CAMPBELL ALTERNATIVE ASSET TRUST
MONTHLY REPORT - NOVEMBER 2008
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STATEMENT OF CHANGES IN NET ASSET VALUE
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Net Asset Value (22,364.098 units) at October 31, 2008 $ 36,602,453
Additions of 72.648 units on November 30, 2008 117,626
Redemptions of (107.662) units on November 30, 2008 (174,317)
Offering Costs (27,243)
Net Income - November 2008 (365,191)
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Net Asset Value (22,329.084 units) at November 30, 2008 $ 36,153,328
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Net Asset Value per Unit at November 30, 2008 $ 1,619.11
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STATEMENT OF INCOME (LOSS)
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Income:
Gains (losses) on futures contracts:
Realized $(634,649)
Change in unrealized 257,946
Gains (losses) on forward and options on forward contracts:
Realized 9,738
Change in unrealized 95,646
Interest income 484
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(270,835)
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Expenses:
Brokerage fee 88,750
Performance fee 0
Operating expenses 5,606
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94,356
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Net Income (Loss) - November 2008 $(365,191)
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FUND STATISTICS
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Net Asset Value per Unit on November 30, 2008 $ 1,619.11
Net Asset Value per Unit on October 31, 2008 $ 1,636.66
Unit Value Monthly Gain (Loss) % (1.07)%
Fund 2008 calendar YTD Gain (Loss) % 0.97%
To the best of my knowledge and belief, the information contained herein is
accurate and complete.
/s/ Theresa D. Becks
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Theresa D. Becks, Chief Executive Officer
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust
Prepared without audit
Dear Investor,
Marginal Losses incurred in High Volatility Market...
Governments around the world continued to announce plans to help bolster sagging
economies. The U.S. reversed course on the bailout effort from buying troubled
assets to facilitating lending flow. Campbell navigated the month by maintaining
a relatively low risk posture resulting in marginal losses or gains across
various sectors.
Economic data reflected another sharp drop in manufacturing, rising unemployment
and the biggest drop in retail sales since 1992, prompting wild swings in both
equity and bond markets. Small gains were recorded in Equity Indices trading,
our best performing sector on the year thus far, as global equity markets
continued their fall. Fixed Income trading, however, proved difficult in
November as the flight to quality bid intensified and Treasuries posted their
biggest monthly gain since 1981.
As a corollary, the Foreign Exchange sector continued to center on risk
appetite. Deleveraging still dominates this market, driving the U.S. Dollar and
Japanese Yen stronger and putting pressure on high yielding currencies.
Campbell's Foreign Exchange trading modulated risk well and posted slight gains
in this sector. Commodity trading finished relatively flat as precious metals
gained, base metals fell and energies extended their negative trend throughout
the month.
As we approach the end of a very tumultuous year, I encourage you to reach out
to us with any questions or concerns. We remain liquid, diversified, and engaged
while allowing our models to seek opportunity where possible.
Wishing you a wonderful holiday season.
Sincerely,
Terri Becks
President & CEO
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust