Hedge fund-backed charitable venture Portfolios with Purpose celebrated its second year Wednesday night with guest speaker Leon Cooperman.
Launched last year by Stacey Asher, who founded hedge fund consulting firm IMB Partners, PwP also announced the 2012 winners of its annual stock competition at the event. Held at the Ana Tzarev Gallery in New York City, the winners raised a combined total of more than $25,000 for their favorite charities.
PwP is an annual mock stock selection competition where each participant - novice or professional - competes on behalf of any charity organization. The net proceeds will be divided among the top three winners and thereafter, their respective charities.
eVestment spoke to several attendees who exclaimed their excitement to hearing Cooperman, the chairman and CEO of New York-based hedge fund firm Omega Advisors, speak.
“Come on, it’s Cooperman. He’s a legend,” an attendee told eVestment.
Cooperman, who was invited to play in this year’s competition under the Master Class category, told eVestment his top five stocks picks prior to revealing it to the audience. Entry into this class is permitted only by invitation from the PwP Board of Directors and includes many of the world's most renowned investors.
“One of my picks is already up more than 30%,” Cooperman said excitedly, “of course, there’s still nine more months to go.” Cooperman is playing for the Damon Runyon Cancer Foundation, which funds “innovative young cancer researchers.”
Other industry professionals who are playing under the Master Class include Greenlight Capital founder David Einhorn and Joel Greenblatt of Gotham Capital.