Place butter, shortening and sugar into the bowl of a stand mixer. Beat on medium speed until pale, about 3 minutes.
Mix in eggs, one at a time, until smooth.
In a separate bowl, sift in the flour and baking powder.
Add ⅓ of the flour mixture to the egg mixture, followed by ½ of the milk, beating constantly. Continue with another ⅓ of the flour mixture, the remaining milk and then the remaining dry ingredients.
Stir in vanilla and almond extract.
Pour the batter into the prepared pan. Place in a cold oven and set the temperature to 350℉. Bake for 70-75 minutes until a toothpick inserted into the center comes out clean or to an internal temperature of 210℉.
Remove the cake from the oven and let the pan rest on a cooking rack for 5 minutes. When that time is up, place a cooking rack of the top of the pan and carefully it over to release the cake.
Allow to cool completely before serving.
Hack: A tube pan or 2 standard-sized loaf pans can be used in lieu of a bundt pan.
Hack: Leftovers can be stored at room temperature for up to 4 days, stored in the refrigerator for up to 7 days or frozen, tightly wrapped in serving-sized portions for up to 3 months.