Millikan Portfolio Review: 27 January 2026

Haystack Rock near Cannon Beach – Tillamook Rock Lighthouse in the distance.

The Millikan is one of several asset allocation driven portfolios set up to handle a mild recession.  This portfolio is not as conservative as a few others managed here at Investment Trend Analysis (ITA).  In the second screenshot readers can see the three-year average volatility.  I’ll point out the specific column in a moment.

Millikan Asset Allocation Holdings

The following asset allocation model is a mixture of growth and value ETFs.  The expected dividends is a tad higher than a straight equity oriented portfolio.

Millikan Rebalancing Recommendations

Check out the fourth column from the left and you will see the annualized volatility for each asset class or ETF representing that asset class.  One can expect a fair amount of volatility from the Millikan.

This portfolio is nearly in balance.  New cash and dividends will be used to bring the asset class most below target up to the recommended percentage.  Currently, BTCO is most under target.  While I was preparing this blog 10 more shares were added to the BTCO asset class.  BTCO is not an ETF I recommend for most readers.  I think this is the only portfolio holding this particular ETF.

Millikan Performance Data

Since 12/31/2021 the Millikan has far outperformed the AOR benchmark.  In addition this portfolio has outpaced all benchmarks I track with exception of the S&P 500 (SPY).

Once more I see that undesignated slice of the investment pie.

Millikan Risk Ratios

On a risk adjusted basis the Millikan is not quite up to where it was last January, but it has shown steady improvement since “Tariff Day” last April.

Should a Bull Market continue I would not expect the Millikan to keep pace.  However, it should perform better than the broad U.S. Equities market if we encounter a mild recession.