How India's top female fund managers turned Rs 10k investments into 2-3x gains

Sunaina da Cunha

• Indian women portfolio managers outperform benchmarks
• Sunaina Da Cunha, Meenakshi Dawar, and Rajasa Kakulavarapu excel
• Female-led funds outperform in equity and debt strategies

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Women portfolio managers in India are slowly taking on larger responsibilities across equity and debt strategies, with several funds run or co-managed by them delivering benchmark-beating returns and strong peer rankings across market cycles. Morningstar report unveils a trio of female portfolio managers who aren't just breaking barriers in the country's $500 billion-plus mutual fund industry, they're outpacing benchmarks and peers with disciplined strategies that have turned Rs 10,000 investments into robust growth stories over their tenures.

In a sector where women occupy less than 15% of senior roles, 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.

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. The credit risk fund has delivered 9.52 percent annualised returns between April 2015 and February 2026, outperforming its benchmark return of 8.21 percent and the peer-group average of 6.89 percent, while ranking in the top quartile and beating 96 percent of peers.

The 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—an approach that helped the fund remain relatively resilient even through the credit stress episodes that began around 2019.

In equities, 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. The value fund has delivered 15.92 percent annualised returns between May 2018 and February 2026, outperforming the Nifty 500 Total Return Index, which returned 13.27 percent over the same period, while beating 87 percent of peers in the category.

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. Portfolio construction is tightly controlled, with diversification limits and most positions typically capped around 2–3 percent weights.

Rajasa Kakulavarapu of Franklin Templeton Mutual Fund represents a newer cohort of women investors gradually moving into larger portfolio responsibilities. After joining the firm as a senior research analyst in 2016 following stints at Jefferies and Credit Suisse, she transitioned into portfolio management in 2021.

She now co-manages the Franklin India Flexi Cap Fund, which has delivered 14.14 percent annualised returns between December 2023 and February 2026, outperforming both its benchmark and the category average over that period. Her investment approach centres on bottom-up stock selection, focusing on business quality, competitive positioning and valuation discipline.

As India's mutual fund assets swell toward $1 trillion by decade's end, this report signals a pivotal shift: Firms like Aditya Birla, Nippon, and Franklin are investing in female pipelines, yielding not just diversity but superior outcomes.