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.

female

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.

By adding the Pink Chip top list on our platform, we aim to inspire more inclusiveness in the variety of companies you can invest in. This initial launch with US companies is a great first step and we cannot wait for the expansion on European female-led companies and in a later stage the offering of ETFs.

Rojuette De Vries

Head of Innovation at DEGIRO and Board member
Finance at UN Women Netherlands

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. ALNY Alnylam Pharmaceuticals Inc

2. RUN Sunrun Inc

3. WDS Woodside Energy Group Ltd - ADR

4. GTLS Chart Industries Inc

5. JXN Jackson Financial Inc - Ordinary Shares - Class A

6. BXMT Blackstone Mortgage Trust Inc - Ordinary Shares - Class A

7. HALO Halozyme Therapeutics Inc.

8. ITCI Intra-Cellular Therapies Inc

9. AMD Advanced Micro Devices Inc.

10. UPWK Upwork Inc

AMD

Advanced Micro Devices Inc.

WDS

Woodside Energy Group Ltd - ADR

ALNY

Alnylam Pharmaceuticals Inc

ITCI

Intra-Cellular Therapies Inc

HALO

Halozyme Therapeutics Inc.

GTLS

Chart Industries Inc

JXN

Jackson Financial Inc - Ordinary Shares - Class A

RUN

Sunrun Inc

BXMT

Blackstone Mortgage Trust Inc - Ordinary Shares - Class A

UPWK

Upwork 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 Alnylam Pharmaceuticals Inc
ALNY
Jan
2022
Yvonne L. Greenstreet
MD
5.67% $32,952,375,662 86.65% 54.82% Health Technology
02 Sunrun Inc
RUN
Aug
2021
Mary G. Powell
4.74% $3,812,602,098 2.95% -22.32% Electronic Technology
03 Woodside Energy Group Ltd - ADR
WDS
Aug
2021
Meg O’Neill
4.01% $37,195,968,227 41.23% -16.71% Energy Minerals
04 Chart Industries Inc
GTLS
June
2018
Jillian C. Evanko
MBA
3.98% $6,654,277,842 26.79% 76.74% Producer Manufacturing
05 Jackson Financial Inc - Ordinary Shares - Class A
JXN
Feb
2021
Laura Prieskorn
3.87% $5,942,518,082 0.00% 57.01% Finance
06 Blackstone Mortgage Trust Inc - Ordinary Shares - Class A
BXMT
June
2021
Katharine A. Keenan
3.78% $3,277,266,344 96.07% -0.17% Finance
07 Halozyme Therapeutics Inc.
HALO
Jan
2014
Helen I. Torley
MD
3.72% $6,768,431,469 76.47% 20.81% Health Technology
08 Intra-Cellular Therapies Inc
ITCI
June
2002
Sharon Mates
PhD
3.68% $8,248,562,896 93.17% 52.00% Health Technology
09 Advanced Micro Devices Inc.
AMD
Oct
2014
Lisa T. Su
PhD
2.03% $293,538,757,973 39.61% 2.24% Electronic Technology
10 Upwork Inc
UPWK
Jan
2020
Hayden Brown
1.96% $1,510,118,593 76.85% 18.70% Commercial Services
11 ArcBest Corp
ARCB
Jan
2010
Judy R. McReynolds
CPA
1.95% $2,689,952,415 7.26% -6.30% Transportation
12 Federal Signal Corp.
FSS
Jan
2016
Jennifer L Sherman
1.94% $5,544,310,306 26.45% 10.22% Producer Manufacturing
13 Citigroup Inc
C
Mar
2021
Jane Fraser
1.94% $123,067,994,988 0.00% 11.86% Finance
14 Arista Networks Inc
ANET
Oct
2008
Jayshree V. Ullal
1.94% $113,406,103,306 63.73% 16.28% Electronic Technology
15 Parker-Hannifin Corp.
PH
Jan
2023
Jennifer A. Parmentier
1.93% $69,142,199,027 35.43% 0.25% Electronic Technology
16 MillerKnoll Inc
MLKN
Jul
2021
Andi Owen
1.92% $1,956,455,424 39.12% -11.22% Producer Manufacturing
17 Tootsie Roll Industries, Inc.
TR
Jan
2015
Ellen R. Gordon
1.92% $2,281,462,799 32.93% -5.50% Consumer Non-Durables
18 WEX Inc
WEX
May
2013
Melissa D. Smith
CPA
1.90% $7,673,245,286 55.26% 6.65% Commercial Services
19 Reliance Steel & Aluminum Co.
RS
Jan
2023
Karla Renee Lewis
CPA
1.90% $17,045,366,516 29.21% -8.08% Non-Energy Minerals
20 Equity Lifestyle Properties Inc.
ELS
Feb
2013
Marguerite M. Nader
1.88% $12,435,544,326 36.63% 4.82% Finance
21 Vertex Pharmaceuticals, Inc.
VRTX
April
2020
Reshma Kewalramani
MD
1.88% $126,121,019,012 87.25% 14.21% Health Technology
22 Trip.com Group Ltd - ADR
TCOM
Nov
2016
Jane Sun
1.88% $32,981,159,135 81.20% 23.20% Consumer Services
23 Exponent Inc.
EXPO
May
2018
Catherine Ford Corrigan
1.88% $5,025,477,296 25.08% 3.30% Industrial Services
24 New York Times Co. - Ordinary Shares - Class A
NYT
Sept
2020
Meredith Kopit Levien
1.88% $8,654,032,268 43.17% 5.93% Consumer Services
25 Celanese Corp - Ordinary Shares - Series A
CE
May
2019
Lori J. Ryerkerk
1.87% $15,535,432,955 19.76% -8.48% Process Industries
26 Hershey Company
HSY
Mar
2017
Michele G. Buck
MBA
1.87% $27,890,509,233 45.53% 8.87% Consumer Non-Durables
27 General Motors Company
GM
Jan
2014
Mary Barra
1.85% $55,918,350,048 13.74% 7.58% Consumer Durables
28 Progressive Corp.
PGR
July
2016
Susan Patricia Griffith
1.84% $124,929,462,884 0.00% 20.56% Finance
29 Integral Ad Science Holding Corp
IAS
Jan
2019
Lisa Utzschneider
1.84% $1,595,802,351 63.99% 7.95% Technology Services
30 Workiva Inc - Ordinary Shares - Class A
WK
Apr
2023
Julie Iskow
1.84% $3,789,291,003 76.36% 16.96% Technology Services
31 Vail Resorts Inc.
MTN
Nov
2021
Kirsten A. Lynch
1.83% $6,766,302,865 52.83% 3.62% Consumer Services
32 Parsons Corp
PSN
Jul
2018
Carey Smith
1.82% $8,379,650,766 21.15% 30.87% Technology Services
33 Accenture plc - Ordinary Shares - Class A
ACN
Sept
2019
Julie Spellman Sweet
1.81% $194,573,808,008 33.45% -0.59% Technology Services
34 Elevance Health Inc
ELV
Jan
2017
Gail Koziara Boudreaux
MBA
1.81% $124,469,056,676 0.00% 0.96% Health Services
35 Occidental Petroleum Corp.
OXY
May
2016
Vicki A. Hollub
1.81% $54,262,171,599 33.99% -12.71% Energy Minerals
36 nVent Electric plc
NVT
May
2018
Beth A. Wozniak
MBA
1.81% $12,989,327,180 40.65% 18.09% Electronic Technology
37 Centene Corp.
CNC
Jan
2022
Sarah McGinty London
MBA
1.80% $36,213,896,883 0.00% 3.90% Health Services
38 Pagerduty Inc
PD
July
2016
Jennifer Tejada
1.80% $2,041,060,330 82.60% 7.68% Technology Services
39 Bellring Brands Inc
BRBR
Oct
2019
Darcy Horn Davenport
MBA
1.77% $7,180,380,996 32.37% 28.27% Consumer Non-Durables
40 Southwest Gas Holdings Inc
SWX
May
2022
Karen S. Haller
1.77% $5,177,378,786 11.45% -1.39% Utilities
41 Trinity Industries, Inc.
TRN
Feb
2020
E. Jean Savage
1.74% $2,414,975,607 20.16% 26.16% Producer Manufacturing
42 International Seaways Inc
INSW
Dec
2016
Lois K. Zabrocky
1.73% $2,761,132,540 60.77% -4.43% Transportation
43 AMN Healthcare Services Inc.
AMN
Nov
2021
Cary Grace
MBA
1.70% $1,893,018,973 26.17% -27.11% Commercial Services
44 HubSpot Inc
HUBS
Sept
2021
Yamini Rangan
MBA
1.49% $24,264,747,040 84.60% 23.08% 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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