SG Permanent Portfolio Performance

July 2015 Update: This portfolio was liquidated on 20th Jul 2015 in favour of The Acquirer's Multiple strategy.

3-year absolute returns in USD terms: 7.4% (slightly more in SGD terms due to USD appreciation during this period)

On 18 Jun 2012, I started my own modified Permanent Portfolio (PP) strategy through US ETFs. My initial investment outlay is small, and every month, I would buy into the asset classes that has under-performed to rebalance them to the original planned allocation, which is as follows:
  1. US Stocks (VTI), 25%
  2. World ex-US Stocks (VEU), 25%
  3. Long-term Treasury Bonds (TLT), 30%
  4. Gold (IAU), 20%
Almost a year later during April 2013, I decided to rebalance every 6 months instead.

Below is the chart showing the performance of this portfolio, with some explanation following it.

  • The percentage change of the 4 ETFs representing the different asset classes represents the percentage change of their respective daily closing price
  • The red line representing the PP performance is obtained by dividing the total profit/loss by the total capital invested, with dividends payout, after deducting the withhholding tax taken into account. It represents the absolute percentage gain of the PP portfolio.
  • Rebalancing is done by additional investment into the respective ETFs.
  • There has been no selling done till now, i.e. the total invested amount increases each time during re-balancing, causing slight dip in PP portfolio's performance. This effect will diminish over time as the portfolio gets larger.


  1. Hi, May I know how come the percentage adds up to be 150%? any other links to read about this modified portfolio?

    1. Alvin from BfP has a blog and publisehd book about it:

  2. Can't believe I missed it for so long, thanks for pointing it out. Have updated the allocation to the correct percentage.

  3. hi, I read about pp. just thought yours might be different because it's over 100%.

    Is there an option to subscribe to your blog?

    like to know more about the modified portfolio too.