CAMPBELL ALTERNATIVE ASSET TRUST
MONTHLY REPORT - JULY 2009
-----------
STATEMENT OF CHANGES IN NET ASSET VALUE
---------------------------------------
Net Asset Value (20,430.163 units) at June 30, 2009 $ 30,762,199
Additions of 48.548 units on July 31, 2009 73,405
Redemptions of (55.704) units on July 31, 2009 (84,226)
Offering Costs (23,241)
Net Income - July 2009 151,818
---------------
Net Asset Value (20,423.007 units) at July 31, 2009 $ 30,879,955
===============
Net Asset Value per Unit at July 31, 2009 $ 1,512.02
===============
STATEMENT OF INCOME (LOSS)
--------------------------
Income:
Gains (losses) on futures contracts:
Realized $ (102,695)
Change in unrealized 244,376
Gains (losses) on forward and options on forward contracts:
Realized 68,163
Change in unrealized 30,138
Interest income 2,250
---------------
242,232
---------------
Expenses:
Brokerage fee 77,845
Performance fee 0
Operating expenses 12,569
---------------
90,414
---------------
Net Income (Loss) - July 2009 $ 151,818
===============
FUND STATISTICS
---------------
Net Asset Value per Unit on July 31, 2009 $ 1,512.02
Net Asset Value per Unit on June 30, 2009 $ 1,505.72
Unit Value Monthly Gain (Loss)% 0.42%
Fund 2009 calendar YTD Gain (Loss)% (7.35)%
To the best of my knowledge and belief, the information contained herein is
accurate and complete.
/s/ Theresa D. Becks
-----------------------------------------
Theresa D. Becks, Chief Executive Officer
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust
Prepared without audit
Dear Investor,
Investor Risk Sentiment Improves in July...
Contrary to investor fears, global stock market returns in 2009 have fueled
improved risk appetite as economic data and corporate earnings support the rally
for yet another month. The Trust's trading performance was relatively flat for
July, with positive results from long stock and short U.S. Dollar positions
being offset by losses incurred from short interest rate positions.
For the first half of 2009, many "trend-following" strategies have struggled to
curb losses and eke out small gains in a market environment that is in a classic
"consolidation" (trendless and choppy) period. The effect of this consolidation
is particularly frustrating for many investors who have already lived through
the disappointment that 2007 and 2008 performance results have fostered.
Campbell has recently completed the latest of several initiatives to enhance its
ability to make money on the offense, and not just play defense and dampen
portfolio volatility.
Campbell maintains our commitment to ongoing research initiatives regardless of
performance. As a result of the increased speed in the dissemination of market
information and growth in market participants, the markets have reflected a
greater propensity to shift risk appetite swiftly, with little pause. This shift
requires Campbell to improve model agility and capability, to not only diversify
by information source and by instrument, but also to diversify by investment
style and look-back period. This has been our concentration since the "perfect
storm" events of 2007. As newer sub-models (of core constituent models at
Campbell) come into production, we can anticipate the benefit of a more dynamic,
more nimble portfolio.
We believe that prudent, evolutionary change will lead us out of this lackluster
performance era and back to healthier, both relative and absolute, returns for
our clients. Campbell's 37-year history in the investment management business
speaks to our ability to endure the difficult times and potentially provide
rewards for staying the course.
Please do not hesitate to call with questions.
Sincerely,
Terri Becks
President & CEO
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust