Campbell Fund Trust Swings to Loss Amidst Futures, Currency Trading Woes

TL;DR

**Campbell Fund Trust's massive swing to a net loss is a red flag, signaling their trading strategies are failing to deliver in 2025.**

AI Summary

CAMPBELL FUND TRUST reported a significant net loss of $405,337 for the six months ended June 30, 2025, a sharp decline from the net income of $38,712,118 in the same period of 2024. This downturn was primarily driven by a substantial net trading loss of $449,340 in 2025, contrasting with a net trading gain of $35,991,806 in 2024. Futures trading shifted from a net gain of $51,254,730 in 2024 to a net loss of $783,966 in 2025, while forward currency trading losses deepened from $21,585,394 to $3,417,272. Despite these trading challenges, total assets increased to $650,328,212 as of June 30, 2025, from $587,295,449 at December 31, 2024, largely due to an increase in unitholders' capital from $576,092,525 to $636,781,691. The Trust's fixed income securities portfolio grew to $441,739,686, representing 69.34% of net asset value, with U.S. Treasury Bills totaling $111,763,483. Expenses also rose, with management fees increasing to $6,230,120 in 2025 from $5,176,598 in 2024, and sales commissions climbing to $5,277,682 from $4,432,303.

Why It Matters

This significant swing from a $38.7 million net income to a $405,337 net loss for CAMPBELL FUND TRUST signals potential volatility in its investment strategies, particularly in futures and forward currency markets. For investors, this indicates a period of underperformance and raises questions about the fund's risk management and ability to generate consistent returns, especially compared to its 2024 performance. Employees might face pressure if this trend continues, impacting compensation or job security. Customers relying on the fund's performance for their investments could see reduced returns. In the broader market, such a performance shift from a prominent trust could influence sentiment towards similar actively managed funds, potentially increasing scrutiny on their trading methodologies and competitive positioning.

Risk Assessment

Risk Level: high — The Trust experienced a dramatic shift from a net income of $38,712,118 in the first six months of 2024 to a net loss of $405,337 in the same period of 2025. This is primarily due to a net trading loss of $449,340 in 2025, a stark contrast to the $35,991,806 net trading gain in 2024, indicating significant volatility and potential issues with their derivatives strategies.

Analyst Insight

Investors should scrutinize CAMPBELL FUND TRUST's detailed trading strategies, especially in futures and forward currency, given the sharp reversal from profit to loss. Consider re-evaluating exposure to this fund and potentially diversifying into less volatile assets or funds with more consistent performance records.

Financial Highlights

debt To Equity

Not Disclosed

revenue

Not Disclosed

operating Margin

Not Disclosed

total Assets

$650,328,212

total Debt

Not Disclosed

net Income

-$405,337

eps

Not Disclosed

gross Margin

Not Disclosed

cash Position

Not Disclosed

revenue Growth

Not Disclosed

Key Numbers

• $405,337 — Net Loss (For the six months ended June 30, 2025, a significant decline from $38,712,118 net income in 2024.)
• $449,340 — Total Net Trading Loss (For the six months ended June 30, 2025, compared to a $35,991,806 gain in 2024.)
• $783,966 — Net Loss from Futures Trading (For the six months ended June 30, 2025, a reversal from a $51,254,730 gain in 2024.)
• $3,417,272 — Net Loss from Forward Currency Trading (For the six months ended June 30, 2025, an improvement from a $21,585,394 loss in 2024.)
• $650,328,212 — Total Assets (As of June 30, 2025, an increase from $587,295,449 at December 31, 2024.)
• $636,781,691 — Total Unitholders' Capital (Net Asset Value) (As of June 30, 2025, up from $576,092,525 at December 31, 2024.)
• $441,739,686 — Total Fixed Income Securities (As of June 30, 2025, representing 69.34% of Net Asset Value.)
• $6,230,120 — Management Fee Expense (For the six months ended June 30, 2025, an increase from $5,176,598 in 2024.)
• $5,277,682 — Sales Commission Expense (For the six months ended June 30, 2025, an increase from $4,432,303 in 2024.)
• 10,680,444 — Change in Unrealized Futures Gains (For the six months ended June 30, 2025, down from 22,763,276 in 2024.)

Key Players & Entities

• CAMPBELL FUND TRUST (company) — Registrant
• $405,337 (dollar_amount) — Net loss for six months ended June 30, 2025
• $38,712,118 (dollar_amount) — Net income for six months ended June 30, 2024
• $449,340 (dollar_amount) — Total net trading loss for six months ended June 30, 2025
• $35,991,806 (dollar_amount) — Total net trading gain for six months ended June 30, 2024
• $783,966 (dollar_amount) — Net loss from futures trading for six months ended June 30, 2025
• $51,254,730 (dollar_amount) — Net gain from futures trading for six months ended June 30, 2024
• $3,417,272 (dollar_amount) — Net loss from forward currency trading for six months ended June 30, 2025
• $21,585,394 (dollar_amount) — Net loss from forward currency trading for six months ended June 30, 2024
• $6,230,120 (dollar_amount) — Management fee expense for six months ended June 30, 2025

FAQ

Risk Factors

• Significant Trading Losses Impact Performance [high — market]: The Trust experienced a substantial net trading loss of $449,340 for the six months ended June 30, 2025, a stark contrast to the $35,991,806 net trading gain in the prior year. This was heavily influenced by a reversal in futures trading, moving from a $51,254,730 gain to a $783,966 loss, and a deepening loss in forward currency trading from $21,585,394 to $3,417,272.
• Increased Futures Trading Volatility [high — market]: The Trust's futures trading segment saw a significant downturn, shifting from a substantial gain of $51,254,730 in the first half of 2024 to a net loss of $783,966 in the same period of 2025. This indicates increased volatility and potential for larger swings in this segment.
• Deterioration in Net Income [high — financial]: For the six months ended June 30, 2025, the Trust reported a net loss of $405,337, a dramatic decline from a net income of $38,712,118 in the comparable period of 2024. This is primarily attributable to the aforementioned trading losses.
• Rising Operating Expenses [medium — operational]: Total expenses have increased, with management fees rising to $6,230,120 from $5,176,598 and sales commissions climbing to $5,277,682 from $4,432,303 for the six months ended June 30, 2025, compared to 2024. This puts additional pressure on profitability.
• Concentration in Fixed Income Securities [medium — market]: As of June 30, 2025, the Trust's fixed income securities portfolio grew to $441,739,686, representing 69.34% of net asset value. While U.S. Treasury Bills form a significant portion ($111,763,483), a high concentration in fixed income could expose the Trust to interest rate risk.

Industry Context

The investment fund industry is highly competitive, with a constant need to generate alpha and manage risk effectively. Funds are increasingly focused on diverse strategies, including active trading in derivatives like futures and currencies, alongside traditional fixed income and equity holdings. Regulatory scrutiny and evolving market conditions necessitate robust risk management frameworks and transparent reporting to maintain investor confidence.

Regulatory Implications

The significant trading losses and increased expenses may attract closer scrutiny from regulators regarding the Trust's risk management practices and the suitability of its trading strategies. Compliance with disclosure requirements for derivatives and market risk is paramount.

What Investors Should Do

1. Review the Trust's risk management policies for trading activities.
2. Analyze the drivers behind the increase in management fees and sales commissions.
3. Assess the Trust's exposure to interest rate risk given the high allocation to fixed income securities.

Key Dates

• 2025-06-30: Six Months Ended — Period marked by significant net loss and trading losses, contrasting sharply with the prior year's performance.
• 2025-06-30: Statement of Financial Condition Date — Total assets increased to $650,328,212, driven by higher unitholders' capital.
• 2024-06-30: Six Months Ended — Period of strong net income and significant trading gains, serving as a benchmark for the current year's performance.

Glossary

Net Trading Loss

The total loss incurred from buying and selling financial instruments within a specific period. (A primary driver of the Trust's significant net loss in the current period, indicating poor performance in its trading activities.)

Futures Trading

Contracts to buy or sell a specific commodity or financial instrument at a predetermined price on a specified date in the future. (The shift from a substantial gain to a loss in this segment significantly impacted the Trust's overall results.)

Forward Currency Trading

Contracts to exchange one currency for another at a specified rate on a future date, used to hedge against currency fluctuations or speculate. (Deepening losses in this area contributed to the overall trading deficit.)

Unitholders' Capital (Net Asset Value)

The total value of assets held by the fund, minus liabilities, representing the value attributable to each unit holder. (An increase in unitholders' capital indicates growth in the fund's size, despite the current period's net loss.)

Fixed Income Securities

Investments that pay a fixed rate of interest, such as bonds and Treasury bills. (This forms the largest portion of the Trust's portfolio, highlighting its investment strategy and potential exposure to interest rate changes.)

Year-Over-Year Comparison

CAMPBELL FUND TRUST has experienced a dramatic financial downturn in the first six months of 2025 compared to the same period in 2024. Net income has plummeted from a robust $38,712,118 to a net loss of $405,337. This reversal is primarily driven by a significant swing in trading performance, from a $35,991,806 net trading gain to a $449,340 net trading loss, with futures trading notably moving from a large gain to a loss. While total assets and unitholders' capital have grown, indicating increased fund size, the profitability has severely deteriorated.

Filing Documents

• ef20050370_10q.htm (10-Q) — 2488KB
• ef20050370_ex31-01.htm (EX-31.01) — 13KB
• ef20050370_ex31-02.htm (EX-31.02) — 12KB
• ef20050370_ex32-01.htm (EX-32.01) — 4KB
• ef20050370_ex32-02.htm (EX-32.02) — 4KB
• 0001140361-25-030767.txt ( ) — 8844KB
• cft-20250630.xsd (EX-101.SCH) — 68KB
• cft-20250630_cal.xml (EX-101.CAL) — 57KB
• cft-20250630_def.xml (EX-101.DEF) — 302KB
• cft-20250630_lab.xml (EX-101.LAB) — 656KB
• cft-20250630_pre.xml (EX-101.PRE) — 391KB
• ef20050370_10q_htm.xml (XML) — 1642KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. Condensed Schedules of Investments as of June 30, 2025 and December 31, 2024 (Unaudited) 1-6 7 Ended June 30, 2025 and 2024 (Unaudited) 8 (Unaudited) 9 10-11 Financial Highlights for the Three Months and Six Months Ended June 30, 2025 and 2024 (Unaudited) 12-15

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) 16-31 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 32-40 Item 3. Quantitative and Qualitative Disclosure About Market Risk. 40-45 Item 4.

Controls and Procedures

Controls and Procedures. 45

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1. Legal Proceedings. 46 Item 1A. Risk Factors. 46 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 46 Item 3. Defaults Upon Senior Securities. 46 Item 4. Mine Safety Disclosures. 46 Item 5. Other Information. 46 Item 6. Exhibits. 47-48

SIGNATURES

SIGNATURES 49 Table of Contents THE CAMPBELL FUND TRUST CONDENSED SCHEDULE OF INVESTMENTS JUNE 30, 2025 (Unaudited) FIXED INCOME SECURITIES Maturity Fair % of Net Face Value Description Value ($) Asset Value Asset Backed Securities United States Auto Loans $ 28,558,475 4.48 % Equipment Loans 1,807,160 0.28 % Total Asset Backed Securities (cost $ 30,336,778 ) 30,365,635 4.76 % Bank Deposits France Financials (cost $ 3,176,052 ) 3,176,213 0.50 % Singapore Financials (cost $ 1,289,990 ) 1,289,693 0.20 % United States Financials (cost $ 9,444,061 ) 9,444,373 1.48 % Total Bank Deposits (cost $ 13,910,103 ) 13,910,279 2.18 % Commercial Paper Canada Financials 3,091,329 0.49 % Materials 3,634,675 0.57 % Total Canada (cost $ 6,727,430 ) 6,726,004 1.06 % Ireland Financials (cost $ 1,312,727 ) 1,311,861 0.21 % United Kingdom Financials (cost $ 9,177,784 ) 9,176,348 1.44 % United States Consumer Discretionary 28,658,021 4.50 % Financials 59,520,292 9.35 % Health Care 5,467,948 0.86 % Industrials 2,479,267 0.39 % Materials 8,308,104 1.30 % Real Estate 31,463,217 4.94 % Technology 5,238,468 0.82 % Utilities 33,576,983 5.27 % Total United States (cost $ 174,750,021 ) 174,712,300 27.43 % Total Commercial Paper (cost $ 191,967,962 ) 191,926,513 30.14 % Corporate Bonds Australia Financials 8,959,873 1.41 % Materials 517,877 0.08 % Total Australia (cost $ 9,439,308 ) 9,477,750 1.49 % Canada Energy 1,934,127 0.30 % Materials 2,361,950 0.37 % Financials 8,772,696 1.38 % Total Canada (cost $ 13,034,397 ) 13,068,773 2.05 % Japan Consumer Discretionary 1,132,603 0.18 % Financials 2,221,663 0.35 % Total Japan (cost $ 3,329,989 ) 3,354,266 0.53 % Netherlands Financials (cost $ 3,549,924 ) $ 3,555,183 0.56 % See Accompanying Notes to Financial Statements.

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