CAMPBELL ALTERNATIVE ASSET TRUST
MONTHLY REPORT - JULY 2010
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STATEMENT OF CHANGES IN NET ASSET VALUE
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Net Asset Value (17,463.881 units) at June 30, 2010 $ 25,931,229
Additions of 131.572 units on July 31, 2010 193,016
Redemptions of (122.614) units on July 31, 2010 (179,874)
Offering Costs 0
Net Income - July 2010 (311,902)
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Net Asset Value (17,472.839 units) at July 31, 2010 $ 25,632,469
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Net Asset Value per Unit at July 31, 2010 $ 1,466.99
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STATEMENT OF INCOME (LOSS)
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Income:
Gains (losses) on futures contracts:
Realized $ (382,341)
Change in unrealized 188,557
Gains (losses) on forward and options on forward contracts:
Realized 36,975
Change in unrealized (107,805)
Net Investment Income (Loss) 16,241
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(248,373)
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Expenses:
Brokerage fee 66,367
Performance fee 0
Operating expenses (2,838)
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63,529
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Net Income (Loss) - July 2010 $ (311,902)
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FUND STATISTICS
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Net Asset Value per Unit on July 31, 2010 $ 1,466.99
Net Asset Value per Unit on June 30, 2010 $ 1,484.85
Unit Value Monthly Gain (Loss) % (1.20)%
Fund 2010 calendar YTD Gain (Loss) % (4.59)%
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,
Losses From Commodities and Currencies Weigh Down Performance in July...
Catalysts for the equity rally in July hinged on strong economic data out of
Europe, positive results from European bank stress tests and an increase in
positive sentiment out of China. The S&P 500 and Dow Jones recorded gains of
approximately 7% in July, adding another twist to their rollercoaster paths.
Small gains were recorded in the European and U.S. equity markets from long
positions in stock index futures as over-sold conditions paved the way for a
reversal higher. Stocks rallied on better-than-expected second quarter earnings,
increased M&A activity, higher dividends and additional buybacks. The Trust
experienced losses in commodities, primarily from short positions in crude oil
and long positions in precious metals. The correlation between equities and
energies remains high and the rally in global equities sparked profit taking,
reducing investor demand for gold as a safe haven. Additional losses were
recorded in foreign exchange from short positions in the Euro/Yen cross, as the
Euro showed renewed signs of life, appreciating more than 4% against the Yen.
Losses were offset by gains in equities trading and in short-term fixed income
markets from long positions in Eurodollar interest rate futures.
Weaker-than-expected U.S. economic data led the market to believe that the
Federal Reserve will need to keep interest rates low for an extended period.
With a persistent lack of consistent macroeconomic indicators, market sentiment
continues to be ambiguous. These circumstances demand an enhanced focus on
diversification of markets traded, effective risk management and a systematic
discipline. With a posture of tenacity and patience, we are determined to see
this frustrating market backdrop through, anticipating suitable reward for
thoughtfully applied research efforts.
As always, please do not hesitate to contact me should you have any questions.
Sincerely,
Terri Becks
President & CEO
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust