Filed Pursuant to Rule 424(b)(3)
Registration No. 333-136804
QUADRIGA SUPERFUND, L.P. — SERIES A AND SERIES B SUPPLEMENT
DATED OCTOBER 13, 2009 TO PROSPECTUS DATED FEBRUARY 9, 2009
SEPTEMBER 2009 PERFORMANCE UPDATE
| | | | | | | | | | | | | | | | |
| | | | | | Total NAV
| | NAV per Unit
|
| | September 2009 | | Year to Date | | 9/30/09 | | 9/30/09 |
|
Series A | | | 2.81 | % | | | −23.15 | % | | $ | 35,464,906 | | | $ | 1,484.92 | |
| | | | | | | | | | | | | | | | |
Series B | | | 4.58 | % | | | −34.64 | % | | $ | 60,090,407 | | | $ | 1,699.95 | |
| | | | | | | | | | | | | | | | |
| | |
* | | All performance is reported net of fees and expenses |
Fund results for September 2009:
World bond markets finished September on the upside after better than expected economic data was discounted as several global central banks weighed the withdrawal of economic stimulus packages. The U.S. economy showed positive signs by losing fewer jobs than forecast while retail sales and consumer confidence increased more than anticipated. However, stronger than forecast demand during a $12 billion auction of long-term bonds offset the upbeat data and pushed front month30-year bond futures to four month highs. In Europe, German investor confidence readings surpassed four-year highs despite unemployment rates rising to ten-year highs. This mixed economic data led to sideways trading for most of the month, but fears of a possible pull back of liquidity measures spurred a late rally. Japanese bonds traded higher as GDP unexpectedly expanded less than estimated while deflation deepened as consumer prices contracted the most since the survey began in 1971. These conditions led our long positions in the bond sector to an overall gain.
Global short-term interest rate futures continued their strong upward trend as inflation fears weakened and sustainability of the economic recovery came into question. Three month Eurodollar futures extended their upside move after the Federal Open Market Committee kept rates at record lows in an effort to combat a26-year high in unemployment. Concern arose as the Federal Reserve stated their intention to shrink emergency funding auction loans, which could limit future growth. Three month Short Sterling futures established record highs as the Bank of England kept rates unchanged at 0.5% and reaffirmed plans to purchase 175 billion pounds of financial assets. Australian90-day Bank Bills rallied only slightly after the central bank left rates unchanged as evidence of economic strengthening and resilient consumer spending kept values near the lows for the year. Our long positions produced gains in the sector.
The U.S. dollar established new lows for the year in September, falling 2% as investors around the world aggressively borrowed the low yielding currency to finance purchases of assets in countries offering higher yields. The dollar has now fallen over 10% from its March highs as the budget deficit expanded to $1.27 trillion for the first 9 months of 2009. Emerging South American currencies continued to shine due to their relatively high yields. The Colombian peso added 6.8% as sharp declines in inflation allowed for a less than expected 50 bps rate cut. The Brazilian real (6%) made new highs for the year as strong consumer spending figures prompted analysts to raise 2010 GDP forecasts to well over 4%. The Japanese yen (+3.7%) approached its highs for the year following public statements by the finance minister that he does not favor “easy intervention” or a weak yen. Overall, our short positions in the U.S. dollar led to gains in the currencies sector.
Crude oil moved sideways as market players continued struggling to ascertain the sustainability of the fledging global economic recovery. November crude oil finished near unchanged as existing homes sales and consumer confidence came in well below expectations, while the U.S dollar established near lows for the year. Crude inventories continued to expand as demand remained weak. November natural gas futures surged over 21% from multi-year lows despite record inventories, the passing of the Gulf of Mexico hurricane season, and mild weather in the Midwest and Northeast. The fact that storage facilities are nearly full has led to significant declines in productive capacity. With injection levels low, concern is mounting that a cold snap could expose the market to shortages as prolonged maintenance would be required to reestablish production levels. Our short energy positions produced losses on the month.
December gold futures rose 5.9% in September, closing above the significant $1000 mark. U.S. dollar weakness continued to provide support as the soaring U.S. budget deficit kept potential investors on the sidelines. Meanwhile, U.S. Federal Reserve Chairman Bernanke’s statements that the U.S. recession has probably ended signaled to traders that the time may be fast approaching to focus on inflation. December silver futures also attracted investment demand, rising 11.6% on the month and more than 45%year-to-date. January platinum futures added 4.4% to pushyear-to-date gains to over 35% on surging August Chinese auto sales (+90%). London copper finished 4.3% lower as London Metal Exchange inventories expanded 14% and U.S. existing home sales fell well short of expectations. Our long metals positions produced an overall gain.
Other market sectors, relevant to those discussed above, did not produce significant trends and did not have a significant influence on this month’s overall positive performance.
For the month of September 2009, Series A gained 2.81% and Series B gained 4.58%, net of all fees and expenses.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
QUADRIGA SUPERFUND, L.P. — SERIES A
SEPTEMBER 2009 ACCOUNT STATEMENT
(Prepared from Books without Audit for the Month ended September 30, 2009)
STATEMENT OF INCOME
| | | | |
| | September 2009 | |
|
Investment income,interest | | $ | 2,162 | |
| | | | |
Expenses | | | | |
Management fee | | | 54,996 | |
Ongoing offering expenses | | | 29,727 | |
Operating expenses | | | 4,459 | |
Selling Commissions | | | 118,910 | |
Other expenses | | | 661 | |
Incentive fee | | | — | |
Brokerage commissions | | | 65,402 | |
| | | | |
Total expenses | | | 274,155 | |
| | | | |
Net investment gain (loss) | | | (271,993 | ) |
| | | | |
Realized and unrealized gain (loss) on investments | | | | |
Net realized gain (loss) on futures and forward contracts | | | 424,665 | |
Net change in unrealized appreciation (depreciation) on futures and forward contracts | | | 815,678 | |
| | | | |
Net gain(loss) on investments | | | 1,240,343 | |
| | | | |
Net increase (decrease) in net assets from operations | | $ | 968,350 | |
| | | | |
STATEMENT OF CHANGES IN NET ASSET VALUE
| | | | |
| | September 2009 | |
|
Net assets,beginning of period | | $ | 34,119,502 | |
| | | | |
Net increase (decrease) in net assets from operations | | | 968,350 | |
Capital share transactions | | | | |
Issuance of shares | | | 842,329 | |
Redemption of shares | | | (465,275 | ) |
| | | | |
Net increase(decrease) in net assets from capital share transactions | | | 377,054 | |
Net increase(decrease) in net assets | | | 1,345,404 | |
| | | | |
Net assets,end of period | | $ | 35,646,906 | |
| | | | |
NAV Per Unit, end of period | | $ | 1,484.92 | |
| | | | |
QUADRIGA SUPERFUND, L.P. — SERIES B
SEPTEMBER 2009 ACCOUNT STATEMENT
(Prepared from Books without Audit for the Month ended September 30, 2009)
STATEMENT OF INCOME
| | | | |
| | September 2009 | |
|
Investment income,interest | | $ | 2,905 | |
| | | | |
Expenses | | | | |
Management fee | | | 93,182 | |
Ongoing offering expenses | | | 50,369 | |
Operating expenses | | | 7,555 | |
Selling Commissions | | | 201,477 | |
Other expenses | | | 523 | |
Incentive fee | | | — | |
Brokerage commissions | | | 169,962 | |
| | | | |
Total expenses | | | 523,068 | |
| | | | |
Net investment gain(loss) | | | (520,163 | ) |
| | | | |
Realized and unrealized gain(loss) on investments | | | | |
Net realized gain(loss) on futures and forward contracts | | | 945,362 | |
Net change in unrealized appreciation (depreciation) on futures and forward contracts | | | 2,204,588 | |
| | | | |
Net gain(loss) on investments | | | 3,149,950 | |
| | | | |
Net increase (decrease) in net assets from operations | | $ | 2,629,787 | |
| | | | |
STATEMENT OF CHANGE IN NET ASSET VALUE
| | | | |
| | September 2009 | |
|
Net assets,beginning of period | | $ | 56,492,496 | |
| | | | |
Net increase (decrease) in net assets from operations | | | 2,629,787 | |
Capital share transactions | | | | |
Issuance of shares | | | 1,716,045 | |
Redemption of shares | | | (747,921 | ) |
| | | | |
Net increase (decrease) in net assets from capital share transactions | | | 968,124 | |
Net increase(decrease) in net assets | | | 3,597,911 | |
| | | | |
Net assets,end of period | | $ | 60,090,407 | |
| | | | |
NAV Per Unit, end of period | | $ | 1,699.95 | |
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.