Millikan Portfolio Review: 3 October 2025

Yosemite National Park

Readers will find a slight modification of the Asset Allocation for the Millikan portfolio.  While there is still quite a bit of cash available, I will be putting it to use (slowly) over the next several months.  Additional explanations below.

Millikan Asset Allocation Holdings

I noticed some errors in the dividend column.  That will be cleared up in the next review.

With this new asset allocation plan most of the asset classes are out of balance to the low side.  The goal is to gradually bring all asset classes to within plus or minus one percent of the target percentage.

Millikan Rebalancing Recommendations

What is the future direction of the Millikan?  Once October dividends are in for SHV I plan to sell shares and place limit orders for the different asset classes.  Lower volatile ETFs such as BND and BNDX will have limit prices placed close to existing prices.  ETFs with higher volatility will have their limit orders set between 3% and 10% below current prices.  Annualized volatility can be found in the 5th column from the left in the following worksheet.

With existing cash many limit orders are currently in place.

Millikan Performance Data

Since 12/31/2021 the Millikan has performed very well.  This is one portfolio where the owner did not sell shares, but consistently added cash on a regular basis.  This consistent process paid off during the last bull market.  Only the S&P 500 (SPY) outperformed the Millikan.  A portfolio this diversified is not likely to keep pace with the S&P 500.

Millikan Risk Ratios

All four risk ratios are above where they were a year ago.  Despite the high point back in January, the slope of the Jensen Performance Index is positive.

The Sortino Ratio shows the Millikan is growing in value month after month.