This paper offers a sharper way to understand the different types of portfolios that changemakers can employ, challenging the common tendency to treat all portfolio approaches as interchangeable. It outlines how distinct portfolio types embody different purposes, theories of change, management practices, and evaluation needs. The piece concludes with a clear call to action: practitioners must be explicit and intentional about the kind of portfolio they are designing, because different portfolio types support different pathways— and possibilities— for transformation.