The Diverse Investing Collective organized a transparency sign-on letter for asset owners and allocators to call on the top 20 largest asset management firms to be more transparent about the gender and racial make-up of their fund teams. Specifically, the Collective found that 14 out of the 20 largest asset management firms by AUM are not currently completing the Nasdaq eVestment Diversity & Inclusion survey at the fund level. Completing this survey at the fund level is important for two reasons: 

• Seeing the gender and racial make-up of portfolio decision-makers at the fund level (rather than at the firm level) allows us to see how much money is being managed by diverse teams. The evidence shows diverse teams, leveraging cognitive diversity and avoiding groupthink, can deliver outperformance. 
• While some investors are beginning to send their own diversity surveys, the challenge with these is that only the investor sending the survey can see the results and fund managers suffer from survey fatigue, receiving hundreds of individual diversity surveys.