Shareholder activists are encouraged by the high percentage of votes cast in favor of making mutual funds genocide-free.  In a second round of voting on genocide-free investing, 25% of shareholders of Fidelity’s Mid-Cap Fund, 21% of its International Discovery Fund, 22% of its Overseas Fund and 23% of its Canada Fund voted for the genocide-free investing proposal. Similarly, on March 19, 27% of shareholders of Fidelity’s Capital and Income Fund and 28% of its Select Health Care Portfolio Fund voted in favor of the proposal.  The proposal has been submitted to a wide range of other mutual funds with votes scheduled in coming months.

According to industry insiders, it is highly unusual for a social concern to receive such a high percentage of the vote, when opposed by management. Chief among the reasons for these low numbers is the large number of votes that simply follow management’s guidance, including institutional voters, “insider” voters, and many ordinary investors who reflexively check the “vote with management” box. The consistently high vote totals for genocide-free investing suggest that this proposal resonates strongly with shareholders.

More votes on the genocide-free investing proposal will take place on May 14 at shareholders’ meetings for 15 additional Fidelity funds including the $72 billion Contrafund, the $50 billion Diversified International Fund, and the $39 billion Magellan Fund.

For more information please see investorsagainstgenocide.org.