CAMPBELL ALTERNATIVE ASSET TRUST
MONTHLY REPORT - OCTOBER 2009
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STATEMENT OF CHANGES IN NET ASSET VALUE
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Net Asset Value (20,197.832 units) at September 30, 2009 $ 31,410,216
Additions of 70.664 units on October 31, 2009 108,384
Redemptions of (315.606) units on October 31, 2009 (484,073)
Offering Costs (23,307)
Net Income - October 2009 (407,709)
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Net Asset Value (19,952.890 units) at October 31, 2009 $ 30,603,511
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Net Asset Value per Unit at October 31, 2009 $ 1,533.79
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STATEMENT OF INCOME (LOSS)
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Income:
Gains (losses) on futures contracts:
Realized $ (88,647)
Change in unrealized (193,309)
Gains (losses) on forward and options on forward contracts:
Realized 21,578
Change in unrealized (81,991)
Interest income 7,812
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(334,557)
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Expenses:
Brokerage fee 77,245
Performance fee 0
Operating expenses (4,093)
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73,152
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Net Income (Loss) - October 2009 $ (407,709)
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FUND STATISTICS
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Net Asset Value per Unit on October 31, 2009 $ 1,533.79
Net Asset Value per Unit on September 30, 2009 $ 1,555.13
Unit Value Monthly Gain (Loss) % (1.37)%
Fund 2009 calendar YTD Gain (Loss) % (6.02)%
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,
October Culminates In "Risk Off"...
The risk pendulum continued to swing between "risk on" and "risk off," impacting
all sectors during the month of October.
When global equity markets fell, commodities fell in tandem and the U.S. Dollar
rallied along with fixed income in a thematic trade tied to central bank
activity. Australia's rate hike was the first sign of this trend, as investors
came to grips with the inevitable end to the ultra-low global interest rate
environment. Central bank hints at plans to phase out the emergency liquidity
programs enacted at the depths of the economic crisis produced headlines. This
became yet another step towards a tightening phase for global economic policy.
While our risk exposure to equity indices trading was relatively low, our net
long position yielded the largest sector loss during the month.
Bond prices continued their volatile moves, and, despite a month-end pop, the
surge was not enough to overcome losses from the drop in global stock markets
and rally in the U.S. Dollar. As our foreign exchange risk has been positioned
on a weak U.S. Dollar relative to all major currencies, our currency performance
was the driver of both positive and negative daily trading performance, with the
"risk off" trade unfortunately persevering at month end. Marginal gains in
commodities were recorded as precious and base metals hinted at inflation on the
horizon and a play against the U.S. Dollar.
Campbell's investment strategies are dynamic in their willingness to engage in
risk in any particular sector, while also modulating risk on highly correlated
instruments. It is indeed in this environment that we are grateful for a
systematic discipline that can react unemotionally to rather emotional market
behaviors.
Sincerely,
Terri Becks
President & CEO
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust