04/21 Permanent Portfolio Update

Again, not too much to report this month. Still a weak year for the strategy relative to US equities.

Source: Morningstar & Demonetized Calculations

Longer term, still looks solid.

Current Allocation:

33% S&P 500 Futures

22% Laddered Treasury Futures

32% Gold

31% ex-US Equity

~118% gross exposure

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