Filed pursuant to Rule 424(b)(3)
Registration No. 333-136804
QUADRIGA SUPERFUND, L.P. — SERIES A AND SERIES B SUPPLEMENT
DATED FEBRUARY 13, 2009 TO PROSPECTUS DATED FEBRUARY 9, 2009
JANUARY 2009 PERFORMANCE UPDATE
| | | | | | | | | | | | | | | | |
| | | | | | | | Total NAV
| | | NAV per Unit
| |
| | January 2009 | | | Year to Date | | | 01/31/09 | | | 01/31/09 | |
|
Series A | | | 0.35 | % | | | 0.35 | % | | $ | 36,899,102 | | | $ | 1,939.15 | |
Series B | | | 1.01 | % | | | 1.01 | % | | $ | 67,117,027 | | | $ | 2,627.28 | |
| | |
* | | All performance is reported net of fees and expenses |
Fund results for January 2009:
The year got off to a rocky start as a stream of negative news sent equities lower around the world. Although central banks and governments continued to throw money and political support behind financial markets, trouble in the banking sector showed few signs of abating. Bank balance sheets continued to deteriorate, keeping credit tight for many industries. Asian indices finished lower as the Nikkei (-10%) fell prey to distressed vehicle sales and industrial production. Hong Kong’s Hang Seng index fell 8.2% on poor export data. Declining commodity prices and slowing economic activity resulted in a 6.7% decline in the Australia market. In Europe, falling industrial production and bank sector trouble pressured markets, leading the French CAC40 and Italian MIB40 to new lows. Germany’s DAX was also hit hard, falling nearly 10.2%. The Fund’s short positions in the stock indices sector produced gains.
World bond markets gave back most of December’s gains as stimulus and bailout package announcements by world governments made bond investors nervous. Despite ongoing reports of escalating economic damage, fears intensified that an overabundance of government debt sales would lead to long-term hyperinflation. The U.S. employment report showed 2008 job losses at the highest level since 1945. Retail sales conveyed the worst holiday shopping season in almost 4 decades, while consumer confidence dropped to the lowest level since 1967. In Europe, producer prices fell the most in 27 years and consumer inflation reached the lowest in more than 2 years. This data propelled front-month Bund futures to a record high by mid-month, however the market finished near unchanged as the ECB rejected talk of easing to a 0% target rate. The Fund’s long positions in the bonds sector resulted in losses.
Crude oil settled near its December low of around $40 per barrel as the market shrugged off a litany of bullish factors, choosing instead to focus on deteriorating demand, growing inventories, and the strong U.S Dollar. Early month hostilities between the Israelis and Hamas in Gaza and another gas dispute between Russia and Ukraine provided little lasting support to process as rising world unemployment data easily offset these inputs. Market watchers focused on collapsing International Energy Agency demand estimates and growing concern over Chinese economic contraction, leading March crude oil futures to a 12.8% decline. March natural gas futures continued trending lower, falling 21.8% as inventories remain plentiful despite below average temperatures throughout the U.S. The Fund’s short positions in the energy sector produced positive results.
Other market sectors, relative to the sectors mentioned above, did not reveal significant trends and did not have a significant influence on this month’s overall positive performance.
For the month of January 2009, Series A gained 0.35%, while Series B gained 1.01%, net of all fees and expenses.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
QUADRIGA SUPERFUND, L.P. — SERIES A
JANUARY 2009 ACCOUNT STATEMENT
(Prepared from Books without Audit for the Month Ended January 31, 2009)
STATEMENT OF INCOME
| | | | |
| | January 2009 | |
|
Investment income,interest | | $ | 3,422 | |
| | | | |
Expenses | | | | |
Management fee | | | 57,220 | |
Ongoing offering expenses | | | 30,930 | |
Operating expenses | | | 4,639 | |
Selling Commissions | | | 123,719 | |
Other expenses | | | 982 | |
Incentive fee | | | — | |
Brokerage commissions | | | 7,091 | |
| | | | |
Total expenses | | | 224,581 | |
| | | | |
Net investment gain (loss) | | | (221,159 | ) |
| | | | |
Realized and unrealized gain (loss) on investments | | | | |
Net realized gain (loss) on futures and forward contracts | | | 339,770 | |
Net change in unrealized appreciation (depreciation) on futures and forward contracts | | | 11,720 | |
| | | | |
Net gain(loss) on investments | | | 351,490 | |
| | | | |
Net increase (decrease) in net assets from operations | | $ | 130,331 | |
| | | | |
STATEMENT OF CHANGES IN NET ASSET VALUE
| | | | |
| | January 2009 | |
|
Net assets,beginning of period | | $ | 36,667,364 | |
| | | | |
Net increase (decrease) in net assets from operations | | | 130,331 | |
Capital share transactions | | | | |
Issuance of shares | | | 1,796,437 | |
Redemption of shares | | | (1,695,030 | ) |
| | | | |
Net increase(decrease) in net assets from capital share transactions | | | 101,407 | |
Net increase(decrease) in net assets | | | 231,738 | |
| | | | |
Net assets,end of period | | $ | 36,899,102 | |
| | | | |
NAV Per Unit, end of period | | $ | 1,939.15 | |
| | | | |
QUADRIGA SUPERFUND, L.P. — SERIES B
JANUARY 2009 ACCOUNT STATEMENT
(Prepared from Books without Audit for the Month Ended January 31, 2009)
STATEMENT OF INCOME
| | | | |
| | January 2009 | |
|
Investment income,interest | | $ | 6,059 | |
| | | | |
Expenses | | | | |
Management fee | | | 104,314 | |
Ongoing offering expenses | | | 56,386 | |
Operating expenses | | | 8,458 | |
Selling Commissions | | | 225,545 | |
Other expenses | | | 1,452 | |
Incentive fee | | | 151,744 | |
Brokerage commissions | | | 24,256 | |
| | | | |
Total expenses | | | 572,155 | |
| | | | |
Net investment gain(loss) | | | (566,096 | ) |
| | | | |
Realized and unrealized gain(loss) on investments | | | | |
Net realized gain(loss) on futures and forward contracts | | | 998,130 | |
Net change in unrealized appreciation (depreciation) on futures and forward contracts | | | 240,190 | |
| | | | |
Net gain(loss) on investments | | | 1,238,320 | |
| | | | |
Net increase (decrease) in net assets from operations | | $ | 672,224 | |
| | | | |
STATEMENT OF CHANGE IN NET ASSET VALUE
| | | | |
| | January 2009 | |
|
Net assets,beginning of period | | $ | 63,384,561 | |
| | | | |
Net increase (decrease) in net assets from operations | | | 672,224 | |
Capital share transactions | | | | |
Issuance of shares | | | 5,827,753 | |
Redemption of shares | | | (2,767,510 | ) |
| | | | |
Net increase (decrease) in net assets from capital share transactions | | | 3,060,243 | |
Net increase(decrease) in net assets | | | 3,732,467 | |
| | | | |
Net assets,end of period | | $ | 67,117,028 | |
| | | | |
NAV Per Unit, end of period | | $ | 2,627.28 | |
| | | | |
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.