Women made it clear in a 2018 Fidelity Investments study that they were ready to take action to grow their money. That strong sentiment has spurred Fidelity to launch the Fidelity Women’s Leadership Fund on Wednesday.
The actively managed mutual fund is available with both retail and advisor share classes with no investment minimums, according to a new release.
The fund, headed by Nicole Connolly, a 21-year industry veteran, seeks to identify high-performing companies that prioritize and advance women’s leadership and development, the release said.
Companies must have a woman as a member of the senior management team, a board of directors with women as one third of its members or specific gender diversity initiatives for hiring, retention and promotion of women.
Connolly said she is looking for companies that she believes are committed to female leadership and development that can grow earnings more than the market and that have resilient businesses models with a solid competitive position.“The focus with the Fidelity Women’s Leadership Fund is to offer an investment product that seeks returns with a purpose,’’ she said.
The 2018 research, "Women and Investing Study," found that many investors are interested in investments options that align with their values. More than half of investors surveyed by Fidelity said they would be interested in a fund that invests in companies supporting women in leadership roles, with 61 percent of millennial women demonstrating the strongest interest.
Nearly three-quarters of women (72 percent) said they wanted to take steps in the next six months to demand more from their money and make it work harder. The No. 1 topic women said they want to learn more about is investing and how to select investments to meet their goals, the release noted.
“The launch of this fund aligns with Fidelity research showing that women are ready to take control of their finances and demand more from their money,” said Connolly.