Will the appearance of fund managers play a role in investors' decisions?11The authors acknowledge and appreciate the supports from the Digital Economy Open Research Platform (www.deor.org.cn). All data is sampled, desensitized, and stored on the Ant Open Research Laboratory in an Ant Group Environment which is only remotely accessible for empirical analysis

We study whether the facial attractiveness of fund managers influences individual investors' decisions. Utilizing a composite measure of facial attractiveness based on the average scores across three platforms, we discover that female investors are more inclined to purchase funds managed by highly attractive fund managers. While they demonstrate significantly attenuated sensitivity to performance-flow when evaluating high-attractiveness managers, this effect is confined exclusively to positive performance scenarios. Additionally, we find that when a fund replaces its manager with a more attractive one, female investors become less sensitive to fund performance-flow; however, investors do not significantly distrust new managers who are less attractive. Further research refutes the assumption that performance chasing and style similarity explain female investors' preference for attractive fund managers, suggesting that limited attention partly explains this preference for attractiveness. Fortunately, this gender-specific investment bias does not yield excess returns for the funds or investors, nor does it constitute detrimental behavior. Only the negative impact of returns can be mitigated when fund performance falls short of market expectations. This study demonstrates the gender differences in behavioral biases among individual investors in mutual fund investments, highlighting the potential economic implications of these biases from a gender perspective.