Filed pursuant to Rule 424(b)(3)
Registration No. 333-136804
QUADRIGA SUPERFUND, L.P. — SERIES A AND SERIES B SUPPLEMENT
DATED APRIL 14, 2009 TO PROSPECTUS DATED FEBRUARY 9, 2009
MARCH 2009 PERFORMANCE UPDATE
| | | | | | | | | | | | | | | | | |
| | | | | | | | | Total NAV
| | | NAV per Unit
| |
| | | March 2009 | | | Year to Date | | | 03/31/09 | | | 03/31/09 | |
| |
| Series A | | | −2.33 | % | | | −1.95 | % | | $ | 35,966,128 | | | $ | 1,894.62 | |
| | | | | | | | | | | | | | | | | |
| Series B | | | −4.49 | % | | | −2.87 | % | | $ | 67,671,539 | | | $ | 2,526.24 | |
| | | | | | | | | | | | | | | | | |
| | |
| * | | All performance is reported net of fees and expenses |
Fund results for March 2009:
Although economic conditions across the globe remain challenging, perceptions that efforts to stabilize the financial system are finally gaining a foothold boosted investor confidence, sending shares across the globe higher. U.S. equities opened the month on the defensive until improving U.S. housing and durable goods data and the release of details on the U.S. Treasury’s plan to create a public-private partnership to deal with bank toxic assets propelled U.S. indices to gains of 7% to 10%. Asian stocks rallied sharply, led by Korea’s Kospi (+14.2%) and the China-based H-Shares (+13.7%), despite ongoing weak economic news. Europe lagged somewhat as Germany’s DAX rose 6.2%, France’s Cac40 added 3.9%, and the FTSE gained 2.3%. Short positions in the stock indices sector resulted in losses.
Global short-term interest rate futures trended higher during March as the continuous actions of world central banks attempting to combat the recession and reverse deflation provided steady support. Three-month Eurodollar futures finished higher as the Federal Reserve intensified quantitative easing efforts. The strategy calls for the purchase of U.S. treasury bonds and mortgage securities. In Canada, three-month bankers’ acceptance futures traded to new record highs after the Bank of Canada cut their benchmark rate to 0.5%, the lowest ever. In Switzerland, the strong upward trend in the three-month Euroswiss persisted as front month futures approached five-year highs. The rally strengthened as the Swiss National Bank lowered interest rates to 0.25%, initiated a program to buy corporate debt, and intervened to weaken the Swiss franc. Long positions in the interest rates market sector produced gains.
The U.S. dollar index moved steadily lower in March, finishing with a loss of 3.3%. The Federal Reserve’s plan to grow its balance sheet by over $1 trillion and a continuation of large Treasury debt auctions designed to finance the Obama administration’s massive budget proposals diluted the dollar’s value. The Australian dollar (+8.2%), Brazilian Real (+2.6%), and New Zealand dollar (11.7%) appreciated on strong relative economic performance bolstered by commodity market strength. The euro added 4.6% against the U.S. dollar and 6% against the Japanese yen, while the Norwegian krone rose 4.4%. The U.S. moves counteracted a Swiss National Bank intervention against the Swiss franc (+2.4%) as the central bank sought to devalue their currency in an effort to support exports. Emerging market currencies from the Czech koruna (+6.8%) to the Russian ruble (+5.4%) and the Polish zloty (+5.1%) moved higher as U.S. dollar safety sentiment dissipated. A relatively large loss resulted from short positions in these foreign currency markets.
After a steady decline in early 2009, grain markets found strong support in March with the exception of May wheat (+2.1%), which lagged amid poor fundamentals. Wheat rallied early in the month on improving U.S. financial data, only to retreat later in the month as timely rains fell in the southern U.S. plains. Australian wheat production estimates grew by 1.4 million tons, while global 2008-09 total wheat production is projected to be a record 684.4 million tons. May corn moved 12.7% higher as rising crude oil and fertilizer prices resulted in the U.S.D.A. shifting production from corn to soybeans. May soybeans discounted expectations for the largest U.S. plantings on record, adding 9.1% as Argentine crop prospects dimmed amid dry weather, farmer strikes, and the implementation of export tariffs. Despite the International Grain Council projecting2009-10 world grain production at the 2nd highest level ever (1.725 bln tons), a risk premium remained ahead of the northern hemisphere growing season. These conditions led the Fund’s short positions to a loss in the sector.
May crude oil futures added to February’s late month rebound, tacking on an additional 6.1% in March, supported by solid U.S. housing and durable goods orders and a weaker U.S. dollar. The market managed to shrug off another poor employment report and OPEC passing on further production cuts as attention shifted to the Federal
Reserve’s plan to pump cash into the economy by purchasing treasury and mortgage debt. A surprisingly dramatic recovery in February Chinese demand also provided underlying support. Although U.S. crude inventories continued to build, gasoline stocks remained nearly flat as refineries adjust capacity utilization to account for persistent demand contraction. The Fund’s short energy sector positions resulted in losses.
Gold ETF holdings posted yet another record high, supporting the market at levels well above $900 per ounce as investors continue to seek protection from currency debasing moves by central bankers. In London, base metals, led by copper (+19.7%), lead (+21.4%), and zinc (+16.7%) moved sharply higher amid widespread evidence that China is moving to counteract damage to its export-led economic growth by stockpiling industrial metals to use for vast infrastructure projects. Indeed, Chinese imports of copper rose by 42% in February. Chinese lead imports are expected to remain strong as Chinese battery demand grows, while solid U.S. retail sales also contributed to the positive price action. These developments produced losses for the Fund’s short positions in the metals sector.
Other market sectors, relative to the sectors mentioned above, did not reveal significant trends and did not have a substantial impact on this month’s overall negative performance.
For the month of March 2009, Series A lost 2.33%, while Series B lost 4.49%, net of all fees and expenses.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
QUADRIGA SUPERFUND, L.P. — SERIES A
MARCH 2009 ACCOUNT STATEMENT
(Prepared from Books without Audit for the Month Ended March 31, 2009)
STATEMENT OF INCOME
| | | | | |
| | | March 2009 | |
| |
Investment income,interest | | $ | 6,964 | |
| | | | | |
Expenses | | | | |
| Management fee | | | 55,773 | |
| Ongoing offering expenses | | | 30,147 | |
| Operating expenses | | | 4,523 | |
| Selling Commissions | | | 120,591 | |
| Other expenses | | | 1,590 | |
| Incentive fee | | | — | |
| Brokerage commissions | | | 23,692 | |
| | | | | |
| Total expenses | | | 236,316 | |
| | | | | |
Net investment gain (loss) | | | (229,352 | ) |
| | | | | |
Realized and unrealized gain (loss) on investments | | | | |
| Net realized gain (loss) on futures and forward contracts | | | (122,810 | ) |
| Net change in unrealized appreciation (depreciation) on futures and forward contracts | | | (506,948 | ) |
| | | | | |
Net gain(loss) on investments | | | (629,758 | ) |
| | | | | |
Net increase (decrease) in net assets from operations | | $ | (859,110 | ) |
| | | | | |
STATEMENT OF CHANGES IN NET ASSET VALUE
| | | | | |
| | | March 2009 | |
| |
Net assets,beginning of period | | $ | 35,948,775 | |
| | | | | |
Net increase (decrease) in net assets from operations | | | (859,110 | ) |
Capital share transactions | | | | |
| Issuance of shares | | | 1,748,782 | |
| Redemption of shares | | | (872,319 | ) |
| | | | | |
Net increase(decrease) in net assets from capital share transactions | | | 876,463 | |
Net increase(decrease) in net assets | | | 17,353 | |
| | | | | |
Net assets,end of period | | $ | 35,966,128 | |
| | | | | |
NAV Per Unit, end of period | | $ | 1,894.62 | |
| | | | | |
QUADRIGA SUPERFUND, L.P. — SERIES B
MARCH 2009 ACCOUNT STATEMENT
(Prepared from Books without Audit for the Month Ended March 31, 2009)
STATEMENT OF INCOME
| | | | | |
| | | March 2009 | |
| |
Investment income,interest | | $ | 13,997 | |
| | | | | |
Expenses | | | | |
| Management fee | | | 104,939 | |
| Ongoing offering expenses | | | 56,724 | |
| Operating expenses | | | 8,508 | |
| Selling Commissions | | | 226,895 | |
| Other expenses | | | 2,493 | |
| Incentive fee | | | — | |
| Brokerage commissions | | | 79,817 | |
| | | | | |
| Total expenses | | | 479,376 | |
| | | | | |
Net investment gain(loss) | | | (465,379 | ) |
| | | | | |
Realized and unrealized gain(loss) on investments | | | | |
| Net realized gain(loss) on futures and forward contracts | | | (156,878 | ) |
| Net change in unrealized appreciation (depreciation) on futures and forward contracts | | | (2,561,117 | ) |
| | | | | |
Net gain(loss) on investments | | | (2,717,995 | ) |
| | | | | |
Net increase (decrease) in net assets from operations | | $ | (3,183,374 | ) |
| | | | | |
STATEMENT OF CHANGE IN NET ASSET VALUE
| | | | | |
| | | March 2009 | |
| |
Net assets,beginning of period | | $ | 67,707,055 | |
| | | | | |
Net increase (decrease) in net assets from operations | | | (3,183,374 | ) |
Capital share transactions | | | | |
| Issuance of shares | | | 5,082,770 | |
| Redemption of shares | | | (1,934,911 | ) |
| | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 3,147,859 | |
Net increase (decrease) in net assets | | | (35,515 | ) |
| | | | | |
Net assets,end of period | | $ | 67,671,540 | |
| | | | | |
NAV Per Unit, end of period | | $ | 2,526.24 | |
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.
