Millikan Portfolio Review: 28 August 2025

Lest this sound like a scratched or broken record, the Millikan is another portfolio where I am shifting from equities to a capital preservation short-term treasury, SHV.  While the Millikan currently holds shares in SCHD and VOO, I have TSLOs under both securities and if sold the proceeds will be invested in SHV.

I am waiting for a major correction or the end of the current chaotic administration.

Millikan Asset Allocation Model

Below is the current makeup of the Millikan portfolio.  Since the last review the TSLO for SCHG was struck.  TSLOs are in place to sell both VOO and SCHG.

Millikan Performance Data

Since 12/31/2021 the Millikan outperformed the AOR benchmark and is very close to matching the S&P 500 (SPY).  If the market continues to move up while the Millikan is holding a significant percentage in SHV the portfolio will not keep pace with any of the benchmarks.  This is a risk I am willing to take.  Both the Buffett Indicator and Schiller Ratio are indicating an overbought market.

Millikan Risk Ratios

To interpret the following table one needs to know a little bit about each risk factor.

• A higher Sortino Ratio indicates the portfolio is more valuable than it was back in August of 2024.
• A drop in the Jensen Performance Index since July indicates the portfolio did not keep pace with the AOR benchmark.
• The Treynor is higher since the portfolio is outperforming the benchmark and an increase in shares of SHV lowered the portfolio beta.  This in turn raised the Treynor Ratio.
• A drop in the Information Ratio since July shows the portfolio did not keep pace with AOR.  The much higher value since August of 2024 is evidence the portfolio performed very well over the last year.