CAMPBELL ALTERNATIVE ASSET TRUST
MONTHLY REPORT - FEBRUARY 2010
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STATEMENT OF CHANGES IN NET ASSET VALUE
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Net Asset Value (19,274.366 units) at January 31, 2010 $ 27,531,401
Additions of 154.356 units on February 28, 2010 223,986
Redemptions of (0.620) units on February 28, 2010 (900)
Offering Costs (21,042)
Net Income - February 2010 458,617
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Net Asset Value (19,428.102 units) at February 28, 2010 $ 28,192,062
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Net Asset Value per Unit at February 28, 2010 $ 1,451.10
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STATEMENT OF INCOME (LOSS)
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Income:
Gains (losses) on futures contracts:
Realized $ (636,255)
Change in unrealized 987,956
Gains (losses) on forward and options on forward contracts:
Realized 81,041
Change in unrealized 101,740
Net Investment Income (Loss) 4,125
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538,607
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Expenses:
Brokerage fee 72,404
Performance fee 0
Operating expenses 7,586
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79,990
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Net Income (Loss) - February 2010 $ 458,617
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FUND STATISTICS
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Net Asset Value per Unit on February 28, 2010 $ 1,451.10
Net Asset Value per Unit on January 31, 2010 $ 1,428.39
Unit Value Monthly Gain (Loss) % 1.59%
Fund 2010 calendar YTD Gain (Loss) % (5.62)%
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,
Fixed Income and Currencies Drive Gains in February...
The first half of February was somewhat subdued as the market digested mixed
U.S. employment numbers versus the unemployment rate. By mid-month, the Federal
Reserve surprised the markets by deciding to hike the discount rate, in a clear
sign that the pace of their exit strategy may be more aggressive than originally
anticipated. Our long position in short-term rates, both in the U.S. and Europe,
fueled strong gains in the sector for the remainder of the month.
Gains were also recorded in currency trading as the Euro currency weakened
against most majors on accelerated sovereign fears evidenced by the record high
cost of insuring Greek and Portuguese debt.
Global equity indices trading produced small losses for the Trust as a result of
dealing with diverse global macroeconomic challenges (weakening Euro, China
central bank intervention and U.S. employment and earnings season results).
While the market finished generally negative in Europe and Asia, the U.S.
managed to record a gain on largely upbeat fourth quarter earnings announcements
with many S&P constituents beating consensus expectations.
Commodity trading resulted in generally negative results as the structural
imbalances in Europe, and the strong relative performance of the U.S. economy
versus the Eurozone helped "de-link" Europe from the risk trade, keeping
commodities in alignment with U.S. stocks. While energy prices rallied for most
of the month, precious metals sold off early only to turn positive as the market
used gold as a safe haven against Eurozone turmoil.
As always, please do not hesitate to call if we can be of any assistance.
Sincerely,
Terri Becks
President & CEO
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust