Index: pym/portage/__init__.py
===================================================================
--- pym/portage/__init__.py	(revision 12684)
+++ pym/portage/__init__.py	(working copy)
@@ -5125,7 +5125,10 @@
 		return 1
 
 	_prepare_workdir(mysettings)
-	_prepare_features_dirs(mysettings)
+	if mysettings.get('EBUILD_PHASE') != 'fetch':
+		# Avoid spurious permissions adjustments when fetching with
+		# a temporary PORTAGE_TMPDIR setting (for fetchonly).
+		_prepare_features_dirs(mysettings)
 
 def _adjust_perms_msg(settings, msg):