Filed pursuant to Rule 424(b)(3)
Registration No. 333-136804
QUADRIGA SUPERFUND, L.P. — SERIES A AND SERIES B SUPPLEMENT
DATED JUNE 10, 2009 TO PROSPECTUS DATED FEBRUARY 9, 2009
MAY 2009 PERFORMANCE UPDATE
| | | | | | | | | | | | | | | | |
| | | | | | | | Total NAV
| | | NAV per Unit
| |
| | May 2009 | | | Year to Date | | | 05/31/09 | | | 05/31/09 | |
|
Series A | | | −12.03 | % | | | −19.71 | % | | $ | 33,276,881 | | | $ | 1,551.44 | |
| | | | | | | | | | | | | | | | |
Series B | | | −19.31 | % | | | −30.11 | % | | $ | 53,823,224 | | | $ | 1,817.77 | |
| | | | | | | | | | | | | | | | |
| | |
* | | All performance is reported net of fees and expenses |
Fund results for May 2009:
World bond markets traded dramatically lower in May as burgeoning budget deficits led to heavy bond issuance, foreshadowing long-term inflation.U.S. 30-year bond futures, German Bund futures, and Japanese10-year bond futures traded to their lowest levels since November 2008. Lackluster interest during long-term treasury auctions ignited the rally, leading to higher yields amid speculation that the U.S. may eventually lose its coveted AAA debt rating. U.S. equities rallied and bonds sold off as economic reports showed a slowing pace of job losses while consumer confidence jumped by the most in 6 years. In Europe, the European Community Bank cut interest rates to a record low 1% following benign inflation readings. The Japanese economy shrank at a record 15.2% annualized rate last quarter, however bonds finished the month on the downside as industrial production rose the most in 56 years. The Fund’s long positions in the bonds sector resulted in losses.
Risk appetite continued to improve in May, resulting in a 6.2% loss for the U.S. dollar index as emerging market strength contributed to a steep selloff in U.S. treasuries. The Brazilian Real surged another 10% against the U.S. dollar as the country posted its first current account surplus in 19 months. The Hungarian forint (+7.7%), Czech koruna (+5.5%), and Polish zloty (+4.2%) added to April’s gains despite domestic challenges ranging from unemployment to fears of an increase in non-performing loans. The Indian rupee added 5.9% as investors responded positively to the Congress party election win. Asian region currencies, from New Zealand (+13.2%) to Singapore (+2.1%) and Taiwan (+1.3%) continued to trend higher as well. The Australian dollar (+10.3%) and Canadian dollar (+8.5%) rallied as commodity strength augmented a sound financial position. The Fund’s long positions in the U.S. dollar produced losses.
Crude prices posted significant gains in May as the U.S. economy showed some signs that the worst of the recession may be over. Job losses in the U.S. slowed slightly early in the month and strong consumer confidence boosted economic sentiment later in the month. On the supply side, it appears that the OPEC production cuts of the last six months are starting to have an impact on price. Despite crude demand falling more than 7.5% from last year, inventories declined, leading to a 24.8% gain for July crude futures. Natural gas rose steadily with the rest of the energy complex in early May, however mild weather began to exert pressure on values by the end of the month. The resulting lack of cooling demand led supplies 21.6% higher than the5-year moving average and produced a relatively benign 8.6% gain for July natural gas futures. The Fund’s short positions in this sector incurred relatively large losses.
Other market sectors did not reveal significant trends and did not have a significant influence on this month’s overall negative performance.
For the month of May 2009, Series A lost 12.03% and Series B lost 19.31%, net of all fees and expenses
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
QUADRIGA SUPERFUND, L.P. — SERIES A
MAY 2009 ACCOUNT STATEMENT
(Prepared from Books without Audit for the Month ended May 31, 2009)
STATEMENT OF INCOME
| | | | |
| | May 2009 | |
|
Investment income,interest | | $ | 3,833 | |
| | | | |
Expenses | | | | |
Management fee | | | 51,603 | |
Ongoing offering expenses | | | 27,894 | |
Operating expenses | | | 4,184 | |
Selling Commissions | | | 111,574 | |
Other expenses | | | 2,326 | |
Incentive fee | | | — | |
Brokerage commissions | | | 39,012 | |
| | | | |
Total expenses | | | 236,593 | |
| | | | |
Net investment gain (loss) | | | (232,760 | ) |
| | | | |
Realized and unrealized gain (loss) on investments | | | | |
Net realized gain (loss) on futures and forward contracts | | | (3,753,331 | ) |
Net change in unrealized appreciation (depreciation) on futures and forward contracts | | | (562,840 | ) |
| | | | |
Net gain (loss) on investments | | | (4,316,171 | ) |
| | | | |
Net increase (decrease) in net assets from operations | | $ | (4,548,931 | ) |
| | | | |
STATEMENT OF CHANGES IN NET ASSET VALUE
| | | | |
| | May 2009 | |
|
Net assets,beginning of period | | $ | 34,334,339 | |
| | | | |
Net increase (decrease) in net assets from operations | | | (4,548,931 | ) |
Capital share transactions | | | | |
Issuance of shares | | | 4,542,678 | |
Redemption of shares | | | (1,051,205 | ) |
| | | | |
Net increase (decrease) in net assets from capital share transactions | | | 3,491,473 | |
Net increase (decrease) in net assets | | | (1,057,458 | ) |
| | | | |
Net assets,end of period | | $ | 33,276,881 | |
| | | | |
NAV Per Unit, end of period | | $ | 1,551.44 | |
| | | | |
QUADRIGA SUPERFUND, L.P. — SERIES B
MAY 2009 ACCOUNT STATEMENT
(Prepared from Books without Audit for the Month ended May 31, 2009)
STATEMENT OF INCOME
| | | | |
| | May 2009 | |
|
Investment income,interest | | $ | 8,323 | |
| | | | |
Expenses | | | | |
Management fee | | | 83,464 | |
Ongoing offering expenses | | | 45,115 | |
Operating expenses | | | 6,767 | |
Selling Commissions | | | 180,463 | |
Other expenses | | | 3,602 | |
Incentive fee | | | — | |
Brokerage commissions | | | 111,043 | |
| | | | |
Total expenses | | | 430,455 | |
| | | | |
Net investment gain (loss) | | | (422,131 | ) |
| | | | |
Realized and unrealized gain (loss) on investments | | | | |
Net realized gain (loss) on futures and forward contracts | | | (10,868,110 | ) |
Net change in unrealized appreciation (depreciation) on futures and forward contracts | | | (1,586,347 | ) |
| | | | |
Net gain (loss) on investments | | | (12,454,457 | ) |
| | | | |
Net increase (decrease) in net assets from operations | | $ | (12,876,588 | ) |
| | | | |
STATEMENT OF CHANGE IN NET ASSET VALUE
| | | | |
| | May 2009 | |
|
Net assets,beginning of period | | $ | 62,817,889 | |
| | | | |
Net increase (decrease) in net assets from operations | | | (12,876,588 | ) |
Capital share transactions | | | | |
Issuance of shares | | | 5,986,263 | |
Redemption of shares | | | (2,104,340 | ) |
| | | | |
Net increase (decrease) in net assets from capital share transactions | | | 3,881,923 | |
Net increase (decrease) in net assets | | | (8,994,665 | ) |
| | | | |
Net assets,end of period | | $ | 53,823,224 | |
| | | | |
NAV Per Unit, end of period | | $ | 1,817.77 | |
TO THE BEST OF MY KNOWLEDGE AND BELIEF, THE INFORMATION CONTAINED HEREIN IS ACCURATE AND COMPLETE.
Nigel James, President
Superfund Capital Management, Inc.
General Partner
Quadriga Superfund, L.P.