Indian Female Fund Managers Deliver Substantial Returns on Initial Investments

Women in Leadership: India's Mutual Fund Industry Sees Rise in Female Portfolio Managers

Key Highlights:

• Women occupy less than 15% of senior roles in India's $500 billion-plus mutual fund industry, with a growing number of female portfolio managers delivering benchmark-beating returns and strong peer rankings.
• Three female portfolio managers - Sunaina Da Cunha, Meenakshi Dawar, and Rajasa Kakulavarapu - exemplify the rising tide of female talent, blending rigorous research, risk savvy, and long-term vision to deliver annualized returns ranging from 9.52% to 15.92% as of February 28, 2026.

Portfolio Manager Performance:

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• Sunaina Da Cunha, Co-CIO (Debt) at Aditya Birla Sun Life Asset Management Company, oversees credit-oriented strategies, including the Aditya Birla Sun Life Credit Risk Fund and Aditya Birla Sun Life Medium Term Plan.
• Aditya Birla Sun Life Credit Risk Fund delivered 9.52% annualized returns between April 2015 and February 2026, outperforming its benchmark return of 8.21% and the peer-group average of 6.89%, while ranking in the top quartile and beating 96% of peers.
• Meenakshi Dawar manages the Nippon India Value Fund at Nippon India Mutual Fund, alongside mandates such as the Nippon India Aggressive Hybrid Fund and Nippon India Flexi Cap Fund.
• Nippon India Value Fund delivered 15.92% annualized returns between May 2018 and February 2026, outperforming the Nifty 500 Total Return Index, which returned 13.27% over the same period, while beating 87% of peers in the category.
• Rajasa Kakulavarapu of Franklin Templeton Mutual Fund co-manages the Franklin India Flexi Cap Fund, which has delivered 14.14% annualized returns between December 2023 and February 2026, outperforming both its benchmark and the category average over that period.

Investment Approaches:

• Sunaina Da Cunha's strategy typically allocates a significant portion of its portfolio to AA and below-rated corporate bonds, navigating the higher-yield segment of the credit market through issuer-level research, position sizing, and risk controls.
• Meenakshi Dawar's investment framework focuses on identifying businesses with durable fundamentals trading below intrinsic value, while avoiding classic value traps through scrutiny of balance sheets, earnings visibility, and valuation cycles.
• Rajasa Kakulavarapu's investment approach centres on bottom-up stock selection, focusing on business quality, competitive positioning, and valuation discipline.