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Permanent Portfolio
Short-Term Treasury Portfolio
Versatile Bond Portfolio
Aggressive Growth Portfolio

News & Insights

Media Appearances

TD Ameritrade

November 2020

Michael shares his insights on the markets, gold and diversification.


August 2020

Michael discusses long-term prospects on gold with Philip van Doorn.

TD Ameritrade

April 2020

Michael discusses market volatility and portfolio diversification.

Fox Business

February 2020

Michael talks gold with Liz Claman of Fox Business.


December 2019

Michael talks about the dollar, U.S. stocks and bonds, and metals.

TD Ameritrade

September 2019

U.S./China trade deal outlook, market's reaction to the Fed rate cut, Fed’s intervention in the repo markets, and the importance of asset allocation — Michael shares his insights.


August 2019

Michael says the yield curve "bears watching” and explains what he believes is the biggest risk to the U.S. economy.

Fox Business

August 2019

Michael discusses how holding gold and silver short- and long-term can impact your portfolio and why he believes investors should have exposure to these metals.


March 2019

Michael explains why he thinks a diversified portfolio is needed and where he sees the markets heading in the next five-to-ten years.

Financial Advisor

March 2019

“History’s Most Anticipated Recession May Be Years Away”- Michael shares his thoughts on the markets and economy.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Investment performance, current to the most recent month-end, may be lower or higher than the performance quoted. It can be obtained by calling (800) 531-5142. For standardized performance, click here.

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The Prospectus contains this and other important information about the investment companies. A hard copy may be obtained by calling (800) 531-5142. Read the Prospectus carefully before investing.

While the Class I shares of the Fund are no load, management and other fees still apply. Class A shares reflect the maximum sales charge of 5.00% (4.00% for Versatile Bond Portfolio) and the Class C shares reflect the maximum deferred sales charge of 1.00%. Performance data shown as no load does not reflect the current maximum sales charges. Had the sales charges been included, the Portfolio’s returns would be lower. Please refer to the Prospectus for further details.

Opinions expressed and views on the securities mentioned are those of Michael J. Cuggino as of the dates provided. They are subject to change at any time, are not guaranteed, and should not be considered investment advice.  Stocks are generally perceived to have more financial risk than bonds in that bond holders have a claim on firm operations or assets that is senior to that of equity holders. In addition, stock prices are generally more volatile than bond prices. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Depending on the entity issuing the bond, it may or may or may not afford additional protections to the investor, such as a guarantee of return of principal by a government or bond insurance company. There is typically no guarantee of any kind associated with the purchase of an individual stock. Bonds are often owned by individuals interested in current income while stocks are generally owned by individuals seeking price appreciation with income a secondary concern.

Any tax or legal information provided isn’t an exhaustive interpretation of some of the current income tax regulations. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice.

Fund holdings, standardized performance figures, and since inception returns against each Portfolio’s respective benchmarks can be reviewed by clicking on the following fact sheets — Permanent Portfolio, Short-Term Treasury Portfolio, Versatile Bond Portfolio, and Aggressive Growth Portfolio. Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security.

References to other mutual funds or ETFs should not be interpreted as an offer of these securities.

Permanent Portfolio invests in foreign securities, which will involve greater volatility, political, economic and currency risks, and differences in accounting methods. The fund will be affected by changes in the prices of gold, silver, Swiss franc assets and U.S. and foreign aggressive growth, real estate and natural resource stocks. The fund is non-diversified and thus may be able to invest more of its assets in fewer issuers and types of investments than a diversified fund. Investing a higher percentage of its assets in any one or a few issuers could increase the fund’s risk of loss and its share price volatility. The fund may invest in smaller companies, which involve additional risks such as limited liquidity and greater volatility than larger companies. Investment in gold involves risks, such as the possibility to generate no interest or dividends, offering only the potential for price appreciation. Gold is subject to market risk and has experienced volatile fluctuations in price from time to time.

Aggressive Growth Portfolio's stocks may appreciate in value more rapidly than the stock market, but they are also subject to greater risk, especially during periods when the prices of U.S. stock market investments, in general, are declining. The Portfolio invests in smaller companies, which will involve additional risks such as limited liquidity and greater volatility. The Portfolio also invests in foreign securities, which will involve greater volatility, political, economic and currency risks, and differences in accounting methods.

Short-Term Treasury Portfolio's investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities. The Federal Deposit Insurance Corporation, or any other government agency, does not guarantee an investment in the Short-Term Treasury Portfolio. Therefore, you may lose money by investing in the Portfolio.

Versatile Bond Portfolio's investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities. Investments in below investment grade bonds (also referred to as “high yield” or “junk” bonds) present a greater risk of loss to principal and interest than higher-rated securities. Investments in foreign securities involve greater volatility and political, economic and currency risks, and differences in accounting methods. These risks are greater in emerging markets. In addition, certain investments may be illiquid and may be difficult to purchase, sell, or value. 

Diversification does not assure a profit or protect against loss in a declining market. Earnings growth is not a measure of the Fund's future performance.

Mutual fund investing involves risk; loss of principal is possible.

Pacific Heights Asset Management, LLC (“Pacific Heights”) is the investment adviser to Permanent Portfolio Family of Funds (“Fund”). The Fund is distributed by Quasar Distributors, LLC (“Quasar”), a member of FINRA. Quasar is not affiliated with Pacific Heights.

Not FDIC Insured.  No Bank Guarantee.  May Lose Value.

Permanent Portfolio®, The Permanent Portfolio Family of Funds®, A Fund for All Seasons® and The Permanent Portfolio Family of Funds logo are registered trademarks of Pacific Heights.  Copyright © 2020 Permanent Portfolio Family of Funds. All rights reserved.