Millikan Portfolio Review: 4 December 2025

Yoder General Store – Yoder, OR

Millikan is a “classic” asset allocation portfolio in that it is made up of all cap size U.S. Equities, developed and emerging international markets, domestic and international bonds, real estate, crypto currency, gold, and treasuries.

Millikan Asset Allocation Model

Below is the current make up of the Millikan portfolio.  The bulk of the portfolio is currently positioned in SHV or short-term treasuries as many of the other assets are currently out of favor based on the Kipling spreadsheet recommendations.  See the following screenshot.

Millikan Rebalancing Recommendations

Unless I sell shares of SHV, cash is limited.  Should the owner of this portfolio deposit fresh money and dividends add up, I will be adding shares of VEA if the Manual Risk Adjustment worksheet continues to recommend a Buy.

Millikan Performance Data

Since 12/31/2021 the Millikan outperformed the AOR and AOA benchmarks, but was unable to match the equity rich benchmarks such as SPY.  This is to be expected when the market is driven by seven to ten mega-cap tech companies.  When the correction arrives the Millikan, with its broad diversification, should begin to close the gap on the equity driven benchmarks.

Millikan Risk Ratios

While it is still very early in December pay more attention to the November values.  November of 2025 shows higher values than the December values of 2024.  A positive value for the Jensen Alpha or Jensen Performance Index is excellent so a high value of five (5) is outstanding.

While the slope of Jensen is positive, that will likely revert to a negative value once we wipe December of 2024 off the table.

Portfolio Construction: Where to Begin?

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