Three new women have gained the FE Alpha Manager rating for 2014 but despite the increase just 6% of managers in the rankings were female.
The list denotes the top 10% of bosses in charge of funds for UK retail investors and 94% were men.
The number of women making it onto the list has gone up by two this year, with eight female Alpha Managers in 2013 and seven in 2012. There were just three in 2009 - the first year the list was launched - which remained the same in 2010, rising only to four in 2011.
Schroders' Jenny Jones, among the ten women, is one of 35 'veterans' who have made it onto the rankings every year since they were established in 2009.
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The three new females this year were Jenna Barnard, from Henderson, Sylvie Sejournet of Pictet Funds and Tana Focke from Smith & Williamson.
The remaining six women are Julie Dean of Cazenove, Margaret Lawson of SVM, Mary McBain of Ruffer Investment Management, Nicola Stafford of Fidelity, Rosemary Banyard of Schroder Investment Management and Sue Round of Ecclesiastical Investment Management.
There are 165 managers in total on the 2014 list.
Fund managers are judged according to their track records since 2000
with extra weighting for managers with the longest track records to highlight the benefits of experience.
Rob Gleeson, head of research at FE, said: "The ratings are a quantitative, independent signpost for investors and advisers seeking to identify the best and brightest managers at the helm of UK retail funds."
The rating is based on three components: risk-adjusted alpha; consistency of outperformance versus their benchmark; and outperformance in both up and down markets.
To qualify they must have a minimum track record of 42 months and manage at least one fund with over £25 million in assets.
Jupiter Asset Management and Henderson Global Investors employ the most FE Alpha Managers with nine apiece while Fidelity Investments has eight.

Among the 35 managers achieving an FE Alpha Manager rating for the first time are:
· Guy Bowles, chief executive of Ingenious Asset Management, and manager of the Ingenious Global Growth Fund
· Anthony Smouha, chief executive of Atlanticomnium and adviser to several of GAM's bond funds
· Mario Gabelli, chairman of GAMCO Investors and manager of GAM GAMCO Equity and GAM Star GAMCO US Equity
· Henry Dixon, founder of Matterley and manager of the FP Matterley Undervalued Assets Fund
· Zak Summerscale, chief investment officer of European high yield at Babson Capital and manager of the St. James's Place International Corporate Bond Fund