Gender Lens Investing Q2 2024 is a Review of Sustainable and Equality-focused Investing. The report examines the latest performance and composition of gender lens equity funds and provides updates on gender lens fixed income, DEI equity funds, and women in the economy. The review includes:

An analysis of gender equality by country.

Key Findings

• The report begins with a Q2 Review of the Women’s Economy. While the period saw labor force participation gains for U.S. women in their prime working ages, there are stubborn drawbacks behind the higher numbers.
• The report spotlights the latest research on overlapping financial gender gaps facing women investors. Pay gaps lead to steep gender gaps in wealth and retirement savings and income.
• The report provides an analysis of gender equality by country, bringing together global population data and country scores from the WEF’s Global Gender Gap 2024, the World Bank’s Women, Business, and the Law 2024.
• Our analysis shows that the top-scoring WEF countries represent less than 8% of the world’s women, while the 25 most populous countries – representing over 70% of the world’s women – score well below top-ranked countries on gender gaps, including on economic participation and legal rights and freedoms.
• AUM in gender lens fixed income was US$16.5 billion as of June 30, 2024. Quarterly AUM growth was 4.1%, including Gender bond issuances and maturities.
• In significant gender lens fixed income news, the Republic of Iceland issued the first sovereign Gender bond during the quarter. Proceeds from the 3-year (3.4% fixed coupon rate) issuance will finance housing for low-income women and gender minorities and will create incentives for all parents to utilize paid parental leave.
• There were additional new Gender bond issues announced during the quarter, including an Asian Development Bank issuance and the first Gender bond in Bolivia, with proceeds to finance women-owned businesses.
• A handful of AI-related technology stocks continued their narrow leadership of U.S. and global equity markets during the quarter. In equality-related equities, AUM for publicly traded gender lens equity funds (GLEFs) totaled $4.6 billion in AUM as of June 30, 2024. AUM growth was flat for the quarter.
• Diversity, equity, and inclusion (DEI) equity funds totaled US$2.0 billion in AUM as of June 30, 2024. AUM growth was flat for the quarter and 10.1% for the 12-month period for funds in our coverage throughout. This group of funds focuses on investing in companies with robust DEI policies or social justice track records.

Figure A: 12 Largest GLEFs by AUM (in $ millions)