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.
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Mutual fund investing involves risk; loss of principal is possible.
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.
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, nor does it protect against a loss in a declining market. Earnings growth is not a measure of the Fund's future performance.
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. References to other mutual funds or ETFs should not be considered an offer of those securities. The hypothetical $10,000 investment made in the Portfolio on the dates noted assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. It does not imply any future performance.
Any forward-looking statements speak only as of the date they are made and the Fund assumes no duty to and does not undertake to update forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Actual results could differ materially from those anticipated in forward-looking statements.
Fund holdings 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 should not be considered recommendations to buy or sell any security.
FTSE 3-Month U.S. Treasury Bill Index tracks the performance of U.S. Treasury bills with a remaining maturity of three months. Dow Jones Industrial Average is an average of the stock prices of thirty large companies and represents a widely recognized unmanaged portfolio of common stocks. Standard & Poor’s 500 Composite Stock Index is a market-capitalization weighted index of five hundred unmanaged common stocks and is widely recognized as representative of the equity market in general. The Hang Seng Index is a free-float capitalization-weighted index of a selection of companies from the Stock Exchange of Hong Kong. The price-to-earnings ratio, or P/E ratio, is an equity valuation measure defined as market price per share divided by annual earnings per share. The CBOE Volatility Index (VIX) is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices. National Association of Securities Dealers Automated Quotation (NASDAQ) is a national securities exchange that is owned and operated by the NASDAQ OMX Group. The NASDAQ Stock Market is comprised of three market tiers: (1) the NASDAQ Global Select Market, (2) the NASDAQ Global Market, formerly the NASDAQ National Market, and (3) the NASDAQ Capital Market, formerly the NASDAQ SmallCap Market. For a company to trade on the NASDAQ Stock Market, it must meet the listing requirements of at least one of these three market tiers. Some of these listing requirements include meeting specified minimum thresholds for the number of publicly traded shares, total market value, stock price and number of shareholders. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. U.S. Dollar Index (USDX) is a measure of the value of the U.S. dollar relative to majority of its most significant trading partners. This index is similar to other trade-weighted indexes, which also use the exchange rates from the same major currencies. The Dow Jones Transportation Average (DJTA) is a price-weighted average of 20 transportation stocks traded in the U.S. The S&P Homebuilders Select Industry Index represents the homebuilding sub-industry portion of the S&P Total Markets Index. The S&P 500 Consumer Discretionary Index comprises those companies included in the S&P 500 that are classified as members of the GICS consumer discretionary sector. The S&P 500 Energy Index comprises companies included in the S&P 500 that are classified as members of the energy sector as per the Global Industry Classification Standard (GICS). Earnings per share (EPS) is a company’s profit divided by its number of common outstanding shares. Indexes do not include management fees, transaction costs or expenses. Investments cannot be made directly in an index. Beta is a measure of systematic risk or the sensitivity of a manager to movements in the benchmark. A beta of 1 implies you can expect the movement of a manager’s return series to match that of the benchmark used to measure beta. 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. The Swiss franc is subject to the risk that inflation will decrease in the U.S. or rise in Switzerland. While Switzerland has historically been a politically stable nation, Swiss government bonds are subject to some risk of default and their credit quality is not rated by certain U.S. rating agencies. Each Morningstar category average represents a universe of funds with similar investment objectives. Alpha is the mean of the excess return of the manager over beta times benchmark. Alpha is a measure of risk (beta)-adjusted return. Correlation is a statistical measure of how two securities move in relation to each other. Standard deviation measures the average deviations of a return series from its mean and is often used as a measure of risk. A large deviation implies there have been large swings in the return series of the manager. FANG is representative of four of the most popular and best-performing tech stocks in recent memory — Facebook (FB), Amazon (AMZN), Netflix (NFLX) and Google (GOOG) (GOOGL). The Currency Volatility Index (CVIX) seeks to provide a benchmark for currency market participants, representing investors’ expectation of future volatility, and is calculated as the arithmetic average of the 3-month level of implied volatility for all the major currency pairs. A z-score, also known as a standard score, indicates how many standard deviations an element is from the mean. COMEX is the primary market for trading metals such as gold, silver, copper and aluminum. The S&P 500 Materials Index comprises those companies included in the S&P 500 that are classified as members of the GICS materials sector. The NASDAQ Biotechnology Index contains securities of NASDAQ-listed companies classified according to the Industry Classification Benchmark as either Biotechnology or Pharmaceuticals which also meet other eligibility criteria. The S&P 500 Information Technology Index comprises those companies included in the S&P 500 that are classified as members of the GICS information technology sector. A basis point is a unit of measure used in finance to describe the percentage change in the value or rate of a financial instrument. One basis point is equivalent to 0.01% (1/100th of a percent) or 0.0001 in decimal form. In most cases, it refers to changes in interest rates and bond yields. The Thomson Reuters/CoreCommodity CRB Index (TR/CC CRB) is a commodity futures price index.
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 Asset Management, LLC. Copyright © 2019 Permanent Portfolio Family of Funds. All rights reserved.