Millikan Asset Allocation Portfolio Update: 16 September 2026

Gallery (Galleri) Window

Millikan is the portfolio I am updating this morning.  With exception of one asset class, U.S. Equities (VTI), the portfolio is in balance.  I recently added international shares as well as inflation protection ETFs.  New cash and dividends are used to keep the asset classes in balance.

Millikan Security Holdings

Below are the securities in this simple portfolio.  The asset allocation divisions are quite different than they would be if the stock market were not totally overvalued.  When in balance the portfolio will invest 50% in stocks if one adds up SCHD, VBR, VNQ, VTI, and VXUS.  The remaining ETFs are invested in short-term treasuries and inflation protection securities.

Millikan Rebalancing Recommendations

To bring U.S. Equities (VTI) into balance, I have limit orders set for 5 shares at $370, 5 shares at $365, and the remaining cash at $360.  I expect these three limit orders to be struck sometime over the next 18 months.  If and when the limit orders expire I will reset them or just invest the cash in SCHO.

As mentioned above, new cash infusions and dividends are used to keep the various ETFs in balance.  At this point this is a passively managed portfolio.

Millikan Performance Data

Since 12/31/2021 the Millikan has outperformed the AOR benchmark by a wide margin.  As readers can see from the following data, AOR is the easiest benchmark to beat.  The S&P 500 (SPY) continues to be a difficult benchmark to match or exceed.  The Copernicus is one portfolio that has managed to beat the S&P 500.

Millikan Risk Ratios

Over the past year the Millikan lost ground to the AOR benchmark, due in large part to taking a conservative position.  The beta of the Millikan is 0.28, which is very low.  In a bull market this portfolio will not keep pace with the S&P 500.

Consider the Millikan to be a “patient” portfolio as I am waiting for a market correction. This could be a long wait, although we have seen some market weakness over the past few weeks.  Another 25 basis points increase in the interest rate later this year will most likely stall this bull market.

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