File Pursuant to SEC Rule 424(b)(3)
Registration No. 333-136804
TABLE OF CONTENTS
QUADRIGA SUPERFUND, L.P. — SERIES A AND SERIES B SUPPLEMENT
DATED OCTOBER 13, 2008 TO PROSPECTUS DATED MAY 19, 2008
SEPTEMBER 2008 PERFORMANCE UPDATE
| | | | | | | | | | | | | | | | | |
| | | | | | | | | Total NAV
| | | NAV per Unit
| |
| | | September 2008 | | | Year to Date | | | 09/30/08 | | | 09/30/08 | |
| |
| Series A | | | -0.07 | % | | | 12.71 | % | | $ | 35,741,706 | | | $ | 1,675.30 | |
| Series B | | | 0.46 | % | | | 15.69 | % | | $ | 53,295,181 | | | $ | 2,053.20 | |
| | |
| * | | All performance is reported net of fees and expenses |
Fund results for September 2008:
Global equities collapsed in September as the financial crisis evolved to a critical stage. Massive U.S. buyouts of Fannie Mae, Freddie Mac, and AIG and large scale global capital injection operations failed to stabilize financial markets. Major financial institutions continued to struggle to roll their debt forward as banks refused to lend to one another. Lehman Brothers, Washington Mutual, and Wachovia collapsed while iconic investment house Merrill Lynch was forced to sell itself to stave off failure. The Dow finished 6.3% lower and the Nasdaq lost 15.6%. In Europe, major indices fell 6-19% while the Russian stock exchange closed for 2 days amid severe capital flight. The Fund’s short positions in this market sector produced gains for the month.
Energy markets continued to drop from record highs three months ago, finishing September with steep losses. U.S. Dollar strength associated with the Fannie Mae/Freddie Mac bailout contributed to a $25 decline in November crude oil prices by mid month. Despite a short lived rally, values finished 13.2% lower on the month as world financial markets trembled under the weight of the credit crisis. As with other physical commodity weakness, the theme of deleveraging manifested itself as much as any factor in the energy markets. November natural gas finished 11% lower, while November gasoline futures lost 12.6% as injection continued at acceptable levels ahead of winter, aided in part by mild weather in many areas of the US. The Fund’s long energy positions resulted in losses for the month.
Other market sectors, relative to the sectors mentioned above, did not reveal significant trends and did not have a substantial influence on this month’s relatively flat performance.
For the month of September 2008, Series A lost -0.07%, while Series B gained 0.46%, net of all fees and expenses.
QUADRIGA SUPERFUND, L.P. — SERIES A
SEPTEMBER 2008 ACCOUNT STATEMENT
(Prepared from Books without Audit for the Month Ended September 30, 2008)
STATEMENT OF INCOME
| | | | | |
| | | September 2008 | |
| |
Investment income,interest | | $ | 46,408 | |
| | | | | |
Expenses | | | | |
| Management fee | | | 55,425 | |
| Ongoing offering expenses | | | 29,959 | |
| Operating expenses | | | 4,494 | |
| Selling Commissions | | | 119,838 | |
| Other expenses | | | 2,163 | |
| Incentive fee | | | — | |
| Brokerage commissions | | | 51,329 | |
| | | | | |
| Total expenses | | | 263,208 | |
| | | | | |
Net investment gain (loss) | | | (216,800 | ) |
| | | | | |
Realized and unrealized gain (loss) on investments | | | | |
| Net realized gain (loss) on futures and forward contracts | | | (775,886 | ) |
| Net change in unrealized appreciation (depreciation) on futures and forward contracts | | | 966,430 | |
| | | | | |
Net gain(loss) on investments | | | 190,544 | |
| | | | | |
Net increase (decrease) in net assets from operations | | $ | (26,256 | ) |
| | | | | |
STATEMENT OF CHANGES IN NET ASSET VALUE
| | | | | |
| | | September 2008 | |
| |
Net assets,beginning of period | | $ | 37,526,903 | |
| | | | | |
Net increase (decrease) in net assets from operations | | | (26,256 | ) |
Capital share transactions | | | | |
| Issuance of shares | | | 346,040 | |
| Redemption of shares | | | (2,104,980 | ) |
| | | | | |
Net increase(decrease) in net assets from capital share transactions | | | (1,758,940 | ) |
Net increase(decrease) in net assets | | | (1,785,196 | ) |
| | | | | |
Net assets,end of period | | $ | 35,741,707 | |
| | | | | |
NAV Per Unit, end of period | | $ | 1,675.30 | |
| | | | | |
QUADRIGA SUPERFUND, L.P. — SERIES B
SEPTEMBER 2008 ACCOUNT STATEMENT
(Prepared from Books without Audit for the Month Ended September 30, 2008)
| | | | | |
| | | September 2008 | |
| |
Investment income,interest | | $ | 63,849 | |
| | | | | |
Expenses | | | | |
| Management fee | | | 82,646 | |
| Ongoing offering expenses | | | 44,673 | |
| Operating expenses | | | 6,701 | |
| Selling Commissions | | | 178,693 | |
| Other expenses | | | 4,812 | |
| Incentive fee | | | — | |
| Brokerage commissions | | | 116,222 | |
| | | | | |
| Total expenses | | | 433,747 | |
| | | | | |
Net investment gain(loss) | | | (369,898 | ) |
| | | | | |
Realized and unrealized gain(loss) on investments | | | | |
| Net realized gain(loss) on futures and forward contracts | | | (1,907,946 | ) |
| Net change in unrealized appreciation (depreciation) on futures and forward contracts | | | 2,519,800 | |
| | | | | |
Net gain(loss) on investments | | | 611,854 | |
| | | | | |
Net increase (decrease) in net assets from operations | | $ | 241,956 | |
| | | | | |
STATEMENT OF CHANGE IN NET ASSET VALUE
| | | | | |
| | | September 2008 | |
| |
Net assets,beginning of period | | $ | 49,552,772 | |
| | | | | |
Net increase (decrease) in net assets from operations | | | 241,956 | |
Capital share transactions | | | | |
| Issuance of shares | | | 4,053,786 | |
| Redemption of shares | | | (553,333 | ) |
| | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 3,500,453 | |
Net increase (decrease) in net assets | | | 3,742,409 | |
| | | | | |
Net assets,end of period | | $ | 53,295,181 | |
| | | | | |
NAV Per Unit, end of period | | $ | 2,053.20 | |
| | | | | |
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.
