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 (Jan-96 to Dec-12)
                           
  Annualized Compound Return Annualized Standard Deviation Sharpe
Ratio
Sortino
Ratio
Annualized Alpha
(versus Benchmark)
Correlation
(versus Benchmark)
Hennessee PIPES/Private Financing Index 8.42% 7.01% 1.16 2.02 N/A N/A
S&P 500 5.04% 16.05% 0.37 0.41 7.11% 0.54
Barclays Aggregate Bond Index 6.08% 3.54% 1.62 3.09 11.14% -0.19
                           
  Number of Months % of Months
Positive
Largest Consecutive Loss Value of $1000
(Invested at Inception)
Postive Negative % Months Peak Valley
Hennessee PIPES/Private Financing Index 138 65 68% -20.05% 26 Aug-00 Oct-02 $3,925
S&P 500 123 80 61% -52.56% 16 Oct-07 Feb-09 $2,299
Barclays Aggregate Bond Index 142 61 70% -3.82% 7 Mar-08 Oct-08 $2,715
                           
Historical Performance (Jan-96 to Dec-12)
                           
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2012 4.01% 2.45% 1.03% 0.14% -0.17% -0.98% -0.84% 1.25% 0.60% -2.50% -1.00% - 3.89%
2011 -0.25% 3.16% -1.93% -0.65% -2.39% -1.13% 3.27% -2.99% -4.93% 2.03% 0.93% 1.82% -3.39%
2010 -2.00% 1.21% 1.29% -0.32% -1.82% -2.34% 2.13% -1.36% 3.03% 2.35% 1.81% 2.75% 6.71%
2009 0.34% -0.98% 1.46% 1.81% 1.75% 0.81% 1.28% 0.10% 1.53% -0.73% -0.24% 2.57% 10.07%
2008 -1.89% 0.92% -0.97% 0.49% 0.82% -0.79% -1.56% -0.01% -4.49% -4.81% -5.22% -1.98% -18.06%
2007 1.62% 1.43% 0.94% 1.53% 1.96% 0.52% -0.05% 0.06% 1.16% 1.45% -1.59% 0.86% 10.29%
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%

 

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