it reflects the sector a company operates in small cap resources...

it reflects the sector a company operates in

small cap resources fund investment at the time was almost entirely men

eg analysts are generally engineers and geologists - and they go on to become portfolio managers

at the time for eg there were about 18 coal market analysts in Australia - only one was female that i recall

since the mining boom more women have emerged - more chose that path at uni etc. but back then it was still people who went to uni in the 80s and 90s

get more women in banking/finance, consumer goods - and the bigger the funds the more women tend to have roles

one of my better friends was head of quant for state street for eg - thats a massive global index fund - shes a genius pure math whiz