CAMPBELL ALTERNATIVE ASSET TRUST
MONTHLY REPORT - JUNE 2009
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STATEMENT OF CHANGES IN NET ASSET VALUE
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Net Asset Value (21,098.345 units) at May 31, 2009 $ 32,466,033
Additions of 48.107 units on June 30, 2009 72,435
Redemptions of (716.289) units on June 30, 2009 (1,078,531)
Offering Costs (23,901)
Net Income - June 2009 (673,837)
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Net Asset Value (20,430.163 units) at June 30, 2009 $ 30,762,199
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Net Asset Value per Unit at June 30, 2009 $ 1,505.72
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STATEMENT OF INCOME (LOSS)
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Income:
Gains (losses) on futures contracts:
Realized $ (766,979)
Change in unrealized 61,501
Gains (losses) on forward and options on forward contracts:
Realized (601,396)
Change in unrealized 720,289
Interest income 1,617
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(584,968)
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Expenses:
Brokerage fee 81,546
Performance fee 0
Operating expenses 7,323
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88,869
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Net Income (Loss) - June 2009 $ (673,837)
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FUND STATISTICS
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Net Asset Value per Unit on June 30, 2009 $ 1,505.72
Net Asset Value per Unit on May 31, 2009 $ 1,538.80
Unit Value Monthly Gain (Loss) % (2.15)%
Fund 2009 calendar YTD Gain (Loss) % (7.74)%
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,
Losses in June Centered on Fixed Income ...
A surprise payroll number to the upside for May prompted an aggressive sell-off
in short-term U.S. rates and raised market expectations of a rate hike in 2009.
The price reaction was swift and caused particular difficulty for systematic
trading.
Losses in Fixed Income trading were offset by marginal gains in the currency
markets. Currency positions were generally mixed, thus hedging some U.S. Dollar
risk, as investors crowded the Dollar as a safe-haven trade, pushing it higher
on the month.
Marginal gains were also recorded in the commodity markets, primarily from long
positions in the energy complex. As geo-political headlines were plentiful,
energies traded in a highly correlated fashion to global equity markets.
Equity Indices trading finished flat on the month as global equity markets
reflected mixed results congruent with both positive and negative economic data
relating to global recovery.
Although we were in a classic trend consolidation in the first half of 2009,
generally causing difficulty for the managed futures space, periods of
consolidation such as this can be the base of the next wave of trends. As such,
we remain committed, as always, to a systematic discipline and a liquid
portfolio.
Please do not hesitate to call with questions.
Sincerely,
Terri Becks
President & CEO
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust