Style 1987-2006
Average
Annual
Return
 		 1987-2006
Standard
Deviation
 		 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
Hennessee Hedge Fund Index 13.59 9.28 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 13.64 9.01 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 13.13 8.55 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 14.84 16.50 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 16.83 27.89 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 9.66 7.35 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 16.52 12.38 15.79 9.52 18.98 25.79 1.88 8.88 2.38 24.80 -3.08 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 20.41 32.38 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 12.01 11.97 13.54 15.64 8.18 12.92 -3.72 -2.63 13.45 36.57 19.12                      
Event Driven Index 16.02 12.46 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 58.85 9.92
Financial Equities Index 20.36 18.92 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 13.79 22.65 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 14.68 15.24 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 14.70 26.33 6.25 2.62 7.63 31.77 -17.03 -2.16 62.37 60.53 6.03 13.64                    
High Yield Index 13.63 17.18 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 14.96 14.28 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 19.32 40.01 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 12.48 15.14 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 7.95 4.86 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 11.29 9.42 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 10.81 4.70 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 14.66 10.66 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 12.59 13.67 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 -0.20 18.50 -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 19.13 29.10 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 8.68 14.32 19.89 5.95 4.66 30.30 -11.62 7.66                            
Value Index 13.84 9.25 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 9.24 16.15 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 9.87 13.96 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 9.50 18.19 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 10.16 30.59 9.51 1.38 8.60 50.01 -31.52 -21.04 -39.29 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
Lehman Brothers Int. Gov. Corp. Bond Index 7.34 5.24 4.07 1.57 3.04 4.30 9.82 8.98 10.10 0.39 8.42 7.98 6.04 19.01 -2.64 11.13 8.20 16.60 7.62 12.95 7.97 3.68


*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. 

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