portfolio Permanent I is part of the Allocation global asset class and is within the Allocation fund group. Permanent Portfolio Permanent I has 12.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 31.9%. There is 3.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 36.5% (27.3% domestic bond, 9.2% foreign bond and 0.0% convertible bond). Permanent Portfolio Permanent I has 3.3% of the portfolio in cash.
Assets Under Management
The fund has $7 billion in total assets, which is above the $2 billion average for the Moderate Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PRPFX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Permanent Portfolio Permanent I expense ratio is above average compared to funds in the Moderate Allocation category. Permanent Portfolio Permanent I has an expense ratio of 0.79%, which is 20% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Permanent Portfolio Permanent I has a portfolio turnover rate of 16%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 52% for the Moderate Allocation category.
Recently, in the month of June 2026, Permanent Portfolio Permanent I returned -5.0%, which earned it a grade of F, as the Moderate Allocation category had an average return of 0.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Permanent Portfolio Permanent I has a trailing yield of 1.12%, which is below the 1.97% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Permanent Portfolio Permanent I Grades
Year to date, the fund has returned 1.8%, 4.9 percentage points worse than the category, which translates into a grade of F. The fund has returned 16.1% over the past year (grade of B), 19.1% over the past three years (grade of A) and 10.9% per year over the past five years (grade of A) and 10.1% per year over the past 10 years (grade of A).
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PRPFX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PRPFX Return (NAV) | -5.0% | -2.8% | 16.1% | 19.1% | 10.9% | 10.1% |
| PRPFX Grade | F | F | B | A | A | A |
| +/- Category | -5.1% | -11.1% | 1.9% | 6.2% | 4.0% | 1.4% |
| Moderate Allocation Avg | 0.1% | 8.3% | 14.2% | 12.9% | 6.9% | 8.7% |
| PRPFX Tax Cost Ratio | na | na | 1.0% | 0.8% | 0.7% | 0.9% |
PRPFX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PRPFX Return (NAV) | 1.8% | 28.8% | 19.4% | 12.0% | -5.5% | 10.9% | 18.9% | 16.9% | -6.2% | 11.4% | 10.3% |
| PRPFX Grade | F | A | A | D | A | F | A | F | D | D | A |
| +/- Category | -4.9% | 15.4% | 7.2% | -2.4% | 8.5% | -3.5% | 6.0% | -2.9% | -1.2% | -2.3% | 2.7% |
| Moderate Allocation Avg | 6.7% | 13.3% | 12.2% | 14.4% | -14.0% | 14.4% | 12.8% | 19.8% | -5.1% | 13.7% | 7.7% |
| Risk Measures | |
| Standard Deviation: | 9.2% |
| Total Risk Index: | 0.75 - Below Average |
| Category Risk Index: | 1.00 - Average |
| Category Risk Grade: | C (48% Rank) |
| Beta: | 0.69 |
| R-Squared: | 49% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 1.1% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $7682 Mil |
| Fund Total Assets: | $7,449 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 16% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 23.2 years | |||
| Average Tenure: 23.2 years | |||
| Managers (Year): Cuggino Michael (2003) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 199 |
| % in Top 10 Holdings: | 39.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 12.6% |
Portfolio Allocation |
|
| Domestic Stock: | 31.9% |
| Foreign Stock: | 3.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 27.3% |
| Foreign Bond: | 9.2% |
| Convertible Bond: | 0.0% |
| Other: | 25.0% |
| Cash: | 3.3% |
Purchase Information
| Fund Family: | Permanent Portfolio Family of Funds |
| Phone Number: | 800-341-8900 |
| Website: | www.permanentportfoliofunds.com |
| Status: | Open |
| Inception Date: | December 1, 1982 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.79% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Permanent Portfolio Permanent I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
