Permanent Portfolio on Track for 16% Gain in 2026, Best in 30 Years
The Permanent Portfolio, equally weighted in US stocks, 10-year Treasuries, commodities, and cash, is set for a 16% return in 2026—its strongest annual performance in three decades, driven by surging commodities.
The Permanent Portfolio, a strategy that splits assets equally among US stocks, 10-year Treasury bonds, commodities, and cash, is heading for a 16% gain in 2026. That would mark its best annual return in 30 years, according to data cited by The Kobeissi Letter.
Commodities have been the standout performer, up 26% year-to-date, which annualizes to roughly 54%. The S&P 500 has added 10% (20% annualized), while the 10-year Treasury bond price has fallen 4% year-to-date (an 8% annualized decline). Commodities are increasingly driving overall portfolio returns.
Source: The Kobeissi Letter