CAMPBELL ALTERNATIVE ASSET TRUST
MONTHLY REPORT - JANUARY 2010
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STATEMENT OF CHANGES IN NET ASSET VALUE
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Net Asset Value (18,862.150 units) at December 31, 2009 $ 29,002,062
Additions of 499.527 units on January 31, 2010 713,518
Redemptions of (87.311) units on January 31, 2010 (124,714)
Offering Costs (20,270)
Net Income - January 2010 (2,039,195)
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Net Asset Value (19,274.366 units) at January 31, 2010 $ 27,531,401
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Net Asset Value per Unit at January 31, 2010 $ 1,428.39
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STATEMENT OF INCOME (LOSS)
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Income:
Gains (losses) on futures contracts:
Realized $ (930,584)
Change in unrealized (490,531)
Gains (losses) on forward and options on forward contracts:
Realized 57,919
Change in unrealized (607,045)
Net Investment Income (Loss) 6,758
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(1,963,483)
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Expenses:
Brokerage fee 69,053
Performance fee 0
Operating expenses 6,659
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75,712
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Net Income (Loss) - January 2010 $ (2,039,195)
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FUND STATISTICS
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Net Asset Value per Unit on January 31, 2010 $ 1,428.39
Net Asset Value per Unit on December 31, 2009 $ 1,537.58
Unit Value Monthly Gain (Loss) % (7.10)%
Fund 2010 calendar YTD Gain (Loss) % (7.10)%
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,
Equity Sell-Off Fuels Losses...
The 2010 year begins with an equity sell-off in the second half of the month as
global confidence in a steady recovery, again, begins to waver, resulting in
trading losses for the Trust's net long equity indices positions. Primary
drivers were related to: (1) China's efforts to manage growth; (2) questionable
stability of the European Union as Greece potentially defaults on sovereign
debt; and (3) the potential heavy-handed regulation of the U.S. banking system.
As the global risk trade unwound, the Trust's commodity positions also produced
losses, largely in the energy complex and in base metals. The global negative
news detracted from a relative positive earnings season and signs of improved
economic data. Further losses were recorded in currency trading as the U.S.
Dollar was, once again, seen as a safe haven as the economic health of several
nations was called into question.
Marginal gains were recorded in fixed income as we were able to benefit from the
steepening of the yield curve as a result of short-term interest rates being
kept at extremely low levels by global central banks.
January was truly a disappointing way to begin the year. The significant market
reversals hit many managers that operate in the systematic trading space.
Continuing Central Bank intervention tends to disrupt "normal" short-term
trading activity, so a healthy combination of a short-term tactical perspective
combined with a longer-term strategic perspective is most prudent and
advantageous. The prolonged uncooperative market cycles we have crawled through
can be very discouraging, but we remain steadfast and committed, as prior
experience has taught us that the most advantageous market moves for our style
of trading most often occur historically after prolonged flat-to-negative
performance.
Thank you for your continued patience. It is our strongest intent to make your
patience worthwhile. Campbell's own patience in times like this is what has kept
us in business for over 38 years.
Sincerely,
Terri Becks
President & CEO
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust