A famous study by Hedge Fund Research Inc that covered hedge fund performance between 2015 and 2016 found that female led hedge funds outperformed counterparts led by men. But a more robust, recent study has found men and women have similar trading performances. This might seem obvious, though the study was still able to point to some differences between the genders. Female led hedge funds had a harder time getting investments to survive, but those that did had twice as good as performance as men’s. Investors, it appears, have a bias against women, perhaps because the majority of them remain men.
Why does this matter? Finding investment talent is hard, yet capital allocators make it even harder for themselves by over-focusing on male-led hedge funds.
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