| | |
| | Filed pursuant to SEC Rule 424(b)(3) |
| | Registration No. 333-136804 |
QUADRIGA SUPERFUND, L.P. — SERIES A AND SERIES B SUPPLEMENT
DATED JANUARY 14, 2009 TO PROSPECTUS DATED MAY 19, 2008
DECEMBER 2008 PERFORMANCE UPDATE
| | | | | | | | | | | | | | | | |
| | | | | | | | Total NAV
| | | NAV per Unit
| |
| | December 2008 | | | Year to Date | | | 12/31/08 | | | 12/31/08 | |
|
Series A | | | 1.32 | % | | | 30.00 | % | | $ | 36,667,364 | | | $ | 1,932.30 | |
Series B | | | 2.60 | % | | | 46.56 | % | | $ | 63,384,560 | | | $ | 2,600.96 | |
| | |
* | | All performance is reported net of fees and expenses |
Fund results for December 2008:
The world bond market rally continued in December asU.S. 30-year bond futures and the German Bund traded to record highs. Markets throughout the world experienced extreme volatility as the credit crisis evolved into a full scale global economic recession. U.S. bonds finished the year exceptionally strong as unemployment reached 6.7%, the highest rate since 1993. As economic contraction accelerated during the 2nd half of 2008, deflation fears replaced the inflation fears that dominated the 1st half of the year. European bond futures climbed to record highs as euro-zone GDP dropped to 0.6%(year-on-year). Japanese10-year bond futures finished the year higher as the Tankan survey showed business sentiment at a10-year low, forcing the Bank of Japan to lower interest rates to 0.1% as yen appreciation decimated exports. Long bond positions produced gains in December.
World energy markets endured extreme volatility in 2008. Front-month crude oil futures peaked in July with anintra-day high of 147.27, up over 53% on the year as the U.S. dollar remained close to all time lows. However, energy markets moved sharply lower for the balance of the year as the credit crisis and high prices quashed demand and sent the world into recession. Crude oil finished down 54.2% on the year as growing inventories and wholesale commodity deleveraging sent buyers to the exits. Heating oil, gasoline, and natural gas followed a similar path. Heating oil peaked with a gain of over 57%, only to finish down 46.3%. Gasoline and natural gas futures added 46.7% and 83%, respectively, by July before finishing with losses of 59.5% and 25%, respectively. Short positions in the energy sector produced gains in December.
Other market sectors did not reveal significant trends this month and did not have a substantial influence on December’s overall positive performance.
For the month of December 2008, Series A gained 1.32% and Series B gained 2.60%, net of all fees and expenses.
For the year ended December 31, 2008, Series A gained 30.00 percent and Series B gained 46.56%, net of all fees and expenses.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
QUADRIGA SUPERFUND, L.P. — SERIES A
DECEMBER 2008 ACCOUNT STATEMENT
(Prepared from Books without Audit for the Month Ended December 31, 2008)
STATEMENT OF INCOME
| | | | |
| | December 2008 | |
|
Investment income,interest | | $ | 3,992 | |
| | | | |
Expenses | | | | |
Management fee | | | 56,861 | |
Ongoing offering expenses | | | 30,736 | |
Operating expenses | | | 4,610 | |
Selling Commissions | | | 122,942 | |
Other expenses | | | 1,632 | |
Incentive fee | | | — | |
Brokerage commissions | | | 9,268 | |
| | | | |
Total expenses | | | 226,049 | |
| | | | |
Net investment gain (loss) | | | (222,057 | ) |
| | | | |
Realized and unrealized gain (loss) on investments | | | | |
Net realized gain (loss) on futures and forward contracts | | | 1,004,661 | |
Net change in unrealized appreciation (depreciation) on futures and forward contracts | | | (306,633 | ) |
| | | | |
Net gain(loss) on investments | | | 698,028 | |
| | | | |
Net increase (decrease) in net assets from operations | | $ | 475,971 | |
| | | | |
STATEMENT OF CHANGES IN NET ASSET VALUE
| | | | |
| | December 2008 | |
|
Net assets,beginning of period | | $ | 37,285,947 | |
| | | | |
Net increase (decrease) in net assets from operations | | | 475,971 | |
Capital share transactions | | | | |
Issuance of shares | | | 513,796 | |
Redemption of shares | | | (1,608,350 | ) |
| | | | |
Net increase(decrease) in net assets from capital share transactions | | | (1,094,554 | ) |
Net increase(decrease) in net assets | | | (618,583 | ) |
| | | | |
Net assets,end of period | | $ | 36,667,364 | |
| | | | |
NAV Per Unit, end of period | | $ | 1,932.30 | |
| | | | |
QUADRIGA SUPERFUND, L.P. — SERIES B
DECEMBER 2008 ACCOUNT STATEMENT
(Prepared from Books without Audit for the Month Ended December 31, 2008)
STATEMENT OF INCOME
| | | | |
| | December 2008 | |
|
Investment income,interest | | $ | 8,876 | |
| | | | |
Expenses | | | | |
Management fee | | | 98,292 | |
Ongoing offering expenses | | | 53,130 | |
Operating expenses | | | 7,969 | |
Selling Commissions | | | 212,521 | |
Other expenses | | | 2,911 | |
Incentive fee | | | — | |
Brokerage commissions | | | 28,253 | |
| | | | |
Total expenses | | | 403,076 | |
| | | | |
Net investment gain(loss) | | | (394,200 | ) |
| | | | |
Realized and unrealized gain(loss) on investments | | | | |
Net realized gain(loss) on futures and forward contracts | | | 3,211,910 | |
Net change in unrealized appreciation (depreciation) on futures and forward contracts | | | (1,213,528 | ) |
| | | | |
Net gain(loss) on investments | | | 1,998,382 | |
| | | | |
Net increase (decrease) in net assets from operations | | $ | 1,604,182 | |
| | | | |
STATEMENT OF CHANGE IN NET ASSET VALUE
| | | | |
| | December 2008 | |
|
Net assets,beginning of period | | $ | 63,046,447 | |
| | | | |
Net increase (decrease) in net assets from operations | | | 1,604,182 | |
Capital share transactions | | | | |
Issuance of shares | | | 3,706,751 | |
Redemption of shares | | | (4,972,819 | ) |
| | | | |
Net increase (decrease) in net assets from capital share transactions | | | (1,266,068 | ) |
Net increase(decrease) in net assets | | | 338,114 | |
| | | | |
Net assets,end of period | | $ | 63,384,561 | |
| | | | |
NAV Per Unit, end of period | | $ | 2,600.96 | |
| | | | |
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.