Filer:
Company Data:
Company Name: Campbell Alternative Asset Trust
IRS Number: 52-2238521
State of Incorporation: Delaware
Fiscal Year End: 12/31
Business Address: 210 W. Pennsylvania Avenue
Baltimore, Maryland 21204
Business Phone: 410-296-3301
Filing Values:
Form Type: 424B3
SEC File Number: 333-37548
CAMPBELL ALTERNATIVE ASSET TRUST
MONTHLY REPORT - January 2006
-----------
STATEMENT OF CHANGES IN NET ASSET VALUE
---------------------------------------
Net Asset Value (23,556.698 units) at December 31, 2005 $ 39,856,467
Additions of 438.069 units on January 31, 2006 756,375
Redemptions of (96.839) units on January 31, 2006 (167,203)
Offering Costs (30,728)
Net Income (Loss) - January 2006 847,567
------------
Net Asset Value (23,897.928 units) at January 31, 2006 $ 41,262,478
============
Net Asset Value per Unit at January 31, 2006 $ 1,726.61
============
STATEMENT OF INCOME (LOSS)
--------------------------
Income:
Gains (losses) on futures contracts:
Realized $ (263,041)
Change in unrealized 1,321,686
Gains (losses) on forward contracts:
Realized 3,592
Change in unrealized (75,840)
Interest income 141,881
------------
1,128,278
------------
Expenses:
Brokerage fee 104,646
Performance fee 168,760
Operating expenses 7,305
------------
280,711
------------
Net Income (Loss) - January 2006 $ 847,567
============
FUND STATISTICS
---------------
Net Asset Value per Unit on January 31, 2006 $ 1,726.61
Net Asset Value per Unit on December 31, 2005 $ 1,691.94
Unit Value Monthly Gain (Loss) % 2.05 %
Fund 2006 calendar YTD Gain (Loss) % 2.05 %
To the best of my knowledge and belief, the information contained herein is
accurate and complete.
/s/ Theresa D. Becks
-----------------------------------------
Theresa D. Becks, Chief Financial Officer
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust
Prepared without audit
Dear Investor,
A good start to the New Year...
2006 began well with gains across all portfolios. It was a relatively quiet
month in currencies, while global equity markets were choppy. Geopolitical
concerns, demand fundamentals and increased investor interest continued to drive
metals and energy prices higher.
The Stock Indices sector was our best performing sector in January as prices
rallied back from a mid-month sell-off and continued the up-trend which began
late in 2005. Energy markets were volatile but profitable as losses in Natural
Gas were more than offset by gains in the Crude Oil complex. Industrial and
precious metals prices also rose in January, contributing small gains to our
portfolios.
The long end of the US yield curve reversed sharply in mid-month, resulting in
losses as interest rate markets tried to assimilate conflicting economic data
and the change in Federal Reserve leadership. Continued weakening of the US
Dollar also resulted in losses, but was somewhat offset by gains earned on
non-Dollar positions.
Portfolio diversification is at the very core of our efforts to deliver
attractive risk adjusted returns to our investors. In this context it is
interesting to note that Stock Indices, our best performing sector in January
was the only negative sector for all of 2005, while the best performing sectors
in 2005 were the source of losses in January. We never know where future gains
and losses will come from, so maintaining maximum diversification of both models
and markets is absolutely essential.
If you have any questions, please do not hesitate to call.
Sincerely,
Bruce Cleland
President & CEO