From trailblazers to rising stars: celebrating women in fund management

In spite of some valiant efforts, fund management remains a resolutely male-dominated profession. While there have been incremental improvements, the number of female fund managers remains stubbornly stuck around 12-13% of the industry. However, among that small percentage, there are some superstars. 

For the 238 FundCalibre rated funds, the percentage of funds with a female fund manager is marginally higher, at 18%*. This is a purely bottom-up statistic – we are just picking the best on a range of criteria rather than aiming for a target. The level is even higher for the investment trusts we rate, at 23%*. This goes some way to proving the old adage that the best man for the job might, from time to time, be a woman.  

The trailblazers: steady income and capital growth

Within the FundCalibre list, we have a number of trailblazing women. These are the female fund managers who have built up thirty years’ experience or more. In that category we’d put Sue Noffke at Schroders, who manages the Schroder Income Growth trust, and Rosemary Banyard, who also started her career at Schroders, but now runs the VT Downing Unique Opportunities fund. 

Both offer a differentiated approach to investing in UK equities. Sue is focused on long-term growth in dividends and capital. The trust currently has a yield of over 4%, but – perhaps more importantly for those relying on an income from their investments – it has grown its dividends for 29 consecutive years, since it was launched in 1995. That earns it a place on the Association of Investment Companies’ list of dividend heroes. 

Sue has run the trust since 2011. She says the trust “places greater emphasis on the sustainability and potential growth of a company’s dividend than a high initial yield. Together with the yield potential, companies must also be mispriced – the market price of a company’s shares is lower than the value we believe the business has through our research.”

Rosemary is more focused on smaller companies. She wants to find ‘outstanding’ businesses. “By outstanding businesses, I mean companies that have ‘moats’ – barriers to entry that are going to keep out competitors in the long term. If you are going to own something for the long term, you want to be sure it is not going to see its margins competed away.”

These are both capable, dependable fund managers with a long track record. They have thrived through times when female fund managers were considered something of a novelty, which should hint at their unique abilities. 

Next generation: for UK recovery

On the shoulders of these giants are the next generation of female fund managers. In this category, we would include Abby Glennie, deputy head of UK Small & Mid Cap at abrdn and manager of the abrdn UK Mid-Cap Equity fund, Alexandra Jackson, manager of the Rathbone UK Opportunities fund and Victoria Stevens, fund manager on the Liontrust Economic Advantage team, which manages the Liontrust UK Micro Cap and UK Smaller Companies funds. She, and co-manager Matt Tonge, also recently took over the Liontrust Special Situations fund. 

It has been a tougher period for these fund managers because they all specialise in UK mid and small-cap companies, which has been a dismal place to invest in recent years. Nevertheless, they – and we – are predicting a better outlook for this part of the market in the coming months as a combination of share buybacks, M&A activity, slowing outflows and improving sentiment have started to make a difference to performance. 

The Government’s new-found interest in growth is also a potential catalyst. Alexandra Jackson says: “A committed focus on growth would be hugely welcomed by capital markets. Perhaps there’s some excitement brewing here and perhaps returns are broadening out from just US tech (DeepSeek challenges the idea that Nvidia and friends are the only game in town), but the FTSE All-Share outperformed the S&P 500 and the Nasdaq this month.” 

These female fund managers have defended investors’ capital through a tough period for their sector and should be in a great position to lean into any recovery in small and mid-caps as it builds momentum. 

Another talented female fund manager in an area that may be on the cusp of a recovery is Swetha Ramachandran, manager on the Artemis Leading Consumer Brands fund. The fund has had a difficult period during a rough patch for luxury goods companies, but has seen a significant revival over the past six months as Chinese and European markets have started to recover. 

Among her top 10 holdings are Hermes, Ferrari and Prada, but she also has holdings in hotels group Accor, and sports brand Adidas**. She also sees some opportunities emerging in Chinese domestic brands***. She adds: “While challenges remain, our outlook for 2025 is cautiously optimistic. With strategic adjustments and consumer-centric approaches, the leading consumer brands sector is poised to rebound, albeit selectively. This means a top-down approach may not prove sufficient and a careful analysis of growth prospects, quality and valuation will be required to identify the differentiated players likely to seize the lion’s share of growth in the medium term.”

Up-and-coming: bond managers for the future

There are also some exciting up-and-coming female fund managers who are worth a look. Eva Sun Wai has been a co-manager on the M&G Global Macro Bond fund since July 2021, taking over from veteran investor Jim Leaviss. She joined M&G in 2018 and has quickly established herself as a star of the future. 

She joins fellow female bond managers such as Hilary Blandy, who has built a successful franchise on the Jupiter Monthly Income Bond fund, and Claudia Calich, manager on the M&G Emerging Markets Bond fund. 

All in all, female fund managers may be relatively small in number, but they can pack a punch in their chosen segments. At a time when the world has become more irrational, it may be worth having a calm and steely lady at the helm of your investments. 

*Source: FundCalibre internal data, at 28 February 2025

**Source: fund factsheet, 31 January 2025

***Source: Artemis, 14 January 2025