The Pink Chip Top List
Interested in investing in companies run by women? Discover our Pink Chip Top List to easily find companies with female CEOs.
Investing in female-led companies
The Pink Chip Top List shows the top 10 weighted companies out of the 44 companies found in the Pink Chip US index. Like Pink Chip, the brains behind the list, we believe that female-led companies deserve a spotlight. That is why we, in cooperation with UN Women the Netherland, have decided to become Pink Chip’s European launch partner.
Go to Pink Chip
Investing involves risk of loss and currency fluctuations. This is not investment advice. Only invest in products that fit your risk appetite, knowledge and experience.
THE PINK CHIP TOP LIST
The first of its kind
Pink Chip is an initiative that tracks the performance of female-led businesses. It was founded to counteract a bias that seems to surround companies with female CEOs. Research shows that businesses with newly appointed female CEOs are perceived differently compared to their male counterparts by the media and investors.
Stock prices drop 2-3% for companies that appoint a female CEO. A study by Northwestern University, Media attention drives market bias toward new female CEOs, found that the appointment of a female CEO garners more media attention than that of a male, which, in turn, causes that company’s stock price to drop by 2-3% after the announcement.
Study by Northwestern University
Investors response to new female CEOs are more negative. The study from the Strategic Management Journal, She’-e-os: gender effects and investor reactions to the announcements of top executive appointments, concludes that investor reactions to the announcements of female CEOs are significantly more negative than those of their male counterparts.
Study by Peggy M. Lee and Erika Hayes James
Why we’ve added the Pink Chip Top List
The Pink Chip Top List was added to our platform for two reasons:
1
The Pink Chip Top List focuses entirely on female-led companies. Pink Chip indices are educational tools that allow investors to make evidence-based decisions free from the bias that seem to hold female leaders back. The list makes it easier for you to find female-led businesses if this is important for you.
2
We envision a world where investing is accessible to everyone who wants to shape their own financial future. Data, however, shows that investing is still very much a man’s world. Only one in five investors is a woman. Research also suggests that women tend to invest differently than men (some even state that women are better at it). For example, women have different values, risk tolerances, goals and investment horizons than men. To tailor our platform to more investor types (including women), we added the Pink Chip Top List.
Where can I find the data and studies used by Pink Chip?
Using this research and data, Pink Chip aims to show the success of female-led companies and invite any investor to make unbiased and well-informed investment decisions when considering these companies. You can find all the studies in Pink Chip’s FAQ.
Pink Chip criteria
These are the criteria used to select the companies in the Pink Chip index.
01
Have a female CEO
02
Have a revenue growth of at least 8% over the last 3 years.
03
Have a minimum market cap of $2 billion.
04
Is listed on a major US exchange (NYSE, NASDAQ), including ADRs and non-US based companies.
The Pink Chip index is a custom weighted index. The companies in the top 20th percentile for 3-year revenue growth are given 2x weight. The remainder of companies are given 1x weight.
-
Women’s economic empowerment is a key topic for UN Women. We applaud the Pink Chip initiative because it focuses on the investment gap between male and female-led companies, and hopefully leads to more awareness among investors about the true potential of women and spurs investments in women-led companies.
Marije Cornelissen
Executive Director and Founder
UN Women the Netherlands -
50% of the global population are women, embodying 50% of its potential. To fully harness this potential, we need to foster equal opportunities for women. UN Women believes that women’s full participation in leadership roles is elemental in establishing gender equality. Pink Chip shows the value that women bring to investors, businesses, and the broader economy, consequently contributing to advancing opportunities for women in leadership roles.
Claire Nooij
Board Member
UN Women Netherlands
The full Pink Chip Index
Ranked by index %, displayed with market cap size.
1. AMD Advanced Micro Devices Inc.
2. RUN Sunrun Inc
3. HALO Halozyme Therapeutics Inc.
4. JXN Jackson Financial Inc - Ordinary Shares - Class A
5. BXMT Blackstone Mortgage Trust Inc - Ordinary Shares - Class A
6. GTLS Chart Industries Inc
7. ALNY Alnylam Pharmaceuticals Inc
8. CNC Centene Corp.
9. WDS Woodside Energy Group Ltd - ADR
10. AMN AMN Healthcare Services Inc.
AMD
Advanced Micro Devices Inc.
WDS
Woodside Energy Group Ltd - ADR
ALNY
Alnylam Pharmaceuticals Inc
CNC
Centene Corp.
HALO
Halozyme Therapeutics Inc.
GTLS
Chart Industries Inc
JXN
Jackson Financial Inc - Ordinary Shares - Class A
BXMT
Blackstone Mortgage Trust Inc - Ordinary Shares - Class A
RUN
Sunrun Inc
AMN
AMN Healthcare Services Inc.
Advanced Micro Devices Inc.
HOLDING NO: 2
MARKET CAP: $277,769,925,920
FEMALE-LEAD SINCE: 2014
All companies
| HOLDING | FEMALE LEAD SINCE |
CEO NAME |
% OF INDEX INDEX |
MKT CAP (USD) |
GROSS INCOME (1Y) |
REV GROWTH (1Y) |
INDUSTRY SECTOR |
|
|---|---|---|---|---|---|---|---|---|
| 01 |
Advanced Micro Devices Inc. AMD |
Oct 2014 |
L i |
5.02% | $744,669,790,842 | 51.31% | 50.11% | Electronic Technology |
| 02 |
Sunrun Inc RUN |
Aug 2021 |
M a |
4.16% | $2,150,763,648 | 34.41% | 52.81% | Electronic Technology |
| 03 |
Halozyme Therapeutics Inc. HALO |
Jan 2014 |
H e |
4.07% | $12,571,038,844 | 77.40% | 47.67% | Health Technology |
| 04 |
Jackson Financial Inc - Ordinary Shares - Class A JXN |
Feb 2021 |
L a |
3.93% | $9,438,000,960 | % | 0.00% | Finance |
| 05 |
Blackstone Mortgage Trust Inc - Ordinary Shares - Class A BXMT |
June 2021 |
K a |
3.82% | $2,386,577,270 | 74.85% | -2.87% | Finance |
| 06 |
Chart Industries Inc GTLS |
June 2018 |
J i |
3.78% | $10,047,718,713 | 23.12% | -11.65% | Consumer Services |
| 07 |
Alnylam Pharmaceuticals Inc ALNY |
Jan 2022 |
Y v |
3.35% | $35,392,514,305 | 76.88% | 66.86% | Health Technology |
| 08 |
Centene Corp. CNC |
Jan 2022 |
S a |
3.34% | $33,601,537,910 | % | 9.92% | Health Services |
| 09 |
Woodside Energy Group Ltd - ADR WDS |
Aug 2021 |
M e |
3.25% | $44,056,135,239 | 29.69% | -7.03% | Energy Minerals |
| 10 |
AMN Healthcare Services Inc. AMN |
Nov 2021 |
C a |
3.24% | $1,293,969,024 | 25.89% | 2.29% | Commercial Services |
| 11 |
ArcBest Corp ARCB |
Jan 2010 |
J u |
3.11% | $3,069,734,697 | 9.71% | 15.87% | Transportation |
| 12 |
nVent Electric plc NVT |
May 2018 |
B e |
2.87% | $24,616,973,604 | 37.93% | 52.77% | Electronic Technology |
| 13 |
Reliance Steel & Aluminum Co. RS |
Jan 2023 |
K a |
2.58% | $20,331,965,081 | 26.59% | 26.51% | Non-Energy Minerals |
| 14 |
Elevance Health Inc ELV |
Jan 2017 |
G a |
2.52% | $89,953,045,174 | % | 1.40% | Health Services |
| 15 |
Citigroup Inc C |
Mar 2021 |
J a |
2.47% | $231,721,114,049 | % | 4.85% | Finance |
| 16 |
International Seaways Inc INSW |
Dec 2016 |
L o |
2.45% | $5,064,081,134 | 67.72% | 140.10% | Transportation |
| 17 |
Arista Networks Inc ANET |
Oct 2008 |
J a |
2.43% | $241,448,842,298 | 62.93% | 37.69% | Electronic Technology |
| 18 |
Pagerduty Inc PD |
July 2016 |
J e |
2.31% | $1,108,963,223 | 83.90% | 0.83% | Technology Services |
| 19 |
Trinity Industries, Inc. TRN |
Feb 2020 |
E . |
2.21% | $2,239,509,328 | 22.26% | -4.17% | Producer Manufacturing |
| 20 |
Federal Signal Corp. FSS |
Jan 2016 |
J e |
2.12% | $7,151,635,335 | 29.89% | 18.70% | Consumer Durables |
| 21 |
Vail Resorts Inc. MTN |
Nov 2021 |
K i |
2.11% | $4,848,297,440 | 50.61% | -6.98% | Consumer Services |
| 22 |
General Motors Company GM |
Jan 2014 |
M a |
2.05% | $76,531,324,223 | 7.61% | 1.92% | Consumer Durables |
| 23 |
Parker-Hannifin Corp. PH |
Jan 2023 |
J e |
2.01% | $121,575,308,316 | 37.89% | 8.31% | Producer Manufacturing |
| 24 |
Southwest Gas Holdings Inc SWX |
May 2022 |
K a |
2.01% | $6,425,222,985 | 30.18% | -68.03% | Utilities |
| 25 |
Parsons Corp PSN |
Jul 2018 |
C a |
1.96% | $4,950,429,636 | 18.73% | -0.53% | Technology Services |
| 26 |
Progressive Corp. PGR |
July 2016 |
S u |
1.87% | $130,090,848,697 | % | 7.29% | Finance |
| 27 |
Vertex Pharmaceuticals, Inc. VRTX |
April 2020 |
R e |
1.87% | $141,421,061,743 | 85.37% | 11.99% | Health Technology |
| 28 |
Equity Lifestyle Properties Inc. ELS |
Feb 2013 |
M a |
1.84% | $12,554,139,461 | 36.14% | 5.35% | Finance |
| 29 |
MillerKnoll Inc MLKN |
Jul 2021 |
A n |
1.77% | $1,525,279,249 | 38.80% | 4.68% | Producer Manufacturing |
| 30 |
Tootsie Roll Industries, Inc. TR |
Jan 2015 |
E l |
1.74% | $2,919,514,671 | 34.49% | -0.56% | Consumer Non-Durables |
| 31 |
New York Times Co. - Ordinary Shares - Class A NYT |
Sept 2020 |
M e |
1.70% | $10,815,676,306 | 48.99% | 11.17% | Consumer Services |
| 32 |
Celanese Corp - Ordinary Shares - Series A CE |
May 2019 |
L o |
1.69% | $4,960,651,805 | 21.62% | 8.69% | Process Industries |
| 33 |
Trip.com Group Ltd - ADR TCOM |
Nov 2016 |
J a |
1.66% | $26,941,970,380 | 79.45% | 23.16% | Consumer Services |
| 34 |
Occidental Petroleum Corp. OXY |
May 2016 |
V i |
1.62% | $60,588,022,826 | 50.88% | 11.64% | Energy Minerals |
| 35 |
Exponent Inc. EXPO |
May 2018 |
C a |
1.61% | $3,330,603,424 | 20.64% | 20.89% | Industrial Services |
| 36 |
Hershey Company HSY |
Mar 2017 |
M i |
1.56% | $35,174,089,452 | 42.24% | 6.60% | Consumer Non-Durables |
| 37 |
WEX Inc WEX |
May 2013 |
M e |
1.53% | $6,645,913,525 | 60.12% | 14.24% | Commercial Services |
| 38 |
Workiva Inc - Ordinary Shares - Class A WK |
Apr 2023 |
J u |
1.47% | $4,276,591,573 | 80.41% | 18.64% | Technology Services |
| 39 |
Upwork Inc UPWK |
Jan 2020 |
H a |
1.34% | $1,147,861,882 | 76.51% | -1.68% | Commercial Services |
| 40 |
HubSpot Inc HUBS |
Sept 2021 |
Y a |
1.28% | $12,721,864,571 | 82.36% | 19.81% | Technology Services |
| 41 |
Accenture plc - Ordinary Shares - Class A ACN |
Sept 2019 |
J u |
1.22% | $118,178,262,832 | 32.20% | 5.59% | Technology Services |
| 42 |
Bellring Brands Inc BRBR |
Oct 2019 |
D a |
1.03% | $1,209,293,217 | 27.81% | 4.18% | Consumer Non-Durables |
| 43 |
Intra-Cellular Therapies Inc ITCI |
June 2002 |
S h |
0.00% | $14,046,999,697 | 91.63% | 46.62% | Health Technology |
| 44 |
Integral Ad Science Holding Corp IAS |
Jan 2019 |
L i |
0.00% | $1,735,615,948 | 65.37% | 15.60% | Technology Services |
Investing involves risk of loss and currency fluctuations. This is not investment advice. The return of a product is dependent on a multiplicity of factors. This list is meant to be informative and implies no guarantee of future results.
Q&A
Do you have any questions about Pink Chip? Find some answers here:
Pink Chip says it is an initiative on a mission to elevate the success of female leaders everywhere and reverse the bias that seems to hold them back. Pink Chip indices are the first step in accomplishing that mission.
Starting with the US, each Pink Chip index tracks female-led companies in markets around the world. It aims to help investors realise the true value and powerful performance of female leadership as a category.
In the world of finance and trading, investors refer to stocks as ‘chips’ and categorise them based on colour. Blue chips, for example, are stocks of companies that are considered as large, well-known and highly valued companies, while ‘green chips’ refer to companies working in green energy, sustainability or other activities associated with environmentalism.
Pink Chip aims to present an entirely new financial category in which ‘pink’ refers to the power that women bring to the businesses that they lead.
Pink Chip only lists companies. It is not a fund or financial product that you can invest in. But you can invest in the companies included in Pink Chips indices.
Pink Chip is an initiative from the agency AKQA, and it is built by Thematic.
AKQA is a design and innovation company that employs over 6,500 professionals across 20 countries. Thematic is a modern SaaS platform that enables anyone to build, launch and manage their own institutional-quality indices and ETFs.
The stocks featured in the Pink Chip Top list are the shares of the 10 companies in the Pink Chip US index with the most weight.
See Pink Chip’s FAQ on its website for answers to more questions.
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Please note the following details regarding the Pink Chip Top List:
- The list is updated twice a day
- The information regarding the stocks that are part of the index as well as their ranking within the index is provided by used to generate the list comes from Thematic and AKQA.
- The list displays stocks from the Pink Chip US index that are available on our trading platform.
- The companies included in the Pink Chip US index have a woman-identifying CEO, are listed on major US exchanges (NYSE, NASDAQ) including ADRs (American Depository Receipts) and non-US based companies, have a float-adjusted market cap greater (only considers outstanding shared traded by the general public) than $2 billion and a CAGR (compound annual growth rate) of at least 8% over the last 3 years.
- The stocks featured in the list are ranked by their weight in the Pink Chip US index.
- The Pink Chip US index is a custom weighted index. The companies in the top 20th percentile for 3-year revenue growth are given 2x weight. The remainder of companies are given 1x weight.
Investing involves risk of loss and currency fluctuations. This is not investment advice. Past performance is not a reliable indicator of future results. We advise you to only invest in financial products that match your knowledge and experience. Indirect costs may apply (e.g. spreads, fund charges). The return of a product is dependent on a multiplicity of factors. This list is meant to be informative and implies no guarantee of future results. For more information about Pink Chip visit pinkchip.org.
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