This research is a continuation from Morningstar's research on fund managers by gender. Key takeaways include: Men and women deliver equally competitive fund performance, as do mixed-gender teams; These performance trends do not explain the lack of gender diversity in the fund industry; Men have benefited from the industry's growth, capturing nearly all net new fund-management roles; and Women have entered the industry at the same rate they have exited it, so their representation has fallen as the industry has expanded.