Graduation Year


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Patrick Van Horn

Reader 2

Nicholas Kacher


Previous research has consistently found that women and men invest differently. This paper will examine the impact of gender diversity and its impact on fund returns. To adequately test and answer this question, I analyzed a sample of 23,297 open-end funds that are currently operating. My results suggest that funds with women included on the management teams consistently maintained portfolios that generated higher returns with less risk. These findings support my hypothesis that gender diversity is a valuable asset to funds. It allows management teams to have a more holistic view on the markets and mitigate groupthink. Overall, this thesis highlights the inherent biases that we learn from a young age and pervades our education system, the financial markets, and more largely our economy.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.