Gender Lens Investing 2024 is a Q4 and Year in Review with Outlook. 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 a profile on:

Women and Sustainable Investing.

Key Findings

• Publicly traded gender lens equity funds (GLEFs) totaled $4.4 billion in AUM as of December 31, 2023. AUM growth was 10.5% for the quarter. For the one-year period, AUM growth was -9.3%, in keeping with the pullback in sustainable equities.
• The gender lens equity funds turned in positive relative performance for the quarter. For the quarter, 21 funds outperformed a broad market index, while seven performed in line. 12-month relative performance was less robust, as six funds outperformed a broad market benchmark and one posted in-line performance.
• There are 21 global equity funds and 22 regional equity funds available to individual investors. These are domiciled in the U.S., Canada, Europe, South Korea, and Japan.
• Four new funds were launched in 2023, with one fund closure. This follows from seven new funds launched in 2022.
• Gender lens fixed income AUM was US$15.2 billion as of December 31, 2023. Quarterly AUM growth was 7.2%. For the one-year period AUM growth was a strong 32.9%, driven by new gender bond issuances.
• There were new gender bond issues announced during the quarter, including the sixth issuance in Impact Investment Exchange’s Women’s Livelihood Bond series, a new gender bond in South Korea, and an exchange listing of Pakistan’s first gender bond.
• Diversity, equity, and inclusion (DEI) funds totaled US$1.9 billion in AUM as of December 31, 2023. Quarterly AUM growth was 10.3%, while AUM grew 20.6% for the one-year period. This growing group of funds focuses on investing in companies with robust DEI policies or social justice track records.
• The report spotlights the gender gaps facing women investors in light of much-covered Great Wealth Transfer. Estimates are that women in the U.S. will control $30 trillion in wealth by 2030, with similar transfers expected in the U.K. and Europe.
• The report also provides an outlook on sustainable investing.

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