CAMPBELL ALTERNATIVE ASSET TRUST
MONTHLY REPORT - SEPTEMBER 2010
-----------
STATEMENT OF CHANGES IN NET ASSET VALUE
---------------------------------------
Net Asset Value (17,471.235 units) at August 31, 2010 $ 26,995,342
Additions of 76.810 units on September 30, 2010 124,631
Redemptions of (168.960) units on September 30, 2010 (274,149)
Offering Costs 0
Net Income - September 2010 1,352,990
-------------
Net Asset Value (17,379.085 units) at September 30, 2010 $ 28,198,814
=============
Net Asset Value per Unit at September 30, 2010 $ 1,622.57
=============
STATEMENT OF INCOME (LOSS)
--------------------------
Income:
Gains (losses) on futures contracts:
Realized $ 595,504
Change in unrealized 206,401
Gains (losses) on forward and options on forward contracts:
Realized (321,066)
Change in unrealized 939,738
Net Investment Income (Loss) 14,418
-------------
1,434,995
-------------
Expenses:
Brokerage fee 76,621
Performance fee 0
Operating expenses 5,384
-------------
82,005
-------------
Net Income (Loss) - September 2010 $ 1,352,990
=============
FUND STATISTICS
---------------
Net Asset Value per Unit on September 30, 2010 $ 1,622.57
Net Asset Value per Unit on August 31, 2010 $ 1,545.13
Unit Value Monthly Gain (Loss) % 5.01%
Fund 2010 calendar YTD Gain (Loss) % 5.53%
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, Currencies and Equities Produce Strong September Gains...
Asset prices during the month were driven by FOMC hinting that the Federal
Reserve is ready and willing to undergo a second round of quantitative easing.
While the U.S. Dollar and interest rates fell, equities and commodities rose
significantly.
Commodity trading was the dominant contributor to positive performance for the
month, particularly in precious and base metals, grains and soft commodities.
Gold prices reached all-time highs, while silver rallied 12% to levels not seen
since the early 1980s. Aluminum and nickel prices also posted double-digit
increases during the month. Elevated demand and weather-related supply concerns
pushed sugar, cotton and corn prices up over 22%, 17% and 10%, respectively.
While commodity trading was a strong driver, foreign exchange was also a
material contributor to performance, particularly from commodity-linked
currencies. The month brought U.S. dollar weakness against all major currencies
as investors bet the Federal Reserve would implement a fresh round of asset
purchases to jump-start the slowing U.S. economy.
Smaller gains were recorded in the equity markets as prices surged higher on
fewer concerns of a "double-dip" U.S. recession and a continued increase in M&A
activity. Stocks in Asia took the lead, followed by the U.S. and Europe, which
lagged due to ongoing sovereign debt level concerns.
A portion of the Trust's gains were offset by losses in fixed income markets as
bond prices were extremely volatile during September.
As ambiguity around the question of macroeconomic health plagues the market and
event-driven information drives asset prices, we remain committed to a
systematic and disciplined approach with a focus on maintaining a steady risk
posture across a diversified portfolio. Don't hesitate to reach out with any
questions.
Sincerely,
Terri Becks
President & CEO
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust