CHICAGO - Ocean Tomo LLC, the Chicago-based provider of diversified intellectual property-related services, announced in a Tuesday press release the Ocean Tomo 300 Patent Index, the first equity index based on the value of corporate intellectual property, concluded trading on November 17 at 5880.48, a new high record. It continues to outpace the S&P 500 since the Index's reconstitution on October 31, 2006.
"The Ocean Tomo 300 Patent Index continues to receive considerable attention. Morgan Stanley Institutional Equity mentioned the Claymore/Ocean Tomo Patent ETF in the section of Announced Plans for New ETFs in its Exchange Traded Funds - Q3 2006 Global Review. The intended symbol of the Claymore/Ocean Tomo Patent ETF is OTR," said the Managing Director of Ocean Tomo and Chief Investment Officer of Ocean Tomo Asset Management Keith Cardoza.
Standard and Poor's included Ocean Tomo 300 member Celgene in the S&P 500 on November 3, 2006. Several member companies including InterDigital Communications Corp. and Energy Conversion Devices, Inc. have reported their inclusion in the Index in quarterly earnings filings. Garmin Ltd. and United Technologies have also incorporated their inclusion in recent press releases or company highlights.
"The Ocean Tomo 300 Patent Index is the most relevant index to measure the knowledge economy. It allows investors for the first time to commit a meaningful and sustainable portion of their capital to intellectual property as a distinct asset class ... the most valuable asset of the knowledge economy," Cardoza added.
The Ocean Tomo 300 Patent Index is a diversified market-weighted index of 300 companies that own the most valuable patents relative to their book value. The American Stock Exchange recognizes the Index as "the first major, broad-based market equity index to be launched in 35 years, and follows the progression from the Dow Jones Industrial Average in 1896, to the Standard & Poor's 500 in 1957 and then to the NASDAQ Composite Index in 1971." Over a 10- year time period ending October 2006, the Ocean Tomo 300 Patent Index outperformed the S&P 500 by more than 300 basis points annualized.