CAMPBELL ALTERNATIVE ASSET TRUST
MONTHLY REPORT - FEBRUARY 2011
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STATEMENT OF CHANGES IN NET ASSET VALUE
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Net Asset Value (17,222.120 units) at January 31, 2011 $ 29,959,191
Additions of 163.419 units on February 28, 2011 292,165
Redemptions of (66.141) units on February 28, 2011 (118,249)
Offering Costs 0
Net Income - February 2011 831,065
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Net Asset Value (17,319.398 units) at February 28, 2011 $ 30,964,172
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Net Asset Value per Unit at February 28, 2011 $ 1,787.83
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STATEMENT OF INCOME (LOSS)
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Income:
Gains (losses) on futures contracts:
Realized $ 682,981
Change in unrealized 57,983
Gains (losses) on forward and options on forward contracts:
Realized (13,508)
Change in unrealized 188,163
Net Investment Income (Loss) 2,964
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918,583
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Expenses:
Brokerage fee 78,812
Performance fee 0
Operating expenses 8,706
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87,518
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Net Income (Loss) - February 2011 $ 831,065
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FUND STATISTICS
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Net Asset Value per Unit on February 28, 2011 $ 1,787.83
Net Asset Value per Unit on January 31, 2011 $ 1,739.58
Unit Value Monthly Gain (Loss) % 2.77%
Fund 2011 calendar YTD Gain (Loss) % 1.96%
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,
Commodities and Equities Drive Gains in February ...
Geo-political concerns, centering on the growing Middle East/North African
(MENA) populist uprising, overwhelmed commodity markets. This regional tension
generated significant price movements in the energy sector fueling gains for the
Trust. Precious Metals, including gold and silver, were also strong
contributors, along with soft commodities such as cotton (+17% during the month)
and coffee as they continued their upward trends.
Despite the MENA unrest, additional gains were recorded in equity trading on
improving macroeconomic data supporting the global recovery theme.
Currency trading took its cue from the energy complex during the month, as
investors grew cautious about global monetary policy. While some of the major
currencies rallied during the month, others like the New Zealand Dollar fell
dramatically on the devastation of a massive earthquake in the Christchurch
region. In the aggregate, currency trading was marginally positive on the month
for the Trust.
Fixed Income trading finished slightly negative as price action was choppy
across the globe, mainly from better economic data in the early part of the
month followed by risk aversion in the second half of the month.
As the geopolitical situation continues to deteriorate, it is beneficial to
maintain diversification and discipline.
Sincerely,
Terri Becks
President & CEO
Campbell & Company, Inc.
Managing Owner
Campbell Alternative Asset Trust