From gas pumps to grooming products, what fund managers buy for themselves seemingly shapes what they buy for their portfolios.

So say the authors of A Man’s World? Consumption-based Investment in the Mutual Fund Industry, a recent study showing male and female fund managers tend to back sectors they personally consume.

For men that means energy (the most lopsidedly male-weighted sector), finance, utilities, cars and alcohol. For women it’s healthcare and personal care.

Portfolio choices, it seems, echo shopping lists.

This gendered tilt isn’t harmless. Portfolios heavy on “masculine” sectors tend to underperform.

The researchers built a Portfolio Masculinity Index and found a clear pattern: the more macho the fund, the worse the results. Testosterone, it seems, is no substitute for due diligence.

Capital allocation reflects who’s allocating it. With men dominating the industry – women manage only a sliver of assets – the market risks inefficiently funnelling funds into sectors they happen to like.

The researchers say gender parity would see capital drain from fossil fuels and finance, and flow towards healthcare and tech. Less diesel, more diagnostics.

The broader lesson? Investment decisions shaped by gendered habits may skew markets and sap returns.

Buying what you know is one thing; buying what you consume is another.