On the morning of June 4, 2014, Sallie Krawcheck, CEO of Ellevate (formerly 85 Broads) announced that the group was launching a mutual fund for investors to invest in women. Launched in partnership with Pax World Investments, the mutual fund is called the Pax Ellevate Global Women's Index Fund (PXWEX) and will focus on investments in the highest rated companies in the world in advancing women's leadership.

The mutual fund is premised on the belief that investing in companies that invest in women is a sound long term investment, and the numbers back it up. Statistically, companies with 3 or more women on their boards have 84% better return on sales, 60% better return on invested capital and 46% better return on equity.In creating a mutual fund that exclusively invests in companies that advance women's leadership, they hope to further strengthen and measure this argument as the fund is "designed to measure and capture the contribution that gender diversity makes to business success over time."

To watch the June 4th announcement of the Pax Ellevate Global Women's Fund on MSNBC click here.