I recently interviewed Candace King Weir and Amelia Weir, possibly the only mother-daughter team among the roughly 7,700 mutual fund managers in the U.S. The two manage Paradigm Micro Cap and have a unique perspective on the role of women in the fund business.

Q: To what do you owe your success in this heavily male industry?

Candace King Weir: Over 30 years in the business, we have garnered a lot of respect in the small-company universe, and our reputation precedes us. We do primary research with companies for 99 percent of our investments, and when we call CFOs, our phone calls are returned. That's an intangible asset. In 2008 (when the stock market lost 37 percent), we did well because we stuck with companies that persuaded us there was nothing fundamentally wrong with their business.

Q: Does being women help you

develop those relationships?

Amelia Weir: Women ... bring less ego, especially in the small-cap arena, where people pride themselves on their scrappiness. If a company has had a good quarter, we praise them. If they have had a bad quarter, we don't crucify them.

Q: Do you ever get negative

reactions from male counterparts?

Amelia Weir: People often assume that Candace inherited the business from her father or husband. But you don't take offense. In this business, you stand on your credibility. If your ideas are good, it doesn't matter if you're a man or a woman.

Q: How did you come to be in

business together?

Amelia Weir: I was an English major in college and started as an editor in equity research. When I decided to switch over to asset management, I went back to school to get more financial background. I was at another fund, but my mother and I had talked about getting together for two years. I finally joined her in 2008 — on the day that Lehman Brothers went under.

Q: Do you ever disagree?

Amelia Weir: Each of us has companies in the portfolio for which we have a stronger sense of ownership, and once in a while we have a difference of opinion. But we're not rooting for each other's failure. We want what's best for the portfolio.

Q: What advice would you give young women who are thinking about entering this field?

Amelia Weir: Don't discount your own abilities. If you have a robust intellect and curiosity, it's going to make up for any lack of quantitative ability and interest. Especially in the small-cap arena, you're talking about things that are creative and off the beaten path.

Janet Bodnar is the editor of Kiplinger's Personal Finance magazine. Send your questions and comments to money

power@kiplinger.com.