This session features Callan’s investment consultants Tony Lissuzzo, CFA, and Evan Williams, CFA, CAIA. The conversation compares three primary portfolio approaches used across the nonprofit landscape: the Traditional 60/40 Portfolio, the Yale Model, and Total Portfolio Approach (TPA). Drawing on Modern Portfolio Theory and factor-based investing frameworks, the presenters examine the strengths, trade-offs, and performance characteristics of each model across varying market and governance environments.