Filed Pursuant to
SEC Rule 424(b)(3)
Registration No. 333-136804
QUADRIGA SUPERFUND, L.P. — SERIES A AND SERIES B SUPPLEMENT
DATED NOVEMBER 12, 2007 TO PROSPECTUS DATED JUNE 29, 2007
OCTOBER 2007 PERFORMANCE UPDATE
| | | | | | | | | | | | | | | | |
| | | | | | | | Total NAV
| | | NAV per Unit
| |
| | October 2007 | | | Year to Date | | | 10/31/07 | | | 10/31/07 | |
|
Series A | | | 9.92 | % | | | 1.11 | % | | $ | 64,449,650 | | | $ | 1,516.88 | |
Series B | | | 14.57 | % | | | 0.05 | % | | $ | 30,598,943 | | | $ | 1,822.95 | |
| | |
* | | All performance is reported net of fees and expenses |
Fund results for October 2007:
World bond markets remained volatile in October, finishing with notable gains as rising economic uncertainty overcame positive early month data. U.S. Bond futures moved slightly lower throughout the first half of the month as strong employment data and solid retail sales added to hopes the U.S. economy could avoid a recession. In Europe, the Euro rallied after the European Community Bank (“ECB”) restated its view that the economy will continue to expand amid steady inflation risks and left their benchmark rate unchanged. European bonds also rallied despite the ECB’s policy stance as worldwide credit market concerns lingered. Japanese Government Bonds rose sharply toward the month’s end as a slowdown in overseas demand led to declining machinery orders and disappointing industrial production. The Fund’s short positions in this sector collectively produced losses.
The U.S. Dollar continued its strong downward trend in October. Worldwide commodity prices continued to derive support from the Dollar’s weakness, thereby driving strong economic results and higher yields in commodity dependant economies. The Brazilian Real (+3.9%), Australian Dollar (+3.7%), Canadian Dollar (+3.8%), and the South African Rand (+4.8%) reaped the benefits of the historic commodity rally. The Indian Rupee continued to trend higher despite government action restricting foreign investment in an effort to curb speculative activities. European regional currencies in countries such as the Czech Republic, Slovakia, and Denmark advanced against the Euro as strong relative growth continues to benefit these smaller countries. The Fund’s short positions in the U.S. Dollar resulted in relatively large gains.
Crude oil futures moved sharply higher (+12.5%) throughout October as the market continued an advance that began in January. Futures accelerated with the Turkish Prime Minister’s approval of military action against Kurdish rebels in northern Iraq and the imposition of more severe U.S. economic sanctions against Iran. Extreme U.S. Dollar weakness, tight crude oil supplies heading into the winter heating season, an increase in refinery utilization, and the overall resilience of the world economy also supported values. Unleaded gas (+10.3%) and heating oil (+9%) followed crude oil higher while natural gas finished only 3.2% higher as mild weather contributed to solid inventories, which are 7.2% greater than the five year moving average. Gains from the Fund’s long positions overwhelmed losses from short positions, resulting in an overall gain for this sector.
Precious metals posted impressive gains, led by gold, which rallied 5% to27-year highs near the $800 level. Gold found persistent support from weakness in the U.S. Dollar, which moved to new record lows against the Euro as investors sought portfolio diversity. Ongoing geopolitical tensions boosted crude oil to record levels of over $93 a barrel, which also increased gold’s attractiveness as an inflation hedge. Silver advanced 2.9% to its highest level since April in sympathy. Platinum shined during the month of October, reaching a new record high of 1474.90, driven by supply shortages stemming from South African mine closures. These events led the Fund’s long metal positions to an overall gain.
Other market sectors did not reveal significant trends and did not have a major influence on this month’s overall positive performance.
For the month of October 2007, Series A gained 9.92% and Series B gained 14.57%, including all fees and expenses.
QUADRIGA SUPERFUND, L.P. — SERIES A
OCTOBER 2007 ACCOUNT STATEMENT
(Prepared from Books without Audit for the Month Ended October 31, 2007)
STATEMENT OF INCOME
| | | | |
| | October 2007 | |
|
Investment income,interest | | $ | 219,738 | |
| | | | |
Expenses | | | | |
Management fee | | | 99,881 | |
Ongoing offering expenses | | | 13,497 | |
Operating expenses | | | 8,099 | |
Selling Commissions | | | 215,956 | |
Other expenses | | | 1,308 | |
Incentive fee | | | — | |
Brokerage commissions | | | 101,823 | |
| | | | |
Total expenses | | | 440,564 | |
| | | | |
Net investment gain (loss) | | | (220,826 | ) |
| | | | |
Realized and unrealized gain (loss) on investments | | | | |
Net realized gain (loss) on futures and forward contracts | | | (346,219 | ) |
Net change in unrealized appreciation (depreciation) on futures and forward contracts | | | 6,385,552 | |
| | | | |
Net gain(loss) on investments | | | 6,039,333 | |
| | | | |
Net increase(decrease) in net assets from operations | | $ | 5,818,507 | |
| | | | |
STATEMENT OF CHANGES IN NET ASSET VALUE
| | | | |
| | October 2007 | |
|
Net assets,beginning of period | | $ | 60,022,676 | |
| | | | |
Net increase in net assets from operations | | | 5,818,507 | |
Capital share transactions | | | | |
Issuance of shares | | | 157,479 | |
Redemption of shares | | | (1,549,013 | ) |
| | | | |
Net increase(decrease) in net assets from capital share transactions | | | (1,391,534 | ) |
Net increase(decrease) in net assets | | | 4,426,973 | |
| | | | |
Net assets,end of period | | $ | 64,449,649 | |
| | | | |
NAV Per Unit, end of period | | $ | 1,516.88 | |
| | | | |
QUADRIGA SUPERFUND, L.P. — SERIES B
OCTOBER 2007 ACCOUNT STATEMENT
(Prepared from Books without Audit for the Month Ended October 31, 2007)
STATEMENT OF INCOME
| | | | |
| | October 2007 | |
|
Investment income,interest | | $ | 96,587 | |
| | | | |
Expenses | | | | |
Management fee | | | 47,421 | |
Ongoing offering expenses | | | 6,408 | |
Operating expenses | | | 3,845 | |
Selling Commissions | | | 102,531 | |
Other expenses | | | 152 | |
Incentive fee | | | — | |
Brokerage commissions | | | 68,558 | |
| | | | |
Total expenses | | | 228,915 | |
| | | | |
Net investment gain(loss) | | | (132,328 | ) |
| | | | |
Realized and unrealized gain(loss) on investments | | | | |
Net realized gain(loss) on futures and forward contracts | | | (235,510 | ) |
Net change in unrealized appreciation (depreciation) on futures and forward contracts | | | 4,258,571 | |
| | | | |
Net gain(loss) on investments | | | 4,023,061 | |
| | | | |
Net increase(decrease) in net assets from operations | | $ | 3,890,733 | |
| | | | |
STATEMENT OF CHANGE IN NET ASSET VALUE
| | | | |
| | October 2007 | |
|
Net assets,beginning of period | | $ | 27,676,952 | |
| | | | |
Net increase(decrease) in net assets from operations | | | 3,890,733 | |
Capital share transactions | | | | |
Issuance of shares | | | 970,414 | |
Redemption of shares | | | (1,939,156 | ) |
| | | | |
Net increase (decrease) in net assets from capital share transactions | | | (968,742 | ) |
Net increase(decrease) in net assets | | | 2,921,991 | |
| | | | |
Net assets,end of period | | $ | 30,598,943 | |
| | | | |
NAV Per Unit, end of period | | $ | 1,822.95 | |
| | | | |
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.