Millikan Asset Allocation Portfolio Review: 6 November 2025

Another tall ship returning to Amsterdam.

Millikan is one of several asset allocation portfolios.  The diversification is a tad more expansive in that the Millikan holds a few shares of GLD and BTCO.  As the various asset classes approach their target percentages, the goal for the Millikan is to use future dividends to maintain a balanced portfolio while not selling securities other than SHV.

Millikan Asset Allocation Makeup

Below is the current holdings for the Millikan.  The third column from the left lays out the target percentages for each asset class.

Millikan Rebalancing Recommendations

Based on the rebalancing worksheet from the Kipling spreadsheet only short-term treasuries (SHV) is a Buy and this asset class is already far above the recommended percentage.  I hold shares of SHV temporarily until other asset classes show up as a buy.  I use SHV for my “money market” equivalent as the yield is higher.

Currently, VOO is a Hold and I have a limit order in place to pick up five shares of VOO.  Should we see a market correction, shares of SHV are there to be sold and reinvested in equities that eventually show up as a Buy.

Millikan Performance Data

Since 12/31/2021 the Millikan has outperformed the AOR benchmark, but still lags the S&P 500.  With such a diverse portfolio I doubt the IRR for the Millikan will be able to keep pace with SPY.

Millikan Risk Ratios

The November Sortino Ratio should read 1.78.  My Excel is acting up.

All risk ratios are well above where they were in November of 2024.  It is very early in November so pay more attention to the October 2025 values.

As the market hovers near a high, keep in mind the Buffett Indicator and Shiller PE Ratio.

Buffett Indicator & Shiller PE Ratio