CAMPBELL ALTERNATIVE ASSET TRUST
MONTHLY REPORT - MARCH 2010
-----------
STATEMENT OF CHANGES IN NET ASSET VALUE
---------------------------------------
Net Asset Value (19,428.102 units) at February 28, 2010 $ 28,192,062
Additions of 104.705 units on March 31, 2010 155,638
Redemptions of (627.113) units on March 31, 2010 (932,172)
Offering Costs (21,727)
Net Income - March 2010 708,484
---------------
Net Asset Value (18,905.694 units) at March 31, 2010 $ 28,102,285
===============
Net Asset Value per Unit at March 31, 2010 $ 1,486.45
===============
STATEMENT OF INCOME (LOSS)
--------------------------
Income:
Gains (losses) on futures contracts:
Realized $ 415,331
Change in unrealized 194,143
Gains (losses) on forward and options on forward contracts:
Realized (618,435)
Change in unrealized 800,811
Net Investment Income (Loss) 712
---------------
792,562
---------------
Expenses:
Brokerage fee 79,704
Performance fee 0
Operating expenses 4,374
---------------
84,078
---------------
Net Income (Loss) - March 2010 $ 708,484
===============
FUND STATISTICS
---------------
Net Asset Value per Unit on March 31, 2010 $ 1,486.45
Net Asset Value per Unit on February 28, 2010 $ 1,451.10
Unit Value Monthly Gain (Loss) % 2.44%
Fund 2010 calendar YTD Gain (Loss) % (3.33)%
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,
Commodities and Stocks Drive March Returns...
March proved to be a very strong month for trends as our long positions in
energies and base metals benefited from prices moving higher on climbing global
economic growth prospects. Global equity indices also provided gains for the
Trust's long positions as prices surged on renewed merger and acquisition
activity, positive news centered around economic releases, and subdued fears
regarding Greece's finances.
Marginal gains were recorded in the foreign exchange markets as the return of
the carry trade pushed commodity linked currencies higher. Almost all central
banks have acknowledged that the worst has passed; however, the lack of
flexibility to induce fresh fiscal or monetary stimulus has forced a lower for
longer interest rate policy globally.
The Trust's net gains were partially offset by losses in the fixed income
markets from our long positions in U.S. Treasury futures as prices fell during
the month. In the U.S. fixed income market, heavy supply put pressure on bond
prices, and U.S. Treasury yields were higher than swap yields for the first time
on record.
Will the positive news and forecasts keep flowing or is the second shoe getting
ready to drop? The opinions vary dramatically, which is yet another reason why
we stand behind a systematic discipline for navigating these markets. Campbell
continues its focus on existing model enhancements, new model development, and
further market diversification. Please don't hesitate to reach out with any
questions.
Sincerely,
Terri Becks
President & CEO
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust