Permanent Portfolio charges a fee of 77 cents for every $100 invested, versus 84 cents for the average conservative- style balanced mutual fund, according to Morningstar.
Cuggino called the fund's expense level fair.
"If people think they can replicate us, I say, 'Have at it. Good luck,'" he said.
Throughout Cuggino's tenure, shareholders in the fund and fellow investment advisers have suggested it was time to alter the allocation of assets. He has ignored them.
Had he chased the stock rally of the late 1990s, Cuggino would have suffered bigger losses in 2000-2002, when the S&P 500 Index fell 47 percent, including dividends.
Cuggino said he was advised earlier this year to cut his holdings of Treasuries because interest rates supposedly couldn't go lower. The yield on the 10-year Treasury note has fallen from about 3.7 percent in February.
"The historical results tell us that this fund will hold its own no matter what lies ahead," Cuggino said.