Filed pursuant to Rule 424(b)(3)
Registration No. 333-136804
QUADRIGA SUPERFUND, L.P. — SERIES A AND SERIES B SUPPLEMENT
DATED MARCH 12, 2009 TO PROSPECTUS DATED FEBRUARY 9, 2009
FEBRUARY 2009 PERFORMANCE UPDATE
| | | | | | | | | | | | | | | | |
| | | | | | | | Total NAV
| | | NAV per Unit
| |
| | February 2009 | | | Year to Date | | | 02/28/09 | | | 02/28/09 | |
|
Series A | | | 0.04 | % | | | 0.39 | % | | $ | 35,948,775 | | | $ | 1,939.87 | |
| | | | | | | | | | | | | | | | |
Series B | | | 0.68 | % | | | 1.70 | % | | $ | 67,707,054 | | | $ | 2,645.07 | |
| | | | | | | | | | | | | | | | |
| | |
* | | All performance is reported net of fees and expenses |
Fund results for February 2009:
Equities continued their collapse in February as dark economic clouds hung over global markets. Equities in Europe were hit particularly hard as most indices fell double digits, fueled by fears of an expanding recession. Stocks faired better in Asia, however, where major indices lost between 3% and 9%. Exports continued to decline sharply as U.S. and European demand for goods dried up. The Nikkei Index fell nearly 4.7% amid a startling 84% drop in January machine orders (year over year). Meanwhile, the Singapore Index fell 9.1% while the Hang Seng lost 3.9%. U.S. equities continued to decline as controversy over the stimulus plan and uncertainty over the Treasury’s plans to restore confidence in the banking system failed to calm investors. The Fund’s short positions in this sector produced gains.
On the inflation front, the producer price index (PPI) exceeded expectations, while the consumer price index (CPI) rose for the first time in six months. Front month U.S. 30 year bond futures finished slightly lower as the unexpected inflation readings and massive debt supply offset the short term inflation outlook. European bonds returned to recent highs as reports showed economic contraction of 1.5% in the 4th quarter, the most in 13 years. The service industry shrank for an 8th straight month. These factors combined with decreasing inflation to keep pressure on the European Community Bank to reduce rates at their next meeting. Japanese bonds also returned to recent highs as gross domestic product (GDP) shrank at a 12.7% annualized rate in the fourth quarter. Deepening recessions in the U.S. and Europe triggered a 41 year high in unemployment for export-dependent Japan. The Fund’s long positions in the bonds sector produced gains for the month.
February 2009 saw a renewal of negative price action in world grain markets. May soybean futures showed strength early in the month on concern that dry conditions in Argentina would result in significant production losses. Nonetheless, soybeans finished over 10.7% lower as the combination of timely rains and persistent U.S. dollar strength weighed on values. May corn futures (-8%) finished lower despite the dry weather in Argentina leading the United States Department of Agriculture (USDA) to lower world production estimates by 4.6 million tons. Exports sales for corn continued to lag the five-year average and could precipitate downward demand revisions from the USDA as economic growth is not expected to improve anytime soon. Similarly, declining economic conditions are expected to adversely affect wheat consumption, which resulted in a 10.2% loss for May wheat futures. The Fund’s short positions in this market sector resulted in gains.
As the bleak global economic outlook intensified through the first half of February, energy prices remained near recent lows. U.S. crude inventories rose to 351.3 million barrels versus 299.8 million barrels last year despite several rounds of OPEC production cuts. Despite the negative news, April crude managed a late rally of over 20% to finish with a loss of 3.3% on the back of a bullish gasoline inventory report. The U.S. Department of Transportation reported that for the 14th month in a row there was a drop in miles driven, despite lower prices at the pump. However, April gasoline futures rallied over 20% from its lows to finish 1.3% higher as capacity utilization in the refining sector shrank to 81.4%. April natural gas finished 6.2% lower as supplies now stand more than 12% above the five-year average. Short positions in the energy sector resulted in overall gains for this sector.
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 February 2009, Series A gained 0.04%, while Series B gained 0.68%, including all fees and expenses.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
QUADRIGA SUPERFUND, L.P. — SERIES A
FEBRUARY 2009 ACCOUNT STATEMENT
(Prepared from Books without Audit for the Month Ended February 27, 2009)
STATEMENT OF INCOME
| | | | |
| | February 2009 | |
|
Investment income,interest | | $ | 3,695 | |
| | | | |
Expenses | | | | |
Management fee | | | 55,746 | |
Ongoing offering expenses | | | 30,133 | |
Operating expenses | | | 4,520 | |
Selling Commissions | | | 120,532 | |
Other expenses | | | 1,446 | |
Incentive fee | | | — | |
Brokerage commissions | | | 12,679 | |
Total expenses | | | 225,056 | |
| | | | |
Net investment gain (loss) | | | (221,361 | ) |
| | | | |
Realized and unrealized gain (loss) on investments | | | | |
Net realized gain (loss) on futures and forward contracts | | | 483,202 | |
Net change in unrealized appreciation (depreciation) on futures and forward contracts | | | (248,565 | ) |
Net gain(loss) on investments | | | 234,637 | |
| | | | |
Net increase (decrease) in net assets from operations | | $ | 13,276 | |
| | | | |
STATEMENT OF CHANGES IN NET ASSET VALUE
| | | | |
| | February 2009 | |
|
Net assets,beginning of period | | $ | 36,899,102 | |
| | | | |
Net increase (decrease) in net assets from operations | | | 13,276 | |
Capital share transactions | | | | |
Issuance of shares | | | 1,199,637 | |
Redemption of shares | | | (2,163,240 | ) |
| | | | |
Net increase(decrease) in net assets from capital share transactions | | | (963,603 | ) |
Net increase(decrease) in net assets | | | (950,327 | ) |
| | | | |
Net assets,end of period | | $ | 35,948,775 | |
| | | | |
NAV Per Unit, end of period | | $ | 1,939.87 | |
| | | | |
QUADRIGA SUPERFUND, L.P. — SERIES B
FEBRUARY 2009 ACCOUNT STATEMENT
(Prepared from Books without Audit for the Month Ended February 27, 2009)
STATEMENT OF INCOME
| | | | |
| | February 2009 | |
|
Investment income,interest | | $ | 6,823 | |
| | | | |
Expenses | | | | |
Management fee | | | 105,227 | |
Ongoing offering expenses | | | 56,879 | |
Operating expenses | | | 8,532 | |
Selling Commissions | | | 227,516 | |
Other expenses | | | 1,837 | |
Incentive fee | | | 149,489 | |
Brokerage commissions | | | 41,373 | |
Total expenses | | | 590,853 | |
| | | | |
Net investment gain(loss) | | | (584,030 | ) |
| | | | |
Realized and unrealized gain(loss) on investments | | | | |
Net realized gain(loss) on futures and forward contracts | | | 1,266,105 | |
Net change in unrealized appreciation (depreciation) on futures and forward contracts | | | (226,872 | ) |
Net gain(loss) on investments | | | 1,039,233 | |
| | | | |
Net increase (decrease) in net assets from operations | | $ | 455,203 | |
| | | | |
STATEMENT OF CHANGE IN NET ASSET VALUE
| | | | |
| | February 2009 | |
|
Net assets,beginning of period | | $ | 67,117,028 | |
| | | | |
Net increase (decrease) in net assets from operations | | | 455,203 | |
Capital share transactions | | | | |
Issuance of shares | | | 3,959,649 | |
Redemption of shares | | | (3,824,825 | ) |
| | | | |
Net increase (decrease) in net assets from capital share transactions | | | 134,824 | |
Net increase(decrease) in net assets | | | 590,027 | |
| | | | |
Net assets,end of period | | $ | 67,707,055 | |
| | | | |
NAV Per Unit, end of period | | $ | 2,645.07 | |
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.