The Hennessee hedge fund index advanced 11.64 per cent in 2007, while the S&P 500 increased 3.56 per cent, the Dow Jones Industrial Average 6.42 per cent and the NASDAQ composite index 9.80 per cent. The Lehman Aggregate Bond index rose 6.96 per cent year-to-date. All 23 of the Hennessee hedge fund sub-indices outperformed the S&P 500 for the year. Lee Hennessee, managing principal, said: “Despite several high profile hedge fund failures, performance for the industry as a whole was excellent in 2007. The Hennessee hedge fund index outperformed the S&P 500 by over 800 basis points, the best relative return since 2002.”