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| Style | 1987-2008 Average Annual Return |
1987-2008
Standard Deviation |
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 | 1994 | 1993 | 1992 | 1991 | 1990 | 1989 | 1988 | 1987 |
| Hennessee Hedge Fund Index | 11.70% |
11.39% |
-19.83% |
11.23% |
11.40% |
7.85% |
8.25% |
18.78% |
-2.89% |
4.35% |
8.16% |
30.77% |
1.43% |
18.18% |
19.07% |
17.70% |
0.17% |
25.69% |
15.57% |
25.83% |
11.97% |
24.58% |
20.16% |
11.99% |
| Long/Short Equity Index | 11.85% |
11.04% |
-18.64% |
11.79% |
11.09% |
6.78% |
7.77% |
19.43% |
-6.46% |
2.89% |
10.21% |
33.87% |
7.29% |
19.97% |
18.08% |
21.11% |
3.47% |
20.02% |
15.74% |
22.28% |
11.09% |
22.69% |
17.58% |
14.82% |
| Arbitrage/Event Driven Index | 11.06% |
10.93% |
-20.59% |
7.36% |
12.29% |
5.21% |
8.47% |
13.86% |
2.16% |
8.99% |
9.49% |
19.40% |
2.66% |
16.32% |
18.53% |
17.75% |
1.50% |
22.60% |
16.55% |
24.12% |
11.65% |
12.90% |
36.67% |
7.48% |
| Global/Macro Index | 12.94% |
17.51% |
-20.57% |
14.88% |
10.53% |
14.23% |
8.72% |
27.56% |
-1.45% |
1.50% |
1.34% |
42.73% |
-12.19% |
18.30% |
21.31% |
9.71% |
-5.51% |
46.89% |
16.55% |
36.66% |
16.49% |
41.89% |
18.37% |
5.09% |
| Asia-Pacific Index | 14.38% |
28.00% |
-22.42% |
15.18% |
9.25% |
19.97% |
6.64% |
30.16% |
-1.99% |
4.78% |
-6.52% |
81.12% |
-9.67% |
1.81% |
7.56% |
3.13% |
-4.36% |
45.56% |
15.22% |
32.80% |
27.60% |
87.36% |
||
| Convertible Arbitrage Index | 7.52% |
10.19% |
-24.04% |
4.71% |
12.12% |
-2.44% |
0.90% |
9.77% |
8.68% |
14.87% |
8.61% |
16.20% |
6.17% |
12.23% |
13.49% |
20.58% |
-7.73% |
13.23% |
13.42% |
15.16% |
1.15% |
13.74% |
18.06% |
|
| Distressed Index | 13.52% |
15.44% |
-29.27% |
8.30% |
15.79% |
9.52% |
18.98% |
25.79% |
1.88% |
8.88% |
2.38% |
24.80% |
-3.80% |
15.64% |
23.21% |
21.10% |
7.86% |
26.77% |
12.94% |
27.80% |
10.56% |
9.06% |
35.07% |
48.18% |
| Emerging Markets Index | 14.66% |
32.98% |
-30.47% |
15.84% |
13.40% |
10.14% |
12.83% |
24.47% |
5.02% |
11.79% |
-9.35% |
47.12% |
-38.17% |
25.47% |
21.40% |
-3.43% |
8.89% |
56.89% |
13.98% |
59.88% |
22.08% |
101.88% |
77.76% |
|
| Europe Index | 8.21% |
14.29% |
-18.79% |
5.65% |
13.54% |
15.64% |
8.18% |
12.92% |
-3.72% |
-2.63% |
13.45% |
36.57% |
19.12% |
|||||||||||
| Event Driven Index | 13.21% |
14.93% |
-24.72% |
4.14% |
12.57% |
7.05% |
12.48% |
19.71% |
-0.43% |
12.60% |
10.87% |
24.36% |
-0.75% |
25.91% |
22.91% |
16.21% |
9.14% |
33.51% |
21.38% |
20.27% |
7.60% |
11.99% |
54.85% |
9.92% |
| Financial Equities Index | 17.45% |
20.06% |
-16.51% |
6.43% |
11.60% |
3.49% |
11.55% |
35.82% |
6.29% |
15.00% |
27.83% |
4.63% |
-17.59% |
41.25% |
30.44% |
39.77% |
17.63% |
34.14% |
22.36% |
6.98% |
64.23% |
36.32% |
||
| Fixed Income Index | 11.98% |
22.31% |
-11.11% |
5.64% |
5.61% |
5.62% |
5.31% |
1.74% |
5.35% |
7.65% |
5.08% |
14.64% |
-12.90% |
10.84% |
21.50% |
17.44% |
-0.65% |
21.30% |
19.06% |
94.82% |
37.39% |
18.51% |
||
| Growth Index | 12.71% |
16.56% |
-21.94% |
15.01% |
11.57% |
7.50% |
6.02% |
22.40% |
-11.64% |
-3.69% |
-3.22% |
53.20% |
16.37% |
18.29% |
17.88% |
30.64% |
0.32% |
24.10% |
20.74% |
36.55% |
9.27% |
30.10% |
17.26% |
8.62% |
| Healthcare/Biotech Index | 11.45% |
25.59% |
-15.16% |
9.82% |
6.25% |
2.62% |
7.63% |
31.77% |
-17.03% |
-2.16% |
62.37% |
60.53% |
6.03% |
13.64% |
||||||||||
| High Yield Index | 11.14% |
18.27% |
-22.11% |
6.46% |
14.22% |
7.05% |
8.90% |
22.54% |
-7.12% |
10.58% |
-9.99% |
8.34% |
-6.76% |
16.06% |
23.09% |
17.76% |
-2.49% |
27.18% |
23.39% |
38.86% |
60.15% |
14.30% |
||
| International Index | 13.17% |
15.98% |
-23.04% |
21.54% |
12.60% |
13.00% |
10.29% |
25.61% |
2.64% |
4.40% |
9.11% |
44.35% |
1.38% |
24.97% |
22.40% |
14.65% |
-5.28% |
38.62% |
16.54% |
45.26% |
0.22% |
19.60% |
7.48% |
7.33% |
| Latin America Index | 18.91% |
39.82% |
-27.50% |
22.50% |
17.05% |
18.05% |
14.99% |
69.86% |
-15.90% |
-13.07% |
-12.54% |
74.11% |
-37.59% |
10.34% |
31.11% |
-6.17% |
21.03% |
64.33% |
13.00% |
66.65% |
16.56% |
116.40% |
77.76% |
|
| Macro Index | 12.06% |
14.58% |
2.78% |
13.34% |
5.54% |
8.35% |
4.50% |
17.76% |
-3.50% |
-2.90% |
5.89% |
7.90% |
3.82% |
19.00% |
19.57% |
19.29% |
-16.22% |
49.74% |
17.78% |
24.03% |
25.65% |
41.12% |
16.61% |
4.54% |
| Market Neutral Index | 6.76% |
6.85% |
-15.67% |
8.22% |
7.23% |
4.75% |
3.09% |
2.11% |
1.73% |
6.49% |
7.12% |
-0.84% |
4.66% |
14.98% |
17.19% |
11.31% |
7.00% |
9.52% |
7.34% |
14.64% |
9.11% |
13.91% |
12.27% |
7.52% |
| Merger Arbitrage Index | 10.71% |
9.37% |
-1.23% |
11.73% |
12.79% |
4.68% |
4.77% |
5.37% |
-1.07% |
3.54% |
17.49% |
16.03% |
5.92% |
14.74% |
14.51% |
16.02% |
5.89% |
27.95% |
15.95% |
15.43% |
2.62% |
13.08% |
37.16% |
0.19% |
| Multiple Arbitrage Index | 9.07% |
7.83% |
-17.30% |
9.85% |
12.30% |
5.49% |
7.07% |
12.33% |
5.11% |
10.15% |
19.78% |
16.31% |
4.46% |
13.37% |
16.79% |
12.67% |
3.58% |
8.56% |
13.74% |
13.90% |
9.75% |
|||
| Opportunistic Index | 13.16% |
11.84% |
-13.56% |
13.81% |
14.12% |
7.67% |
8.20% |
14.00% |
-8.32% |
-1.61% |
10.63% |
37.23% |
16.26% |
16.07% |
19.86% |
21.60% |
4.85% |
29.39% |
15.35% |
30.37% |
9.64% |
14.99% |
20.37% |
22.10% |
| PIPES/Private Financing | 9.69% |
15.19% |
-18.07% |
10.30% |
10.57% |
9.05% |
15.94% |
9.04% |
-6.26% |
-3.81% |
4.75% |
40.91% |
21.46% |
16.39% |
28.47% |
|||||||||
| Short Biased Index | 1.25% |
18.36% |
25.01% |
9.53% |
-4.32% |
10.11% |
-2.38% |
-22.66% |
15.84% |
12.81% |
29.93% |
-9.91% |
-23.30% |
4.97% |
-16.36% |
-28.47% |
10.77% |
-4.83% |
-4.66% |
-23.52% |
36.10% |
18.12% |
10.65% |
19.78% |
| Technology Index | 15.98% |
28.79% |
-18.03% |
18.91% |
13.11% |
6.92% |
4.10% |
15.63% |
-8.07% |
-1.39% |
12.44% |
101.53% |
44.03% |
14.08% |
21.19% |
37.27% |
||||||||
| Telecom and Media Index | 6.27% |
13.74% |
-9.04% |
8.54% |
19.89% |
5.95% |
4.66% |
30.30% |
-11.62% |
7.66% |
||||||||||||||
| Value Index | 11.46% |
12.25% |
-25.73% |
9.61% |
12.67% |
7.98% |
12.32% |
23.95% |
-2.92% |
11.26% |
3.63% |
24.58% |
-0.58% |
26.45% |
22.64% |
19.39% |
1.04% |
22.29% |
15.32% |
19.82% |
3.44% |
20.00% |
20.75% |
20.12% |
| S&P 500 | 6.17% |
18.58% |
-38.49% |
3.56% |
13.62% |
3.00% |
8.99% |
26.38% |
-23.37% |
-13.04% |
-10.14% |
19.53% |
26.67% |
31.01% |
20.26% |
34.11% |
-1.54% |
7.05% |
4.46% |
26.31% |
-6.56% |
27.25% |
12.40% |
2.03% |
| DJIA | 7.21% |
16.33% |
-33.84% |
6.42% |
16.29% |
-0.63% |
3.15% |
25.33% |
-16.76% |
-7.10% |
-6.15% |
25.19% |
16.11% |
22.65% |
26.02% |
33.46% |
2.15% |
13.73% |
4.15% |
20.33% |
-4.34% |
26.96% |
11.85% |
2.26% |
| Russell 2000 | 6.51% |
19.87% |
-33.79% |
-1.55% |
18.35% |
4.56% |
18.32% |
45.39% |
-21.57% |
1.03% |
-4.21% |
19.64% |
-3.44% |
20.54% |
14.78% |
26.21% |
-3.18% |
17.01% |
16.35% |
43.68% |
-21.47% |
14.20% |
22.37% |
-9.34% |
| NASDAQ | 7.10% |
31.34% |
-40.54% |
9.80% |
9.51% |
1.38% |
8.60% |
50.01% |
-31.52% |
-21.04% |
-39.28% |
85.61% |
39.62% |
21.64% |
22.70% |
39.92% |
-3.20% |
14.75% |
15.46% |
56.86% |
-17.82% |
19.25% |
15.41% |
-5.25% |
| Barclays Aggregate Bond Index | 7.26% |
5.21% |
5.24% |
6.96% |
4.33% |
2.43% |
4.34% |
4.11% |
10.27% |
8.42% |
11.63% |
-0.83% |
8.67% |
9.68% |
3.61% |
18.48% |
-2.92% |
9.75% |
7.40% |
16.00% |
8.95% |
7.88% |
2.76% |
15.25% |
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*Note: as of 1/04, the Hennessee Hedge Fund Indices track 23 investment styles. The Hennessee Hedge Fund Indices® are calculated from performance data reported to the Hennessee Hedge Fund Advisory Group by a diversified group of hedge funds. The Hennessee Hedge Fund Index is an equally-weighted average of the funds in the Hennessee Hedge Fund Indices®. The funds in the Hennessee Hedge Fund Index are believed to be statistically representative of the larger Hennessee Universe of over 3,500 hedge funds, are net of fees, and unaudited. The hedge fund performance data has been obtained from sources believed to be reliable, but no guarantee is made with respect to accuracy. Past performance is no guarantee of future returns. ALL RIGHTS RESERVED. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written consent of the publisher. This material is for your general information only and is not an offer or solicitation to buy or sell any security, including any interest in a hedge fund. |