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Hennessee PIPEs/Private Financing Index
The Hennessee PIPES/Private Financing Index includes funds that ivnest in PIPEs (private investments in public entities), which are transactions by which publicly traded companies access new capital through the sale of stock directly to private investors. PIPEs can be transacted with a number of financial instruments, including the issuance of common stock, convertible securities, or warrants. Private financing includes asset based lending/acquisitions and direct loan investing such as mezzanine financing, bridge loans, and debtor in possession financing.
Summary Statistics (1996 - 2006)
| _ |
Annualized Compound Return |
Standard Deviation |
Sharpe Ratio |
Sortino Ratio |
Annualized Alpha (vs. Benchmark) |
Correlation (vs. Benchmark) |
| Hennessee PIPEs/Private Financing Index |
12.59% |
6.84% |
1.02 |
1.91 |
N/A |
N/A |
| S&P 500 Index |
7.88% |
14.97% |
0.24 |
0.23 |
10.92% |
0.43 |
| Lehman Bros. Int. Gov. Corp. Bonds Index |
5.83% |
3.20% |
0.19 |
0.24 |
15.89% |
-0.22 |
| _ |
Number of Months |
% of Months Positive |
Largest Consecutive Loss |
Value of $1000 (invested since inception) |
| Positive |
Negative |
% |
Months |
Peak |
Valley |
| Hennessee PIPEs/Private Financing Index |
98 |
34 |
74% |
-11.27% |
4 |
Sep-00 |
Dec-00 |
$3,684 |
| S&P 500 Index |
83 |
49 |
63% |
-20.55% |
4 |
Apr-02 |
Jul-02 |
$2,303 |
| Lehman Bros. Int. Gov. Corp. Bonds Index |
95 |
37 |
72% |
-3.02% |
4 |
Feb-96 |
May-96 |
$1,865 |
Monthly Returns (1996 - 2006)
| |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
Year |
| 2006 |
4.39% |
0.71% |
2.34% |
0.99% |
(1.54%) |
(0.11%) |
(0.38%) |
0.18% |
0.43% |
1.38% |
1.18% |
0.64% |
10.57% |
| 2005 |
(0.39%) |
0.88% |
0.33% |
(2.15%) |
1.13% |
2.16% |
2.68% |
0.50% |
1.88% |
(0.70%) |
1.47% |
1.01% |
9.05% |
| 2004 |
4.50% |
2.62% |
1.27% |
0.55% |
(0.16%) |
(0.24%) |
(1.15%) |
(0.06%) |
1.20% |
0.23% |
3.43% |
2.86% |
15.95% |
| 2003 |
0.76% |
0.83% |
0.67% |
0.38% |
0.60% |
0.44% |
0.30% |
0.79% |
1.21% |
0.50% |
0.80% |
1.40% |
9.03% |
| 2002 |
0.09% |
(0.09%) |
(0.43%) |
(0.02%) |
(0.22%) |
(0.72%) |
(2.47%) |
0.33% |
(2.69%) |
(0.24%) |
0.33% |
(0.28%) |
(6.28%) |
| 2001 |
1.11% |
(1.60%) |
(1.73%) |
(0.89%) |
0.07% |
0.58% |
(3.11%) |
(0.73%) |
(1.30%) |
0.90% |
1.81% |
1.12% |
(3.82%) |
| 2000 |
6.24% |
5.74% |
3.94% |
(2.12%) |
(1.27%) |
2.22% |
0.34% |
2.00% |
(1.09%) |
(3.56%) |
(5.28%) |
(1.79%) |
4.75% |
| 1999 |
3.95% |
2.02% |
1.98% |
1.93% |
1.74% |
1.73% |
0.98% |
1.59% |
1.47% |
0.13% |
8.73% |
8.96% |
40.89% |
| 1998 |
0.52% |
2.58% |
1.95% |
1.81% |
0.75% |
1.74% |
1.39% |
(0.15%) |
(0.03%) |
1.96% |
3.24% |
3.92% |
21.46% |
| 1997 |
2.62% |
1.67% |
1.89% |
1.58% |
1.34% |
1.91% |
1.83% |
0.05% |
2.51% |
(2.09%) |
1.34% |
0.74% |
16.42% |
| 1996 |
1.76% |
2.14% |
2.76% |
3.15% |
3.09% |
2.14% |
1.26% |
2.04% |
0.90% |
1.48% |
2.07% |
2.57% |
28.49% |
To download the monthly performance data in an excel spreadsheet, please click here. 
© 2007 Hennessee Group LLC, All Rights Reserved.
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