# Charityvest DAF portfolio options
By default, the balance of a Foundation Source donor-advised fund account is held in cash, and is free to use. This is ideal for pass-through grantmaking. For private foundation clients looking to use a DAF as a complementary grantmaking tool, a Cash account is likely the best fit. If your client is looking to invest their DAF balance, currently, you will need to [edit your client's investment allocation](/pca-instructions/enable-investing.md), which will automatically enroll them in a paid [Invested ](/how-client-fees-work.md)account. {% hint style="info" %} **Coming soon: option for clients to choose or modify their investment portfolios directly.** At this time, your client cannot invest their DAF balance independently, though they can request to leverage [impact investing](https://pcadafguide.foundationsource.com/client-experience/client-investing#impact-investing). {% endhint %} As a PCA, you can choose from prepopulated Charityvest investment portfolio options for your client's DAF account balance. ## Charityvest portfolio recommendations The main considerations for a DAF investment portfolio are: 1. [**Portfolio type:**](#portfolio-type) whether your clients are interested in optimizing their DAF investments for cost or values-alignment. 2. [**Risk level & time horizon:** ](#risk-level)how their investments are allocated across bonds or equities, in accordance with their grantmaking schedule. {% hint style="success" %} **Is your client planning to grant a significant portion of their DAF balance to charity within 1 year?** If yes, a Cash account may be the preferred option. {% endhint %} The following six Charityvest portfolios are available for Foundation Source DAF clients. As a PCA, you can select an appropriate option on behalf of your client in accordance with their giving priorities. | Portfolio Name | Portfolio Type | Risk level & time horizon | | ------------------------------------------------- | -------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------- | | **Charityvest Conservative Portfolio** | Standard | | | **Charityvest Balanced Portfolio** | Standard | | | **Charityvest Growth Portfolio** | Standard |

| | **Charityvest Conservative Portfolio (Filtered)** | Filtered (avoids exposure to companies in controversial industries). | | | **Charityvest Balanced Portfolio (Filtered)** | Filtered (avoids exposure to companies in controversial industries). | | | **Charityvest Growth Portfolio (Filtered)** | Filtered (avoids exposure to companies in controversial industries). | | ## Portfolio type The Foundation Source DAF program offers two investment portfolio options: 1. **Standard Portfolio:** built using Vanguard Select ETFs. These ETFs are selected by Vanguard’s Portfolio Review Department as ideal choices for portfolio building blocks because of their broad exposure to the indices they track, low expense ratios, and high daily liquidity. Learn more about Vanguard Select ETFs [here](https://investor.vanguard.com/etf/list#/select-etfs/asset-class/month-end-returns). 2. **Filtered Portfolio:** offers similar diversification as the Standard portfolio, but provides an opportunity for donors to avoid exposure to companies who participate in what may be deemed objectionable or controversial industries, such as alcohol, gambling, adult entertainment, and predatory lending. The Filtered Portfolio includes ETFs from the BlackRock [iShares Advanced ESG](https://www.ishares.com/us/literature/product-brief/ishares-esg-advanced-brief.pdf) suite and broader [Sustainable Spectrum](https://www.ishares.com/us/literature/product-brief/ishares-sustainable-spectrum-brief.pdf) product line, which offers comparable underlying indices as the Standard Portfolio, at a very modest expense ratio premium. {% hint style="success" %} **Not sure which portfolio type would be best suited for your client?** The main difference between the Standard Portfolio and the Filtered Portfolio is the investment cost (Standard is lower cost) and the selection of investments (Filtered avoids exposure to companies in controversial industries). {% endhint %} Here are the assets which make up each of the portfolio types, with expense ratios as of Feb 15, 2024 in parenthesis:[
](https://guide.charityvest.org/for-donors/portfolio-options)[
](https://guide.charityvest.org/for-donors/portfolio-options) | Asset Class | Standard Portfolio | Filtered Portfolio | | --------------------------------- | ------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------- | | US Equities | [**VTI**](https://investor.vanguard.com/etf/profile/VTI) (0.03%) | [**USXF**](https://www.blackrock.com/us/individual/products/314365/) (0.10%) | | Developed Market Equities | [**VEA**](https://investor.vanguard.com/etf/profile/VEA) (0.05%) | [**DMXF**](https://www.blackrock.com/us/individual/products/314362/ishares-esg-advanced-msci-eafe-etf-fund) (0.12%) | | Emerging Market Equities | [**VWO**](https://investor.vanguard.com/etf/profile/VWO) (0.08%) | [**EMXF**](https://www.blackrock.com/us/individual/products/316020/ishares-esg-advanced-msci-em-etf-fund) (0.16%) | | US Fixed Income | [**BND**](https://investor.vanguard.com/etf/profile/BND) (0.03%) | [**EUSB**](https://www.blackrock.com/us/individual/products/314499/ishares-esg-advanced-total-usd-bond-market-etf-fund) (0.12%) | | International Fixed Income | [**BNDX**](https://investor.vanguard.com/etf/profile/BNDX) (0.07%) | [**BGRN**](https://www.ishares.com/us/products/305296/ishares-global-green-bond-etf) (0.20%) | | Ultra-Short Duration Fixed Income | [**VUSB**](https://investor.vanguard.com/etf/profile/VUSB) (0.10%) | [**VUSB**](https://investor.vanguard.com/etf/profile/VUSB) (0.10%) | ## Risk level & time horizon The Foundation Source DAF program offers three possible allocations for each of the portfolio types: 1. **Conservative:** A bonds-focused allocation, appropriate for clients who plan to grant contributions to charity within a year or two. 2. **Balanced:** An allocation balanced between stocks and bonds, appropriate for clients who plan to grant contributions to charity within 5 years. 3. **Growth:** An equities-focused allocation, appropriate for clients who plan to grant contributions to charity over an extended period (more than 5 years). | Asset Class | Conservative | Balanced | Growth | | --------------------------------- | ------------ | -------- | ------ | | US Equities | 22.5% | 40% | 45% | | Developed Market Equities | 7.5% | 15% | 17.5% | | Emerging Market Equities | 0% | 5% | 7.5% | | US Fixed Income | 35% | 20% | 15% | | International Fixed Income | 0% | 0% | 0% | | Ultra-Short Duration Fixed Income | 35% | 20% | 15% | {% hint style="success" %} **Not sure which risk level would be best suited for your client?** Choosing between the Conservative, Balanced, and Growth allocations should be based on the expected amount of time your client will maintain their DAF investment. The sooner your client intends to grant, the more conservative (bonds-focused) the allocation should be. If they plan to grant their balance within 1 year, a Cash account may be the best fit. {% endhint %} ## View portfolios To view all available Charityvest portfolios via the Portfolios tab from your PCA admin Dashboard: * [ ] Log in to your PCA admin account Dashboard. * [ ] Click the Portfolios tab on the left-hand menu bar. You will see a list of available portfolios, along with the sum of your clients' DAF assets invested in each portfolio, and # of clients invested in each portfolio. * [ ] Click on a specific portfolio name to view a breakdown of asset allocation and names of clients invested with the chosen portfolio. {% hint style="info" %} **Curious to learn more about the Foundation Source DAF program?** Contact for any program or product-related matters. {% endhint %} --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://pcadafguide.foundationsource.com/pca-instructions/enable-investing/charityvest-daf-portfolio-options.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.