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A new study by researchers from the University of Mannheim and the University of Essex shows that male and female fund managers invest in different sectors – influenced by their own consumption preferences. This has a significant effect on fund performance.
Prof. Dr. Hans Peter Grüner and Prof. Dr. Alexandra Niessen-Ruenzi from the University of Mannheim, together with Prof. Dr. Christoph Siemroth from the University of Essex, investigated whether the gender of institutional fund managers affects their investment strategies. Their key finding: female fund managers invest their capital differently than their male colleagues. While the former group prefers to invest in sectors such as healthcare, male fund managers are increasingly focusing on sectors such as energy. An analysis of consumption and investment patterns from 2003 to 2019 as part of the study shows that this behavior is closely linked to private consumption preferences.
These patterns have tangible consequences for private investors. The findings indicate that fund managers who cater their investments to align with usual male consumption trends tend to pursue lower-risk strategies, which in turn results in reduced returns. This analysis was carried out using a newly introduced “portfolio masculinity index,” which categorizes investment funds according to their investment behaviors related to gender. The findings indicate that investment funds deemed more “masculine” according to this index tend to perform poorly.
Cash Flow Disruption
The study also sheds light on the economic impact of this imbalance. Analysis of the US sample shows that only 9 percent of fund managers are women, and they control approximately 3 percent of total net fund assets. A lack of women in the fund industry causes an inconsistency between investments and the authentic desires of consumers.
The findings indicate that increased female representation in the investment industry, they would be able to steer investments toward economic sectors that have been previously marginalized. This could promote innovation and growth in areas such as healthcare and technology. On the other hand, the energy and finance sectors, which thrive on investment behaviors typically associated with masculinity, might experience financial bottlenecks.
Contact:
Yvonne Kaul
Research Communication
University of Mannheim
Phone: +49 621 181-1266
E-mail: kaul@uni-mannheim.de
Prof. Dr. Hans Peter Grüner, Chair of Economics, Economic Policy
University of Mannheim
Phone: +49 621181 – 1885
E-mail: gruener@uni-mannheim.de
Prof. Dr. Alexandra Niessen-Ruenzi
Chair of Business Administration and Corporate Governance
University of Mannheim
Phone: +49 621181 – 5562
E-mail: alexandra.niessen-ruenzi@uni-mannheim.de
Gruener H.P., Niessen-Ruenzi A., Siemroth C. (15 March, 2025). A man's world? Consumption-based investment in the mutual fund industry. Social Science Research Network
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5175911
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