CAMPBELL ALTERNATIVE ASSET TRUST
MONTHLY REPORT - NOVEMBER 2009
-----------
STATEMENT OF CHANGES IN NET ASSET VALUE
---------------------------------------
Net Asset Value (19,952.890 units) at October 31, 2009 $ 30,603,511
Additions of 80.299 units on November 30, 2009 127,754
Redemptions of (53.707) units on November 30, 2009 (85,446)
Offering Costs (23,883)
Net Income - November 2009 1,164,866
------------------
Net Asset Value (19,979.482 units) at November 30, 2009 $ 31,786,802
==================
Net Asset Value per Unit at November 30, 2009 $ 1,590.97
==================
STATEMENT OF INCOME (LOSS)
--------------------------
Income:
Gains (losses) on futures contracts:
Realized $ 99,262
Change in unrealized 690,744
Gains (losses) on forward and options on forward contracts:
Realized (10,193)
Change in unrealized 457,243
Interest income 9,656
------------------
1,246,712
------------------
Expenses:
Brokerage fee 80,116
Performance fee 0
Operating expenses 1,730
------------------
81,846
------------------
Net Income (Loss) - November 2009 $ 1,164,866
==================
FUND STATISTICS
---------------
Net Asset Value per Unit on November 30, 2009 $ 1,590.97
Net Asset Value per Unit on October 31, 2009 $ 1,533.79
Unit Value Monthly Gain (Loss) % 3.73%
Fund 2009 calendar YTD Gain (Loss) % (2.51)%
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,
Strong Trends Fuel Gains for the Month...
While high correlation between major asset classes continued throughout the
month of November, risk assets prevailed, despite the Dubai World news over the
holiday weekend, as improvement in global economic conditions were widely
perceived.
Weaker than expected new home sales to start the month, the FOMC's retention of
"extended period" language at mid-month, and a flight to quality move at
month-end fueled by fear over Dubai debt pushed bond prices higher throughout
the month. Thus, trading in fixed income contributed to strong gains from both
the short and long end of the curve.
Currency trading was also profitable for Campbell as the U.S. Dollar continued
its downward trend, particularly against the commodity linked Aussie Dollar. As
the U.S. Dollar grinded lower, commodities traded in lock-step, generating
trading gains primarily in precious and base metals. Gold and Silver rallied
over 13% during the month; however, the vulnerability of a pullback in the "risk
trade" was highlighted on the news from Dubai when gold fell by 5%.
Global equity holdings had a marginally positive impact on the Trust in
November. While our models have maintained a net long exposure to global stock
indices, mixed results following the sell off at month-end left Asian stocks
underwater and European stocks up less than the U.S.
The unfolding situation in Dubai, Central Bank intervention and sovereign wealth
solvency will surely make December and the coming year interesting to say the
least. We are excited about the results of our continuous research endeavors and
look forward to further deployment of these efforts in 2010.
Happy Holidays from all of us at Campbell and best wishes for a healthy and
prosperous New Year.
As always, please do not hesitate to call with questions.
Sincerely,
Terri Becks
President & CEO
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust