Millikan Portfolio Review: 2 June 2026

10-Day old llama

The Millikan portfolio is the second of five portfolios to be reviewed and updated this week.  Once more the broad equities market is up slightly as I write this blog.  As readers will see in the first screenshot, I am patiently waiting for better buying opportunities as this is an overbought market.

Millikan Security Holdings

The asset classes are in place, but nearly all ETFs are well under target.  I am moving money market cash over to SCHO in order to capture higher interest.  There have been few changes since the May review.

Millikan Rebalancing Recommendations

The following worksheet shows where the cash will be invested if shares of SCHO were sold and the market was priced well below where it is now.  As currently constructed the portfolio beta is a very low 0.322.

Millikan Performance Data

Since 12/31/2021 the Millikan has outperformed the AOR benchmark, but is well behind the S&P 500 (SPY).  It will require a major draw-down before the Millikan closes the gap on the S&P 500.

A large percentage of the Fixed Income part of the pie is tied up in the SCHO ETF.

Millikan Risk Ratios

Over the past year the slope of the Jensen is essentially flat.  Pay more attention to the May data than the June 2026 data.  If we look at May all risk ratios are higher than they were last June with exception of the all important Information Ratio.

Questions and Comments are always welcome.