All-women and mixed-gender US fund teams outperformed all-male portfolio management teams so far this year, according to a Goldman Sachs analysis that raises fresh questions about the investment industry’s progress in addressing its gender diversity problems.

To mark the centenary of US women winning the right to vote, Goldman analysed 496 large-cap US equity funds with combined assets of $2.3tn to compare the performance of funds where at least one-third of the portfolio management roles were female with portfolio management teams run entirely by men.

Women led funds remain a rarity across the investment industry in spite of a growing body of evidence that more diverse teams produce better results. Just 14 of the 496 US funds analysed were run by all women teams. Goldman classified an additional 49 funds as “female-managed” funds run by teams where one-third of the portfolio managers were women. In contrast, 380 of the funds had all male teams.