For the test year of a new stock-selection contest, Portfolios with Purpose, 2012 was a rousing success. Slightly more than $25,000 was raised through player entry fees for the professional and novice class players; the prize money was passed on to the winners' favorite charities.
Success is determined by the cumulative performance of a portfolio of five stocks during a calendar year. The 2012 winner of the professional class, which carried a $1,000 entry fee, was Akiva A. Katz, co-founder of Bow Street LLC, a New York-based hedge fund. Mr. Katz's winnings of $10,476 were donated to Project ORE, The Harry and Jeanette Weinberg Outreach to Elders Project, which provides assistance to isolated and homeless Jews.
Sarah Seelaus, co-director of business development at Sound Point Capital Management LP, New York, was the winner of the novice class, which has a $100 entry fee. Ms. Seelaus selected Camp for All to receive her winnings of $4,725. There were three winners in each category.
2013 is likely to be much more lucrative for charities because a master class was added, with an entry fee of $10,000.
Ten New York-based master hedge fund managers were approved by PWP's board to participate in the stock-picking contest this year, including James Dinan, chairman, CEO and managing partner, York Capital Management Global Advisors LLC; and David Einhorn, president, Greenlight Capital Inc.
While it's too late to sign up for the 2013 contest, you can track the progress of players or make a donation at www.portfolioswithpurpose.org.
