Campbell Fund Trust Net Income Plunges 95% Amid Trading Losses

TL;DR

**CAMPBELL FUND TRUST got absolutely crushed in trading this quarter, avoid until they prove they can actually make money.**

AI Summary

CAMPBELL FUND TRUST reported a significant decline in net income for the nine months ended September 30, 2025, plummeting to $3,459,475 from $73,174,549 in the prior year, representing a 95.27% decrease. This was primarily driven by a substantial drop in futures trading gains, which went from a net gain of $66,251,626 in 2024 to a net loss of $3,556,971 in 2025. Forward currency trading also saw a larger net loss, increasing from $9,359,810 in 2024 to $5,866,970 in 2025. Total net trading gain (loss) decreased from $68,473,204 to $2,922,594. Despite this, total unitholders' capital (Net Asset Value) increased to $645,979,256 as of September 30, 2025, up from $576,092,525 at December 31, 2024, largely due to $95,667,183 in additions of units. The trust's fixed income securities portfolio grew to $429,406,027 from $391,962,551, with U.S. Treasury Bills making up a significant portion at $86,443,499. Expenses rose to $18,923,691 for the nine months ended September 30, 2025, compared to $15,534,900 in the same period of 2024, including a new performance fee of $574,435.

Why It Matters

This dramatic drop in net income for CAMPBELL FUND TRUST signals a challenging period for its investment strategies, particularly in futures and forward currency trading. For investors, this indicates a significant underperformance compared to the previous year, potentially impacting future distributions and the attractiveness of its Series A, B, D, and W Units. The increase in unitholders' capital despite poor trading results suggests continued investor inflows, which could be a double-edged sword if performance doesn't rebound. Competitively, other funds with more stable or positive trading gains would appear more favorable, putting pressure on CAMPBELL FUND TRUST to justify its management fees and performance fees amidst these losses.

Risk Assessment

Risk Level: high — The trust experienced a 95.27% decrease in net income, from $73,174,549 in 2024 to $3,459,475 in 2025, primarily due to a swing from $66,251,626 in net futures trading gains to a $3,556,971 net loss. This volatility in trading performance, coupled with increased expenses including a new $574,435 performance fee despite significant losses, indicates a high-risk investment profile.

Analyst Insight

Investors should exercise extreme caution and consider reducing exposure to CAMPBELL FUND TRUST given the severe decline in net income and significant trading losses. Await evidence of a sustained turnaround in trading performance before considering new investments, as current trends suggest substantial underperformance.

Financial Highlights

revenue

$2,922,594

total Assets

$645,979,256

net Income

$3,459,475

revenue Growth

-95.73%

Revenue Breakdown

Key Numbers

• $3.46M — Net Income (Down 95.27% from $73.17M year-over-year for nine months ended September 30, 2025)
• -$3.56M — Net Futures Trading Gain (Loss) (Shift from a $66.25M gain in 2024 to a loss in 2025)
• $645.98M — Total Unitholders' Capital (Increased from $576.09M at December 31, 2024, despite income decline)
• $95.67M — Addition of Units (Significant capital inflow for nine months ended September 30, 2025)
• $18.92M — Total Expenses (Increased from $15.53M year-over-year for nine months ended September 30, 2025)
• $574,435 — Performance Fee (New expense incurred for nine months ended September 30, 2025)
• $429.41M — Fixed Income Securities (Increased from $391.96M at December 31, 2024)
• 95.27% — Net Income Decrease (Percentage decrease in net income for the nine months ended September 30, 2025)

Key Players & Entities

• CAMPBELL FUND TRUST (company) — Registrant
• $3,459,475 (dollar_amount) — Net income for nine months ended September 30, 2025
• $73,174,549 (dollar_amount) — Net income for nine months ended September 30, 2024
• $66,251,626 (dollar_amount) — Net gain from futures trading for nine months ended September 30, 2024
• $3,556,971 (dollar_amount) — Net loss from futures trading for nine months ended September 30, 2025
• $9,359,810 (dollar_amount) — Net loss from forward currency trading for nine months ended September 30, 2024
• $5,866,970 (dollar_amount) — Net loss from forward currency trading for nine months ended September 30, 2025
• $645,979,256 (dollar_amount) — Total unitholders' capital (Net Asset Value) as of September 30, 2025
• $576,092,525 (dollar_amount) — Total unitholders' capital (Net Asset Value) as of December 31, 2024
• $95,667,183 (dollar_amount) — Additions of units for nine months ended September 30, 2025

FAQ

Risk Factors

• Volatility in Trading Gains [high — market]: The trust experienced a dramatic 95.27% decrease in net income, largely due to a substantial swing in futures trading from a net gain of $66,251,626 in the nine months ended September 30, 2024, to a net loss of $3,556,971 for the same period in 2025. This highlights significant sensitivity to market price fluctuations in futures contracts.
• Forward Currency Trading Losses [medium — market]: Forward currency trading also contributed to the decline, with net losses increasing from $9,359,810 in the nine months ended September 30, 2024, to $5,866,970 in the comparable period of 2025. This indicates ongoing challenges and potential risks in managing foreign exchange exposures.
• Rising Operating Expenses [medium — operational]: Total expenses increased by 21.81% to $18,923,691 for the nine months ended September 30, 2025, from $15,534,900 in the prior year. This rise includes a new performance fee of $574,435, suggesting increased costs associated with fund management and potentially higher volatility.
• Dependence on Trading Performance [high — financial]: The trust's profitability is heavily reliant on trading gains, as evidenced by the drastic drop in net income directly correlating with trading losses. A sustained period of poor trading performance could severely impact future net income and unitholder returns.

Industry Context

The investment fund industry, particularly those focused on active trading strategies like CAMPBELL FUND TRUST, faces intense competition and requires sophisticated risk management. Performance is highly sensitive to market volatility in areas like futures and currency trading. Recent trends show a growing demand for capital preservation alongside growth, putting pressure on funds to balance risk and return effectively.

Regulatory Implications

As a fund trust, CAMPBELL FUND TRUST is subject to financial regulations governing investment vehicles. Changes in market conditions and the introduction of new fee structures like performance fees may attract scrutiny regarding transparency and alignment with investor interests. Compliance with reporting standards for trading activities and disclosures is critical.

What Investors Should Do

1. Analyze the drivers of the trading loss.
2. Evaluate the impact of increased expenses.
3. Monitor capital inflows and NAV growth.
4. Assess the fixed income portfolio.

Key Dates

• 2025-09-30: Nine months ended September 30, 2025 — Period marked by a significant decline in net income (95.27%) due to trading losses, but also by an increase in total unitholders' capital driven by unit additions.
• 2024-09-30: Nine months ended September 30, 2024 — Prior comparable period showing strong net income ($73,174,549) and substantial futures trading gains ($66,251,626).
• 2025-12-31: As of December 31, 2024 — Previous year-end balance sheet reference point for total unitholders' capital ($576,092,525) and fixed income securities ($391,962,551).

Glossary

Unitholders' Capital (Net Asset Value)

The total value of all assets owned by the fund, minus liabilities, representing the net worth attributable to the fund's investors (unitholders). (Indicates the overall size and value of the fund from an investor's perspective. Despite poor income performance, it grew to $645,979,256 due to capital inflows.)

Futures Trading Gain (Loss)

Profit or loss realized from trading futures contracts, which are standardized agreements to buy or sell a commodity or financial instrument at a specified future date. (A primary driver of the fund's income volatility. A swing from a significant gain in 2024 to a loss in 2025 directly caused the sharp decline in net income.)

Forward Currency Trading

Transactions involving agreements to exchange one currency for another at a future date at a predetermined exchange rate, used for hedging or speculation. (Another key trading activity contributing to the fund's results. Increased losses in this area exacerbated the overall decline in trading performance.)

Fixed Income Securities

Investments that pay a fixed rate of interest, such as bonds and Treasury bills. These are generally considered less risky than equities. (Represents a significant portion of the fund's assets, growing to $429,406,027. U.S. Treasury Bills are a notable component.)

Performance Fee

A fee charged by an investment manager based on the fund's investment performance, typically calculated as a percentage of profits above a certain benchmark. (A new expense introduced in the current period ($574,435), contributing to the overall increase in total expenses.)

Year-Over-Year Comparison

Compared to the prior year's nine-month period, CAMPBELL FUND TRUST experienced a dramatic 95.27% decrease in net income, plummeting from $73.17 million to $3.46 million. This was primarily driven by a significant negative swing in net trading gains, which shifted from a $66.25 million profit to a $3.56 million loss. Total expenses also increased by 21.81% to $18.92 million, notably including a new performance fee. Despite the sharp decline in profitability, total unitholders' capital saw a substantial increase, rising from $576.09 million to $645.98 million, largely due to significant capital additions.

Filing Documents

• ef20054960_10q.htm (10-Q) — 2622KB
• ef20054960_ex31-01.htm (EX-31.01) — 13KB
• ef20054960_ex31-02.htm (EX-31.02) — 13KB
• ef20054960_ex32-01.htm (EX-32.01) — 4KB
• ef20054960_ex32-02.htm (EX-32.02) — 4KB
• 0001140361-25-041850.txt ( ) — 9023KB
• cft-20250930.xsd (EX-101.SCH) — 68KB
• cft-20250930_cal.xml (EX-101.CAL) — 56KB
• cft-20250930_def.xml (EX-101.DEF) — 301KB
• cft-20250930_lab.xml (EX-101.LAB) — 655KB
• cft-20250930_pre.xml (EX-101.PRE) — 390KB
• ef20054960_10q_htm.xml (XML) — 1680KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. Condensed Schedules of Investments as of September 30, 2025 and December 31, 2024 (Unaudited) 1-6 and December 31, 2024 (Unaudited) 7 Ended September 30, 2025 and 2024 (Unaudited) 8 (Unaudited) 9 10-11 Financial Highlights for the Three Months and Nine Months Ended September 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. 32-42 Item 3. Quantitative and Qualitative Disclosure About Market Risk. 42-47 Item 4.

Controls and Procedures

Controls and Procedures. 47

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1. Legal Proceedings. 48 Item 1A. Risk Factors. 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 48 Item 3. Defaults Upon Senior Securities. 48 Item 4. Mine Safety Disclosures. 48 Item 5. Other Information. 48 Item 6. Exhibits. 49-50

SIGNATURES

SIGNATURES 51 Table of Contents THE CAMPBELL FUND TRUST CONDENSED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (Unaudited) FIXED INCOME SECURITIES Maturity Face Value Description Fair Value ($) % of Net Asset Value Asset Backed Securities United States Auto Loans $ 29,602,147 4.58 % Equipment Loans 2,056,587 0.32 % Total Asset Backed Securities (cost $ 31,598,730 ) 31,658,734 4.90 % Bank Deposits France Financials (cost $ 3,124,531 ) 3,123,159 0.48 % United States Financials (cost $ 9,574,655 ) 9,576,118 1.48 % Total Bank Deposits (cost $ 12,699,186 ) 12,699,277 1.96 % Commercial Paper Canada Financials 8,189,055 1.27 % Materials 11,353,970 1.76 % Total Canada (cost $ 19,545,938 ) 19,543,025 3.03 % Ireland Financials (cost $ 3,589,353 ) 3,588,199 0.56 % United Kingdom Financials (cost $ 15,037,224 ) 15,035,506 2.33 % United States Consumer Discretionary 22,332,740 3.46 % Consumer Staples 5,166,963 0.80 % Energy 2,059,185 0.32 % Financials 56,334,552 8.72 % Health Care 6,541,303 1.01 % Industrials 10,064,624 1.56 % Materials 3,208,733 0.50 % Real Estate 18,630,430 2.88 % Utilities 48,981,816 7.58 % Total United States (cost $ 173,346,548 ) 173,320,346 26.83 % Total Commercial Paper (cost $ 211,519,063 ) 211,487,076 32.75 % Corporate Bonds Australia Financials 6,026,643 0.93 % Materials 518,618 0.08 % Total Australia (cost $ 6,509,421 ) 6,545,261 1.01 % Canada Energy 1,934,037 0.30 % Materials 2,352,759 0.36 % Financials 13,152,846 2.04 % Total Canada (cost $ 17,401,253 ) 17,439,642 2.70 % Japan Consumer Discretionary 1,137,208 0.18 % Financials 2,216,146 0.34 % Total Japan (cost $ 3,329,986 ) 3,353,354 0.52 % Netherlands Financials (cost $ 1,874,995 ) $ 1,882,050 0.29 % See Accompanying Notes to Financial Statements. 1 Table of Co

View Full Filing

View this 10-Q filing on SEC EDGAR