Gender Lens Investing Q3 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 internal gender equality and shareholder support at top global asset management firms.

Key Findings

• The report begins with The Women’s Economy by the Numbers. The latest data on financial and economic gender gaps demonstrate stalled progress on a number of fronts, including for women in corporate leadership. Unadjusted gender pay gaps remain stubbornly in place across economies, leading to lifelong wealth gaps for women.
• The report includes an analysis of how top global asset management firms are doing on internal gender equality and shareholder support. Average board representation is above market averages, while there has been a clear lack of progress for women in the C-suite. Executive committee representation has been growing, but there is a broken rung for women between the executive committee and C-suite levels.
• In examining shareholder support for equality among the world’s largest asset managers, most of the top ten asset managers maintain a consistent call for specified thresholds (generally 30%) for women’s board representation. Support for disclosure of board and workforce demographics data continues. After noting a lack of support for release of gender and racial pay data in 2023, a level of support for proposals calling for this data is emerging.
• AUM in gender lens fixed income was US$16.5 billion as of September 30, 2024. New issuances in use-of-proceeds Gender bonds totaled $144 million for the quarter. With $51 million in bond maturities, total AUM in the asset class ticked slightly upward for the three-month period.
• There were additional new Gender bond issues announced during the quarter, including from emerging markets banks in Asia, Africa, and Latin America.
• A small group of 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 September 30, 2024. With a slight downward tick, AUM growth was largely flat for the quarter.
• Diversity, equity, and inclusion (DEI) equity funds totaled US$2.0 billion in AUM as of September 30, 2024. AUM growth was 3.5% for the quarter. This group of funds focuses on investing in companies with robust DEI policies or social justice track records.