What the study found
The study found wide variation among gender lens equity funds, or equity funds that use gender equality criteria in investing. It also found that the "gender lens" label was not a reliable indicator of how funds were designed, how they disclosed and oversaw gender-related practices, or how they performed.
Why the authors say this matters
The authors conclude that more consistent disclosure and clearer guidance on gender-related criteria and stewardship expectations are needed. They say this would help people evaluate gender-labelled equity funds and improve investor protection and market integrity.
What the researchers tested
The researchers mapped 43 gender lens equity funds and developed a framework based on screening breadth and accountability depth. Accountability depth refers to fund-level disclosure and stewardship practices. They then examined a 14-fund subsample with at least five years of history to compare portfolio composition and performance.
What worked and what didn't
The portfolios showed limited overlap in holdings, even among funds in the same region. Most funds had market-level risk exposure, with beta close to 1. Actively managed funds more often underperformed their benchmarks.
What to keep in mind
The abstract describes descriptive comparisons rather than causal testing. It reports results for a 14-fund subsample with at least five years of history, so the detailed performance comparisons apply only to that group. The abstract does not describe additional limitations.
Key points
- The study mapped 43 gender lens equity funds and classified them by screening breadth and accountability depth.
- A 14-fund subsample with at least five years of history was used for portfolio and performance comparisons.
- Portfolio holdings overlapped only limitedly, even among funds in the same region.
- Most funds showed market-level risk exposure, with beta around 1.
- Actively managed funds more often underperformed their benchmarks.
- The authors say the "gender lens" label is not a reliable indicator of design, accountability, or performance.
Disclosure
- Research title:
- Gender lens label varies widely across equity funds
- Authors:
- Freyja Vilborg Þórarinsdóttir, Ásta Dís Óladóttir, Gary L. Darmstadt, Sigríður Benediktsdóttir
- Institutions:
- Office of International Affairs, Stanford University, University of Iceland, University of Iceland, University of Iceland
- Publication date:
- 2026-03-08
- OpenAlex record:
- View
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