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Buying stock in companies headed by female CEOs could have big payoffs, Fortune magazine reported on Tuesday.

The Nordea analysis shows that since 2009 firms that at the end of the calendar year were run by women (either as a chief executive officer or as head of the board of directors) went on to beat the benchmark index in all but one year. More specifically, those companies had a 25 percent annualized return over that time, which is more than double the 11 percent the MSCI World Index has delivered, based on equal weightings. The study included almost 400 companies over time.