Permanent Portfolio Funds Earn Four Lipper Awards Amid Market Turmoil

SAN FRANCISCO, CA – March 12, 2026 – Pacific Heights Asset Management, the investment adviser to the Permanent Portfolio Family of Funds, has secured four prestigious 2026 LSEG Lipper Fund Awards, a distinction that highlights exceptional performance in a period marked by economic uncertainty and market volatility. The awards recognize two of the firm's key mutual funds for delivering consistently strong risk-adjusted returns relative to their peers over multiple time horizons.

The firm’s flagship Permanent Portfolio® (PRPFX) swept its category, earning three separate awards for Best Alternative Global Macro Fund over 3, 5, and 10 years. The Aggressive Growth Portfolio (PAGRX) was also honored, winning for Best Multi-Cap Core Fund over a 3-year period. These accolades underscore the effectiveness of the firm's disciplined investment philosophies in navigating one of the most challenging economic landscapes in recent memory.

A Masterclass in Navigating Volatility

The past decade has been a crucible for investors, testing the resilience of even the most seasoned fund managers. The 3, 5, and 10-year periods evaluated for the 2026 Lipper Awards encompassed a gauntlet of market stressors: the global recovery from the COVID-19 pandemic, a subsequent surge in "stubborn inflation" to multi-decade highs, aggressive and divergent interest rate hikes by central banks worldwide, concentrated equity market returns, and persistent geopolitical instability.

"Over the last few years, investors have had to contend with a wide variety of challenging market conditions," said Michael J. Cuggino, President and Portfolio Manager of Permanent Portfolio Funds. "Against this backdrop, we are proud to have consistently delivered such strong results for our shareholders." Cuggino’s statement points to a track record of success achieved not in spite of these challenges, but by being structured to withstand them.

The Lipper Awards specifically recognize performance during this turbulent era, making the wins particularly significant. They suggest that Pacific Heights' strategies have provided a measure of stability and outperformance when investors needed it most, validating an approach designed for long-term resilience over short-term trend-chasing.

Deconstructing the Award-Winning Strategies

The four awards are split between two funds with distinct, yet complementary, investment philosophies.

The Permanent Portfolio® (PRPFX), which won for its performance over 3, 5, and 10 years against dozens of peers in the Alternative Global Macro category, is built on a unique, non-correlated asset allocation strategy. Its structure is designed to weather any economic climate—be it prosperity, inflation, recession, or deflation. The fund’s portfolio is strategically divided among specific asset classes: 20% in gold, 5% in silver, 10% in Swiss franc assets, 35% in dollar assets (like U.S. Treasury bills), 15% in real estate and natural resource stocks, and 15% in aggressive growth stocks.

This "all-weather" approach, in place since the fund's inception in 1982, aims to provide downside protection and seek profit regardless of the economic environment, eliminating the need for market timing or forecasting. Its consistent outperformance on a risk-adjusted basis, validated by three separate Lipper awards, demonstrates the power of this diversified, long-term philosophy in a decade defined by unpredictability. The fund’s success is further reflected in its 5-star Morningstar rating, placing it at the top of its category for risk-adjusted returns.

On the other end of the spectrum, the Aggressive Growth Portfolio (PAGRX) received the Lipper Award for Best Multi-Cap Core Fund over 3 years, outperforming a field of 161 funds. This fund employs a "go-anywhere," multi-cap core equity strategy, seeking to build a concentrated portfolio of companies and industries poised to outperform the broader stock market over the long term.

While its name suggests a high-risk mandate, the Lipper Award indicates that the fund has delivered its impressive returns—including an annual average of over 19% for the past decade—with a remarkable degree of risk-adjusted consistency. The portfolio manager utilizes a low-turnover approach, combining growth, value, and event-driven analysis to identify opportunities across small-, mid-, and large-capitalization companies. This disciplined flexibility has allowed it to navigate the recent volatile equity markets and deliver superior results for its shareholders.

The Lipper Standard: A Benchmark for Consistency

Receiving a single LSEG Lipper Fund Award is a significant achievement; winning four in a single year speaks volumes about a firm's process. The awards are considered a gold standard in the asset management industry precisely because their methodology is rigorous, quantitative, and entirely objective.

Unlike awards based on subjective judgment or popularity, the Lipper Awards are granted based on the Lipper Leader for Consistent Return rating. This proprietary metric evaluates funds over 36, 60, and 120-month periods, identifying those that have excelled in delivering strong performance while effectively managing risk. The fund with the highest risk-adjusted score in its category wins.

Otto Christian Kober, Head of Lipper Research at LSEG Data & Analytics, commented on the demanding nature of the recent market cycle. "The managers we're recognizing have guided investors through an environment where base rates have spiked, then diverged, as central banks navigated new and challenging inflationary landscapes," he noted. "This most recent period made one thing plain: durable results come from a disciplined process, not prediction."

Kober’s assessment perfectly captures the essence of the Permanent Portfolio Funds' achievement. Their success is not attributed to a few lucky calls but to a systematic and disciplined framework that has proven its mettle across multiple market cycles.

The Architect Behind the Performance

Steering these funds through the past two decades of market turmoil has been Michael J. Cuggino. As President and Portfolio Manager since 2003, Cuggino has provided stable and consistent leadership. His tenure with the funds dates back to 1998 as a trustee, and his background as a Certified Public Accountant with experience at major accounting firms provided a strong foundation in detailed financial analysis.

This long-term, steady leadership is a rarity in the fund management industry and is a key factor in the successful implementation of the funds' long-horizon strategies. Cuggino's consistent hand at the helm ensures that the core philosophies of the Permanent Portfolio® and the Aggressive Growth Portfolio are not swayed by short-term market noise. The recent Lipper Awards serve as a powerful validation of this enduring commitment to a disciplined process. As the firm looks ahead, its focus remains on helping clients achieve long-term success, regardless of the market conditions that may arise.