In our previous related research on permanent portfolio (PP), the permanent portfolio was proven to significantly outperform an all-stocks portfolio based on the Hong Kong Hang Seng Index over the last 20 years since 1996. In a further attempt, we try to fine-tune the performance of our enhanced permanent portfolio (further enhanced PP) by varying the proportion of the REITs component. The findings indicated that both the cumulative total return and compounded annual growth rate (CAGR) of the

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... rther-enhanced portfolio would be improved with the increase in the proportion of the REITs component by considering the changes in Sharpe Ratio. We confirm the belief that this simple assetallocation approach to investment can be broadly and usefully applied to any sustainable investment management of a long-term nature as well as investment for retirement purposes.