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.
We introduce Scorecard grade-level results for two broad equity funds: the iShares MSCI World ETF and the Fidelity 500 Index Fund. The letter grade for these was C+. We also scored two broad ESG funds: the Parnassus Core Equity Fund and the Impax Global Environmental Markets Fund. The letter grade for both of these was B-.
All of the GLEFs scored better than the broad-market and ESG funds. For the top 25 GLEFs, the average letter grade was A. All the gender lens equity funds in our coverage universe employ gender equality metrics in their core investment approach. As summarized in Section 4, our research shows that the holdings of these funds exhibit above-market strength on women in corporate leadership at the board, executive, and management levels. In addition, these funds average over 50% women’s representation on portfolio management teams – well above the long-unchanged market average of 14%.
There are 35 gender lens equity funds (GLEFs) in the Q2 2023 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. By rank order with letter grades, the Q2 2023 Scorecard rankings are as follows:
- UBS Global Gender Equality UCITS ETF (A+)
- Desjardins SocieTerra Diversity Fund (A+)
- Impax Ellevate Global Women’s Leadership Fund (investor class) (A+)
- Mirova Women Leaders Equity Fund (A+)
- Calvert Sustainable Diversity, Equity, and Inclusion Fund (A+)
- RobecoSAM Global Gender Equality Equities Fund (A+)
- Lyxor Global Gender Equality (DR) UCITS ETF (A+)
- Mackenzie Global Women’s Leadership ETF (A)
- Fidelity Women’s Leadership ETF (A)
- M&G (Lux) Diversity and Inclusion Fund (A)
- Mackenzie Global Women’s Leadership Fund (A)
- DWS Invest ESG Women for Women (A)
- Calvert Sustainable US Equity Select Fund (A)
- Calvert Sustainable Developed Europe Equity Select Fund (A)
- Belfius Equities Wo=Men (A)
- Calvert Sustainable Developed Markets Equity Select Fund (A)
- Nordea Global Gender Diversity Fund (Nordea SICAV 1) (A)
- SEB Global Equal Opportunity Fund (A)
- Fidelity Women’s Leadership Fund (Canada) (A)
- IQ Engender Equality ETF (A-)
- Fidelity Women’s Leadership Fund (A-)
- Calvert Sustainable Emerging Markets Equity Select Fund (A-)
- Impact Shares YWCA Women’s Empowerment ETF (A-)
- Glenmede Women in Leadership U.S. Equity Portfolio (A-)
- SPDR SSGA Gender Diversity Index ETF (A-)
- Diversity and Inclusion FAM Fund (A-)
- BMO Women in Leadership Fund ETF (A-)
- BMO Women in Leadership Fund (A-)
- iFree ETF MSCI Japan Empowering Women Index WIN (B+)
- Nia Impact Solutions Fund (B+)
- V-Shares US Leadership Diversity ETF (B+)
- RBC Vision Women’s Leadership MSCI Canada Index ETF (B)
- NEXT FUNDS MSCI Japan Empowering Women Select Index ETF (B)
- Valeurs Féminines Global (B)
- Ampega Diversity Plus Aktienfond (B-)
For the following funds launched in the last 12 months, data is under review for inclusion in the Scorecard rankings.
U.S. Equity:
- Calvert US Large-Cap Diversity, Equity, and Inclusion Index ETF
- Calvert US Select Equity ETF
- Hypatia Women CEO ETF
- BNY Mellon Womens Opportunities 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)
Tear sheets for these and other funds.
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