Filed Pursuant to
SEC Rule 424(b)(3)
RegistrationNo. 333-136804
QUADRIGA SUPERFUND, L.P. — SERIES A AND SERIES B SUPPLEMENT
DATED DECEMBER 11, 2007 TO PROSPECTUS DATED JUNE 29, 2007
NOVEMBER 2007 PERFORMANCE UPDATE
| | | | | | | | | | | | | | | | |
| | | | | | | | Total NAV
| | | NAV per Unit
| |
| | November 2007 | | | Year to Date | | | 11/30/07 | | | 11/30/07 | |
|
Series A | | | -4.69 | % | | | -3.63 | % | | $ | 60,143,746 | | | $ | 1,445.68 | |
| | | | | | | | | | | | | | | | |
Series B | | | -6.79 | % | | | -6.74 | % | | $ | 27,590,338 | | | $ | 1,699.25 | |
| | | | | | | | | | | | | | | | |
| | |
* | | All performance is reported net of fees and expenses |
Fund results for November 2007:
Evidence of a slowing global economy led stocks lower in November, reversing the uptrend from the early fall season. The S&P 500 (-4.9%) and the Dow Jones Industrial (-4.2%) slid as financial company write-downs continued to weigh on the market. Meanwhile, Asian indices lost momentum after the China Banking Regulatory Commission advised banks to raise lending requirements, citing the risk of an overheating economy. The Hang Seng and Taiwan indexes fell from all time highs to finish the month with losses of 7.6% and 11.8%, respectively. European stocks fell in sympathy with the global trend. Long positions in the stock indices sector produced relatively large losses during November.
The U.S. dollar continued to trend lower in November as the Euro rose to new all time highs just below the $1.50 level. The Swiss Franc and the Japanese Yen rose 2.3% and 3.7%, respectively, as investor’s unwound carry trades, moving out of the risk associated with emerging markets. The U.S. Dollar gained ground against Latin American currencies as prospects for weakness in the U.S. economy raised worries of softening export demand in the region. The Brazilian Real lost 3.6% as the government bought Dollars in an attempt to limit the strength of their currency amid a sharp decline in the country’s trade surplus. The Chilean Peso, Colombian Peso and the Mexican Peso lost 2.5%, 3.5%, and 2.4%, respectively. In Asia, the Australian dollar lost 5.6% as metal prices declined, while the Korean Won fell 2.2% amid fears of declining exports. Long currency positions in the emerging markets and the Australian Dollar resulted in losses in this sector.
Crude oil and heating oil futures finished slightly lower in volatile action following moves to all time highs earlier in the month. Rallies were paced by ongoing weakness in the U.S. Dollar and overall fears that oil production may soon peak. Meanwhile, crude and heating oil stocks continued to tighten ahead of prime northern hemisphere heating season even as OPEC continued to increase output. Intra-month declines resulted from Iraqi pledges to increase pressure on Kurdish rebels, rising OPEC exports, and fears of a global economic slowdown. Natural gas continued to trend lower, finishing with losses of 15.6%. Mild temperatures early in the month led to a further supply buildups. Values remained under pressure even as temperatures moved lower later in the month. The Fund’s short positions overcame losses from long positions, resulting in an overall gain in the energy sector.
Other market sectors did not reveal significant trends and did not have a major influence on the Fund’s overall negative performance for the month.
For the month of November 2007, Series A lost 4.69% and Series B lost 6.79%, net of all fees and expenses.
QUADRIGA SUPERFUND, L.P. — SERIES A
NOVEMBER 2007 ACCOUNT STATEMENT
(Prepared from Books without Audit for the Month Ended November 30, 2007)
STATEMENT OF INCOME
| | | | |
| | November 2007 | |
|
Investment income,interest | | $ | 219,513 | |
| | | | |
Expenses | | | | |
Management fee | | | 93,265 | |
Ongoing offering expenses | | | 50,414 | |
Operating expenses | | | 7,562 | |
Selling Commissions | | | 201,656 | |
Other expenses | | | 207 | |
Incentive fee | | | — | |
Brokerage commissions | | | 77,279 | |
| | | | |
Total expenses | | | 430,383 | |
| | | | |
Net investment gain (loss) | | | (210,870 | ) |
| | | | |
Realized and unrealized gain (loss) on investments | | | | |
Net realized gain (loss) on futures and forward contracts | | | 6,068,964 | |
Net change in unrealized appreciation (depreciation) on futures and forward contracts | | | (8,820,166 | ) |
| | | | |
Net gain(loss) on investments | | | (2,751,202 | ) |
| | | | |
Net increase(decrease) in net assets from operations | | $ | (2,962,072 | ) |
| | | | |
STATEMENT OF CHANGES IN NET ASSET VALUE
| | | | |
| | November 2007 | |
|
Net assets,beginning of period | | $ | 64,449,649 | |
| | | | |
Net increase in net assets from operations | | | (2,962,072 | ) |
Capital share transactions | | | | |
Issuance of shares | | | 329,359 | |
Redemption of shares | | | (1,673,189 | ) |
| | | | |
Net increase(decrease) in net assets from capital share transactions | | | (1,343,830 | ) |
Net increase(decrease) in net assets | | | (4,305,902 | ) |
| | | | |
Net assets,end of period | | $ | 60,143,747 | |
| | | | |
NAV Per Unit, end of period | | $ | 1,445.68 | |
| | | | |
QUADRIGA SUPERFUND, L.P. — SERIES B
NOVEMBER 2007 ACCOUNT STATEMENT
(Prepared from Books without Audit for the Month Ended November 30, 2007)
STATEMENT OF INCOME
| | | | |
| | November 2007 | |
|
Investment income,interest | | $ | 95,456 | |
| | | | |
Expenses | | | | |
Management fee | | | 42,785 | |
Ongoing offering expenses | | | 23,127 | |
Operating expenses | | | 3,469 | |
Selling Commissions | | | 92,507 | |
Other expenses | | | 453 | |
Incentive fee | | | — | |
Brokerage commissions | | | 53,627 | |
| | | | |
Total expenses | | | 215,968 | |
| | | | |
Net investment gain(loss) | | | (120,512 | ) |
| | | | |
Realized and unrealized gain(loss) on investments | | | | |
Net realized gain(loss) on futures and forward contracts | | | 4,012,391 | |
Net change in unrealized appreciation (depreciation) on futures and forward contracts | | | (5,900,454 | ) |
| | | | |
Net gain(loss) on investments | | | (1,888,063 | ) |
| | | | |
Net increase(decrease) in net assets from operations | | $ | (2,008,575 | ) |
| | | | |
STATEMENT OF CHANGE IN NET ASSET VALUE
| | | | |
| | November 2007 | |
|
Net assets, beginning of period | | $ | 30,598,943 | |
| | | | |
Net increase(decrease) in net assets from operations | | | (2,008,575 | ) |
Capital share transactions | | | | |
Issuance of shares | | | 687,264 | |
Redemption of shares | | | (1,687,293 | ) |
| | | | |
Net increase (decrease) in net assets from capital share transactions | | | (1,000,029 | ) |
Net increase(decrease) in net assets | | | (3,008,604 | ) |
| | | | |
Net assets,end of period | | $ | 27,590,339 | |
| | | | |
NAV Per Unit, end of period | | $ | 1,699.25 | |
| | | | |
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.