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Portfolios with Purpose ("PwP") was a registered 501(c)(3) non-profit organization[2] founded in 2011.[3] It was a fantasy stock selection competition similar to fantasy football, but with all of the collected funds going to charity.[4][5][6][7] The contestants with the top-performing portfolios over a 12-month period directed the sum total of the collected entry-fees to the charitable cause of their choice. Competitions were broken up into the following categories: Novice, Professional and Master.
 | |
| Abbreviation | PwP |
|---|---|
| Formation | 2011 |
| Type | Foundation |
| Legal status | Non-Profit Organization |
| Purpose | Humanitarian Aid |
| Location |
|
Executive Director | Brett Waikart |
Main organ | Board of Directors |
| Staff | No salaried employees; volunteers only |
| Website | portfolioswithpurpose |
Novice: Open to the general public. $100 entry fee.
Professional: Open to those in finance, as well as past Novice winners. $1,000 entry fee.
Master: Open to hedge fund managers and those of similar experience, as well as past Professional winners. $10,000 entry fee.
Those who won the Novice category often had the opportunity to meet with a member of the Master class.[2][5][6]
A standout performer in this competition was Andy Nahas, who won the Professional competition in 2013, directing $33,000 to the Monroe Community Hospital, and placed 2nd in the Master competition in 2015, directing $56,250 to Reality Changers.[8]
Operations
editPortfolios with Purpose was an all-volunteer, non-profit organization overseen by a board of directors. Competitor stock portfolios were tracked, and progress was calculated daily. The contest's financial audits were prepared by Deloitte, and player's entry-fees were held in escrow at JPMorgan Chase.[9] 100% of entry-fees net of credit card service charges were donated to the top 3 competitors' chosen charitable causes.[5][6]
Senior Management
editBrett Waikart was the last Executive Director and President.[10]
Former executives included Stacey Asher-Duran (Founding President), Joshua Williams (COO), Gabriel Pinar (COO), Christopher Pascale (CFO) and Jonathan Brand (CFO).
Media Coverage
editAfter a year-long trial period, the public announcement of Portfolios with Purpose was conducted on June 20, 2012.[11]
On September 6, 2012 Portfolios with Purpose announced the start of public registration, and the participation of several major hedge fund players: David Einhorn, Dan Loeb, Leon Cooperman, and Karen Finerman on the CNBC Fast Money Halftime Report.[12]
Asher's professional background and the history of the formation of Portfolios with Purpose is detailed along with other notable public figures in Forbes Magazine on December 1, 2012.[3]
On December 19, 2013 Portfolios with Purpose announced the official launch of the 2014 Contest Year with several participating philanthropists.[13] The Giving Pledge signatory Leon Cooperman, and Robin Hood Foundation board member David Einhorn[13] both founding Portfolios with Purpose members announced their return to the contest. As well as James Dinan,[2] Marc Lasry, Richard Pzena, and Doug Silverman.[4]
History
editPortfolios with Purpose hosted its first stock picking contest for charity in 2013. 50 friends and family played the year-long contest of building a fantasy stock portfolio and selecting a charity to represent. Following the initial game's proof of concept, involvement and media attention increased.[14] A board of directors headed up by Alexander Duran, and executive team was formed with Stacey Asher as President, Joshua Williams as COO, and Christopher Pascale as CFO.[15] By 2017, over $2,000,000 was given to multiple organizations in more than 10 countries.
Following the founding board and executives' departures between 2015-2017, the organization changed directions. According to its website, the "game" is no longer being played,[16] and outreach has also ceased.[17]
References
edit- ^ "Contact Us". Portfolios with Purpose. Portfolios with Purpose. Retrieved 24 December 2013.
- ^ a b c Russolillo, Steven (5 November 2013). "Portfolios With Purpose: Stock Picking for a Cause". WSJ. Wall Street Journal. Retrieved 5 November 2013.
- ^ a b Ziegler, Maseena (1 December 2012). "When Quitting Is Not An Option - How You Can Find Purpose And Fulfillment Through Your Career". Forbes. Retrieved 12 December 2012.
- ^ a b "Scene Last Night: Stock Pickers Ready for Charity Contest". BloombergLuxury. Bloomberg. 20 December 2013. Retrieved 20 December 2013.
- ^ a b c "Contest". Portfolios with Purpose. Portfolios with Purpose. Retrieved 12 December 2012.
- ^ a b c Williamson, Christine (23 July 2012). "Stock-picking competition all for a good cause". Pension Investments. Retrieved 12 December 2012.
- ^ Chen, Jing (29 June 2012). "Hedge Fund-Backed Charity 'Stocks Up' for Good Cause". eVestment Alliance. Retrieved 12 December 2012.
- ^ Portfolios with Purpose. "Andy Nahas".
- ^ "Frequently Asked Questions". Portfolios with Purpose. Portfolios with Purpose. Retrieved 24 December 2013.
- ^ "Beta Alpha Psi". Beta Alpha Psi. Retrieved 2024-10-09.
- ^ "PwP Tests Your Investing Acumen, All In The Name Of Charity". FINAlternatives. FINAlternatives. Retrieved 12 December 2012.
- ^ "CNBC". CNBC Video Archive. CNBC Video Archive. Archived from the original on 28 December 2013. Retrieved 12 December 2012.
- ^ a b "Trading for Charity". CNBC. CNBC. Retrieved 19 December 2013.
- ^ "Contributing to Communities". thehedgefundjournal.com. Retrieved 2024-10-09.
- ^ Roberts, Andrea Suozzo, Alec Glassford, Ash Ngu, Brandon (2013-05-09). "Portfolios With Purpose Inc - Nonprofit Explorer". ProPublica. Retrieved 2024-10-09.
{{cite web}}: CS1 maint: multiple names: authors list (link) - ^ "Portfolios With Purpose | Play". Retrieved 2024-10-09.
- ^ "Portfolios With Purpose | Charity Spotlight". Retrieved 2024-10-09.