Our programs have produced good risk-adjusted returns.  In addition, we reduced CARAT's volatility

since 2000 because we -- and our investors -- realized that less risk means a better comfort level
(although lower returns).  Note that some of our investors DO USE LEVERAGE. 

These changes, as well as constant research, have helped CARAT to re-gain an increasing level of assets.  

If you would like to invest in CARAT programs, please contact us at: CARAT@CARATcapital.com. 
We DO believe that our programs offer good diversification benefits for a traditional portfolio
of stocks and bonds -- and that CARAT will continue its recent good performance. 

Please let us know if you have any questions.

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CARAT has been part of the Morgan Stanley Hedge Fund Index.