Millikan Portfolio Review: January 27, 2026 | ITA Asset Management

The Millikan is one of several asset allocation-driven portfolios set up to weather a mild recession. This portfolio is not as conservative as some of the 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 next asset allocation model is a combination of growth and value ETFs. The expected dividend is slightly higher than that of a regular equity-oriented portfolio.

Millikan rebalancing recommendations

Take a look at the fourth column from the left and you’ll see the annualized volatility for each asset class or ETF that represents that asset class. You can expect a fair amount of volatility from the Millikan.

This portfolio is virtually in balance. New cash and dividends will be used to bring the asset class furthest below target to the recommended rate. Currently, BTCO is most below target. While I was preparing this blog, another 10 stocks were added to the BTCO asset class. BTCO is not an ETF I recommend to most readers. I believe this is the only portfolio that contains this specific ETF.

Millikan performance data

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

Once again I see that undesignated piece of the investment pie.

Millikan risk ratios

On a risk-adjusted basis, the Millikan is not yet quite at the level of last January, but it has shown steady improvement since “Tariff Day” last April.

Should the bull market continue, I don’t expect the Millikan to keep pace. However, if we experience a mild recession, the sector should outperform the broader US stock market.

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