The data and analysis firm Morningstar, not only a supporting member of Fondsfrauen, has examined asset managers for particularly talented female portfolio managers on the occasion of International Women's Day 2025. Fund analyst Natalia Wolfstetter writes for Fondsfrauen about the outstanding female fund managers who particularly impress her.
Equity Funds
Susan Bao, JPM US Select Equity Plus
Susan Bao began at JPMorgan as an analyst in 1997 and moved to portfolio management in 2001. JPMorgan has one of the best analyst teams for U.S. equities, and Susan Bao, through her long collaboration with the analysts, has the best access to their knowledge. She implements their recommendations in a broadly diversified and carefully assembled portfolio, where she also uses short selling with her colleague Steven Lee to generate additional performance. Bao's 18-year track record with the JPMorgan U.S. Select Equity Plus Fund is truly impressive. She has outperformed both the competition and the broader American stock market, which is rare for actively managed funds.
Anne-Christine Farstad, MFS Meridian Contrarian Value
Anne-Christine Farstad joined MFS as an equity analyst in 2005 and earned her stripes through her contribution to the MFS European Research Fund, a portfolio managed by MFS’s European analysts themselves. Since 2016, she developed the Contrarian Value philosophy, with which she manages the fund launched in 2019. She is not afraid to swim against the current and invest with a lot of discipline and patience in controversial areas or companies whose stock prices are under pressure. This approach of making bold, contrarian decisions early and sticking to her convictions has been a key factor in the long-term success of the fund.
Bond Funds
Kirstie Spence, Capital Group Emerging Markets Local Currency Debt
Kirstie Spence joined Capital Group as a trainee in 1995. She later moved to the emerging market bonds sector and has made a name for herself with the Capital Group Emerging Markets Local Currency Debt since 2013. In typical Capital Group fashion, the fund is managed by multiple portfolio managers. In this case, Spence is not only responsible for managing part of the portfolio, but since October 2023, she has also taken on overall responsibility for the fund. Over a ten-year period, the fund has significantly outperformed competitors, based on a quite flexible orientation but always with a firm eye on the underlying valuations.
Carly Wilson, BlackRock GIS Income Strategies Fund
Carly Wilson is an expert in specialized bonds and head of the bank loans division at BlackRock. She also manages leveraged loan funds and BlackRock's global long/short credit fund. (Leveraged loans are loans to companies that have a higher risk of default.) Additionally, she is active in relevant industry associations and a board member of the Women’s Bond Club. Wilson covers a very broad spectrum and has been successful with long/short strategies in many global markets, including corporate bonds, stocks, and derivatives. Before joining BlackRock, she worked at the multi-strategy hedge fund R3 Capital and at Lehman Brothers. In the BlackRock GIS Income Strategies Fund, Wilson’s allocation often acts as a buffer in times of market turbulence, helping to mitigate losses from interest rate fluctuations or a sell-off in the high-yield markets, as in 2022.
Mixed Funds
Hilda Applbaum, Capital Group Global Allocation
Hilda Applbaum is an exceptionally experienced mixed fund manager who has had an impressive career since joining the company in 1995. She is the principal manager of the Capital Group Global Allocation. She manages the equity quota based on her macroeconomic viewpoint. However, large or sudden shifts are rare, and most of the outperformance is due to skillful stock selection.
Pilar Gomez-Bravo, MFS Meridian Global Total Return
Industry veteran Pilar Gomez-Bravo joined MFS Investment Management in March 2013, after stints at Lehman Brothers and Neuberger Berman. Since March 2023, she has been co-heading the entire bonds division at MFS along with her colleague Alex Mackey. She has been managing the MFS Meridian Global Total Return since 2013. Together with her colleague Robert Spector, she is responsible for the global bond component within the portfolio. Here too, the long and close collaboration with the analyst team plays a big role in the success of the fund.
Considering such top female portfolio managers, one wonders why in Germany still significantly less than 10% of fund managers are female! It certainly isn't due to a lack of talent!
Under this author name you will find guest contributions from various people that we publish on their behalf.