The lyrics made famous by Harry Belafonte, The Grateful Dead and a whole slew of other recording artists are borne out by the Novus Women's Best Ideas index. In almost every quarter of the past five years, woman-led funds outperformed the Novus Hedge Fund Universe. While this is true in the aggregate, it's most starkly illustrated if we set aside passive contribution and consider only active contribution.
Woman-led funds tend to be more exposed to the Materials sector than hedge funds more broadly while less exposed to Information Technology. They're also more likely to favor mid- and small-cap stocks. When they do invest in mega-caps, they apparently do it more wisely than the boys' club; their mega-cap alpha contribution is 1,877 basis points compared to 1,120 for hedge fund stock pickers as a whole.