I bought this in the first half of 2008, and it was pretty scarey July through December 2008, but it's been recovering very well since then. I'm now breaking even, so for me at least it is now fulfilling its charter to protect purchasing power - given that inflation has been low to negative in the last 18 months.

One more conservative allocation fund that held up even better through the September-March crash and is breaking even for me now is EXDAX. Of course it will lag in a bull market. But PRPFX pretty much paralleled the 2002-2007 bull market (which it did not do at all during the tech bubble).