Portfolios with Purpose | |
Abbreviation: | PwP |
Formation: | 2011 |
Type: | Foundation |
Status: | Non-Profit Organization |
Purpose: | Humanitarian Aid |
Location: | 295 Madison Avenue, 34th Floor New York, NY 10017 1-855-JOIN-PWP (564-6797)[1] |
Leader Title: | Executive Director |
Leader Name: | Brett Waikart |
Main Organ: | Board of Directors |
Num Staff: | No salaried employees; volunteers only |
Portfolios with Purpose ("PwP") is a registered 501(c)(3) non-profit organization[2] founded in 2011.[3] It is an annual virtual stock selection competition in which players of novice and professional experience pay a nominal entry-fee[4] [5] [6] [7] to choose a five-stock, long-term portfolio. The contestants with the top-performing portfolios over a 12-month period will direct the sum total of the collected entry-fees to the charitable cause of their choice; and have the opportunity of a meeting with one of the professional hedge fund managers.
Portfolios with Purpose is an all-volunteer, non-profit organization overseen by a board of directors. Competitor stock portfolios are tracked, and progress is calculated daily. The contest's financial audits are prepared by Deloitte, and player's entry-fees are held in escrow at JPMorgan Chase.[8] 100% of entry-fees net of credit card service charges are donated to top three competitor's, chosen charitable causes.[5] [6]
Brett Waikart is the Executive Director and President.
After a year-long trial period, the public announcement of Portfolios with Purpose was conducted on June 20, 2012.[9]
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.[10]
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.[11] The Giving Pledge signatory Leon Cooperman, and Robin Hood Foundation board member David Einhorn[11] 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]
Portfolios with Purpose hosted its first stock pickingcontest for charity in 2013. 50 friends and familycame together to play this year-long contest witheach contestant building a fantasy stock portfolio andselecting a charity to represent. Players “bought-in” tothe contest with an entry donation and competed towin the combined donation pool for the charity of theirchoice. As with every contest PwP manages, 100% of allentry donations were passed on to the winning charities.We had no idea this first contest would spark thephilanthropic spirit of an entire industry.Fast forward to 2020 and our annual contests regularlydraw thousands of professional and amateur investorswho compete on behalf of their favorite charities.