The Gender Lens Scorecard applies five grade levels to four categories, each comprised of scores from sub-categories and indicators. Taken together, the categories assess both the fund and the asset management firm on gender equality in investment criteria, holdings, portfolio management team, and firm-wide leadership, as well as the fund’s performance and overall ESG approach. The Scorecard encompasses more than 25 distinct metrics. For 2023, we will publish Scorecard rankings for June 30 and December 31.
With four additions, there are 27 gender lens equity funds (GLEFs) in the Q4 Scorecard rankings. A fund must employ at least one stated gender equality threshold in its investment strategy to be included in our gender lens universe. The data behind the Scorecard rankings is primarily publicly disclosed information.
Quarterly rankings from 2022 show consistency in the top five scoring funds. The UBS Global Gender Equality UCITS ETF and the Desjardins SocieTerra Diversity Fund have held the top position more than once during the year. The Impax, Mirova, and RobecoSAM funds have consistently rounded out the top quartile. The Mackenzie and Fidelity funds have consistently appeared in the top ten, and the Belfius fund scored in the top ten for two quarters during the year.
- UBS Global Gender Equality UCITS ETF
- Impax Ellevate Global Women’s Leadership Fund (investor class)
- Mirova Women Leaders Equity Fund
- Desjardins SocieTerra Diversity Fund
- RobecoSAM Global Gender Equality Equities Fund
- Mackenzie Global Women’s Leadership Fund
- SEB Global Equal Opportunity Fund
- Mackenzie Global Women’s Leadership ETF
- IQ Engender Equality ETF
- M&G (Lux) Diversity and Inclusion Fund
- Lyxor Global Gender Equality (DR) UCITS ETF
- Fidelity Women’s Leadership ETF
- Impact Shares YWCA Women’s Empowerment ETF
- Glenmede Women in Leadership U.S. Equity Portfolio
- Belfius Equities Wo=Men
- Fidelity Women’s Leadership Fund (Canada)
- Fidelity Women’s Leadership Fund
- SPDR MSCI USA Gender Diversity ETF
- Nordea Global Gender Diversity Fund (Nordea SICAV 1)
- BMO Women in Leadership Fund ETF
- Diversity and Inclusion FAM Fund
- BMO Women in Leadership Fund
- RBC Vision Women’s Leadership MSCI Canada Index ETF
- Daiwa ETF MSCI Japan Empowering Women Index WIN
- Ampega Diversity Plus Aktienfond
- Valeurs Féminines Global
- NEXT FUNDS MSCI Japan Empowering Women Select Index ETF
For these funds launched in the last 12 months, data is under review for inclusion in the Scorecard rankings.
Global Equity:
- DWS Invest ESG Women for Women
- Nia Impact Solutions Fund
- Calvert Sustainable Diversity, Equity, and Inclusion Fund
- Calvert Sustainable Developed Markets Equity Select Fund
- Calvert Sustainable Emerging Markets Equity Select Fund
U.S. Equity:
- V-Shares US Leadership Diversity ETF
- Calvert Sustainable US Equity Select Fund
- Hypatia Women CEO ETF
Europe Equity:
- Calvert Sustainable Developed Europe Equity Select Fund
We lack sufficient disclosed data on the following funds in our gender lens equity universe. These are not included in current rankings:
- Smart ESG 30 Empowering Women Net Return ETN (Japan Equity)
- Meritz The Woman Securities Investment Company (Republic of Korea Equity)
- BNP Paribas Apollo Gender Equality Fund (Global Equity)
- Anima Investment Gender Equality 2026 (Global Equity)
- Ava Gender Equality Tracker (Europe Equity)
Category 1: Fund gender metrics
- Gender lens investment criteria
- Women in leadership and workforce metrics of holdings
- Representation of women on portfolio management team
Description
With this category, the tool examines the stated investment criteria for depth of gender lens focus, including beyond women-in-leadership to stated additional metrics and/or thresholds on pay equity and transparency, workplace policies, and diversity metrics around external relationships and other factors. This category also brings together several unique proprietary scores on how the gender lens criteria is reflected in portfolio holdings. The third portion of this category is a score for female representation on the portfolio management team.
Q4 2022
The Desjardins SocieTerra Diversity Fund was the leading scorer in this category. Consistently during 2022, the overall top-scoring funds for the period were also largely the best scorers in the fund gender metrics category. Scores were high or solid for all except the five lowest-ranking funds. Those category leaders achieved strong scores in all three subcategories, with particular strength in gender metrics of holdings. The lowest scorers in this category fell short on the gender metrics of their holdings and/or lacked female representation on their portfolio management teams.
Top Quartile GLEFs for Category 1
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Category 2: Firm gender metrics
- Women in leadership metrics
- Firm public commitments to equality
- Advocacy for gender equality and diversity
Description
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We advocate for asset management firms to offer gender lens products and demonstrate a high level of gender and broad-based equality. This Scorecard category includes indicators around a range of women-in-leadership metrics at the asset manager and parent levels, including board, C-suite, fund trustees, and executive and senior management. This category also includes an in-depth evaluation of proxy voting policies and records, for the fund and firm, as well as a score for shareholder engagement. In looking at a firm’s external commitment to equality, the category captures a nominal score for public commitment to global gender equality compacts and platforms: UN Principles of Responsible Investing, UN Women’s Empowerment Principles, and UN Global Compact.
Q4 2022
The Impax Ellevate Global Women’s Leadership Fund (investor class) was the top ranking fund in this category. Within the category, 16 firms scored relatively high on firm WIL, while nine lagged notably. On active ownership, 15 firms achieved high scores, with six trailing. High scores on active ownership broadly corresponded with strength in overall scores.
Top Quartile GLEFs for Category 2
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Category 3: Fund performance
- Internal rating of fund performance vs. gender lens indexes and broad market indexes
- Third-party ratings of fund risk-adjusted performance
Description
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The Scorecard incorporates four measures of relative performance and one metric around risk adjusted returns. The performance metrics are internal scores for (a) 1-year and (b) longest standard performance period relative to a corresponding broad market index and relative to a corresponding gender lens index.
Note: The pairs of mutual funds and ETFs in the coverage universe have different inception dates. Divergent performance scores can lead to differences in rankings.
Q4 2022
The global and U.S. equity funds turned in good relative performance for the quarter. 1-year and longer-term relative performance was mixed. Scores in this category remained generally lower than the other three categories. Ten funds scored notably higher on the combined metrics for the quarter, while six lagged. The Impact Shares YWCA Women’s Empowerment ETF was the lead scorer in this category for Q4.
Top Quartile GLEFs for Category 3
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Category 4: Fund ESG
- Aggregation of leading ESG scores
Description
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As gender lens is a thematic ESG strategy, the tool includes a combined score for how the fund is rated by four leading ESG ratings providers. These ratings tools are designed to measure the presence, disclosure, and management of climate and broad-based ESG risks and opportunities among portfolio holdings.
Q4 2022
External ESG scores are available for all of the funds included in the Q4 rankings. The overall top-quartile funds are in the top half for this category. The RobecoSAM Global Gender Equality Equities Fund was the top scorer in this category.
Top Quartile GLEFs for Category 4
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