Research Café: Portfolio Options for Nonprofits

This latest installment of the Callan Institute's Research Café features Callan investment consultants Tony Lissuzzo, CFA, and Evan Williams, CFA, CAIA. Together, they explore how nonprofit organizations can choose investment models that align with their mission, risk tolerance, liquidity needs, and operational structure. Their discussion 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, Tony and Evan examine the strengths, trade-offs, and performance characteristics of each model across varying market and governance environments. The session also highlights the importance of aligning investment strategy with broader organizational risk and mission objectives. Through practical examples, viewers will gain a clearer framework for evaluating portfolio models and making informed, mission-aligned investment decisions. 

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