Know Your Fund Manager | Sunaina da Cunha, co-head of Fixed Income at Aditya Birla Sun Life AMC Limited

Let's start with your personal story

I was fortunate to grow up in a family that placed tremendous value on education and on building a career grounded in long-term financial independence. Much like they did with my elder sister, my parents sat me down as I was completing my schooling at Convent of Jesus and Mary, Fort, Mumbai, and walked me through the wide range of career paths and the academic routes leading to each. Even at that early stage, finance and investments appealed to me.

That clarity shaped my future choices: I went on to pursue a Bachelor of Commerce at Sydenham College of Commerce and Economics, followed by an MBA in Finance from the Faculty of Management Studies (FMS), Delhi. A few years into my professional journey, I further strengthened my foundation in investments by becoming a CFA charterholder.

How did you land up in this job?

Security analysis and portfolio management captivated me right from my B-school days. So when I received an on-campus offer to join the investments team at Aditya Birla Sun Life AMC Ltd., I knew it was the right place to begin my career, and I accepted it without hesitation. Ever since, there has been no looking back.

The role has continually challenged and engaged me. It has allowed me to apply my analytical skills to understand both the macro and the micro, connect thousands of data points for timely decision-making, and appreciate how events in one part of the world can shape outcomes elsewhere. The interplay of economics, politics, global developments, and market behaviour created a space where both the analytical and creative parts of my mind were constantly at work.

More than two decades ago, I began my career as an investment analyst before moving into fund management. Today, I serve as the Co-head of Fixed Income at Aditya Birla Sun Life AMC Ltd.

Which funds are you currently managing?

As the Co-head of Fixed Income, I am entrusted with overseeing Rs 2.3 lakh crore of debt assets under management as of 31st October 2025. I manage schemes such as Aditya Birla Sun Life Liquid Fund, Aditya Birla Sun Life Savings Fund, Aditya Birla Sun Life Medium Term Plan, Aditya Birla Sun Life Credit Risk Fund, and Aditya Birla Sun Life CRISIL Liquid Overnight ETF.

What is your investment philosophy and how would you describe your investment strategy?

My investment philosophy is rooted in the three fundamental pillars of fixed income investing, Credit, Duration, and Liquidity, captured through the SLR principle: Safety, Liquidity, and Returns, in that order.

Safety means minimising default risk and reducing loss given default through rigorous upfront credit assessment and continuous monitoring.

Liquidity is ensured by constructing portfolios that are both liquid and self-liquidating, with strong asset–liability alignment across schemes.

Returns are generated through a balanced long-term and short-term outlook, supported by active duration management guided by an institutionalised approach to interest-rate forecasting.

In practice, I actively manage both credit and duration through a disciplined framework that governs issuer exposures, rating profiles, sector and asset-class concentrations, and duration buckets. Portfolios are constructed using a Core–Satellite approach, the core reflects long-term views on credit and duration, while the satellite allows for tactical adjustments in liquidity and duration.

This strategy is further strengthened by continuous monitoring of global data, political developments, and macroeconomic indicators, enabling nimble, well-calibrated decisions to modulate exposures effectively.

What gives you the kick while managing other people’s money?

What drives me is the ability to apply a disciplined, research-backed investment process consistently and see it translate into meaningful outcomes for investors. The real satisfaction comes from delivering sustained outperformance year after year, knowing that prudent decisions and rigorous processes are helping people grow and protect their hard-earned money.