This is double their 9% proportion among all fund managers, according to an analysis by online investment platform Rplan.

Chief executive Stuart Dyer said: “There are plenty of studies that show female fund managers constitute a small minority of retail fund managers in the UK. But our analysis shows that they punch above their weight in the performance stakes.”

He said this could be attributable to women having to be better than men to succeed a male-dominated environment or to them being more prudent with money.

Analysis of Rplan’s clients’ behaviour had shown that female investors opt for less risky investments, he added.

“Whatever the reasons, ultimately, investors should be happy to have a proven manager with good track record, regardless of gender,” Mr Dyer said.

Rplan offers access to 3,112 funds and to pre-selected investment portfolios based on levels of risk.