Genesis
The 15HWW Permanent Portfolio was built during late 2016 with a capital of around $140,000 and I started tracking it from Jan 2017.
The aim of a permanent portfolio is to create a liquid portfolio with low volatility and a respectable return. A comparative benchmark is the CPF SA return of 4%.
Since these funds are relatively small as a proportion of our networth, I have chosen not to rebalance. And to track the returns simply, there has been no additional capital injected.
Purpose
Personally, I view many components of this portfolio as a form of emergency fund. For example, the cash and bonds are invested in very liquid and safe instruments and can be sold and cashed out within a matter of days.
Another reason is that by showcasing and regularly updating this humble portfolio, I hope it will inspire confidence in some readers to take some risk, invest and build wealth steadily with a low-effort portfolio.
October 2025 Update
Annualised Return: 9.5% p.a. (Jan 2017 to Oct 2025)
Yes, we are in a bull market, which probably explains why this humble portfolio has doubled from its initial capital and is approaching 9.5% in annualised returns over the past decade. Not sure if my entire networth has outperformed this number.
In Jan 2017 when I first started track this portfolio, the most I had ever expect was probably 8%, double of CPF SA’s 4% rate. So the 9.5% is really a happy surprise. Definitely not complaining and will update again when we are in a bear market. The competition with SA 4% will continue.
On a more granular level, compared to almost a year ago, Berk B and ETH are flat. BTC is up a decent 12%, STI ETF is up a satisfying 15% while Gold is up a monstrous 45% despite the recent pullback.
It is interesting and fair to compare Berk B and Gold since they have the same initial allocation and both do not provide any dividends. So just looking at price is a fair gauge. Despite the gold price surge, Berk B is still outperforming gold over this 9 year period, but barely.
Till the next update and thank you for reading.
Annex: A Brief On The Various Components Of The 15HWW Permanent Portfolio
1. STI ETF (Initial Allocation: 20%)
It comprises the 30 biggest listed companies in Singapore and many of them are dividend-paying. The ETF distributes the dividends semi-annually, in February and August every year.
2. Berkshire B (Initial Allocation: 20%)
The idea is to use Warren Buffett’s holding company to loosely replicate the S&P 500 for US equities exposure. Since foreigners investing in US stocks are taxed on dividends, it is an advantage that Berkshire B does not pay any dividends.
3. Gold (Initial Allocation: 20%)
I used to hold some paper gold but have since converted them to physical gold. The portfolio consists of 9 pieces of 50g PAMP Gold Bar bought from UOB Bank. They are fairly liquid since they can be sold back to UOB Bank at a small spread. You can also check the prices here.
4. Cash/Bonds (Initial Allocation: 30%)
The majority is invested in Astrea Bonds and Singapore Saving Bonds (SSBs) which are very liquid in nature. Astrea Bonds are traded on the market while SSBs can be redeemed at par value, usually in a week or two’s time.
5. Bitcoin (Initial Allocation: 5%)
Added in 2021 to diversify away from cash and gold as a store of value. As many centralised crypto exchanges have abused users’ trust in them, this 0.3 BTC is now stored in a cold wallet.
6.. Ether (Initial Allocation: 5%)
Added in 2022 since I am not a Bitcoin Maxi. As many centralised crypto exchanges have abused users’ trust in them, these 4 ETH is staked on-chain.
