This International Women’s Day 2026, we’re once again spotlighting exceptional women portfolio managers. These women oversee strategies that earn High or Above Average People Pillar ratings from Morningstar analysts, which reflects their investment talent, judgment, experience, and stewardship.

Collectively, these managers invest billions of dollars on behalf of retirement savers, college planners, and long-term investors in strategies spanning fixed income, equities, and global multi-asset portfolios.

The women highlighted this year—Lucy Johns of Dodge & Cox, Jennifer Cardillo of Fidelity, and Erin Browne of Pimco—represent the depth and diversity of female leadership in asset management today. They follow no single leadership template, but whether they collaborate with investment committees or call the shots on individual securities themselves, Johns’, Cardillo’s, and Browne’s pursuit of long-term results for investors unites them.

Lucinda (Lucy) Johns, Director of Fixed Income and Portfolio Manager at Dodge & Cox

Dodge & Cox has never bought into star-manager culture. The firm is known for its committee-driven approach, deep fundamental research, and unusually long-tenured investment professionals. Johns exemplifies that model as the firm’s director of fixed income, sitting on multiple investment committees, including those in charge of the $105.6 billion Dodge & Cox Income DODIX, which has a Morningstar Medalist Rating of Gold, the Bronze-rated $15.2 billion Dodge & Cox Balanced DODBX, and the Gold-rated $4.8 billion Dodge & Cox Global Bond DODLX.

Johns received her undergraduate degree from Williams College and her MBA from UCLA, joining the firm for the second time following her graduate studies in 2004. She began her career at Dodge & Cox as a research assistant and, in the two decades-plus since then, has become an integral part of the firm’s generational change as its senior leaders have retired. As Johns is also a shareholder and board member of the privately held partnership, she is firmly aligned with the strong stewardship that has long set the firm above its peers in the investment industry.

An investor who put $10,000 into Dodge & Cox Income when Johns was named to the fund in March 2012 through the end of February 2026 would now have about $15,700, compared with $14,240 for the typical intermediate core-plus bond Morningstar Category peer and about $14,130 for the Bloomberg US Universal Index. That translates to a 3.3% annualized gain for the fund, compared with the category’s 2.3% and the index’s 2.5%.

Jennifer Cardillo, Portfolio Manager at Fidelity Advisor Small Cap

Cardillo embodies the firm’s deep fundamental research roots. She has managed the Silver-rated, $2.2 billion Fidelity Advisor Small Cap FSCIX since 2018 as well as sleeves of other Fidelity funds, like Fidelity Advisor Stock Selector Small Cap FCDIX.

She is a homegrown Fidelity talent: Cardillo joined the firm after graduating from Boston College’s Carroll School of Management Honors Program in 2009. She’s spent most of her career investing in small caps, covering mainly healthcare and technology stocks. While that background allows her to comfortably navigate growth-oriented, innovation-driven segments of the market, her emphasis on owning strong businesses at attractive prices has helped the fund hold up in a variety of market environments.

Indeed, Cardillo has delivered for investors in both up and down markets. Since she joined the fund in July 2018 through February 2026, it has captured 103% of the small-blend Morningstar Category average’s upside but only 93% of its downside. A $10,000 investment in this fund over that period would have more than doubled in value to $21,641; the typical peer and Morningstar US Small Cap Index would have grown to $17,320 and $18,508, respectively. On an annualized basis, the fund gained 10.6% compared with the respective 7.4% and 8.4% returns of the category average and index.

Erin Browne, Managing Director and Portfolio Manager at Pimco

Portfolio manager Browne works at the intersection of stocks, bonds, and myriad other investments as a leader in Pimco’s asset-allocation strategies. These include leading the Silver-rated Pimco RealPath Blend target-date funds, which have over $4.3 billion invested across its array of mutual funds.

Browne held various roles in the multi-asset investing world before joining Pimco in 2018, including heading asset allocation at UBS Asset Management. Her degree in economics from Georgetown University provided a foundation for the macro-level work that has shaped her over a two-decade career. Multi-asset investing requires both top-down and bottom-up thinking. Managers like Browne must form views on growth, inflation, central bank policy, and global risk—and then implement those views in portfolios that balance return potential with risk management.

The results from Pimco RealPath Blend exemplify her success. Since she joined the manager roster in January 2019 through February 2026, the target-date mutual funds rank, on average, in the top half of their peer groups and rank even better on a risk-adjusted basis, as measured by Sharpe ratio. A $10,000 investment in the 2055 fund over Browne’s tenure would have grown to $23,397 compared with $22,258 for the Morningstar Lifetime Allocation Moderate 2055 Index and $22,891 for the target-date 2055 Morningstar Category average. That’s a 12.7% annualized gain for the fund, compared with the index’s 11.9% and the category average’s 12.3%.

2026’s Top Women Portfolio Managers

In addition to the managers highlighted, the women featured below represent some of the investment industry’s most accomplished investors. The list includes funds where women play pivotal roles on the investment team that earn Above Average or High People Pillar ratings from Morningstar analysts. These investors have demonstrated skill, discipline, and staying power over full market cycles, and they deserve a place on investors’ radar.