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 Netherlands, 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. ITCI Intra-Cellular Therapies Inc

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

3. GTLS Chart Industries Inc

4. RUN Sunrun Inc

5. ALNY Alnylam Pharmaceuticals Inc

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

7. HALO Halozyme Therapeutics Inc.

8. WDS Woodside Energy Group Ltd - ADR

9. TCOM Trip.com Group Ltd - ADR

10. ARCB ArcBest Corp

WDS

Woodside Energy Group Ltd - ADR

TCOM

Trip.com Group Ltd - ADR

ALNY

Alnylam Pharmaceuticals Inc

ITCI

Intra-Cellular Therapies Inc

GTLS

Chart Industries Inc

JXN

Jackson Financial Inc - Ordinary Shares - Class A

HALO

Halozyme Therapeutics Inc.

ARCB

ArcBest Corp

BXMT

Blackstone Mortgage Trust Inc - Ordinary Shares - Class A

RUN

Sunrun 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 Intra-Cellular Therapies Inc
ITCI
June
2002
Sharon Mates
PhD
4.58% $7,424,143,633 92.73% 85.51% Health Technology
02 Sunrun Inc
RUN
Aug
2021
Mary G. Powell
4.25% $2,381,454,231 6.89% -2.65% Electronic Technology
03 Jackson Financial Inc - Ordinary Shares - Class A
JXN
Feb
2021
Laura Prieskorn
4.05% $4,870,054,766 0.00% -78.29% Finance
04 Chart Industries Inc
GTLS
June
2018
Jillian C. Evanko
MBA
4.00% $6,239,790,705 26.17% 107.92% Producer Manufacturing
05 Alnylam Pharmaceuticals Inc
ALNY
Jan
2022
Yvonne L. Greenstreet
MD
3.77% $18,376,020,485 83.02% 76.23% Health Technology
06 Woodside Energy Group Ltd - ADR
WDS
Aug
2021
Meg O’Neill
3.75% $36,022,357,871 41.23% -16.71% Energy Minerals
07 Blackstone Mortgage Trust Inc - Ordinary Shares - Class A
BXMT
June
2021
Katharine A. Keenan
3.63% $3,166,085,490 94.08% 52.60% Finance
08 Halozyme Therapeutics Inc.
HALO
Jan
2014
Helen I. Torley
MD
3.60% $4,830,602,453 67.91% 25.62% Health Technology
09 Trip.com Group Ltd - ADR
TCOM
Nov
2016
Jane Sun
2.15% $32,282,366,629 81.75% 111.10% Consumer Services
10 ArcBest Corp
ARCB
Jan
2010
Judy R. McReynolds
CPA
2.11% $3,290,537,796 8.55% -16.84% Transportation
11 Occidental Petroleum Corp.
OXY
May
2016
Vicki A. Hollub
2.05% $58,488,945,312 34.39% -21.85% Energy Minerals
12 Federal Signal Corp.
FSS
Jan
2016
Jennifer L Sherman
2.05% $5,039,810,799 25.71% 20.07% Producer Manufacturing
13 HubSpot Inc
HUBS
Sept
2021
Yamini Rangan
MBA
2.04% $32,099,757,501 84.08% 25.38% Technology Services
14 General Motors Company
GM
Jan
2014
Mary Barra
2.02% $49,017,233,784 16.90% 9.64% Consumer Durables
15 nVent Electric plc
NVT
May
2018
Beth A. Wozniak
MBA
2.01% $11,974,119,818 41.12% 12.19% Electronic Technology
16 International Seaways Inc
INSW
Dec
2016
Lois K. Zabrocky
2.01% $2,579,146,116 58.55% 23.83% Transportation
17 Southwest Gas Holdings Inc
SWX
May
2022
Karen S. Haller
2.00% $5,270,099,523 10.64% 9.56% Utilities
18 Progressive Corp.
PGR
July
2016
Susan Patricia Griffith
1.98% $122,476,861,134 0.00% 20.56% Finance
19 Vail Resorts Inc.
MTN
Nov
2021
Kirsten A. Lynch
1.96% $8,334,389,475 43.36% -2.16% Consumer Services
20 Citigroup Inc
C
Mar
2021
Jane Fraser
1.96% $111,411,693,781 0.00% 16.68% Finance
21 Parker-Hannifin Corp.
PH
Jan
2023
Jennifer A. Parmentier
1.95% $69,415,058,533 35.85% 3.13% Producer Manufacturing
22 Reliance Steel & Aluminum Co.
RS
Jan
2023
Karla Renee Lewis
CPA
1.95% $18,497,878,098 29.06% -13.03% Non-Energy Minerals
23 Integral Ad Science Holding Corp
IAS
Jan
2019
Lisa Utzschneider
1.94% $1,494,703,280 67.47% 16.17% Technology Services
24 Pagerduty Inc
PD
July
2016
Jennifer Tejada
1.93% $1,968,188,773 77.19% 16.16% Technology Services
25 Trinity Industries, Inc.
TRN
Feb
2020
E. Jean Savage
1.93% $2,119,318,429 17.43% 50.88% Producer Manufacturing
26 Elevance Health Inc
ELV
Jan
2017
Gail Koziara Boudreaux
MBA
1.93% $118,421,404,652 0.00% 9.42% Health Services
27 WEX Inc
WEX
May
2013
Melissa D. Smith
CPA
1.92% $9,593,578,789 58.58% 8.40% Commercial Services
28 Exponent Inc.
EXPO
May
2018
Catherine Ford Corrigan
1.90% $3,930,276,964 25.29% 4.57% Industrial Services
29 Celanese Corp - Ordinary Shares - Series A
CE
May
2019
Lori J. Ryerkerk
1.87% $17,235,430,320 22.36% 13.10% Process Industries
30 Vertex Pharmaceuticals, Inc.
VRTX
April
2020
Reshma Kewalramani
MD
1.87% $101,540,797,872 87.17% 12.47% Health Technology
31 Parsons Corp
PSN
Jul
2018
Carey Smith
1.86% $8,313,971,121 22.16% 29.74% Technology Services
32 Tootsie Roll Industries, Inc.
TR
Jan
2015
Ellen R. Gordon
1.86% $2,865,938,194 33.46% 11.99% Consumer Non-Durables
33 AMN Healthcare Services Inc.
AMN
Nov
2021
Cary Grace
MBA
1.86% $2,136,534,655 28.89% -27.73% Commercial Services
34 New York Times Co. - Ordinary Shares - Class A
NYT
Sept
2020
Meredith Kopit Levien
1.85% $6,810,274,438 44.97% 5.10% Consumer Services
35 Centene Corp.
CNC
Jan
2022
Sarah McGinty London
MBA
1.85% $38,510,134,277 0.00% 6.54% Health Services
36 Equity Lifestyle Properties Inc.
ELS
Feb
2013
Marguerite M. Nader
1.84% $11,525,219,874 36.48% 3.87% Finance
37 Hershey Company
HSY
Mar
2017
Michele G. Buck
MBA
1.83% $27,246,433,212 45.24% 7.16% Consumer Non-Durables
38 Upwork Inc
UPWK
Jan
2020
Hayden Brown
1.82% $1,545,665,817 75.27% 11.45% Commercial Services
39 Arista Networks Inc
ANET
Oct
2008
Jayshree V. Ullal
1.81% $81,056,519,494 61.95% 33.75% Electronic Technology
40 Workiva Inc - Ordinary Shares - Class A
WK
Apr
2023
Julie Iskow
1.78% $3,916,604,289 75.52% 17.13% Technology Services
41 Bellring Brands Inc
BRBR
Oct
2019
Darcy Horn Davenport
MBA
1.75% $7,114,784,425 29.23% 18.67% Consumer Non-Durables
42 Accenture plc - Ordinary Shares - Class A
ACN
Sept
2019
Julie Spellman Sweet
1.63% $197,760,407,063 30.91% -0.09% Technology Services
43 Advanced Micro Devices Inc.
AMD
Oct
2014
Lisa T. Su
PhD
1.56% $248,917,891,961 37.88% -3.90% Electronic Technology
44 MillerKnoll Inc
MLKN
Jul
2021
Andi Owen
1.56% $1,755,150,452 38.63% -11.41% Producer Manufacturing

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.

Note:
Investing involves risks. You can lose (a part of) your invested funds. We advise you to only invest in financial products which match your knowledge and experience. This is not investment advice.

Investing involves risks.

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