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Although they are few in number, women are becoming a more important segment of the marketplace. Data demonstrates that female investors outdistance their male counterparts. More females are entering the investment business professionally.
My favorite female manager is Anne Gudefin. She managed a few Mutual series funds in the 2000s. She is currently executive vice-president in PIMCO's London office and is also a global portfolio manager.
Thanks for the reminder. I've "hired" her, too. Keep this up and we may discover that I've "hired" all the good female managers. An equal opportunity "employer".
I wonder if the anomaly might be due to performance numbers? Really, when is the last time you can remember or heard where a female fund manager a) had the leading fund in her category, b) was nominated for M* manager of the year or c) was the managing head of a mutual fund company. Helen Hayes and Elaine Garzarelli and Kathleen Gaffney are those i remember. Matthews Funds has one or two I believe as lead managers. We know they're out there but but little if any is ever said or written about them. They go about their business in relative obscurity cranking out respectable numbers year after year but rarely ringing the bell in the performance chase. People like performance numbers, consistency and respectability are afterthoughts.
Lots of other explanations of course: possible hiring biases, not enough women in the field of practice, a shortage of women applying for those positions etc.etc.. Many times they also have a different twist on investing as a whole which many may not appreciate.
J Bewick was/is real good, Fido, IIRC. Maybe she is mentioned already. Susan Byrne, Westwood, is another, though not sure where she is actively decisionmaking these days.
Although a minority, there are many talented female money managers in the business. You guys identified many of them.
Several key questions: How many female managers generate positive Alpha? and What is the positive female Alpha producer percentages compared to male plus Alpha generators?
Is there a pony there? That seems to be the case in the Hedge fund segment of the industry.
Have been invested with Luz Padilla for several years. Managing the asset class of EM debt is no small feast. She has achieved solid returns without incurring additional risk comparing to her peers.
Historically, Leah Zell led the international group at Acorn Funds. Elizabeth Bramwell, who was a founding manager of a Gabelli growth fund, split to start the Bramwell Fund. She died on March 7 of this year.
I was about to mention Leah Zell. She was an original co-manager of Acorn Int'l (ACINX) along with her husband. She outlasted him as a manager of the fund, taking on Margaret Forster as a co-manager for much of her remaining tenure with the fund.
"The keepers of conventional wisdom contend that women are risk averse, to their detriment as investors. The conventional wisdom apparently isn't acquainted with Leah Joy Zell."
Mary Miller did a bang-up job as head of T. Rowe Price's fixed income division. Before taking over, their fixed income funds were mostly duds. IMHO, she turned the division around and it remains competitive to this day. She left Price several years ago for government service.
From Wikipedia: "Mary John Miller serves as the U.S. Department of the Treasury's Under Secretary for Domestic Finance ... responsible for developing and coordinating Treasury's policies and guidance in the areas of financial institutions, federal debt financing, financial regulation, and capital markets. ... Previously, Miller served as Assistant Secretary of the Treasury for Financial Markets ... Prior to joining Treasury, Miller spent 26 years working for T. Rowe Price Group, Inc., where she was the director of the Fixed Income Division and a member of the firm's Management Committee. In November of 2011, Miller was included on The New Republic's list of Washington's most powerful, least famous people."
To the basic question here: I suspect it's for the same reason that males seem to dominate this board. For every Anna, you'll find three male-sounding names like Ted, Old Joe or Hank. Probably has to do with the relative attraction finance holds for the genders - especially when they are young. No doubt gender stereotyping plays a big part. That's also been an issue in many scientific/technical areas which largely attracted males until quite recently.
Hank, I believe the females think that we're all a bunch of blubbering idiots and would just rather laugh at us w/o adding to our pain. On the other hand, 'handles' being what they are, none of us know who any of us are other than for David and Ed. I've sometimes wondered if Ted is really Barbara Bush.
I remember reading an article years ago about research indicating that women investors tended to be more patient than male ones who were more aggressive and overly-eager to prove themselves. It would fit the psychological stereotypes at least that women need to be more patient to put up with their children and their husbands. If you're a believer in buy and hold investing--and the studies indicate it is a superior strategy--then women should be superior investors. Then again there are some aggressively run funds that have performed well, but they tend to be more volatile and prone to blowups. Think of that classic CGM Focus and Ken Heebner. If ever there was an alpha male investment strategy, it was his. Meanwhile, Susan Byrne at Westwood had a more patient approach, trying to hit singles and doubles instead of home runs.
Comments
NYTimes, June 13, 1999, INVESTING WITH: Arden Armstrong; MAS Mid-Cap Growth Fund
Although they are few in number, women are becoming a more important segment of the marketplace. Data demonstrates that female investors outdistance their male counterparts. More females are entering the investment business professionally.
My favorite female manager is Anne Gudefin. She managed a few Mutual series funds in the 2000s. She is currently executive vice-president in PIMCO's London office and is also a global portfolio manager.
More power to her and her cohorts.
Best Wishes.
Regards,
Ted
Lots of other explanations of course: possible hiring biases, not enough women in the field of practice, a shortage of women applying for those positions etc.etc.. Many times they also have a different twist on investing as a whole which many may not appreciate.
Just shooting from the hip.
Meet the most powerful woman in hedge funds
http://www.cnbc.com/id/102318842
LU: https://s.yimg.com/fz/api/res/1.2/hEqpm7iwGeZns5hULyAv4w--/YXBwaWQ9c3JjaGRkO2g9MTIwO3E9OTU7dz0xMjA-/http://cdn.citywirecontent.co.uk/managerimages/120x120/14710--1x1--120x120.jpg
SONDERS: https://s.yimg.com/fz/api/res/1.2/qFmcrDdMgu9G.A1_BclDCw--/YXBwaWQ9c3JjaGRkO2g9MzYwO3E9OTU7dz02NDA-/http://thumbnails.cbsig.net/CBS_Production_News_VMS/2014/03/08/187103299716/SATMO_030814_Jobs_640x360.jpg
KONG: https://s.yimg.com/fz/api/res/1.2/6GElZFdKG6Vosslx5vnNxQ--/YXBwaWQ9c3JjaGRkO2g9MTAwO3E9OTU7dz0xMDA-/http://m.c.lnkd.licdn.com/mpr/pub/image-reB9nm4UbLioAlOA46ekDU_adamk-Kt2feeP7R68dGlfz1elreBP7rAUd-0R-i7Eldtn/teresa-kong.jpg
Susan Byrne: "graduated" from running funds to "Founder & Vice Chairman."
http://westwoodgroup.com/people/susan-m-byrne/
Matthews also has Lydia So @ MSMLX
DoubleLine has Luz Padilla @ DLENX
Although a minority, there are many talented female money managers in the business. You guys identified many of them.
Several key questions: How many female managers generate positive Alpha? and What is the positive female Alpha producer percentages compared to male plus Alpha generators?
Is there a pony there? That seems to be the case in the Hedge fund segment of the industry.
Best Wishes.
Elizabeth Bramwell, who was a founding manager of a Gabelli growth fund, split to start the Bramwell Fund. She died on March 7 of this year.
Here's a nice writeup of her, with a relevant lead paragraph.
Chicago Tribune, Dec 10, 2000, Family History Helps Drive Leah Zell's Zeal For Success
"The keepers of conventional wisdom contend that women are risk averse, to their detriment as investors. The conventional wisdom apparently isn't acquainted with Leah Joy Zell."
From Wikipedia: "Mary John Miller serves as the U.S. Department of the Treasury's Under Secretary for Domestic Finance ... responsible for developing and coordinating Treasury's policies and guidance in the areas of financial institutions, federal debt financing, financial regulation, and capital markets. ... Previously, Miller served as Assistant Secretary of the Treasury for Financial Markets ... Prior to joining Treasury, Miller spent 26 years working for T. Rowe Price Group, Inc., where she was the director of the Fixed Income Division and a member of the firm's Management Committee. In November of 2011, Miller was included on The New Republic's list of Washington's most powerful, least famous people."
To the basic question here: I suspect it's for the same reason that males seem to dominate this board. For every Anna, you'll find three male-sounding names like Ted, Old Joe or Hank. Probably has to do with the relative attraction finance holds for the genders - especially when they are young. No doubt gender stereotyping plays a big part. That's also been an issue in many scientific/technical areas which largely attracted males until quite recently.
Well, I'm almost certain that my wife would agree with that, and she knows me pretty well by now...