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While Trump’s tariffs crash the markets, women-led businesses are outperforming the downturn—so far

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Good morning! Michele Kang invests $25 million in women’s soccer, UConn wins NCAA championship, and women-led public companies are outperforming the tariff market crash—so far.

– Down but not out. On Wednesday, Hypatia Capital released an analysis of its Women CEO ETF, an investable fund made up of U.S. public companies with female CEOs, from Jane Fraser‘s Citi to Tricia Griffith‘s Progressive. Over the last two chaotic months since President Donald Trump took office, the analysis found, businesses in the WCEO ETF had outperformed the broader market. While index benchmark ETFs dropped 6.2% in March, the WCEO ETF dropped only 4.9%.

Of course, later in the day on Wednesday, Trump gave his “Liberation Day” speech announcing the full scope of his tariff plan, sending markets into freefall. Thursday and Friday turned out to be the largest two-day wipeout of shareholder value ever recorded, according to Dow Jones. In total $11 trillion in value has been erased since Trump’s inauguration, with more than half of that disappearing last week. Hypatia Capital managing partner and chief investment officer Patricia Lizarraga went back to the drawing board and shared a new analysis with Fortune of women-led businesses’ stock performance through market close Friday.

On April 3, the S&P 600 fell 7.6% while the WCEO ETF fell 6.1%. By market close Friday, the WCEO ETF outperformed its benchmark by over 100 basis points. Hypatia conducted an industry-based analysis to determine whether the industries in its fund accounted for the difference—and determined that was not the reason why women-led businesses were outperforming the market.

The fund invests in all women-led public companies in the U.S. with at least a $500 million market cap. Lisa Su‘s AMD is its top holding, followed by Jayshree Ullal’s Arista Networks and Revathi Advaithi‘s Flex.

Lizarraga believes the 1.1% delta could be due to women-led companies’ likelihood of having more defensive balance sheets, lower debt-to-equity ratios, and higher cash reserves. In 2021, an article in the Journal of Behavioral and Experimental Finance found that female CEOs’ cash ratio was 18% higher than the mean among the top 1,500 publicly traded companies in the U.S. “In a down market, when investors may punish highly leveraged companies and reward stability and larger cash reserves, these traits may become a competitive advantage,” Lizarraga says. “The WCEO ETF, which includes a diverse range of companies from small-cap to mega-cap, may be benefiting from this prudence.”

When the startup and venture capital world entered its prolonged downturn in 2022 and focus shifted from growth to profitability, female founders found themselves better prepared; with less access to capital, many had long run their businesses more responsibly. The same now seems to be holding true for the largest women-led public companies in the U.S. After this morning’s market open, we’ll see whether this competitive advantage persists.

Emma Hinchliffe
emma.hinchliffe@fortune.com

The Most Powerful Women Daily newsletter is Fortune’s daily briefing for and about the women leading the business world. Today’s edition was curated by Nina Ajemian. Subscribe here.

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David Solomon’s pay hinges on whether Goldman is more than just a bank

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What is stage 0 breast cancer? Tina Knowles, recently diagnosed and treated for stage 1, said she’d never heard of it—and she’s not alone

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Tina Knowles, mother of Beyonce and Solange and author of a just-released memoir, revealed this week that she had been treated for stage 1 breast cancer last July. She noted how lucky she felt to have had the cancer discovered early after initially forgetting to reschedule a mammogram that had been canceled due to COVID.

“I struggled with whether I would share that journey [in my new memoir] because I’m very private. But I decided to share it because I think it’s a lot of lessons in it for other women,” the Knowles matriarch, 71, whose memoir is an Oprah’s Book Club pick and about to go on tour, told People. “And I think as women, sometimes we get so busy and we get so wrapped up and running around, but you must go get your test. Because if I had not gotten my test early, I mean, I shudder to think what could have happened to me.”

Knowles—who had surgery to remove the tumor, along with a breast reduction—was even more regretful of having delayed her mammogram when she learned there was a breast cancer stage that came before stage 1.

“I didn’t know that there was a stage 0,” she said. “I could have caught this at stage 0 if I had not missed my mammogram.”

Knowles is certainly not alone in not knowing about stage 0 cancer—though it’s something that accounts for about 20% of all new breast cancer diagnoses, including those of Wanda Sykes, Elle Macpherson, Vanessa Bell Calloway, and, most recently, actress Danielle Fishel. Below, all you need to know about this earliest form of breast cancer.

What does stage 0 breast cancer mean?

Also called ductal carcinoma in situ, or DCIS, stage 0 breast cancer is the earliest stage of cancer that can be detected. It means there are noninvasive or pre-invasive cells present in the milk ducts that look like cancer cells but have not left their original location and moved into the rest of the breast tissue (“in situ” means “in the original place”). Another type of stage 0 breast cancer is Paget’s disease, according to the National Breast Cancer Foundation, or a cancer affecting the nipple and often areola, though it is very rare.

It could move, though—as 20 percent of DCIS cases eventually transform into invasive cancer—which is why most women with this diagnosis opt for treatment. 

DCIS often has no symptoms at all—though could sometimes include a palpable lump or abnormal nipple discharge—and is typically discovered through a mammogram, as with Knowles. 

What does DCIS treatment look like?

After being detected on a mammogram, a doctor might order a breast ultrasound, for a clearer picture, and then a follow-up biopsy, so cells can be examined by a pathologist and graded (the lower the grade, the less aggressive the cancer), which informs treatment decisions.

Some patients may also opt for genetic testing at this stage, which can also inform treatment. (While Knowles did opt for this and found her genes were normal, her ex-husband Matthew Knowles was treated for stage 1 breast cancer and possesses the BRCA2 gene mutation, which brings higher risk of several cancers). 

Suggested treatments, which vary from person to person depending on factors including age, genetic risk, health history, and whether or not estrogen receptors are present in the cells, may include surgery (lumpectomy or mastectomy), radiation, hormonal therapy, or a combination. 

And sometimes, doctors will suggest a watch-and-wait, or “active surveillance,” approach, meaning they’ll undergo more frequent screenings to make sure the cells haven’t spread. 

This is due to controversy surrounding how DCIS should be approached. Many experts, for example, believe that DCIS is over-treated—and some don’t believe it should even be classified as a cancer, including Dr. Jennifer Marti, an assistant professor of surgery at Weill Cornell Medical College, who has argued the description doesn’t quite fit. “DCIS is a marker for breast cancer risk,” she said. “It itself is not cancer.”

Others disagree, though, including Dr. Steven Narod, MD, a senior scientist at the Women’s College Research Institute in Toronto, who has said, “If a DCIS can metastasize, then that’s cancer.”

For now, DCIS is considered a non-invasive or pre-invasive breast cancer, according to the American Cancer Society. And for Knowles, as well as so many women in her position, treatment was the best option. 

“I’m doing great,” she said. “Cancer-free and incredibly blessed that God allowed me to find it early.”

More on breast cancer:

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Bitcoin ETFs clock highest inflows since January as Bitcoin reclaims $90,000

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Bitcoin exchange-traded funds (ETFs)—investments that track the price of the cryptocurrency—on Monday recorded their best day since January, as the crypto market rebounded from yearly lows. 

Bitcoin ETFs have been bleeding since President Trump took office as his on-again, off-again trade policy sends investors running from risky assets like crypto. But that changed this week as the class of 12 ETFs added $381 million in inflows on Monday, the highest amount since pulling in $588 million on Jan. 29, according to data from analytics platform SoSoValue. 

These ETF inflows signal that, after panic selling crypto following Trump’s sweeping tariff announcement earlier this month, investors are reassessing their approach, Michele Crivelli, founder of digital asset issuer NexBridge, told Fortune

“The latest surge in ETF activity reflects a tactical shift in asset allocation,” he said. “Bitcoin is increasingly viewed as a legitimate hedge, much like gold, especially in uncertain market conditions.”

Bitcoin ETFs are gaining as Bitcoin rebounds from below $75,000 earlier this month, increasing 3% on Tuesday and surpassing $90,000. The rebound comes as Trump continues to dig in on tariffs and engages in a one-sided feud with Federal Reserve Chair Jerome Powell over interest rates. The White House confirmed on Friday that the president is “studying” whether he has the power to fire Powell

Since January, the value of the U.S. dollar has tumbled as Trump’s tariff policy causes investors to flee American assets. As Trump takes aim at the Fed, concerns over the central bank’s independence have further depressed the U.S. dollar, pushing it on Monday to its lowest value since 2022. 

Because of this, some crypto analysts say investors are flocking to Bitcoin because the cryptocurrency is not controlled by any central bank or government and therefore, is detached from macroeconomic factors like tariffs and interest rates.

“With growing uncertainty in the traditional monetary system and the U.S. regulatory environment shifting toward constructive engagement, institutional investors are clearly recalibrating and Bitcoin is emerging as the primary beneficiary,” Thomas Erdösi, head of product at a crypto data company CF Benchmarks, told Fortune.

While Monday’s inflows indicate a shifting sentiment toward crypto amid the recent economic uncertainty, $381 million comes nowhere near a record high for the asset class. Bitcoin ETFs, which debuted last January, have been some of the most successful ETFs in history, with BlackRock’s version accumulating a record $50 billion in inflows within 11 months. In February, Bitcoin ETFs pulled in a record $1 billion within a single day.

This story was originally featured on Fortune.com



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