"Female-managed" mutual funds outperformed their counterparts by 1 percentage point through the first eight-plus months of the year, according to a report from Goldman Sachs.

Defined by the firm as those with at least one-third of portfolio manager positions held by women, female-managed funds account for just 63, or 13%, of the 496 large-cap U.S. mutual funds with $2.3 trillion in assets under management, Goldman said. The female-managed funds account for $261 billion in assets.

The firm said in a note Aug. 28 that the median female-managed mutual fund lagged behind its benchmark by only 60 basis points for the year to Aug. 26, compared with an average 160-bp shortfall for those with no female manager. According to the study, 77% of all large-cap mutual funds are managed by all-male teams.

Female-managed funds have higher relative exposure to high-flying tech stocks Amazon.com Inc., Apple Inc., Tesla Inc. and Microsoft Corp., Goldman Sachs found. Notable female-led funds include Wells Fargo Opportunity Fund, JPMorgan Tax Aware Equity Fund, and ClearBridge Large Cap Growth Fund.

However, despite better risk-adjusted returns, the typical female-managed fund had outflows of 5.7% of its assets under management since the start of 2020, compared with -5.5% of the median fund with no female managers.