Does Gender have an Impact on Fund Performance?ave an impact on fund performance? Evidence From the Mutual Fund Industry in Asia, Europe, and North America in 2008-2020

Sandra Hou Vinter & Pernille Østergaard

Student thesis: Master thesis


This study examines to what extent risk-adjusted performance, risk, and sector allocation differ between female- and male-managed equity funds in Asia, Europe, and North America in 2008-2020 disaggregated into five time periods. The aim is to contribute with empirical findings to the gender diversity debate within the fund management industry. Risk-adjusted performance, measured as Sharpe Ratio, risk, measured as standard deviation, and sector allocation between individual female- and male fund managers are investigated. Further, the risk-adjusted performance of team-managed funds with different gender compositions is assessed. For both single- as well as team-managed funds, potential differences are examined by means of statistical tests, supported by relevant theories as well as qualitative interpretations. In support of the findings from existing literature on fund managers, the majority of the results show no significant difference between the risk-adjusted performance and risk of individual female- and male fund managers. However, a pattern of lower risk for female fund managers in bear markets is identified. Further, the results show a tendency for individual female fund managers to have a higher allocation to technology and a lower allocation to industrials, energy, and financial services compared to their male counterparts. For team-managed funds, most of the results are insignificant, however some evidence of a higher performance of all-male teams compared to mixed- and all-female teams in North America and Europe is found. Finally, the findings of no difference in performance between individual female- and male fund managers provide motivation for a discussion of the presence of women within the industry.

EducationsMSc in Finance and Strategic Management, (Graduate Programme) Final Thesis
Publication date2021
Number of pages132
SupervisorsSøren Plesner