Attached files
| file | filename |
|---|---|
| EX-32.1 - EX-32.1 - SUPERFUND GOLD, L.P. | c63747exv32w1.htm |
| EX-32.2 - EX-32.2 - SUPERFUND GOLD, L.P. | c63747exv32w2.htm |
| EX-31.2 - EX-31.2 - SUPERFUND GOLD, L.P. | c63747exv31w2.htm |
| EX-31.1 - EX-31.1 - SUPERFUND GOLD, L.P. | c63747exv31w1.htm |
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
| þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Fiscal Year Ended December 31, 2010
OR
| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 000-53764
SUPERFUND GOLD, L.P.
(Exact name of registrant as specified in its charter)
| DELAWARE | 98-0574019 (Series A); 98-0574020 (Series B) | |
| (State or other jurisdiction of incorporation or organization) |
(IRS Employer Identification Number) | |
| SUPERFUND OFFICE BUILDING | ||
| P.O. BOX 1479 | ||
| GRAND ANSE | ||
| ST. GEORGE’S, GRENADA | ||
| WEST INDIES | Not applicable | |
| (Address of principal executive offices) | (Zip Code) | |
Registrant’s telephone number, including area code: (473) 439-2418
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Units of Limited Partnership Interest
(Title of Class)
(Title of Class)
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of
the Securities Act.
Yes o No þ
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or
Section 15(d) of the Act.
Yes o No þ
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes þ No o
Indicate by check mark whether the registrant has submitted electronically and posted on its
corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for
such shorter period that the registrant was required to submit and post such files).
Yes o No o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K
(§229.405 of this chapter) is not contained herein, and will not be contained, to the best of the
registrant’s knowledge, in definitive proxy or information statements incorporated by reference in
Part III of this Form 10-K or any amendment to this Form 10-K. o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated
filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer o | Accelerated filer o | Non-accelerated filer o (do not check if a smaller reporting company) | Smaller reporting company þ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act).
Yes o No þ
State the aggregate market value of the voting and non-voting common equity held by non-affiliates
computed by reference to the price at which the common equity was last sold, or the average bid and
asked price of such common equity, as of the last business day of the registrant’s most recently
completed second fiscal quarter.
Not applicable.
DOCUMENTS INCORPORATED BY REFERENCE
Prospectus dated August 13, 2010, included within the Post-Effective Amendment No. 2 to Superfund
Gold, L.P.’s Registration Statement on Form S-1 (File No. 333-151632), is incorporated by reference
into Item 1 and Item 5.
TABLE OF CONTENTS
2
Table of Contents
PART I
Item 1. Business.
(a) General Development of Business
Superfund Gold, L.P., (the “Fund”), is a limited partnership which was organized on March 19,
2008, under the Delaware Revised Uniform Limited Partnership Act, as amended. In accordance with
the Second Amended and Restated Limited Partnership Agreement (the “Limited Partnership Agreement”)
under which it operates, the Fund has issued two series of units of limited partnership interest
(“Units”), each with a subseries, Series A-1/A-2 and Series B-1/B-2 (each a “Series”). Series
A-1/A-2 and Series B-1/B-2 are traded and managed the same way, with the exception of the degree of
leverage. The Fund operates as a commodity investment pool, whose purpose is speculative trading in
the U.S. and international futures and forwards markets. Specifically, the Fund trades a portfolio
of more than 120 futures and forward markets using a fully-automated, proprietary, computerized
trading system. The Fund also seeks to maintain an investment in gold approximately equal to the
total capital of each Series, as of the beginning of each month. The gold investment is intended to
delink each Series’ net asset value, which is determined in U.S. dollars, from the value of the
U.S. dollar relative to gold, effectively denominating the Series’ net asset value in terms of
gold. The general partner and trading manager of the Fund is Superfund Capital Management, Inc.,
formerly known as Quadriga Capital Management, Inc. (“Superfund Capital Management”), a Grenada
corporation. Superfund Capital Management is subject to the provisions of the Commodity Exchange
Act, the regulations of the Commodity Futures Trading Commission (the “CFTC”), and the rules of the
National Futures Association (the “NFA”).
The Fund originally filed a registration statement with the U.S. Securities and Exchange
Commission (“SEC”) for the sale of $200,000,000 of Units, which registration statement was declared
effective on February 17, 2009. The Unit selling price during the initial offering period, which
ended on March 31, 2009, was the dollar price per ounce of gold established by the gold pool
members of the London Bullion Market Association of the London A.M. fixing on the day the Fund
began trading and investment activities. Since April 1, 2009, Units have been offered on an ongoing
basis during the Fund’s continuing offering period. During the continuing offering period,
subscriptions are accepted monthly and proceeds are transferred to bank and brokerage accounts for
trading purposes. The selling price per Unit during the continuing offering period is the net asset
value per Unit as of the last business day of the month in which the subscription is accepted.
In the initial and continuing offering periods through December 31, 2010, subscriptions
totaling $8,798,543 in Series A-1, $2,034,747 in Series A-2, $8,574,908 in Series B-1, and
$3,664,611 in Series B-2 had been accepted and redemptions over the same period totaled $1,244,986
in Series A-1, $98,823 in Series A-2, $3,786,544 in Series B-1, and $330,824 in Series B-2.
The term of the Fund commenced on the day on which the Certificate of Limited Partnership was
filed with the Secretary of State of the State of Delaware pursuant to the provisions of the
Delaware Revised Uniform Limited Partnership Act and shall end upon the first to occur of the
following: (i) receipt by Superfund Capital Management of an approval to dissolve the Fund at a
specified time by Limited Partners owning Units representing more than fifty percent (50%) of the
outstanding Units of each Series then owned by Limited Partners of each Series, notice of which is
sent by certified mail return receipt requested to Superfund Capital Management not less than 90
days prior to the effective date of such dissolution; (ii) withdrawal, insolvency or dissolution
of Superfund Capital Management or any other event that causes Superfund Capital Management to
cease to be the general partner of the Fund, unless (a) at the time of each event there is at least
one remaining general partner of the Fund who carries on the business of the Fund (and each
remaining general partner of the Fund is hereby authorized to carry on the business of general
partner of the Fund in such an event), or (b) within 120 days after such event Limited Partners of
a Series holding a majority of Units of such Series agree in writing to continue the business of
the Fund and such Series and to the appointment, effective as of the date of such event, of one or
more general partners of the Fund and such Series; (iii) a decline in the aggregate net assets of
each Series to less than $500,000 at any time following commencement of trading in the Series; or
(iv) any other event which shall make it unlawful for the existence of the Fund to be continued or
which requires termination of the Fund.
(b) Financial Information about Industry Segments
The Fund’s business constitutes only one segment, i.e., a speculative commodity pool. The Fund
does not engage in sales of goods or services. Financial information regarding the Fund’s business
is set forth in the Fund’s financial statements included as Exhibit 13.01 to this report.
(c) Narrative Description of the Business
A description of the business of the Fund, including trading approach, rights and obligations
of the Unitholders, and compensation arrangements is contained in the Fund’s Prospectus dated
August 13, 2010, under “Summary,” “The Risks You Face,” “Superfund Capital Management, Inc.,”
“Conflicts of Interest,” and “Charges” and such description is incorporated herein by reference
from the Prospectus.
3
Table of Contents
The Fund conducts its business in one industry segment: the speculative trading of futures and
forward contracts and options thereon. The Fund is a market participant in the “managed futures”
industry. Market participants include all types of investors, such as corporations, employee
benefit plans, individuals and foreign investors. Service providers of the managed futures industry
include (a) pool operators, which conduct and manage all aspects of trading funds, such as the
Fund, (b) trading advisors, which make the specific trading decisions, and (c) commodity brokers,
which execute and clear the trades pursuant to the instructions of the trading advisor. The Fund
has no employees and does not engage in the sale of goods or services.
The Fund trades on domestic and international exchanges in more than 120 futures and forward
contracts. The Fund also seeks to maintain an investment in gold approximately equal to the total
capital of each Series as of the beginning of each month. The gold investment is intended to delink
each Series’ net asset value, which is determined in U.S. dollars, from the value of the U.S.
dollar relative to gold, essentially denominating the Series’ net asset value in terms of gold.
Trading decisions are made using a fully-automated, proprietary, computerized trading system which
emphasizes instruments with low correlation and high liquidity for order execution. The particular
contracts traded by the Fund will vary from time to time.
The Fund may, in the future, experience increased competition for the commodity futures and
other contracts in which it trades. Superfund Capital Management will recommend similar or
identical trades for other accounts under its management. Such competition may also increase due to
what Superfund Capital Management believes is an increasing utilization of computerized trading
methods similar in general to those used by Superfund Capital Management.
Under the Commodity Exchange Act, commodity exchanges and commodity futures trading are
subject to regulation by the CFTC. The NFA, a registered futures association under the Commodity
Exchange Act, is the only non-exchange self-regulatory organization for commodity industry
professionals. The CFTC has delegated to the NFA responsibility for the registration of “commodity
trading advisors,” “commodity pool operators,” “futures commission merchants,” “introducing
brokers” and their respective associated persons and “floor brokers.” The Commodity Exchange Act
requires “commodity pool operators” such as Superfund Capital Management and commodity brokers or
“futures commission merchants” such as the Fund’s commodity brokers to be registered and to comply
with various reporting and recordkeeping requirements. Superfund Capital Management and the Fund’s
commodity brokers are members of the NFA. The CFTC may suspend a commodity pool operator’s
registration if it finds that its trading practices tend to disrupt orderly market conditions, or
as the result of violations of the Commodity Exchange Act or rules and regulations promulgated
thereunder. In the event Superfund Capital Management’s registration as a commodity pool operator
was terminated or suspended, Superfund Capital Management would be unable to continue to manage its
business or the Fund. Should Superfund Capital Management’s registration be suspended, termination
of the Fund might result.
In addition to such registration requirements, the CFTC and certain commodity exchanges have
established limits on the maximum net long and net short positions which any person, including the
Fund, may hold or control in particular commodities. Most exchanges also limit the maximum changes
in futures contract prices that may occur during a single trading day. In January 2011, the CFTC
proposed a separate position limits regime for 28 so-called “exempt” (i.e. metals and energy) and
agricultural futures and options contracts and their economically equivalent swap contracts.
Position limits in spot months are proposed to be 25% of the official estimated deliverable supply
of the underlying commodity and in a non-spot month a percentage of the average aggregate 12-month
rolling open interest in all months (swaps and futures) for each contract. Superfund Capital
Management believes that the proposed limits are sufficiently large that if adopted, they should
not restrict the Fund’s trading strategy.
The Fund may also trade in dealer markets for forward and swap contracts, which are not
regulated by the CFTC. Federal and state banking authorities also do not regulate forward trading
or forward dealers. In addition, the Fund trades on foreign commodity exchanges, which are not
subject to regulation by any United States government agency. The Dodd-Frank Wall Street Reform and
Consumer Protection Act (“Dodd-Frank”) was enacted in July 2010. Dodd-Frank includes provisions
that comprehensively regulate the over-the-counter derivatives markets for the first time.
Dodd-Frank will mandate that a substantial portion of over-the-counter derivatives must be executed
in regulated markets and submitted for clearing to regulated clearinghouses. The mandates imposed
by Dodd-Frank may result in the Fund bearing higher upfront and mark-to-market margin, less
favorable trade pricing, and the possible imposition of new or increased fees.
Dodd-Frank also amended the definition of “eligible contract participant,” and the CFTC is
interpreting that definition in a such manner that the Fund may no longer be permitted to engage in
forward currency transactions by directly accessing the interbank market. Rather, when Dodd-Frank
goes into effect in July 2011, the Fund may be limited to engaging in “retail forex transactions”
which could limit the Fund’s potential forward currency counterparties to futures commission
merchants and retail foreign exchange dealers. Thus, limiting the Fund’s potential forward
currency counterparties could lead to the Fund bearing higher upfront and mark-to-market margin,
less favorable trade pricing, and the possible imposition of new or increased fees. The “retail
forex” markets could also be significantly less liquid than the interbank market. Moreover, the
creditworthiness of the futures commission merchants and retail foreign exchange dealers with whom
the Fund may be required to trade could be significantly weaker than the creditworthiness of the
financial institutions with whom the Fund currently engages for its forward currency transactions.
Although the impact of requiring the Fund to conduct forward currency transactions in the “retail”
market could be substantial, the full scope is currently unknown and the ultimate effect could also
be negligible.
4
Table of Contents
(d) Financial Information about Geographic Areas
The Fund does not engage in sales of goods or services or own any long-lived assets. Therefore
this item is not applicable.
Item 1A. Risk Factors.
Not required.
Item 1B. Unresolved Staff Comments.
Not required.
Item 2. Properties.
The Fund does not own or use any physical properties in the conduct of its business. Its
assets currently consist of futures and other contracts, cash and U.S. Treasury Bills.
Item 3. Legal Proceedings.
None.
Item 4. (Removed and Reserved)
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
| (a) | Market Information |
There is no trading market for the Units, and none is likely to develop. Units may be redeemed
upon five (5) business days prior notice to Superfund Capital Management at their net asset value
as of the last day of the month in which the redemption request is received.
| (b) | Holders |
As of December 31, 2010, there were 334 holders of Series A-1 Units, 68 holders of Series A-2
Units, 231 holders of Series B-1 Units, and 76 holders of Series B-2 Units.
| (c) | Dividends |
Superfund Capital Management has sole discretion in determining what distributions, if any,
the Fund will make to its Unitholders. Superfund Capital Management has not made any distributions
as of the date hereof and has no present intention to make any.
| (d) | Securities Authorized for Issuance Under Equity Compensation Plans |
None.
| (e) | Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities |
| (A) | There were no sales of unregistered securities during the year ended December 31, 2010. | ||
| (B) | Updated information required by Item 701(f) of Regulation S-K: |
| (1) | The use of proceeds information is being disclosed for Post-Effective Amendment No.2 to Registration Statement No. 333-151632 declared effective on August 13, 2010. | ||
| (4) | (iv) As of December 31, 2010, the Fund sold $8,798,543 of Series A-1 Units, $2,034,747 of Series A-2 Units, $8,574,908 of Series B-1 Units and $3,664,611 of Series B-2 Units. | ||
| (v) As of December 31, 2010, the Fund incurred expenses for the account of the Fund totaling $2,407,510 of which $2,045,672 was paid to Superfund Capital Management and $361,838 were paid to Superfund USA. | |||
| (vi) Net offering proceeds to the Fund as of December 31, 2010 were $20,665,299. | |||
| (vii) As of December 31, 2010, the amount of net offering proceeds to the Fund for commodity futures and forward trading in accordance with Superfund Capital Management’s trading program totaled $20,670,613. |
5
Table of Contents
| (f) | Purchases of Equity Securities by the Issuer and Affiliated Purchasers |
Pursuant to the Fund’s Limited Partnership Agreement, Unitholders may redeem their Units at
the end of each calendar month at the then current month-end net asset value per Unit. The
redemption of Units has no impact on the value of the Units that remain outstanding, and Units are
not reissued once redeemed.
The following tables summarize the redemptions by Unitholders during the fourth calendar
quarter of 2010:
Series A-1:
| Net Asset Value | ||||||||
| Month | Units Redeemed | per Unit ($) | ||||||
October 31, 2010 |
4.787 | 1,436.05 | ||||||
November 30, 2010 |
143.101 | 1.431.90 | ||||||
December 31, 2010 |
27.093 | 1,566.65 | ||||||
Total |
174.981 | |||||||
Series A-2:
| Net Asset Value | ||||||||
| Month | Units Redeemed | per Unit ($) | ||||||
October 31, 2010 |
0.000 | 1,527.79 | ||||||
November 30, 2010 |
26.434 | 1,525.93 | ||||||
December 31, 2010 |
0.000 | 1,671.00 | ||||||
Total |
26.434 | |||||||
Series B-1:
| Net Asset Value | ||||||||
| Month | Units Redeemed | per Unit ($) | ||||||
October 31, 2010 |
104.317 | 1,197.96 | ||||||
November 30, 2010 |
0.000 | 1,186.30 | ||||||
December 31, 2010 |
143.485 | 1,351.22 | ||||||
Total |
247.802 | |||||||
Series B-2:
| Net Asset Value | ||||||||
| Month | Units Redeemed | per Unit ($) | ||||||
October 31, 2010 |
0.000 | 1,236.62 | ||||||
November 30, 2010 |
0.815 | 1,226.64 | ||||||
December 31, 2010 |
0.000 | 1,389.80 | ||||||
Total |
0.815 | |||||||
Item 6. Selected Financial Data.
Not required.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Introduction
The Fund commenced the offering of Units on February 17, 2009. The initial offering
terminated on March 31, 2009, and the Fund commenced operations on April 1, 2009. The continuing
offering period commenced at the termination of the initial offering period and is ongoing. For the
year ended December 31, 2010, subscriptions totaling $11,079,475 for the Fund as a whole,
$6,469,247 in Series A-1, $1,180,013 in Series A-2, $2,234,354 in Series B-1, and $1,195,861 in
Series B-2 had been accepted and redemptions over the same period totaled $5,422,831 for the Fund
as a whole, $1,226,427 in Series A-1, $98,823 in Series A-2, $3,786,544 in Series B-1, and $311,037
in Series B-2.
6
Table of Contents
Liquidity
Most United States (“U.S.”) commodity exchanges limit fluctuations in futures contracts prices
during a single day by regulations referred to as “daily price fluctuation limits” or “daily
limits.” During a single trading day, no trades may be executed at prices beyond the daily limit.
This may affect the Fund’s ability to initiate new positions or close existing ones or may prevent
it from having orders executed. Futures prices have occasionally moved the daily limit for several
consecutive days with little or no trading. Similar occurrences could prevent the Fund from
promptly liquidating unfavorable positions and subject the Fund to substantial losses, which could
exceed the margin initially committed to such trades. In addition, even if futures prices have not
moved the daily limit, the Fund may not be able to execute futures trades at favorable prices if
little trading in such contracts is taking place.
Trading in forward contracts introduces a possible further impact on liquidity. Because such
contracts are executed “off exchange” between private parties, the time required to offset or
“unwind” these positions may be greater than that for regulated instruments. This potential delay
could be exacerbated to the extent a counterparty is not a United States person.
Other than these limitations on liquidity, which are inherent in the Fund’s futures and
forward trading operations, the Fund’s assets are expected to be highly liquid.
Capital Resources
The Fund will raise additional capital only through the sale of Units offered pursuant to the
continuing offering and does not intend to raise any capital through borrowings. Due to the nature
of the Fund’s business, it will make no capital expenditures and will have no capital assets which
are not operating capital or assets.
Results of Operations
2010
Series A:
Net results for the year ended December 31, 2010, were a gain of 48.2% in net asset value for
Series A-1 and a gain of 50.4% in net asset value for Series A-2. In this period, Series A
experienced a net increase in net assets from operations of $3,958,326. This net increase
consisted of interest income of $6,400, other income of $5,599, trading gains of $4,864,932, and
total expenses of $918,605. Expenses included $192,137 in management fees, $64,045 in operating
expenses, $133,361 in selling commissions, $367,406 in incentive fees, $160,212 in brokerage
commissions and $1,444 in other expenses. At December 31, 2010, and December 31, 2009, the net
asset value per Unit of Series A-1 was $1,566.65 and $1,056.90, respectively, and of Series A-2 was
$1,671.00 and $1,111.40, respectively.
Series B:
Net results for the year ended December 31, 2010, were a gain of 54.7% in net asset value for
Series B-1 and a gain of 56.7% in net asset value for Series B-2. In this period, Series B
experienced a net increase in net assets from operations of $4,906,323. This net increase
consisted of interest income of $5,025, trading gains of $5,876,688, and total expenses of
$975,390. Expenses included $231,760 in management fees, $77,254 in operating expenses, $136,540 in
selling commissions, $315,729 in brokerage commissions, $210,237 in incentive fees and $3,870 in
other expenses. At December 31, 2010, and December 31, 2009, the net asset value per Unit of Series
B-1 was $1,351.21 and $873.68, respectively, and of Series B-2 was $1,389.80 and $886.92,
respectively.
Fund results for 4th Quarter 2010:
In December, the Fund experienced gains in the stock indices sector as government measures in
the U.S. and Europe continued to provide a strong foundation for share appreciation. Asian stock
indices also appreciated with the exception of China, which declined as the central bank raised
rates again in its ongoing effort to control inflation. A mixture of long and short positions in
the stock indices sector led the Fund to an overall gain on the month. Currency trends also
accelerated into year end with Brazil, Chile, Australia and Canada continuing to attract flows due
to commodity market strength. The U.S. dollar index finished the month 1.3% higher. A mixture of
long and short positions in the currency sector led the Fund to an overall gain on the month. The
Fund also experienced gains in the energy sector as inventories declined and the U.S. dollar
struggled into year end. The Fund’s mixture of long and short positions in the energy sector led to
an overall gain on the month. The Fund experienced gains in metals as gold, silver and copper
closed the year at their highs, buoyed by excellent investor and industrial demand. Grain and
agricultural markets also appreciated amid strong demand. The Fund’s long grain sector positions
led to an overall gain on the month. February gold contracts continued an impressive 2010 run,
finishing the month 2.5% higher. The month opened with a move to record highs on news that 2010
Chinese imports rose 500% versus 2009. Investor demand soared in the nation as the populace sought
protection from inflation in property and equity markets. As a result, the Fund’s long gold
position produced an overall gain on the month.
7
Table of Contents
In November, results in equity indices, while mixed overall, led to modest gains. Positions in
Europe were profitable as contagion risks for peripheral members of the European Union (“EU”) rose.
Spain’s IBEX, Italy’s MIB40 and Greece’s ASE20 finished the month down 13.8%, 10.8% and 11.7%,
respectively, while Japan’s Nikkei finished the month 8.2% higher. A mixture of long and short
stock indices positions led the Fund to an overall gain on the month. The Fund’s allocation to
global bond markets finished with gains for the month as long term debt futures finished steadily
lower. The size of the debt problem in weaker EU nations and the need for collectivization of that
debt forced bund and gilt yields higher. U.S. treasuries moved sharply lower as the size of the
U.S. Federal Reserve’s second round of quantitative easing (“QE2”) program came in well above
expectations. A mixture of long and short bond positions led the Fund to an overall gain on the
month. In the U.S., 3-month Eurodollars moved steadily lower over the month as longer term
inflation prospects rose with the announcement of QE2 by the Federal Reserve and strong
macroeconomic reports. In Europe, long positions in 3-month Euribor futures finished higher as
prospects for low rates increased as the need to establish competitive growth rates became critical
amid the serious funding shortfalls. A mixture of long and short interest rate positions led the
Fund to an overall loss on the month. The Fund incurred losses in the currency markets in November
as European sovereign risk returned to the forefront, reversing trends in various currency pairs.
The euro reversed dramatically, finishing the month down 6.3% against the U.S. dollar, as Ireland’s
heavily levered banking sector sought assistance from the EU and International Monetary Fund.
Investors moved back into the U.S. dollar, which finished the month 4.9% higher, as currencies in
Denmark, Hungary and Sweden finished 6.3%, 10.4% and 4.5% lower, respectively. A mixture of long
and short currencies positions led the Fund to an overall loss on the month. The Fund experienced
losses in grain markets in November as tightening monetary conditions in China and a stronger U.S.
dollar led to depreciation in the grain markets. March corn finished 8.5% lower after breaching the
$6 mark early in the month. March wheat contracts finished with a loss of 8.8%, off over 20% from
contract highs made in August. The Fund’s long positions in the grains sector led to an overall
loss on the month. February gold contracts finished only 1.9% higher in November after establishing
new record highs above the $1,425 level early in the month. Further gains were tempered by an
exceptionally strong dollar and declining risk appetite due to geopolitical unrest in the Koreas
and financial distress in Europe. As a result, the Fund’s long gold position produced an overall
gain on the month.
In October, the stock indices sector continued to perform well as stock indices in all regions
advanced. In the U.S., the Nasdaq finished 6.3% higher, as technology shares led the benchmark
higher as a result of positive earnings. In Asia, China’s H-shares finished 6.0% higher as
investors continued to favor Chinese growth prospects. In Europe, the German DAX finished 6.2%
higher as factory orders and industrial production figures exceeded expectations. The Fund’s
mixture of long and short positions led the stock indices sector to an overall gain on the month.
The Fund experienced gains in its currency allocations as the U.S. dollar continued its steady
decline, finishing the month 1.9% lower against the U.S. dollar, while the U.S. Federal Reserve
signaled to the world its commitment to providing additional stimulus as needed to support growth.
The Fund obtained gains in the yen, which finished the month 3.6% higher against the U.S. dollar,
as the Japanese approved quantitative easing and their positive current account combined with low
yields in the U.S. attracted domestic and foreign capital. A mixture of long and short positions in
the currencies sector led the Fund to an overall gain on the month. December gold contracts
finished the month 3.7% higher, falling just shy of reaching the $1,400 per ounce level. December
silver contract positions also posted gains, finishing the month 12.6% higher, as silver approached
a 30-year high on belief that it provides both diversification from the U.S. dollar and exposure to
economic growth in its role as an industrial metal. Base metals also performed well with London
copper and zinc advancing 2.2% and 10.5% higher, respectively. The Fund’s long positions in metals
produced an overall gain on the month. Gold futures marched higher in October, establishing a
record high above $1,380 per ounce before retracing lower on signs of U.S. dollar stabilization.
The Fund benefitted as the U.S. Federal Reserve signaled once again that a second round of
quantitative easing was imminent. This news, combined with a general lack of confidence in Western
economies’ abilities to deal with their fiscal situations, continued to provide a significant price
floor and resulted in widespread investor confidence in the metal. December gold futures finished
with a gain of 3.7% on the month, and the Fund’s long gold position benefitted as a result.
For the fourth quarter of 2010, the most profitable market group overall was the stock indices
sector, while the greatest losses were attributable to positions in the interest rates sector.
Fund results for 3rd Quarter 2010:
In September, the Fund’s allocation to stock indices led to gains as equities moved sharply
higher. Indices in the U.S. experienced gains as the combined effects of excellent technology
earnings and elevated merger and acquisition activity led the Nasdaq index 13.1% higher. Although
short positions in European indices experienced losses as the Dow Jones Eurostoxx, France’s CAC40
and Spain’s IBEX finished 5.0%, 6.4% and 2.5% higher, respectively, long positions in Korea’s Kospi
index, which finished 7.4% higher, performed well amid upward revisions in the country’s current
account surplus. A mixture of long and short positions led the Fund to an overall gain in the stock
indices sector. The long-term upward trend in Canadian 3-month bank acceptance and Australian
90-day bank bill futures reversed, resulting in losses for the Fund’s short interest rates
allocation. The selloff in Canada of 3-month bank notes was attributed to the Bank of Canada
raising interest rates by 25 basis points for the third time since June, along with a better than
expected rebound in Canadian employment and household spending. Australian short-term interest
rates sold off dramatically in response to employers adding more jobs than forecasted. In the U.S.,
3-month Eurodollar futures bucked the global trend, trading higher as better than expected economic
data was overshadowed by statements that the U.S. Federal Reserve was prepared to implement QE2.
Long positions in short-term interest rate products led the Fund to an overall loss on the month.
8
Table of Contents
Negative U.S. dollar statements by the U.S. Federal Reserve served as a catalyst for extreme
currency market moves worldwide. The Australian dollar led the way, finishing 9.0% higher against
the U.S. dollar. The Swiss franc finished 3.5% higher against the U.S. dollar as investors
perceived a safe haven play with the Japanese yen and U.S. dollar in tumult. Emerging market
currencies also performed well as the South African rand, Brazilian real and Korean won finished
6.0%, 3.7% and 4.8% higher against the U.S. dollar, respectively. The Fund’s long positions in
currency markets led to an overall gain on the month. The Fund achieved gains from its allocation
to the metals markets in September as investors sought safety from the devaluation of fiat
currencies and exposure to alternative assets. As the U.S. dollar fell to a seven-month low, silver
gained 12.2% on the month, breeching a 30-year high. Long positions in base metals performed well
as positive early month manufacturing readings in the U.S. and China sent copper futures higher.
London copper added 8.5% amid falling inventories while aluminum and nickel posted gains of 14.7%
and 12.4%, respectively. December gold futures marched higher in September, finishing up 4.7% on
the month and establishing a new all-time high above $1,300 per ounce. Long positions in the metals
sector led the Fund to an overall gain on the month. December gold futures marched higher in
September, finishing up 4.7% on the month and establishing a new all-time high above $1,300 per
ounce. As a result, the Fund’s long gold position produced an overall gain on the month.
In August, the Fund’s allocations to stock indices resulted in losses as heightening
uncertainty continued to drive market volatility. The Dow Jones index finished the month down 3.9%
as a poor labor market, deteriorating durable goods sales and acute housing market declines reduced
investor confidence. The Fund also experienced losses in Europe as markets turned lower with the
French CAC 40, the Spanish IBEX 35 and the Italian MIB 40 finishing 4.2%, 2.7% and 6.3% lower,
respectively. A mixture of long and short positions in the stock indices sector led the Fund to an
overall loss on the month. The strong upward trend in U.S. Treasury bond futures persisted with the
front-month contract trading to an 18-month high while front-month 10-year Japanese government bond
futures traded up to their highest level since 2003 as Japan’s gross domestic product (“GDP”)
growth missed expectations by rising at an annualized rate of only 0.4%. A mixture of long and
short bond futures positions led the Fund to an overall gain on the month. The Fund’s net long
allocation to short-term interest rate futures yielded positive returns in August due to the
prevailing fear that global growth was languishing. The long-term upward trend in 3-month
Eurodollar futures extended higher after the U.S. Federal Reserve reversed plans to exit from
monetary stimulus and decided to keep its bond holdings level with the possibility of resuming
purchases. Long positions in the interest rate sector led the Fund to an overall gain on the month.
The Fund experienced gains from its allocation to currency markets as positions in the Japanese yen
and the Swiss franc performed well amid a growing sense of uncertainty surrounding the global
economic recovery. Japan’s currency rallied to a 15-year high against the U.S. dollar while the
Swiss franc ended the month 2.2% higher. Alternatively, the Fund’s long positions in the Canadian
dollar and Mexican peso resulted in losses as the Canadian dollar and Mexican peso ended the month
3.5% and 4.1% lower, respectively, against the U.S. dollar as investors curbed exposure to these
major U.S. trade partners’ currencies amid flagging U.S. data. A mixture of long and short
positions in the currency sector led the Fund to an overall gain on the month. The Fund achieved
positive results in the metals sector as strong gains on long positions in gold outweighed negative
performance in base metals. December gold contracts finished 5.5% higher as investment demand
surged, more than doubling in the second quarter. Meanwhile, results suffered in the base metals as
these markets succumbed to the same inputs that supported gold. In China, aluminum production was
shuttered by another 330,000 tons while manufacturing grew at the slowest pace in 17 months,
sparking fears of a double dip recession. These factors led to the possibility of weakening demand,
subsequently putting downside pressure on London aluminum and nickel, which ended the month down
5.3% and 1.5%, respectively. A mixture of long and short metals positions led the Fund to an
overall gain on the month. The Fund also saw strong results in global energy markets as these
products established trends for most of August. Demand prospects for natural gas declined as July’s
new and existing home sales data unexpectedly fell while initial jobless claims rose. Milder
weather and the reduced threat of Atlantic hurricanes moving into the Gulf of Mexico pushed
stockpiles to near-record highs. The Fund’s short positions in natural gas produced substantial
gains as front-month futures traded well below the 50/100/200 day moving averages, finishing with a
loss of 22.4% on the month. Rising U.S. jobless claims, contracting manufacturing and a widening
trade deficit sent October crude down 9.3% on the month. A mixture of long and short positions in
the energy sector led the Fund to an overall gain for the month. Gold futures marched steadily
higher in August as investors became more and more convinced that neither the U.S. dollar nor the
euro offered a safe alternative for their assets. December gold futures recouped all of July’s
losses, finishing the month 5.5% higher as investors grew increasingly concerned with macroeconomic
data in the U.S. and Europe. The Fund’s long gold position produced an overall gain on the month.
In July, stock indices rallied impressively despite macroeconomic data that continued to point
to various challenges moving forward. Strong corporate earnings reports, increased certainty
following the passage of Dodd-Frank and a settlement between the SEC and Goldman Sachs combined to
produce sharply higher equity prices. The S&P 500 rallied to finish the month 7.0% higher, stopping
out the Fund’s short positions early in the month. Asian stock indices also moved higher, fueled by
growing optimism in China. The Hang Seng index responded with steady returns, finishing the month
4.4% higher, while Australia’s SPI 200 gained 4.7% on the month. In Europe, the the UK’s FTSE 100
and the Amsterdam EOE Index recovered most of the prior month’s losses, ending the month 7.2% and
4.4% higher, respectively, due in part to positive European bank stress tests results. A mixture of
long and short positions in the stock indices sector led the Fund to an overall loss on the month.
The U.S. dollar index declined 5.4% on the month amid falling U.S. household sentiment, poor
private sector job growth and expectations of rate increase diminishing. Accordingly, investors
rotated assets into alternative safe haven currencies such as the Japanese yen and the Swiss franc,
which ended the month 2.4% and 3.5% higher against the U.S. dollar, respectively. The Australian
dollar finished the month 7.4% higher against the U.S. dollar as prospects for higher interest
rates increased amid strong consumer prices and surging metals markets. Asian regional
9
Table of Contents
currencies also fared well as the Singapore dollar and New Zealand dollar finished the month
2.6% and 6.0% higher against the U.S. dollar, respectively, benefitting from a return of risk
appetite and increasing comfort with Chinese growth prospects following a sharp reversal higher in
Chinese equities. The Fund’s long positions in the currency sector led to an overall gain on the
month. The energy sector languished as mixed fundamental data produced choppy range-bound markets
in both crude oil and natural gas. Large natural gas reserves caused prices to fall throughout the
month even as above-average temperatures across the U.S. bolstered cooling demand. Similarly, short
positions in crude oil suffered as positive U.S. retail sales figures and the IMF boosting its
growth forecast sent values higher. A decrease in jobless claims combined with improving confidence
in Europe’s economic recovery to spur initiation of long positions by month-end as September crude
oil futures finished 3.7% higher on the month. A mixture of long and short positions in the energy
sector led the Fund to an overall loss on the month. After establishing all-time highs in June,
gold futures responded with steadily lower action throughout July, finishing with a loss of 5.1% on
the month. Perceived structural stability in Europe following the positive results of the banking
sector stress tests eliminated a key source of gold sponsorship. Furthermore, excellent corporate
earnings also contributed to losses as investors became more comfortable investing in depressed
equity markets than on gold at historic highs. The Fund’s long gold position produced an overall
loss on the month.
For the third quarter of 2010, the most profitable market group overall was the metals sector,
while the greatest losses were attributable to positions in the energy sector.
Fund results for 2nd Quarter 2010:
In June, the Fund’s allocations to stock indices underperformed as volatile action resulted in
losses. Extremely poor housing and retail sales figures spurred profit-taking, leaving front-month
Dow Jones Industrial Average (the “Dow”) futures down 3.5% on the month. A mixture of long and
short positions led the Fund to an overall loss in the stock indices sector for the month. Stronger
results were obtained in the global bond markets as weaker than expected fundamental and inflation
data complemented intensifying euro area sovereign debt risk, thus prompting widespread buying of
bonds. September 30-year U.S. Treasury bonds surged after U.S. employment increased less than
previously forecast with private payrolls accounting for only 10.0% of the jobs added. A mixture of
long and short positions led the Fund to an overall gain in the bond sector for the month.
Allocations to the energy sector underperformed amid significant losses in natural gas futures
following an 18.0% rally through mid-month. Mild weather moved in toward the end of the month,
sending values sharply lower and leaving the August contract with only a modest gain of 4.7%. A
mixture of long and short positions led the Fund to an overall loss in the energy sector for the
month. The Fund’s gold hedge experienced gains as gold futures posted new all-time highs as unease
surrounding the sustainability of the global recovery continued to mount. In euro terms, gold
traded near the €1,050/oz. level due to early month news of a possible Hungarian default and
ongoing civil strife in Europe. Meanwhile in the U.S., poor retail sales, weak consumer confidence,
and falling housing figures supported August gold to a gain of 2.5%. Growing concern surrounding
Chinese growth also cast a pall over risk assets, providing support to gold into month-end.
In May, the Fund’s allocation to stock indices lost ground as weakness in the global financial
system from April carried over into the month. Germany’s Dax, England’s FTSE and the Dow finished
the month down 2.1%, 5.2% and 7.6%, respectively. A mixture of long and short positions led the
Fund to an overall loss in the stock indices sector on the month. The Fund’s long positions in the
global bond futures markets provided positive returns as the sovereign debt crisis in the euro area
intensified, prompting the purchase of safe-haven government securities. Front-month U.S. 30-year
Treasury bonds posted 18-month highs on speculation that the debt contagion could hamper the
fragile global economic rebound. The Fund’s long positions in the bond sector led to an overall
gain on the month. Fallout from a lack of European consensus in dealing with the sovereign debt
crisis triggered soaring borrowing costs that closely resembled the levels of mistrust seen
following the 2008 collapse of Lehman Brothers. The euro and Swiss franc fell 7.3% and 6.8% against
the U.S. dollar, respectively, while the regional currencies of Hungary, Poland and Denmark also
declined 11.0%, 12.7% and 7.8% against the U.S. dollar, respectively. The Fund experienced an
overall loss on the month from its mixture of long and short currency sector positions. July crude
oil traded as low as $67.24 per barrel on May 25th before a late-month rally based on strong
consumer confidence and durable goods orders led to a close of $73.98, which still represented a
16.2% loss for the month. Gasoline and heating oil followed crude oil lower as front-month
contracts finished the month down 15.4% and 14.1%, respectively. A mixture of long and short
positions led the Fund to a relatively large loss in the energies sector for the month. August gold
futures endured volatile price action during the month of May and finished 2.7% higher in U.S.
dollar terms, while adding 11.2% in euro terms. Futures rallied to a new record high by mid-month
amid concerns that the European debt crisis could worsen to the point that the euro would no longer
be considered a fiat currency. The Fund’s gold hedge experienced an overall gain on the month.
In April, equity markets around the globe finished with mixed results. Stocks came under acute
pressure in Europe as concerns continued over the financial condition of several European Union
members. Japan’s Nikkei and Australia’s SPI finished with modest losses, down 0.4% and 1.2%,
respectively, while gains were seen in Taiwan and Singapore, finishing 1.1% and 3.1% higher,
respectively, as those economies benefited from rebounding export demand. In the U.S., the Nasdaq
and the Dow finished the month 2.1% and 1.5% higher, respectively. A mixture of long and short
positions led the Fund to an overall gain on the month in the stock indices sector. Early month
news that the U.S. economy added 162,000 jobs combined with excellent growth in the U.S. services
industry propelled crude oil futures to their highest levels since the fall of 2008. Later in the
month, excellent U.S. corporate earnings, rising consumer confidence, and the loss of a production
platform in the Gulf of Mexico propelled July crude to a 4.3%
10
Table of Contents
gain. June gasoline futures finished 4.1% higher as a late month inventory report showed
supplies had fallen more than expected. A mixture of long and short positions led the Fund to an
overall gain in the energies sector on the month. The Fund experienced strong gains on its June
gold futures, as the metal finished the month 5.8% higher. The Fund’s long positions in the metals
sector resulted in gains for the month.
For the second quarter of 2010, the most profitable market group overall was the bonds sector,
while the greatest losses were attributable to positions in the energy sector.
Fund results for 1st Quarter 2010:
In March, the Fund saw excellent results in the equities sector as global stock markets
throughout the world surged. Rising business confidence in Germany propelled the DAX to a gain of
9.7%, while Italy’s MIB40, Spain’s IBEX and Poland’s WIG20 finished up 8.5%, 4.8% and 12.6%,
respectively. In Asia, Japan’s Nikkei finished up 10.3%, and in the U.S., the S&P 500 and the Dow
finished up 6.0% and 5.3%, respectively. A mixture of long and short positions in the stock indices
sector led to a gain for the Fund for the month. The Fund continued to experience significant gains
from its energy positions as global economic strength propelled crude oil demand expectations
higher while warm weather and inflated inventories extended the downtrend in natural gas prices.
Front-month crude oil futures finished up 4.7% on the month. The U.S. increased the number of
natural gas rigs to 941, up 16.0% from a year earlier. These factors, combined with a mild weather
forecast, sent front-month natural gas down, finishing 19.6% lower on the month. A mixture of long
and short positions in the energy sector led to a gain for the Fund for the month. The Fund also
experienced solid results in its long metals positions as base metals surged despite the stronger
U.S. dollar. London copper finished 8.4% higher as exchange inventories fell for most of the month.
London nickel rose to its highest level since June 2008, finishing 17.9% higher. The Fund’s long
positions in the metals sector resulted in an overall gain for the month. Front-month gold futures
experienced sideways price action during the month of March and closed with a slight decline in
U.S. dollar terms. In relation to the euro, the rally in gold futures continued and reached another
record high as the worries regarding the European sovereign debt crisis widened.
In February, world bond markets experienced volatile action as sovereign debt contagion
worries spread while economic data showed promising signs. The Fund’s net short position in U.S.
30-year Treasury bonds resulted in small losses as futures rallied near month-end despite better
than expected economic reports. In Europe, March bonds surged at month-end to finish moderately
higher, producing overall gains for the Fund’s long positions. Overall, a mixture of long and short
positions in the bonds sector produced a gain for the Fund for the month. Global short-term
interest rate futures traded higher in February, continuing a strong-upward trend and providing the
Fund with positive returns. In the U.S., three-month Eurodollar futures rallied to new highs after
the U.S. Federal Reserve unexpectedly raised the discount rate but reaffirmed that the federal
funds rate will remain at exceptionally low levels for an extended period. The Fund’s long
positions in the interest rates sector resulted in a gain for the month. Fundamentals in the grain
sector improved enough to offset the U.S. dollar rally. May soybeans, wheat and corn finished the
month 3.9%, 6.3% and 5.7% higher, respectively. A mixture of long and short positions in the grains
sector led to a loss for the Fund on the month. The Fund experienced positive returns in global
energy markets in February as macroeconomic data continued to show strength. Crude oil finished
8.5% higher and natural gas finished 6.1% lower. A mixture of long and short positions in the
energy sector led to an overall loss for the Fund on the month. New York and London front-month
sugar futures reversed sharply, finishing the month 19.2% and 9.8% lower, respectively, while May
New York cocoa contracts lost 10.2% on the month. Chinese cotton production was estimated to have
fallen 15.0% from the prior year, propelling May cotton to a gain of 16.7% on the month. A mixture
of long and short positions in the agricultural sector led to a loss for the Fund on the month. In
the month of February, front-month gold futures rallied and finished the month with a gain of 3.3%.
Buying was attributed to investors exiting the euro due to the intensifying Greek sovereign debt
crisis and seeking the safety of gold as an alternative currency. Gold futures proceeded to trade
to a record-high in euro currency terms near month-end.
In January, global equities continued to trend higher but reversed sharply by month’s end. In
the U.S., the Dow and Nasdaq Composite Index finished 3.5% and 6.8% lower, respectively. European
equities also experienced significant declines, with Germany’s DAX, the United Kingdom’s FTSE and
France’s CAC40 finishing 6.7%, 4.2% and 5.1% lower, respectively. Asian stocks fell as China began
to take steps to slow growth and curb lending in response to an overheating economy. The Hang Seng
and Japan’s Nikkei finished 7.8% and 3.6% lower, respectively. A mixture of long and short
positions in the stock indices sector produced an overall loss for the Fund on the month. Global
short-term interest futures rebounded in January with numerous products trading to new contract
highs. Eurodollar futures rallied as weaker than expected fundamental data in the U.S. prompted the
selling of equities and the buying of safer short-term assets. A mixture of long and short
positions in the interest rates sector resulted in a gain for the Fund for the month. The U.S.
dollar index extended its December gains in January, finishing the month 1.7% higher as risk
capital flowed into the U.S. dollar following China’s strong signals that it would act to contain
its rapid growth. Entrenched trends in emerging market currencies continued to unwind with the
Brazilian real and Chilean peso finishing the month down 8.7% and 3.3%, respectively. The Fund’s
short positions in the U.S. dollar led the currencies sector to a loss on the month. Front-month
crude oil futures rose to their highest level since the fall of 2008 in early January until a U.S.
dollar reversal and growing global economic fears led to an 8.4% decline on the month. March
natural gas finished 7.0% lower as the return of mild temperatures stabilized inventories near the
5-year average after the steep drawdown following December’s cold snap. A mixture of long and short
energy
11
Table of Contents
positions led the Fund to an overall loss on the month in the sector. London zinc declined
17.0%, while lead and copper lost 17.1% and 9.0%, respectively on the month, as the Chinese central
bank raised reserve requirements and ordered some banks to cease lending altogether. February gold
sold off late to finish 1.2% lower. The Fund’s long positions in the metals sector led to an
overall loss for the month. Front-month gold futures ended the month of January down 1.3% as the
U.S. dollar appreciated amid widespread deleveraging, which decreased the buying of gold as an
alternative investment. The combination of the Chinese moving to limit excessive growth in their
economy and the U.S. government’s planned initiative to ban proprietary trading by U.S. banks
contributed to the decline.
For the first quarter of 2010, the most profitable market group overall was the energy sector,
while the greatest losses were attributable to positions in the currency sector.
2009
Series A:
Net results for the period from April 1, 2009, through December 31, 2009, were a gain of 14.9%
in net asset value for Series A-1 and a gain of 20.9% in net asset value for Series A-2. In this
period, Series A experienced a net increase in net assets from operations of $268,884. This net
increase consisted of interest income of $1,039, trading gains of $414,379, and total expenses of
$146,534. Expenses included $34,624 in management fees, $11,541 in operating expenses, $25,361 in
selling commissions, $55,524 in incentive fees, $19,190 in brokerage commissions and $294 in other
expenses. At December 31, 2009, the net asset value per Unit of Series A-1 was $1,056.90 and of
Series A-2 was $1,111.40.
Series B:
Net results for the period from April 1, 2009, through December 31, 2009, were a loss of 5.0%
in net asset value for Series B-1 and a loss of 3.5% in net asset value for Series B-2. In this
period, Series B experienced a net decrease in net assets from operations of $69,940. This net
decrease consisted of interest income of $2,762, trading gains of $294,279, and total expenses of
$366,981. Expenses included $104,512 in management fees, $34,838 in operating expenses, $66,576 in
selling commissions, $158,980 in brokerage commissions and $2,075 in other expenses. At December
31, 2009, the net asset value per Unit of Series B-1 was $873.68 and of Series B-2 was $886.92.
Fund results for 4th Quarter 2009:
In December, equities ended the year on a rally that began in March. Economic data improved as
stimulus measures took hold in the second half of the year. A mixture of long and short positions
in the stock indices sector produced an overall gain for the Fund for the month. U.S. bonds sold
off at the end of the year as the economic recovery gained momentum on improving unemployment,
retail sales and housing figures. European bonds also rallied from their June lows as the global
recovery spread. A mixture of long and short positions in the bond sector led to a loss for the
Fund for the month. Front-month Eurodollar futures retreated from record highs as better than
expected employment data and rising inflation readings in the U.S. increased speculation that
monetary policy may tighten sooner than anticipated. The Fund’s long positions in the interest rate
sector led to an overall loss for the month. Front month U.S. dollar index futures finished 2009
with a 3.9% rally in December, while the euro lost 4.4%. The Fund’s short positions in the U.S.
dollar resulted in a relatively large loss for the month. Front-month gold futures posted a 7.2%
loss in December. The Fund’s long position in the metals sector resulted in an overall loss for the
month. Front-month natural gas futures finished up more than 12.0% in December to finish the year
near unchanged. A mixture of long and short positions in the energy markets produced a loss for the
Fund for the month.
In November, world bond markets rallied as a significant downward revision in U.S. GDP and the
reemergence of global deflation supported buying. European bonds traded higher after Euro-zone
producer prices declined on an annual basis for the ninth straight month as consumer prices fell
for a fifth consecutive month. The Fund’s long positions in the bond sector produced an overall
gain. Global short-term interest rate futures experienced a substantial rally in November after
central banks signaled that historically low rates would extend well into the future. The Fund’s
long positions in the interest rate sector led to an overall gain for the month. The U.S. dollar
index posted another new low for the year in November, losing 1.9% as investors and central bankers
alike continued to seek diversity from the U.S. dollar. Commodity-intensive currencies maintained
their strong trends with the Australian and Canadian dollar and the Chilean peso moving 1.8%, 2.2%
and 6.3% higher, respectively. The Fund’s short positions in the U.S. dollar led to an overall gain
for the currencies sector for the month. January crude oil futures spent most of the first half of
the month trading near or above the $80 level, finding support from a weak U.S. dollar. January
natural gas moved lower most of the month, finishing with a loss of 10.1%. The Fund’s short
positions in the energy sector led to an overall gain for the month. Gold opened the month sharply
higher on news that the International Monetary Fund sold the equivalent of 8.0% of world annual
mine production to the government of India in October. As a result, February gold rallied,
finishing 13.5% higher. January silver and platinum joined the rally finishing 14.1% and 9.8%
higher, respectively. A mixture of long and short positions in the metals sector led the Fund to an
overall gain for the month.
12
Table of Contents
In October, world equities continued to move higher early in the month before running out of
steam late. Japan’s Nikkei 225 continued to lag, finishing the month down 0.9%, as an improving
unemployment picture was unable to offset tepid growth. European equities markets, including those
in Germany, France and the United Kingdom, sold off, finishing down 5.2%, 4.8% and 2.1%,
respectively. A mixture of long and short positions in the stock indices sector produced an overall
loss for the Fund for the month. World bond markets retracted from recent highs, finishing October
significantly lower as early data conveyed a sense of sustainability to the overall recovery. A
mixture of long and short positions in the bond sector led to an overall loss for the Fund for the
month. U.S. dollar index futures established 14-month lows in October as investors throughout the
world called into question the reserve status of the U.S. currency. The British pound recovered
most of September’s month’s losses, finishing 2.7% higher, amid talk that the Bank of England might
pause quantitative easing if economic growth continued to improve. The Brazilian real added another
0.3%. The Fund’s long positions in the U.S. dollar produced an overall loss in the currencies
sector. December corn and November soybean futures finished 6.4% and 5.5% higher, respectively,
finding support as unseasonably cool and wet weather in the U.S. complicated late development and
harvest of the crop. A mixture of long and short positions in the grains sector produced an overall
loss for the Fund for the month. December gold futures rose sharply in early October, posting
all-time highs above $1,070 per ounce as concerns mounted over the stability of the U.S. dollar as
the world’s reserve currency. The Fund’s gold position produced an overall gain for the month.
Silver and copper finished the month 7.0% and 4.8% higher, respectively. A mixture of long and
short positions led the metals sector to an overall loss for the Fund on the month. Sugar futures
fell 10.1% as signs emerged that physical buyers were slowing purchases following the establishment
of 28-year highs in September. December hogs rose sharply, finishing 15.0% higher, amid an improved
export outlook after restrictions were lifted for U.S. pork exports to Russia and China. December
cotton futures added 7.8%, posting new one-year highs as crop conditions worsened in the U.S.
cotton harvest stood at only 19.0% complete as the Mississippi Delta region (99% of production)
continued to be pounded by rain. December NY cocoa finished 5.1% higher on the month. A mixture of
long and short positions in the agricultural sector led to an overall loss for the Fund on the
month.
For the fourth quarter of 2009, the most profitable market group overall was the metals
sector, while the greatest losses were attributable to positions in the currency sector.
Fund results for 3rd Quarter 2009:
In September, world bond markets finished higher after better than expected economic data was
discounted as several global central banks weighed the withdrawal of economic stimulus packages.
These conditions led the Fund’s long positions in the bond sector to an overall gain. Global
short-term interest rate futures continued their strong upward trend as inflation fears weakened
and sustainability of the economic recovery came into question. Three month eurodollar futures
extended their upside move after the Federal Open Market Committee kept rates at record lows in an
effort to combat a 26-year high in unemployment. The Fund’s long positions produced gains in the
interest rates sector. The U.S. dollar established new lows for the year in September, falling 2.0%
as investors around the world aggressively borrowed the low yielding currency to finance purchases
of assets in countries offering higher yields. Emerging South American currencies continued to
shine due to their relatively high yields. The Colombian peso and Brazilian real finished 6.8% and
6.0% higher, respectively, against the U.S. dollar. The Fund’s short positions in the U.S. dollar
led to gains in the currencies sector. November crude oil contracts finished near unchanged as
existing homes sales and consumer confidence came in well below expectations. Crude inventories
continued to expand as demand remained weak. The Fund’s short energy positions produced losses on
the month. December gold futures finished 5.9% higher, closing above the significant $1,000 mark.
December silver futures also attracted investment demand, finishing 11.6% higher on the month. The
Fund’s long metals positions produced an overall gain.
In August, world bond markets moved steadily higher as perceptions surrounding economic data
shifted. U.S. Treasury bonds attracted steady buying in the latter half of the month as retail
sales missed forecasts and producer prices fell more than expected. These developments led the
Fund’s long positions in the interest rate sector to an overall gain. The U.S. dollar remained near
its lows for the year as risk appetite remained elevated, while the British pound and Canadian
dollar finished down 2.5% and 1.1%, respectively, against the U.S. dollar. The Fund’s short
positions in U.S. dollar led to an overall gain. Crude oil finished down 1.7%, while natural gas
lost 23.3%. The Fund’s short positions in the energy sector lead to an overall gain. October gold
continued to trade sideways between $900-$1,000, while London copper, nickel and lead finished
12.6%, 6.7% and 12.2% higher, respectively. The Fund’s short positions in the metals sector led to
an overall loss. Hog futures continued their steady drive lower, finishing down 10.5%. Sugar and
coffee finished 30.1% and 7.6% higher, respectively. The Fund’s mix of long and short positions in
the agriculture sector resulted in an overall gain.
In July, global stock markets continued to advance as many markets rose to new multi-month
highs. China’s Shenzen 300 finished 15.0% higher, while Germany’s DAX, London’s FTSE and France’s
CAC40 established new highs, rising between 8.0% and 11.0%. Short positions in the stock indices
sector produced relatively large losses for the month. The Canadian dollar surged, finishing 7.0%
higher against the U.S. dollar, and the Norwegian krona, Brazilian real and Australian dollar
finished 5.0%, 4.4% and 3.6% higher, respectively, against the U.S. dollar. These conditions led
the Fund’s long positions in the U.S. dollar to an overall loss. Gold gained slightly in July as
investors continued to search for conviction on short-term price action. U.S. dollar weakness
combined with an inflationary Producer Price Index report caused December gold futures to
experience a 2.8% gain. Industrial
13
Table of Contents
metals continued to trend higher with London copper leading the way, finishing 15.2% higher.
The Fund’s short positions in metals led to an overall loss.
For the third quarter of 2009, the most profitable market sector for the Fund on an overall
basis was the interest rates sector, while the greatest losses resulted from the Fund’s positions
in the stock indices sector.
Fund results for 2nd Quarter 2009:
In June, U.S. stock indices finished near unchanged, while most Asian stock indices finished
higher; Hong Kong’s Chinese Enterprise Index rose 6.1%. The Fund’s short positions in the stock
indices sector experienced a loss. World bond markets reversed early month lows by month-end,
finishing higher as improving bond yields and a stagnating equity rally attracted buyers. The
Fund’s long positions in the bonds sector led to a gain. U.S. and European short-term interest rate
futures finished slightly higher in June, recovering from a substantial early month selloff. The
Fund’s long positions during the earlier part of the month resulted in losses. The Australian
dollar finished the month 1.2% higher, while the British pound finished 2.0% higher. The Fund’s
long positions in the U.S. dollar led to a loss. December wheat contracts plunged, losing 17.5% as
the global recession continued to destroy demand. The Fund’s short positions in the grains sector
produced gains. London copper added 3.7%, while lead also rose 8.9% as Chinese auto sales soared.
London nickel finished up 10.0% as Chinese imports for the first 4 months of 2009 exceeded 2008
levels by 16.0%. The Fund’s short positions in the metals sector resulted in losses. U.S. August
crude oil futures added 4.1% despite rising inventories as Chinese buying supported values. The
Fund’s short positions in the energy sector produced losses. August gold futures finished the month
5.4% lower based on positive sentiment associated with better than expected U.S. employment figures
and positive retail sales. The Fund’s long gold position led to a loss. 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 overall negative performance.
In May, world bond markets traded dramatically lower as burgeoning budget deficits led to
heavy bond issuance, foreshadowing long-term inflation. U.S. 30-year bond futures, German Bund
futures and Japanese 10-year bond futures traded to their lowest levels since November 2008. The
Fund’s long positions in the bonds sector resulted in losses. Emerging market strength contributed
to a steep selloff in U.S. treasuries, resulting in a 6.2% loss for the U.S. dollar index. The
Brazilian real and the Australian dollar were up 10.0% and 13.2%, respectively, against the U.S.
dollar. The Fund’s long positions in the U.S. dollar produced losses. Despite crude demand falling
more than 7.5% from last year, inventories declined, leading to a 24.8% gain for July crude
futures. The Fund’s short positions in this sector incurred relatively large losses. August gold
futures rallied steadily throughout the month of May, finishing 9.6% higher at $980. The Fund’s
long gold position produced substantial gains. Other market sectors did not reveal significant
trends and did not have a significant influence on this month’s overall negative performance.
In April, the S&P 500 Index rose 9.4% led by bank stocks as strong earnings from favorable
spreads created by cheap central bank liquidity supported values. The Fund’s short stock indices
positions led to a relatively large loss. World bond markets tracked steadily lower in April as
money flowed out of low yielding treasuries and into equities. The Fund’s long positions in the
bonds sector produced an overall loss. The U.S. dollar index finished down 1.2% while the euro
moved sideways as capital moved out of the U.S. and European Union amid unattractive treasury
yields. The Hungarian forint, Polish zloty and Czech koruna gained 6.0%, 4.6% and 2.1%,
respectively, against the U.S. dollar while the Australian dollar, Canadian dollar and Brazilian
real finished up 5.0%, 5.5% and 5.7%, respectively, against the U.S. dollar. The Fund’s long
positions in the U.S. dollar lead to an overall loss for the currency sector. Positive economic
signals from the G20 meeting and the resulting rise in world equity markets were offset by rising
inventories as global energy demand continued to contract. June natural gas prices continued lower,
posting a 13.8% loss as storage increased to nearly 34.0% greater than a year ago and 23.0% greater
than the five-year moving average. The Fund’s short positions in the energy sector produced a
relatively large gain. June gold futures opened April with a 6.5% loss as assurances from the G-20
that the IMF/World Bank will receive $1.1 trillion in capital diminished the need for a safe haven
from faltering financial markets. The precious metal moved sideways from there, straddling the $900
level, as news that the Chinese plan to continue building gold reserves was offset by poor physical
demand data out of India. The Fund’s long gold position produced a loss. Other market sectors did
not reveal significant trends and did not have a substantial influence on April’s overall negative
performance.
For the second quarter of 2009, the most profitable market sector for the Fund on an overall
basis was the interest rates sector, while the greatest losses resulted from the Fund’s positions
in the currency sector.
Off-Balance Sheet Risk
The term “off-balance sheet risk” refers to an unrecorded potential liability that, even
though it does not appear on the balance sheet, may result in a future obligation or loss. The Fund
trades in futures and forward contracts and is therefore a party to financial instruments with
elements of off-balance sheet market and credit risk. In entering into these contracts, there
exists a market risk that such contracts may be significantly influenced by conditions, such as
interest rate volatility, resulting in such contracts being less valuable. If the markets should
move against all of the futures interests positions of the Fund at the same time, and if Superfund
Capital Management were unable to offset such positions, the Fund could experience substantial
losses. Superfund Capital Management attempts to minimize market risk through real-time monitoring
of open positions, diversification of the portfolio and maintenance of a margin-to-equity ratio in
all but extreme instances not greater than 50%.
14
Table of Contents
In addition to market risk, in entering into futures and forward contracts, there is a credit
risk that a counterparty will not be able to meet its obligations to the Fund. The counterparty for
futures contracts traded in the U.S. and on most foreign exchanges is the clearinghouse associated
with such exchange. In general, clearinghouses are backed by the corporate members of the
clearinghouse who are required to share any financial burden resulting from the non-performance by
one of their members and, as such, should significantly reduce this credit risk. In cases where the
clearinghouse is not backed by the clearing members, like some foreign exchanges, it is normally
backed by a consortium of banks or other financial institutions.
Off-Balance Sheet Arrangements
The Fund does not engage in off-balance sheet arrangements with other entities.
Contractual Obligations
The Fund does not enter into contractual obligations or commercial commitments to make future
payments of a type that would be typical for an operating company. The Fund’s sole business is
trading futures, currency, forward and certain swap contracts, both long (contracts to buy) and
short (contracts to sell). All such contracts are settled by offset, not delivery. Substantially
all such contracts are for settlement within four months of the trade date and substantially all
such contracts are held by the Fund for less than four months before being offset or rolled over
into new contracts with similar maturities. The financial statements of Series A and Series B each
present a Condensed Schedule of Investments setting forth net unrealized appreciation and
depreciation of such Series’ open forward contracts as well as the fair value of the futures
contracts purchased and sold by each Series at December 31, 2010, and December 31, 2009.
Critical Accounting Policies — Valuation of the Fund’s Positions
Superfund Capital Management believes that the accounting policies that are most critical to
the Fund’s financial condition and results of operations relate to the valuation of the Fund’s
positions. The majority of the Fund’s positions are exchange-traded futures contracts, which are
valued daily at settlement prices published by the exchanges. Any spot and forward foreign currency
contracts held by the Fund are valued at published daily settlement prices or at dealers’ quotes.
Thus, Superfund Capital Management expects that under normal circumstances substantially all of the
Fund’s assets are valued on a daily basis using objective measures.
Recently Issued Accounting Pronouncements
ASU 2010-06
In January 2010, FASB issued Accounting Standards Update No. 2010-06, Improving Disclosures
about Fair Value Measurements (“ASU 2010-06”), which amends the disclosure requirements of ASC 820,
Fair Value Measurements and Disclosures (“ASC 820”), and requires new disclosures regarding
transfers in and out of Level 1 and 2 categories, as well as requires entities to separately
present purchases, sales, issuances and settlements in their reconciliation of Level 3 fair value
measurements (i.e. to present such items on a gross basis rather than on a net basis), and which
clarifies existing disclosure requirements provided by ASC 820 regarding the level of
disaggregation and the inputs and valuation techniques used to measure fair value for measurements
that fall within either Level 2 or Level 3 of the fair value hierarchy. ASU 2010-06 is effective
for interim and annual periods beginning after December 15, 2009, except for the disclosures about
purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value
measurements (which are effective for fiscal years beginning after December 15, 2010 and for
interim periods within those fiscal years). The Fund has adopted ASU 2010-06 effective for
reporting periods beginning after December 15, 2009. The adoption of ASU 2010-06 did not have any
impact on the Fund’s results of operations, financial condition or cash flows, as the Fund has not
had any transfers in or out of Level 1 or 2 categories, nor does it hold Level 3 assets or
liabilities. The Fund does not anticipate the amendments effective for fiscal years beginning after
December 15, 2010 to have an impact on the Fund’s results of operations, financial condition or
cash flows since the ASU impacts disclosure items only.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk.
Not required.
Item 8. Financial Statements and Supplementary Data.
Financial statements appear beginning on page 22 of this report. Supplementary data is not
required.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
15
Table of Contents
Item 9A. Controls and Procedures.
Controls and Procedures
Superfund Capital Management, the Fund’s general partner, with the participation of Superfund
Capital Management’s principal executive officer and principal financial officer, has evaluated the
effectiveness of the design and operation of its disclosure controls and procedures with respect to
each Series individually, as well as the Fund as a whole, as of the end of the period covered by
this annual report, and, based on their evaluation, have concluded that these disclosure controls
and procedures are effective. There were no significant changes in Superfund Capital Management’s
internal controls with respect to each Series individually, as well as the Fund as a whole, or in
other factors applicable to each Series individually, as well as the Fund as a whole, that could
materially affect these controls subsequent to the date of their evaluation.
Changes in Internal Control over Financial Reporting
Section 404 of the Sarbanes-Oxley Act of 2002 requires Superfund Capital
Management to evaluate annually the effectiveness of its internal controls over financial reporting
as of the end of each fiscal year, and to include a management report assessing the effectiveness
of its internal control over financial reporting in all annual reports. There were no changes in
Superfund Capital Management’s internal control over financial reporting during the quarter-ended
December 31, 2010 that have materially affected, or are reasonably likely to materially affect,
Superfund Capital Management’s internal control over financial reporting.
Management’s Annual Report on Internal Control over Financial Reporting
Superfund Capital Management is responsible for establishing and maintaining adequate internal
control over the financial reporting of each Series individually, as well as the Fund as a whole.
Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) under the
Securities Exchange Act as a process designed by, or under the supervision of, a company’s
principal executive and principal financial officers and effected by a company’s board of
directors, management and other personnel to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. Superfund Capital Management’s internal
control over financial reporting includes those policies and procedures that:
| • | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of each Series individually, as well as the Fund as a whole; | |
| • | provide reasonable assurance that transactions are recorded as necessary to permit preparation of each Series’, as well as the Fund’s, financial statements in accordance with generally accepted accounting principles, and that the receipts and expenditures of each Series individually, as well as the Fund as a whole, are being made only in accordance with authorizations of Superfund Capital Management’s management and directors; and | |
| • | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the assets of each Series individually, as well as the Fund as a whole, that could have a material effect on the Series’ or the Fund’s financial statements. |
Because of its inherent limitations, internal control over financial reporting may not prevent or
detect misstatements. Projections of any evaluation of effectiveness to future periods are subject
to the risk that controls may become inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may deteriorate.
The management of Superfund Capital Management assessed the effectiveness of its internal
control over financial reporting with respect to each Series individually, as well as the Fund as a
whole, as of December 31, 2010. In making this assessment, management used the criteria set forth
by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control
— Integrated Framework. Based on its assessment, management has concluded that, as of December
31, 2010, Superfund Capital Management’s internal control over financial reporting with respect to
each Series individually, as well as the Fund as a whole, is effective based on those criteria.
Item 9B. Other Information.
There was no information required to be disclosed in a report on Form 8-K during the fourth
quarter of 2010 that was not reported on Form 8-K.
16
Table of Contents
PART III
Item 10. Directors, Executive Officers and Corporate Governance.
Identification of Directors and Executive Officers
The Fund has no directors or executive officers. The Fund has no employees. It is managed by
Superfund Capital Management in its capacity as general partner. Superfund Capital Management has
been registered with the CFTC as a commodity pool operator since May 2001. Its main business
address is Superfund Office Building, P.O. Box 1479, Grand Anse, St. George’s, Grenada, West
Indies, (473) 439-2418. Superfund Capital Management’s directors and executive officers are as
follows:
NIGEL JAMES, age 30, was appointed as President of Superfund Capital Management on July 13,
2006, and was registered as a principal and associated person with Superfund Capital Management on
November 28, 2006, and May 23, 2007, respectively. Mr. James has been an employee of various
members of the Superfund group of affiliated companies since July 2003 when he became a software
developer for Superfund Trading Management, Inc., an affiliate of Superfund Capital Management that
acts as a commodity trading advisor to non-U.S. funds. In May 2005, he was promoted to the role of
Intellectual Technology Project Manager for Superfund Trading Management, Inc. Mr. James graduated
from the University of the West Indies in Barbados with a Bachelor’s Degree in Computer Science and
Management in May 2003 and began his employment in July 2003. Mr. James is a citizen of Grenada.
MARTIN SCHNEIDER, age 44, was appointed Vice President, Principal Financial Officer, Principal
Accounting Officer and sole Director of Superfund Capital Management on July 28, 2010. Mr.
Schneider was registered as a principal of Superfund Capital Management on August 19, 2010. From
May 1997 to June 2001, Mr. Schneider served as Sales Director for Nike, Inc., an international
retailer, in the company’s European divisions. From July 2001 to July 2002, Mr. Schneider held the
position of Commercial Director for FC Tirol Innsbruck, a former Austrian football club. In this
position, Mr. Schneider was responsible for the promotional activities of the organization. Mr.
Schneider spent August 2002 preparing for his transition to the Superfund group of financial
companies. From September 2002 to March 2005, Mr. Schneider functioned as the sports marketing
director for Quadriga Asset Management GmbH, and as the Executive Vice President of the successor
company, Superfund Marketing and Sports Sponsoring Inc. In April 2005, Mr. Schneider assumed the
role of Operating Manager for Superfund Group Monaco, a financial services company, a position he
held until his appointment to Superfund Capital Management in June 2010. In the position of
Operating Manager, Mr. Schneider conducted internal operational and financial audits of members of
the Superfund group of affiliated financial companies. Mr. Schneider is a graduate of TGM
Technical School in Vienna, Austria, with a degree in mechanical engineering. Mr. Schneider is a
citizen of Austria.
GIZELA BENEDEK, age 32, was appointed Treasurer of Superfund Capital Management on July 28,
2010. Ms. Benedek will also serve as Audit Committee Financial Expert for the Fund. Ms. Benedek was
registered as a principal of Superfund Capital Management on September 10, 2010. From June 2000 to
September 2005, Ms. Benedek served as an Associate of PricewaterhouseCooper, an international
accounting firm, in its tax consulting group in Vienna, Austria. In this position, Ms. Benedek
provided tax consulting services to investment companies. From October 2005 to December 2005, Ms.
Benedek conducted intensive research in connection with her master thesis. From January 2006 to
July 2008, Ms. Benedek held the position of Auditing Associate in the auditing group of RSM Exacta
Wirtschaftsprufung AG, an Austrian auditing and tax consultancy firm. In this position, Ms.
Benedek provided auditing services to private foundations and mid-market companies. From August
2008 through August 2009, she was granted educational leave sponsored by the Austrian government to
study for the U.S. CPA exam. Since September 2009, Ms. Benedek has held the role of Financial
Counsel for Superfund Distribution and Investment, Inc., a financial services company located in
Grenada, West Indies. In this role, Ms. Benedek engages in various internal accounting and
auditing functions. Ms. Benedek is a graduate of The University of Economics and Business
Administration in Vienna, Austria, and is a certified public accountant. Ms. Benedek is a citizen
of Austria.
CHRISTIAN BAHA, age 42, is Superfund Capital Management’s founder and sole owner. By December
1991, Mr. Baha began working independently to develop software for the technical analysis of
financial data in Austria. In January 1995, Mr. Baha founded the first members of the Superfund
group of affiliated companies specializing in managed futures funds and began to develop a
worldwide distribution network. With profit sharing rights certificates, Mr. Baha launched an
alternative investment vehicle for private investors. Launched on March 8, 1996, this product is
called the Superfund Unternehmens-Beteiligungs-Aktiengesellschaft (Superfund Q-AG), and was
formerly known as Quadriga Beteiligungs & Vermögens AG (Quadriga AG). In March 2003, a new
generation of managed futures funds was internationally launched under the brand name “Superfund”
and previously existing products have since been re-branded under this name. Simultaneously with
the development of the Quadriga/Superfund group of affiliated companies, Mr. Baha founded the
software company TeleTrader AG, which has been listed on the Vienna Stock Exchange since March
2001. He was registered as a principal of Superfund USA, Inc., a registered broker-dealer and a
CFTC registered commodity pool operator, and Superfund Advisors, Inc., a CFTC registered commodity
pool operator, on August 13, 2009 and November 20, 2009, respectively. He is also an associated
person and principal of Superfund Asset Management, Inc., a CFTC registered introducing broker,
positions which he has held since July 23, 1999 and June 24, 1997, respectively. He has also been
listed as a principal of Superfund Capital Management since May 9, 2001. He was registered as an
associated person of Superfund
17
Table of Contents
Capital Management on May 9, 2001 as well, however, such registration was subsequently
withdrawn on February 17, 2009. Mr. Baha is listed as a principal of Superfund Capital Management,
Superfund USA, Inc. and Superfund Advisors, Inc. because he is the sole owner of the foregoing
entities. He is a graduate of the police academy in Vienna, Austria and studied at the Business
University of Vienna, Austria. Mr. Baha is a citizen of Austria.
Identification of Certain Significant Employees
None.
Family Relationships
None.
Business Experience
See “Identification of Directors and Executive Officers,” above.
Involvement in Certain Legal Proceedings
There has never been a material administrative, civil or criminal order, judgment, decree or
finding against Superfund Capital Management or any of its directors, executive officers, promoters
or control persons.
Code of Ethics
The Fund has no employees, officers or directors and is managed by Superfund Capital
Management. Superfund Capital Management has adopted a code of ethics that applies to its principal
executive officer, principal financial officer and its principal accounting officer. A copy of the
code of ethics may be obtained at no charge by written request to the corporate secretary of
Superfund Capital Management, Superfund Office Building, P.O. Box 1479, Grand Anse, St. George’s,
Grenada, West Indies.
Board of Director Nominees
Not applicable.
Audit Committee Financial Expert
The Board of Directors of Superfund Capital Management, in its capacity as the audit committee
for the Fund, has determined that Gizela Benedek qualifies as an “audit committee financial expert”
in accordance with the applicable rules and regulations for the SEC. She is not independent of
management.
Item 11. Executive Compensation.
The Fund has no employees, officers or directors and is managed by Superfund Capital
Management. None of the directors or officers of Superfund Capital Management receive compensation
from the Fund. Superfund Capital Management receives a monthly management fee of one-twelfth of
2.25% of month-end net assets (2.25% per annum), ongoing offering expenses equal to one-twelfth of
0.75% of month-end net assets (0.75% per annum), not to exceed the amount of actual expenses
incurred. Superfund Capital Management will also be paid a monthly performance fee equal to 25% of
any new appreciation without respect to interest income or any changes in net asset value due
changes in value of the Fund’s dollar for dollar gold position. Trading losses will be carried
forward and no further performance fee may be paid until the prior losses have been recovered. In
addition, Superfund Asset Management Inc., an affiliate of Superfund Capital Management, serves as
the introducing broker for the Fund’s futures transactions and receives a portion of the brokerage
commissions paid by the Fund in connection with its futures trading. Superfund USA, Inc., an entity
related to Superfund Capital Management by common ownership (“Superfund USA”), shall be paid
selling commissions equal to 2% of the month-end net asset value per Series A-1 Unit and Series B-1
Unit (one-twelfth of 2% per month). These amounts are included under “Selling commission” in the
Statements of Operations. However, the maximum cumulative selling commission per Unit is limited to
10% of the gross offering proceeds price of such Unit. Each Series and Superfund USA may retain
additional selling agents to assist with the placement of the Units. Superfund USA will pay all or
a portion of the selling commission described above which it receives in respect of the Units sold
by the additional selling agents to the additional selling agents effecting the sales.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
Securities Authorized for Issuance under Equity Compensation Plans
None.
Security Ownership of Certain Beneficial Owners
All of the Fund’s general partner interest is held by Superfund Capital Management.
18
Table of Contents
Security Ownership of Management
As of December 31, 2010, no Units were owned or held by officers of Superfund Capital
Management. As of December 31, 2010, Superfund Capital Management owned 514.919 Units of Series A-1
(non-voting), representing 7.45% of the total issued Units of Series A-1, and 434.257 Units of
Series B-1, representing 7.51% of the total issued Units of Series B-1 (non-voting), having a
combined value of $1,393,474. Christian Baha is the holder of all of the equity of Superfund
Capital Management.
Changes in Control
None.
Item 13. Certain Relationships and Related Transactions, and Director Independence.
See “Item 10 Directors, Executive Officers and Corporate Governance of The Registrant, “Item
11, Executive Compensation” and “Item 12, Security Ownership of Certain Beneficial Owners and
Management.” In 2010, the Series A management fee totaled $192,137, the Series A selling
commissions totaled $133,361, the Series A incentive fee totaled $367,406 and the Series A
brokerage commissions totaled $160,212. In 2010, the Series B management fee totaled $231,760, the
Series B selling commissions totaled $136,540, the Series B incentive fee totaled $210,237, and the
Series B brokerage commissions totaled $315,729. In 2009, the Series A management fee totaled
$34,624, the Series A selling commissions totaled $25,361, the Series A incentive fee totaled
$55,524 and the Series A brokerage commissions totaled $19,190. In 2009, the Series B management
fee totaled $104,512, the Series B selling commissions totaled $66,576, and the Series B brokerage
commissions totaled $158,980.
Item 14. Principal Accounting Fees and Services.
Audit Fees
The aggregate fees billed for professional services rendered by Deloitte & Touche LLP in
connection with their audit of the Fund’s financial statements, reviews of the financial statements
included in the quarterly reports on Form 10-Q and other services normally provided in connection
with statutory and regulatory filings or engagements for the years ended December 31, 2010, and
December 31, 2009, were approximately $107,550 and $109,475, respectively.
Audit-Related Fees
There were no audit-related fees for services rendered by Deloitte & Touche LLP for the years
ended December 31, 2010, and December 31, 2009.
Tax Fees
There were no fees for tax compliance, tax advice or tax planning rendered by Deloitte &
Touche LLP for the years ended December 31, 2010, and December 31, 2009.
All Other Fees
There were no other fees for products or services provided by Deloitte & Touche LLP for the
years ended December 31, 2010, and December 31, 2009.
Pre-Approval Policies
The Board of Directors and Audit Committee of Superfund Capital Management approved all of the
services described above. The Board of Directors and Audit Committee have determined that the
payments made to its independent accountants for these services are compatible with maintaining
such auditors’ independence. The Board of Directors pre-approves all audit and non-audit services
and all engagement fees and terms.
PART IV
Item 15. Exhibits, Financial Statement Schedules.
| (a) | The Following documents are filed as part of this report: |
| (1) | Financial Statements beginning on page 22 hereof. | ||
| (2) | Financial Statement Schedules: |
Financial statement schedules have been omitted because they are not required or because
equivalent information has been included in the financial statements or notes thereto.
| (3) | Exhibits as required by Item 601 of Regulation S-K. |
19
Table of Contents
The following exhibits are included herewith.
| Exhibit | ||
| Number | Description of Document | |
31.1
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer | |
31.2
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer | |
32.1
|
Section 1350 Certification of Principal Executive Officer | |
32.2
|
Section 1350 Certification of Principal Financial Officer |
The following exhibits are incorporated by reference herein from the exhibits of the same
description and number filed on November 3, 2009, with Post-Effective Amendment No. 1 to Superfund
Gold, L.P.’s Registration Statement on Form S-1 (Reg. No. 333-151632).
3.02
|
Form of Second Amended and Restated Limited Partnership Agreement of the Registrant. | |
10.02
|
Form of Subscription Agreement. |
The following exhibits are incorporated by reference herein from the exhibits of the same
description and number filed on February 13, 2009, with Amendment No. 3 to Superfund Gold, L.P.’s
Registration Statement on Form S-1 (Reg. No. 333-151632).
3.01
|
Certificate of Limited Partnership of the Registrant. | |
10.01
|
Form of Administration Agreement between the Registrant and the Administrator. |
20
Table of Contents
EXHIBIT 13.01
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Partners of Superfund Gold, L.P. — Series A and Superfund Gold, L.P. — Series B:
We have audited the accompanying statements of assets and liabilities of Superfund Gold, L.P.,
Superfund Gold, L.P. — Series A and Superfund Gold, L.P. — Series B (the “Funds”), including the
condensed schedules of investments, as of December 31, 2010 and 2009, and the related statements of
operations, changes in net assets, and cash flows for the year ended December 31, 2010 and for the
period from April 1, 2009 (commencement of operations) through December 31, 2009. These financial
statements are the responsibility of the Funds’ management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. The
Funds are not required to have, nor were we engaged to perform, an audit of their internal control
over financial reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control
over financial reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the financial position of the Superfund Gold, L.P., Superfund Gold — Series A and
Superfund Gold — Series B as of December 31, 2010 and 2009, and the results of their operations and
their cash flows for the year ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations) through December 31, 2009, in conformity with accounting principles
generally accepted in the United States of America.
| /s/ DELOITTE & TOUCHE LLP | ||||
| Philadelphia, Pennsylvania | ||||
| March 31, 2011 | ||||
21
Table of Contents
SUPERFUND GOLD, L.P.
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2010 and December 31, 2009
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2010 and December 31, 2009
| December 31, 2010 | December 31, 2009 | |||||||
ASSETS |
||||||||
US Government securities, at fair value,
(amortized cost of $9,598,087 and $5,999,748 as of
December 31, 2010, and December 31, 2009, respectively) |
$ | 9,598,087 | $ | 5,999,748 | ||||
Due from brokers |
12,805,431 | 6,301,154 | ||||||
Futures contracts purchased |
2,832,921 | — | ||||||
Unrealized appreciation on open forward contracts |
224,585 | 81,845 | ||||||
Cash |
3,630,425 | 2,672,099 | ||||||
Due from affiliate |
5,599 | — | ||||||
Total assets |
29,097,048 | 15,054,846 | ||||||
LIABILITIES |
||||||||
Unrealized depreciation on open forward contracts |
36,460 | 154,871 | ||||||
Futures contracts purchased |
— | 818,974 | ||||||
Futures contracts sold |
349,805 | 7,812 | ||||||
Subscriptions received in advance |
1,289,417 | 1,864,130 | ||||||
Incentive fee |
409,223 | — | ||||||
Redemptions payable |
236,327 | 9,890 | ||||||
Management fee |
51,406 | 22,891 | ||||||
Fees payable |
49,185 | 22,346 | ||||||
Total liabilities |
2,421,823 | 2,900,914 | ||||||
NET ASSETS |
$ | 26,675,225 | $ | 12,153,932 | ||||
See accompanying notes to financial statements.
22
Table of Contents
SUPERFUND GOLD, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2010
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2010
| Percentage of | ||||||||||||
| Face Value | Net Assets | Fair Value | ||||||||||
Debt Securities United States, at fair value |
||||||||||||
United States Treasury Bills due February 24, 2011
(amortized cost $9,598,087), securities are held in margin
accounts as collateral for open futures and forwards |
$ | 9,600,000 | 36.0 | % | $ | 9,598,087 | ||||||
Forward contracts, at fair value |
||||||||||||
Unrealized appreciation on forward contracts |
||||||||||||
Currency |
0.8 | 224,585 | ||||||||||
Total unrealized appreciation on forward contracts |
0.8 | 224,585 | ||||||||||
Unrealized depreciation on forward contracts |
||||||||||||
Currency |
(0.1 | ) | (36,460 | ) | ||||||||
Total unrealized depreciation on forward contracts |
(0.1 | ) | (36,460 | ) | ||||||||
Total forward contracts, at fair value |
0.7 | 188,125 | ||||||||||
Futures contracts, at fair value |
||||||||||||
Futures contracts purchased |
||||||||||||
Currency |
1.9 | 484,663 | ||||||||||
Energy |
0.4 | 110,783 | ||||||||||
Financial |
0.5 | 127,537 | ||||||||||
Food & Fiber |
0.7 | 194,250 | ||||||||||
Indices |
0.4 | 114,065 | ||||||||||
Livestock |
0.3 | 92,460 | ||||||||||
Metals |
||||||||||||
233 contracts of CMX Gold expiring February 2011 |
4.0 | 1,067,060 | ||||||||||
Other |
2.4 | 642,103 | ||||||||||
Total Metals |
6.4 | 1,709,163 | ||||||||||
Total futures contracts purchased |
10.6 | 2,832,921 | ||||||||||
Futures contracts sold |
||||||||||||
Currency |
0.1 | 33,694 | ||||||||||
Energy |
(0.1 | ) | (30,980 | ) | ||||||||
Financial |
(0.1 | ) | (22,344 | ) | ||||||||
Indices |
0.1 | 23,963 | ||||||||||
Metals |
(1.3 | ) | (354,138 | ) | ||||||||
Total futures contracts sold |
(1.3 | ) | (349,805 | ) | ||||||||
Total futures contracts, at fair value |
9.3 | 2,483,116 | ||||||||||
Futures and forward contracts by country composition |
||||||||||||
Australian |
0.0 | * | 3,134 | |||||||||
European Monetary Union |
0.3 | 81,278 | ||||||||||
Great Britain |
0.3 | 72,763 | ||||||||||
Japan |
0.8 | 210,666 | ||||||||||
United States |
6.4 | 1,729,526 | ||||||||||
Other |
2.2 | 573,874 | ||||||||||
Total futures and forward contracts by country |
10.0 | % | $ | 2,671,241 | ||||||||
| * | Due to rounding |
See accompanying notes to financial statements.
23
Table of Contents
SUPERFUND GOLD, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2009
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2009
| Percentage of | ||||||||||||
| Face Value | Net Assets | Fair Value | ||||||||||
Debt Securities United States, at fair value |
||||||||||||
United States Treasury Bills due February 25, 2010
(amortized cost $5,999,748), securities are held in margin
accounts as collateral for open futures and forwards |
$ | 6,000,000 | 49.4 | % | $ | 5,999,748 | ||||||
Forward contracts, at fair value |
||||||||||||
Unrealized appreciation on forward contracts |
||||||||||||
Currency |
0.7 | 81,845 | ||||||||||
Total unrealized appreciation on forward contracts |
0.7 | 81,845 | ||||||||||
Unrealized depreciation on forward contracts |
||||||||||||
Currency |
(1.3 | ) | (154,871 | ) | ||||||||
Total unrealized depreciation on forward contracts |
(1.3 | ) | (154,871 | ) | ||||||||
Total forward contracts, at fair value |
(0.6 | ) | (73,026 | ) | ||||||||
Futures contracts, at fair value |
||||||||||||
Futures contracts purchased |
||||||||||||
Currency |
(0.8 | ) | (96,686 | ) | ||||||||
Energy |
0.5 | 57,516 | ||||||||||
Financial |
(0.8 | ) | (93,811 | ) | ||||||||
Food & Fiber |
1.3 | 152,043 | ||||||||||
Indices |
2.1 | 257,035 | ||||||||||
Metals |
||||||||||||
104 contracts of CMX Gold expiring February 2010 |
(8.8 | ) | (1,069,890 | ) | ||||||||
Other |
(0.2 | ) | (25,181 | ) | ||||||||
Total Metals |
(9.0 | ) | (1,095,071 | ) | ||||||||
Total futures contracts purchased |
(6.7 | ) | (818,974 | ) | ||||||||
Futures contracts sold |
||||||||||||
Energy |
(0.0) | * | (5,650 | ) | ||||||||
Food & Fiber |
(0.1 | ) | (17,813 | ) | ||||||||
Indices |
(0.0) | * | (3,170 | ) | ||||||||
Livestock |
(0.1 | ) | (9,190 | ) | ||||||||
Financial |
0.2 | 28,011 | ||||||||||
Total futures contracts sold |
(0.1 | ) | (7,812 | ) | ||||||||
Total futures contracts, at fair value |
(6.8 | ) | (826,786 | ) | ||||||||
Futures and forward contracts by country composition |
||||||||||||
Australian |
0.1 | 17,853 | ||||||||||
European Monetary Union |
(0.4 | ) | (45,043 | ) | ||||||||
Great Britain |
0.1 | 14,810 | ||||||||||
Japan |
0.3 | 37,973 | ||||||||||
United States |
(7.8 | ) | (953,468 | ) | ||||||||
Other |
0.2 | 28,063 | ||||||||||
Total futures and forward contracts by country |
(7.4) | % | $ | (899,812 | ) | |||||||
| * | Due to rounding |
See accompanying notes to financial statements.
24
Table of Contents
SUPERFUND GOLD, L.P.
STATEMENTS OF OPERATIONS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009
STATEMENTS OF OPERATIONS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009
| 2010 | 2009 | |||||||
Investment income, interest |
||||||||
Interest income |
$ | 11,425 | $ | 3,801 | ||||
Other income |
5,599 | — | ||||||
Total income |
17,024 | 3,801 | ||||||
Expenses |
||||||||
Incentive fee |
577,643 | 55,524 | ||||||
Management fee |
423,897 | 139,136 | ||||||
Brokerage commissions |
475,941 | 178,170 | ||||||
Selling commission |
269,901 | 91,937 | ||||||
Operating expenses |
141,299 | 46,379 | ||||||
Other |
5,314 | 2,369 | ||||||
Total expenses |
1,893,995 | 513,515 | ||||||
Net investment loss |
(1,876,971 | ) | (509,714 | ) | ||||
Realized and unrealized gain
(loss) on investments |
||||||||
Net realized gain on futures and forward
contracts |
7,170,567 | 1,608,470 | ||||||
Net change in unrealized appreciation
(depreciation) on futures and forward
contracts |
3,571,053 | (899,812 | ) | |||||
Net gain on investments |
10,741,620 | 708,658 | ||||||
Net increase in net assets from operations |
$ | 8,864,649 | $ | 198,944 | ||||
See accompanying notes to financial statements.
25
Table of Contents
SUPERFUND GOLD, L.P.
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009
| 2010 | 2009 | |||||||
Increase in net assets from operations |
||||||||
Net investment loss |
$ | (1,876,971 | ) | $ | (509,714 | ) | ||
Net realized gain on futures and forward contracts |
7,170,567 | 1,608,470 | ||||||
Net change in unrealized appreciation (depreciation)
on futures and forward contracts |
3,571,053 | (899,812 | ) | |||||
Net increase in net assets from operations |
8,864,649 | 198,944 | ||||||
Capital share transactions |
||||||||
Issuance of Units |
11,079,475 | 11,993,334 | ||||||
Redemption of Units |
(5,422,831 | ) | (38,346 | ) | ||||
Redemption of non unitized capital balance |
— | (4,000 | ) | |||||
Net increase in net assets from capital share transactions |
5,656,644 | 11,950,988 | ||||||
Net increase in net assets |
14,521,293 | 12,149,932 | ||||||
Net assets, beginning of year |
12,153,932 | 4,000 | ||||||
Net assets, end of year |
$ | 26,675,225 | $ | 12,153,932 | ||||
See accompanying notes to financial statements.
26
Table of Contents
SUPERFUND GOLD, L.P.
STATEMENTS OF CASH FLOWS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009
STATEMENTS OF CASH FLOWS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009
| 2010 | 2009 | |||||||
Cash flows from operating activities |
||||||||
Net increase in net assets from operations |
$ | 8,864,649 | $ | 198,944 | ||||
Adjustments to reconcile net increase in net assets from
operations to net cash used in operating activities: |
||||||||
Changes in operating assets and liabilities: |
||||||||
Purchases of U.S. government securities |
(29,290,418 | ) | (11,097,763 | ) | ||||
Sales and maturities of U.S. government securities |
25,700,000 | 5,100,000 | ||||||
Amortization of discounts and premiums |
(7,921 | ) | (1,985 | ) | ||||
Due from brokers |
(6,504,277 | ) | (6,301,154 | ) | ||||
Due from affiliate |
(5,599 | ) | — | |||||
Unrealized appreciation on open forward contracts |
(142,740 | ) | (81,845 | ) | ||||
Unrealized depreciation on open forward contracts |
(118,411 | ) | 154,871 | |||||
Futures contracts purchased |
(3,651,895 | ) | 818,974 | |||||
Futures contracts sold |
341,993 | 7,812 | ||||||
Incentive fee payable |
409,223 | — | ||||||
Management fee |
28,515 | 22,891 | ||||||
Fees payable |
26,839 | 22,346 | ||||||
Net cash used in operating activities |
(4,350,042 | ) | (11,156,909 | ) | ||||
Cash flows from financing activities |
||||||||
Subscriptions, net of change in advance subscriptions |
10,504,762 | 13,857,464 | ||||||
Redemption of non unitized capital balance |
— | (4,000 | ) | |||||
Redemptions, net of redemption payable |
(5,196,394 | ) | (28,456 | ) | ||||
Net cash provided by financing activities |
5,308,368 | 13,825,008 | ||||||
Net increase in cash |
958,326 | 2,668,099 | ||||||
Cash, beginning of year |
2,672,099 | 4,000 | ||||||
Cash, end of year |
$ | 3,630,425 | $ | 2,672,099 | ||||
See accompanying notes to financial statements.
27
Table of Contents
SUPERFUND GOLD, L.P. — SERIES A
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2010, and December 31, 2009
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2010, and December 31, 2009
| December 31, 2010 | December 31, 2009 | |||||||
ASSETS |
||||||||
US Government securities, at fair value
(amortized cost of $4,949,019 and $1,549,939 as of
December 31, 2010, and December 31, 2009, respectively) |
$ | 4,949,019 | $ | 1,549,939 | ||||
Due from brokers |
6,513,798 | 1,794,485 | ||||||
Futures contracts purchased |
1,271,946 | — | ||||||
Unrealized appreciation on open forward contracts |
95,755 | — | ||||||
Cash |
2,215,532 | 1,739,581 | ||||||
Due from affiliate |
5,599 | — | ||||||
Total assets |
15,051,649 | 5,084,005 | ||||||
LIABILITIES |
||||||||
Unrealized depreciation on open forward contracts |
13,857 | — | ||||||
Futures contracts purchased |
— | 278,229 | ||||||
Futures contracts sold |
143,844 | 3,078 | ||||||
Subscriptions received in advance |
882,330 | 1,355,500 | ||||||
Incentive fee |
198,986 | — | ||||||
Redemptions payable |
42,447 | — | ||||||
Management fee |
26,272 | 6,463 | ||||||
Fees payable |
27,222 | 6,380 | ||||||
Total liabilities |
1,334,958 | 1,649,650 | ||||||
NET ASSETS |
$ | 13,716,691 | $ | 3,434,355 | ||||
Superfund Gold, L.P. Series A-1 Net Assets |
$ | 10,835,030 | $ | 2,524,291 | ||||
Number of Units outstanding |
6,916.044 | 2,388.395 | ||||||
Superfund Gold, L.P. Series A-1 Net Asset Value per Unit |
$ | 1,566.65 | $ | 1,056.90 | ||||
Superfund Gold, L.P. Series A-2 Net Assets |
$ | 2,881,661 | $ | 910,064 | ||||
Number of Units outstanding |
1,724.508 | 818.846 | ||||||
Superfund Gold, L.P. Series A-2 Net Asset Value per Unit |
$ | 1,671.00 | $ | 1,111.40 | ||||
See accompanying notes to financial statements.
28
Table of Contents
SUPERFUND GOLD, L.P. — SERIES A
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2010
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2010
| Percentage of | ||||||||||||
| Face Value | Net Assets | Fair Value | ||||||||||
Debt Securities United States, at fair value
|
||||||||||||
United States Treasury Bills due February 24, 2011
(amortized cost $4,949,019), securities are held in margin
accounts as collateral for open futures and forwards |
$ | 4,950,000 | 36.1 | % | $ | 4,949,019 | ||||||
Forward contracts, at fair value |
||||||||||||
Unrealized appreciation on forward contracts |
||||||||||||
Currency |
0.7 | 95,755 | ||||||||||
Total unrealized appreciation on forward contracts |
0.7 | 95,755 | ||||||||||
Unrealized depreciation on forward contracts |
||||||||||||
Currency |
(0.1 | ) | (13,857 | ) | ||||||||
Total unrealized depreciation on forward contracts |
(0.1 | ) | (13,857 | ) | ||||||||
Total forward contracts, at fair value |
0.6 | 81,898 | ||||||||||
Futures Contracts, at fair value |
||||||||||||
Futures Contracts Purchased |
||||||||||||
Currency |
1.5 | 208,888 | ||||||||||
Energy |
0.3 | 44,259 | ||||||||||
Financial |
0.4 | 55,066 | ||||||||||
Food & Fiber |
0.6 | 81,781 | ||||||||||
Indices |
0.4 | 46,624 | ||||||||||
Livestock |
0.3 | 40,970 | ||||||||||
Metals |
||||||||||||
116 contracts of CMX Gold expiring February 2011 |
3.9 | 528,140 | ||||||||||
Other |
1.9 | 266,218 | ||||||||||
Total Metals |
5.8 | 794,358 | ||||||||||
Total futures contracts purchased |
9.3 | 1,271,946 | ||||||||||
Futures Contracts Sold |
||||||||||||
Currency |
0.1 | 14,250 | ||||||||||
Energy |
(0.1 | ) | (12,190 | ) | ||||||||
Financial |
(0.1 | ) | (10,607 | ) | ||||||||
Indices |
0.1 | 9,628 | ||||||||||
Metals |
(1.1 | ) | (144,925 | ) | ||||||||
Total futures contracts sold |
(1.1 | ) | (143,844 | ) | ||||||||
Total futures contracts, at fair value |
8.2 | 1,128,102 | ||||||||||
Futures contracts by country composition |
||||||||||||
Australia |
0.0 | * | 1,134 | |||||||||
European Monetary Union |
0.2 | 32,375 | ||||||||||
Great Britain |
0.2 | 30,179 | ||||||||||
Japan |
0.7 | 92,656 | ||||||||||
United States |
5.9 | 808,405 | ||||||||||
Other |
1.8 | 245,251 | ||||||||||
Total futures contracts by country |
8.8 | % | $ | 1,210,000 | ||||||||
| * | Due to rounding |
See accompanying notes to financial statements.
29
Table of Contents
SUPERFUND GOLD, L.P. — SERIES A
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2009
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2009
| Percentage of | ||||||||||||
| Face Value | Net Assets | Fair Value | ||||||||||
Debt Securities United States, at fair value |
||||||||||||
United States Treasury Bills due February 25, 2010
(amortized cost $1,549,939), securities are held in margin
accounts as collateral for open futures and forwards |
$ | 1,550,000 | 45.1 | % | $ | 1,549,939 | ||||||
Futures Contracts, at fair value |
||||||||||||
Futures Contracts Purchased |
||||||||||||
Currency |
(0.4 | ) | (15,097 | ) | ||||||||
Energy |
(0.0 | )* | (1,336 | ) | ||||||||
Financial |
(0.3 | ) | (8,773 | ) | ||||||||
Food & Fiber |
0.5 | 18,003 | ||||||||||
Indices |
0.5 | 15,844 | ||||||||||
Metals |
||||||||||||
35 contracts of CMX Gold expiring February 2010 |
(6.8 | ) | (263,040 | ) | ||||||||
Other |
(1.6 | ) | (23,830 | ) | ||||||||
Total Metals |
(8.4 | ) | (286,870 | ) | ||||||||
Total futures contracts purchased |
(8.1 | ) | (278,229 | ) | ||||||||
Futures Contracts Sold |
||||||||||||
Energy |
(0.0 | )* | (780 | ) | ||||||||
Financial |
0.0 | * | 845 | |||||||||
Food & Fiber |
(0.1 | ) | (2,063 | ) | ||||||||
Livestock |
(0.0 | )* | (1,080 | ) | ||||||||
Total futures contracts sold |
(0.1 | ) | (3,078 | ) | ||||||||
Total futures contracts, at fair value |
(8.2 | ) | (281,307 | ) | ||||||||
Futures contracts by country composition |
||||||||||||
European Monetary Union |
(0.4 | ) | (14,015 | ) | ||||||||
United States |
(8.1 | ) | (277,640 | ) | ||||||||
Other |
0.3 | 10,348 | ||||||||||
Total futures contracts by country |
(8.2 | )% | $ | (281,307 | ) | |||||||
| * | Due to rounding |
See accompanying notes to financial statements.
30
Table of Contents
SUPERFUND GOLD, L.P. — SERIES A
STATEMENTS OF OPERATIONS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009
STATEMENTS OF OPERATIONS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009
| 2010 | 2009 | |||||||
Investment income |
||||||||
Interest income |
$ | 6,400 | $ | 1,039 | ||||
Other income |
5,599 | — | ||||||
Total income |
11,999 | 1,039 | ||||||
Expenses |
||||||||
Incentive fee |
367,406 | 55,524 | ||||||
Management fee |
192,137 | 34,624 | ||||||
Brokerage commissions |
160,212 | 19,190 | ||||||
Selling commission |
133,361 | 25,361 | ||||||
Operating expenses |
64,045 | 11,541 | ||||||
Other |
1,444 | 294 | ||||||
Total expenses |
918,605 | 146,534 | ||||||
Net investment loss |
(906,606 | ) | (145,495 | ) | ||||
Realized and unrealized gain (loss) on investments |
||||||||
Net realized gain on futures and forward contracts |
3,373,625 | 695,686 | ||||||
Net change in unrealized appreciation (depreciation)
on futures and forward contracts |
||||||||
| 1,491,307 | (281,307 | ) | ||||||
Net gain on investments |
4,864,932 | 414,379 | ||||||
Net increase in net assets from operations |
$ | 3,958,326 | $ | 268,884 | ||||
Net increase in net assets from operations per Unit (based upon
weighted average number of Units outstanding during period) for
Series A-1* |
$ | 586.87 | $ | 128.07 | ||||
Net increase in net assets from operations per Unit (based upon
change in net asset value per Unit during period) for Series A-1 |
$ | 509.75 | $ | 137.40 | ||||
Net increase in net assets from operations per Unit (based upon
weighted average number of Units outstanding during period) for
Series A-2** |
$ | 638.10 | $ | 154.06 | ||||
Net increase in net assets from operations per Unit (based upon
change in net asset value per Unit during period) for Series A-2 |
$ | 559.60 | $ | 191.90 | ||||
| * | Weighted average number of Units outstanding for Series A-1 for the Year Ended December 31, 2010 and for the period from April 1, 2009 (commencement of operations), through December 31, 2009: 5,236.62 and 1,667.50, respectively. | |
| ** | Weighted average number of Units outstanding for Series A-2 for the Year Ended December 31, 2010 and for the period from April 1, 2009 (commencement of operations), through December 31, 2009: 1,387.08 and 359.14, respectively. |
See accompanying notes to financial statements.
31
Table of Contents
SUPERFUND GOLD, L.P. — SERIES A
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009
| 2010 | 2009 | |||||||
Increase in net assets from operations: |
||||||||
Net investment loss |
$ | (906,606 | ) | $ | (145,495 | ) | ||
Net realized gain on futures and forward contracts |
3,373,625 | 695,686 | ||||||
Net change in unrealized appreciation (depreciation) on
futures and forward contracts |
1,491,307 | (281,307 | ) | |||||
Net increase in net assets from operations |
3,958,326 | 268,884 | ||||||
Capital share transactions |
||||||||
Issuance of Units |
7,649,260 | 3,184,030 | ||||||
Redemption of Units |
(1,325,250 | ) | (18,559 | ) | ||||
Redemption of non unitized capital balance |
— | (2,000 | ) | |||||
Net increase in net assets from capital share transactions |
6,324,010 | 3,163,471 | ||||||
Net increase in net assets |
10,282,336 | 3,432,355 | ||||||
Net assets, beginning of period |
3,434,355 | 2,000 | ||||||
Net assets, end of period |
$ | 13,716,691 | $ | 3,434,355 | ||||
Series A-1 Units, beginning of period |
2,388.395 | — | ||||||
Issuance of Series A-1 Units |
5,507.940 | 2,404.555 | ||||||
Redemption of Series A-1 Units |
(980.291 | ) | (16.160 | ) | ||||
Series A-1 Units, end of period |
6,916.044 | 2,388.395 | ||||||
Series A-2 Units, beginning of period |
818.846 | — | ||||||
Issuance of Series A-2 Units |
978.117 | 818.846 | ||||||
Redemption of Series A-2 Units |
(72.455 | ) | — | |||||
Series A-2 Units, end of period |
1,724.508 | 818.846 | ||||||
See accompanying notes to financial statements.
32
Table of Contents
SUPERFUND GOLD, L.P. — SERIES A
STATEMENTS OF CASH FLOWS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009
STATEMENTS OF CASH FLOWS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009
| 2010 | 2009 | |||||||
Cash flows from operating activities |
||||||||
Net increase in net assets from operations |
$ | 3,958,326 | $ | 268,884 | ||||
Adjustments to reconcile net increase in net assets from operations
to net cash used in operating activities: |
||||||||
Changes in operating assets and liabilities: |
||||||||
Purchases of U.S. government securities |
(12,895,739 | ) | (2,799,452 | ) | ||||
Sales and maturities of U.S. government securities |
9,500,000 | 1,250,000 | ||||||
Amortization of discounts and premiums |
(3,341 | ) | (487 | ) | ||||
Due from brokers |
(4,719,313 | ) | (1,794,485 | ) | ||||
Due from affiliate |
(5,599 | ) | — | |||||
Unrealized appreciation on open forward contracts |
(95,755 | ) | — | |||||
Unrealized depreciation on open forward contracts |
13,857 | — | ||||||
Futures contracts purchased |
(1,550,175 | ) | 278,229 | |||||
Futures contracts sold |
140,766 | 3,078 | ||||||
Incentive fee |
198,986 | — | ||||||
Management fee |
19,809 | 6,463 | ||||||
Fees payable |
20,842 | 6,380 | ||||||
Net cash used in operating activities |
(5,417,336 | ) | (2,781,390 | ) | ||||
Cash flows from financing activities |
||||||||
Subscriptions, net of change in subscriptions received in
advance |
7,176,090 | 4,539,530 | ||||||
Redemptions of non unitized capital balance |
— | (2,000 | ) | |||||
Redemptions, net of redemptions payable |
(1,282,803 | ) | (18,559 | ) | ||||
Net cash provided by financing activities |
5,893,287 | 4,518,971 | ||||||
Net increase in cash |
475,951 | 1,737,581 | ||||||
Cash, beginning of year |
1,739,581 | 2,000 | ||||||
Cash, end of year |
$ | 2,215,532 | $ | 1,739,581 | ||||
See accompanying notes to financial statements.
33
Table of Contents
SUPERFUND GOLD, L.P. — SERIES B
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2010 and December 31, 2009
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2010 and December 31, 2009
| December 31, 2010 | December 31, 2009 | |||||||
ASSETS |
||||||||
US Government securities, at fair value
(amortized cost of $4,649,068 and $4,449,809 as of
December 31, 2010, and December 31, 2009, respectively) |
$ | 4,649,068 | $ | 4,449,809 | ||||
Due from brokers |
6,291,633 | 4,506,669 | ||||||
Futures contracts purchased |
1,560,975 | — | ||||||
Unrealized appreciation on open forward contracts |
128,830 | 81,845 | ||||||
Cash |
1,414,893 | 932,518 | ||||||
Total assets |
14,045,399 | 9,970,841 | ||||||
LIABILITIES |
||||||||
Unrealized depreciation on open forward contracts |
22,603 | 154,871 | ||||||
Futures contracts purchased |
— | 540,745 | ||||||
Futures contracts sold |
205,961 | 4,734 | ||||||
Subscriptions received in advance |
407,087 | 508,630 | ||||||
Redemptions payable |
193,880 | 9,890 | ||||||
Incentive fee |
210,237 | — | ||||||
Management fee |
25,134 | 16,428 | ||||||
Fees payable |
21,963 | 15,966 | ||||||
Total liabilities |
1,086,865 | 1,251,264 | ||||||
NET ASSETS |
$ | 12,958,534 | $ | 8,719,577 | ||||
Superfund Gold, L.P. Series B-1 Net Assets |
$ | 7,815,597 | $ | 6,268,561 | ||||
Number of Units outstanding |
5,784.122 | 7,174.897 | ||||||
Superfund Gold, L.P. Series B-1 Net Asset Value per Unit |
$ | 1,351.21 | $ | 873.68 | ||||
Superfund Gold, L.P. Series B-2 Net Assets |
$ | 5,142,937 | $ | 2,451,016 | ||||
Number of Units outstanding |
3,700.480 | 2,763.500 | ||||||
Superfund Gold, L.P. Series B-2 Net Asset Value per Unit |
$ | 1,389.80 | $ | 886.92 | ||||
See accompanying notes to financial statements.
34
Table of Contents
SUPERFUND GOLD, L.P. — SERIES B
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2010
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2010
| Percentage of | ||||||||||||
| Face Value | Net Assets | Fair Value | ||||||||||
Debt Securities United States, at fair value |
||||||||||||
United States Treasury Bills due February 24, 2011
(amortized cost $4,649,068), securities are held in margin
accounts as collateral for open futures and forwards |
$ | 4,650,000 | 35.9 | % | $ | 4,649,068 | ||||||
Forward contracts, at fair value |
||||||||||||
Unrealized appreciation on forward contracts
Currency |
1.0 | 128,830 | ||||||||||
Total unrealized appreciation on forward contracts |
1.0 | 128,830 | ||||||||||
Unrealized depreciation on forward contracts
Currency |
(0.2 | ) | (22,603 | ) | ||||||||
Total unrealized depreciation on forward contracts |
(0.2 | ) | (22,603 | ) | ||||||||
Total forward contracts, at fair value |
0.8 | 106,227 | ||||||||||
Futures contracts, at fair value |
||||||||||||
Futures contracts purchased |
||||||||||||
Currency |
2.1 | 275,775 | ||||||||||
Energy |
0.5 | 66,524 | ||||||||||
Financial |
0.6 | 72,471 | ||||||||||
Food & Fiber |
0.9 | 112,469 | ||||||||||
Indices |
0.5 | 67,441 | ||||||||||
Livestock |
0.4 | 51,490 | ||||||||||
Metals |
||||||||||||
117 contracts of CMX Gold expiring February 2011 |
4.2 | 538,920 | ||||||||||
Other |
2.9 | 375,885 | ||||||||||
Total Metals |
7.1 | 914,805 | ||||||||||
Total futures contracts purchased |
12.1 | 1,560,975 | ||||||||||
Futures contracts sold |
||||||||||||
Currency |
0.2 | 19,444 | ||||||||||
Energy |
(0.1 | ) | (18,790 | ) | ||||||||
Financial |
(0.1 | ) | (11,737 | ) | ||||||||
Indices |
0.1 | 14,335 | ||||||||||
Metals |
(1.6 | ) | (209,213 | ) | ||||||||
Total futures contracts sold |
(1.5 | ) | (205,961 | ) | ||||||||
Total futures contracts, at fair value |
10.6 | 1,355,014 | ||||||||||
Futures and forward contracts by country composition |
||||||||||||
Australian |
0.0 | * | 2,000 | |||||||||
European Monetary Union |
0.5 | 48,903 | ||||||||||
Great Britain |
0.3 | 42,584 | ||||||||||
Japan |
0.9 | 118,010 | ||||||||||
United States |
7.1 | 921,121 | ||||||||||
Other |
2.6 | 328,623 | ||||||||||
Total futures and forward contracts by country |
11.4 | % | $ | 1,461,241 | ||||||||
| * | Due to rounding |
See accompanying notes to financial statements.
35
Table of Contents
SUPERFUND GOLD, L.P. — SERIES B
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2009
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2009
| Percentage of | ||||||||||||
| Face Value | Net Assets | Fair Value | ||||||||||
Debt Securities United States, at fair value |
||||||||||||
United States Treasury Bills due February 25, 2010
(amortized cost $4,449,809), securities are held in margin
accounts as collateral for open futures and forwards |
$ | 4,450,000 | 51.0 | % | $ | 4,449,809 | ||||||
Forward contracts, at fair value |
||||||||||||
Unrealized appreciation on forward contracts
|
||||||||||||
Currency |
0.9 | 81,845 | ||||||||||
Total unrealized appreciation on forward contracts |
0.9 | 81,845 | ||||||||||
Unrealized depreciation on forward contracts
|
||||||||||||
Currency |
(1.7 | ) | (154,871 | ) | ||||||||
Total unrealized depreciation on forward contracts |
(1.7 | ) | (154,871 | ) | ||||||||
Total forward contracts, at fair value |
(0.8 | ) | (73,026 | ) | ||||||||
Futures contracts, at fair value |
||||||||||||
Futures contracts purchased |
||||||||||||
Currency |
(0.9 | ) | (81,589 | ) | ||||||||
Energy |
0.7 | 58,852 | ||||||||||
Financial |
(1.0 | ) | (85,038 | ) | ||||||||
Food & Fiber |
1.5 | 134,040 | ||||||||||
Indices |
2.8 | 241,191 | ||||||||||
Metals |
||||||||||||
104 contracts of CMX Gold expiring February 2010 |
(9.3 | ) | (806,850 | ) | ||||||||
Other |
(0.0 | )* | (1,351 | ) | ||||||||
Total Metals |
(9.3 | ) | (808,201 | ) | ||||||||
Total futures contracts purchased |
(6.2 | ) | (540,745 | ) | ||||||||
Futures contracts sold |
||||||||||||
Energy |
(0.1 | ) | (4,870 | ) | ||||||||
Food & Fiber |
(0.2 | ) | (15,750 | ) | ||||||||
Indices |
(0.0 | )* | (3,170 | ) | ||||||||
Livestock |
(0.1 | ) | (8,110 | ) | ||||||||
Financial |
0.3 | 27,166 | ||||||||||
Total futures contracts sold |
(0.1 | ) | (4,734 | ) | ||||||||
Total futures contracts, at fair value |
(6.3 | ) | (545,479 | ) | ||||||||
Futures and forward contracts by country composition |
||||||||||||
Australian |
0.2 | 17,853 | ||||||||||
European Monetary Union |
(0.4 | ) | (31,028 | ) | ||||||||
Great Britain |
0.2 | 14,810 | ||||||||||
Japan |
0.4 | 37,973 | ||||||||||
United States |
(7.7 | ) | (675,828 | ) | ||||||||
Other |
0.2 | 17,715 | ||||||||||
Total futures and forward contracts by country |
(7.1 | )% | $ | (618,505 | ) | |||||||
| * | Due to rounding |
See accompanying notes to financial statements.
36
Table of Contents
SUPERFUND GOLD, L.P. — SERIES B
STATEMENTS OF OPERATIONS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009
STATEMENTS OF OPERATIONS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009
| 2010 | 2009 | |||||||
Investment income, interest |
$ | 5,025 | $ | 2,762 | ||||
Expenses |
||||||||
Brokerage commissions |
315,729 | 158,980 | ||||||
Management fee |
231,760 | 104,512 | ||||||
Incentive fee |
210,237 | — | ||||||
Selling commission |
136,540 | 66,576 | ||||||
Operating expenses |
77,254 | 34,838 | ||||||
Other |
3,870 | 2,075 | ||||||
Total expenses |
975,390 | 366,981 | ||||||
Net investment loss |
(970,365 | ) | (364,219 | ) | ||||
Realized and unrealized gain
(loss) on investments |
||||||||
Net realized gain on futures and forward
contracts |
3,796,942 | 912,784 | ||||||
Net change in unrealized appreciation (depreciation) on
futures and forward contracts |
||||||||
| 2,079,746 | (618,505 | ) | ||||||
Net gain on investments |
5,876,688 | 294,279 | ||||||
Net increase (decrease) in net assets from operations |
$ | 4,906,323 | $ | (69,940 | ) | |||
Net increase (decrease) in net assets from operations per Unit
(based upon weighted average number of Units outstanding during
period) for Series B-1* |
$ | 456.22 | $ | (14.49 | ) | |||
Net increase (decrease) in net assets from operations per Unit
(based upon change in net asset value per Unit during period)
for Series B-1 |
$ | 477.53 | $ | (45.82 | ) | |||
Net increase in net assets from operations per Unit (based upon
weighted average number of Units outstanding during period) for
Series B-2** |
$ | 547.21 | $ | 1.06 | ||||
Net increase (decrease) in net assets from operations per Unit
(based upon change in net asset value per Unit during period)
for Series B-2 |
$ | 502.88 | $ | (32.58 | ) | |||
| * | Weighted average number of Units outstanding for Series B-1 for the Year Ended December 31, 2010 and for the period from April 1, 2009 (commencement of operations), through December 31, 2009: 6,793.32 and 4,968.12, respectively. | |
| ** | Weighted average number of Units outstanding for Series B-2 for the Year Ended December 31, 2010 and for the period from April 1, 2009 (commencement of operations), through December 31, 2009: 3,273.29 and 1,945.21, respectively. |
See accompanying notes to financial statements.
37
Table of Contents
SUPERFUND GOLD, L.P. — SERIES B
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009
| 2010 | 2009 | |||||||
Increase (decrease) in net assets from
operations |
||||||||
Net investment loss |
$ | (970,365 | ) | $ | (364,219 | ) | ||
Net realized gain on futures and forward
contracts |
3,796,942 | 912,784 | ||||||
Net change in unrealized appreciation
(depreciation) on futures and forward
contracts |
2,079,746 | (618,505 | ) | |||||
Net increase (decrease) in net assets from
operations |
4,906,323 | (69,940 | ) | |||||
Capital share transactions |
||||||||
Issuance of Units |
3,430,215 | 8,809,304 | ||||||
Redemption of Units |
(4,097,581 | ) | (19,787 | ) | ||||
Redemption of non unitized capital balance |
— | (2,000 | ) | |||||
Net increase (decrease) in net assets from
capital share transactions |
(667,366 | ) | 8,787,517 | |||||
Net increase in net assets |
4,238,957 | 8,717,577 | ||||||
Net assets, beginning of period |
8,719,577 | 2,000 | ||||||
Net assets, end of period |
$ | 12,958,534 | $ | 8,719,577 | ||||
Series B-1 Units, beginning of period |
7,174.897 | — | ||||||
Issuance of Series B-1 Units |
2,402.118 | 7,174.897 | ||||||
Redemption of Series B-1 Units |
(3,792.893 | ) | — | |||||
Series B-1 Units, end of period |
5,784.122 | 7,174.897 | ||||||
Series B-2 Units, beginning of period |
2,763.500 | — | ||||||
Issuance of Series B-2 Units |
1,294.860 | 2,786.537 | ||||||
Redemption of Series B-2 Units |
(357.880 | ) | (23.038 | ) | ||||
Series B-2 Units, end of period |
3,700.480 | 2,763.499 | ||||||
See accompanying notes to financial statements.
38
Table of Contents
SUPERFUND GOLD, L.P. — SERIES B
STATEMENTS OF CASH FLOWS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009
STATEMENTS OF CASH FLOWS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009
| 2010 | 2009 | |||||||
Cash flows from operating activities |
||||||||
Net increase (decrease) in net assets from operations |
$ | 4,906,323 | $ | (69,940 | ) | |||
Adjustments to reconcile net increase (decrease) in
net assets from operations to net cash provided by
(used in) operating activities: |
||||||||
Changes in operating assets and liabilities: |
||||||||
Purchases of U.S. government securities |
(16,394,679 | ) | (8,298,311 | ) | ||||
Sales and maturities of U.S.
government securities |
16,200,000 | 3,850,000 | ||||||
Amortization of discounts and premiums |
(4,580 | ) | (1,498 | ) | ||||
Due from brokers |
(1,784,964 | ) | (4,506,669 | ) | ||||
Unrealized appreciation on open
forward contracts |
(46,985 | ) | (81,845 | ) | ||||
Unrealized depreciation on open
forward contracts |
(132,268 | ) | 154,871 | |||||
Futures contracts purchased |
(2,101,720 | ) | 540,745 | |||||
Futures contracts sold |
201,227 | 4,734 | ||||||
Incentive fee |
210,237 | — | ||||||
Management fee |
8,706 | 16,428 | ||||||
Fees payable |
5,997 | 15,966 | ||||||
Net cash provided by (used in) operating activities |
1,067,294 | (8,375,519 | ) | |||||
Cash flows from financing activities |
||||||||
Subscriptions, net of change in subscriptions
received in advance |
3,328,672 | 9,317,934 | ||||||
Redemptions of non unitized capital balance |
— | (2,000 | ) | |||||
Redemptions, net of redemption payable |
(3,913,591 | ) | (9,897 | ) | ||||
Net cash (used in) provided by financing activities |
(584,919 | ) | 9,306,037 | |||||
Net increase in cash |
482,375 | 930,518 | ||||||
Cash, beginning of year |
932,518 | 2,000 | ||||||
Cash, end of year |
$ | 1,414,893 | $ | 932,518 | ||||
See accompanying notes to financial statements.
39
Table of Contents
SUPERFUND GOLD, L.P., SUPERFUND GOLD, L.P. — SERIES A and SUPERFUND GOLD, L.P. — SERIES B
NOTES TO FINANCIAL STATEMENTS
December 31, 2010
NOTES TO FINANCIAL STATEMENTS
December 31, 2010
| (1) | Nature of Operations | |
| Organization and Business | ||
| Superfund Gold, L.P., a Delaware Limited Partnership (the “Fund”), commenced operations on April 1, 2009. The Fund was organized to trade speculatively in the United States and international commodity futures and forwards markets using a strategy developed by Superfund Capital Management, Inc., the general partner and trading advisor of the Fund (“Superfund Capital Management”). The Fund has issued two series of units of limited partnership interest (“Units”), each with a subseries, Series A-1/A-2 and Series B-1/B-2 (each a “Series”). Series A-1/A-2 and Series B-1/B-2 are traded and managed the same way, with the exception of the degree of leverage. | ||
| The term of the Fund commenced on the day on which the Certificate of Limited Partnership was filed with the Secretary of State of the State of Delaware pursuant to the provisions of the Delaware Revised Uniform Limited Partnership Act and shall end upon the first to occur of the following: (i) receipt by Superfund Capital Management of an approval to dissolve the Fund at a specified time by Limited Partners owning Units representing more than fifty percent (50%) of the outstanding Units of each Series then owned by Limited Partners of each Series, notice of which is sent by certified mail return receipt requested to Superfund Capital Management not less than 90 days prior to the effective date of such dissolution; (ii) withdrawal, insolvency or dissolution of Superfund Capital Management or any other event that causes Superfund Capital Management to cease to be the general partner of the Fund, unless (a) at the time of each event there is at least one remaining general partner of the Fund who carries on the business of the Fund (and each remaining general partner of the Fund is hereby authorized to carry on the business of general partner of the Fund in such an event), or (b) within 120 days after such event Limited Partners of a Series holding a majority of Units of such Series agree in writing to continue the business of the Fund and such Series and to the appointment, effective as of the date of such event, of one or more general partners of the Fund and such Series; (iii) a decline in the aggregate net assets of each Series to less than $500,000 at any time following commencement of trading in the Series; or (iv) any other event which shall make it unlawful for the existence of the Fund to be continued or which requires termination of the Fund. | ||
| (2) | Basis of Presentation and Significant Accounting Policies |
| (a) | Basis of Presentation | ||
| Pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”), audited financial statements are presented for the Fund as a whole, as the SEC registrant, and for Series A and Series B individually. For the avoidance of doubt, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable only against the assets of such Series and not against the assets of the Fund generally or any other Series. Accordingly, the assets of one Series of the Fund include only those funds and other assets that are paid to, held by or distributed to the Fund on account of and for the benefit of that Series, including, without limitation, funds delivered to the Fund for the purchase of Units in that Series. | |||
| (b) | Valuation of Investments in Futures Contracts, Forward Contracts, and U.S Treasury Bills | ||
| All commodity interests (including derivative financial instruments and derivative commodity instruments) are used for trading purposes. The commodity interests are recorded on a trade date basis and open contracts are recorded in the statements of assets and liabilities at fair value on the last business day of the period, which represents market value for those commodity interests for which market quotes are readily available. Exchange-traded futures contracts are valued at settlement prices published by the recognized exchange. Any spot and forward foreign currency contracts held by the Fund will be valued at published settlement prices or at dealers’ quotes. The Fund uses the amortized cost method for valuing U.S. Treasury Bills due to the short-term nature of such instruments; accordingly, the cost of securities plus accreted discount, or minus amortized premium, approximates fair value (See Section (2)(g) — Fair Value Measurements). | |||
| (c) | Translation of Foreign Currency | ||
| Assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the period end exchange rates. Purchases and sales of investments, and income and expenses that are denominated in foreign currencies are translated into U.S. dollar amounts on the transaction date. Adjustments arising from foreign currency transactions are reflected in the statements of operations. | |||
| The Fund does not isolate that portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are included in net gain (loss) on investments in the statements of operations. |
40
Table of Contents
| (d) | Investment Transactions, Investment Income, and Expenses | ||
| Investment transactions are accounted for on a trade-date basis. Interest income and expenses are recognized on the accrual basis. | |||
| Gains or losses are realized when contracts are liquidated. Unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the statements of financial condition as a net gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 210-20, Offsetting — Balance Sheet. | |||
| (e) | Income Taxes | ||
| The Fund does not record a provision for U.S. income taxes because the partners report their share of the Fund’s income or loss on their returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes. | |||
| Superfund Capital Management has evaluated the application of ASC 740, Income Taxes (“ASC 740”) to the Fund, to determine whether or not there are uncertain tax positions that require financial statement recognition. Based on this evaluation, the Fund has determined no reserves for uncertain tax position are required to be recorded as a result of the application of ASC 740. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded in the accompanying financial statements. The Fund files federal and various state tax returns. The 2008 through 2010 tax years generally remain subject to examination by the U.S. federal and most state tax authorities. | |||
| (f) | Use of Estimates | ||
| The preparation of financial statements in conformity with U.S. GAAP requires Superfund Capital Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | |||
| (g) | Recently Issued Accounting Pronouncements | ||
| ASU 2010-06 | |||
| In January 2010, FASB issued Accounting Standards Update No. 2010-06 (“ASU 2010-06”), Improving Disclosures about Fair Value Measurements, which, among other things, amends ASC 820, Fair Value Measurements, to require entities to separately present purchases, sales, issuances, and settlements in their reconciliation of Level 3 fair value measurements (i.e. to present such items as gross basis rather than on a net basis), and which clarifies existing disclosure requirements provided by ASC 820 regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy. ASU 2010-06 is effective for interim and annual periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements (which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years). The Fund has adopted ASU 2010-06 effective for reporting periods beginning after December 15, 2009. The adoption of ASU 2010-06 did not have any impact on the Fund’s results of operations, financial condition or cash flows, as the Fund has not had any transfers in or out of Level 1 or 2 categories, nor does it hold Level 3 assets or liabilities. The Fund does not anticipate the amendments effective for fiscal years beginning after December 15, 2010 to have an impact on the Fund’s results of operations, financial condition or cash flows since the ASU impacts disclosure items only. | |||
| (h) | Fair Value Measurements | ||
| The Fund follows ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below: |
| Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||
| Level 2 | Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly. |
41
Table of Contents
| Level 3 | Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. |
| A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining fair value, the Fund separates its financial instruments into two categories: U.S. government securities and derivative contracts. | |||
| U.S. Government Securities. The Fund’s only market exposure in instruments held other than for trading is in its U.S. Treasury Bill portfolio. As the Fund uses the amortized cost method for valuing its U.S. Treasury Bill portfolio, which approximates fair value, this portfolio is classified within level 2 of the fair value hierarchy. | |||
| Derivative Contracts. Derivative contracts can be exchange-traded or over-the-counter (“OTC”). Exchange-traded derivatives typically fall within level 1 or level 2 of the fair value hierarchy depending on whether they are deemed to be actively traded or not. The Fund has exposure to exchange-traded derivative contracts through the Fund’s trading of exchange-traded futures contracts. The Fund’s exchange-traded futures contract positions are valued daily at settlement prices published by the applicable exchanges. In such cases, provided they are deemed to be actively traded, exchange-traded derivatives are classified within level 1 of the fair value hierarchy. Less actively traded exchange-traded derivatives fall within level 2 of the fair value hierarchy. | |||
| OTC derivatives are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, model calibration to market-clearing transactions, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument as well as the availability of pricing information in the market. For OTC derivatives that trade in liquid markets, such as generic forwards and swaps, model inputs can generally be verified and model selection does not involve significant management judgment. The OTC derivatives held by the Fund may include forwards and swaps. Spot and forward foreign currency contracts held by the Fund are valued at published daily settlement prices or at dealers’ quotes. The Fund’s forward positions are typically classified within level 2 of the fair value hierarchy. | |||
| Certain OTC derivatives traded in less liquid markets with limited pricing information, and the determination of fair value for these derivatives is inherently more difficult. Such instruments are classified within level 3 of the fair value hierarchy. Where the Fund does not have corroborating market evidence to support significant model inputs and cannot verify the model to market transactions, transaction price is initially used as the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so that the model value at inception equals the transaction price. The valuations of these less liquid OTC derivatives are typically based on level 1 and/or level 2 inputs that can be observed in the market, as well as unobservable level 3 inputs. Subsequent to initial recognition, the Fund updates the level 1 and level 2 inputs to reflect observable market changes, with resulting gains and losses reflected within level 3. Level 3 inputs are only changed when corroborated by evidence such as similar market transactions, third-party pricing services and/or broker or dealer quotations, or other empirical market data. In circumstances where the Fund cannot verify the model value to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. The Fund attempts to avoid holding less liquid OTC derivatives. However, once held, the market for any particular derivative contract could become less liquid during the holding period. | |||
| As of and during the year ended December 31, 2010 and for the period from April 1, 2009 (commencement of operations) through December 31, 2009, the Fund held no derivative contracts valued using level 3 inputs. |
42
Table of Contents
| The following table summarizes the valuation of the Fund’s assets and liabilities by the ASC 820 fair value hierarchy as of December 31, 2010: |
Superfund Gold, L.P.
| Balance | ||||||||||||||||
| December 31, | ||||||||||||||||
| 2010 | Level 1 | Level 2 | Level 3 | |||||||||||||
ASSETS |
||||||||||||||||
U.S. Government securities |
$ | 9,598,087 | $ | — | $ | 9,598,087 | $ | — | ||||||||
Unrealized appreciation on open forward contracts |
224,585 | — | 224,585 | — | ||||||||||||
Futures contracts purchased |
2,832,921 | 2,832,921 | — | — | ||||||||||||
Total Assets Measured at Fair Value |
$ | 12,655,593 | $ | 2,832,921 | $ | 9,822,672 | $ | — | ||||||||
LIABILITIES |
||||||||||||||||
Unrealized depreciation on open forward contracts |
$ | 36,460 | $ | — | $ | 36,460 | $ | — | ||||||||
Futures contracts sold |
349,805 | 349,805 | — | — | ||||||||||||
Total Liabilities Measured at Fair Value |
$ | 386,265 | $ | 349,805 | $ | 36,460 | $ | — | ||||||||
Superfund Gold, L.P. — Series A
| Balance | ||||||||||||||||
| December 31, | ||||||||||||||||
| 2010 | Level 1 | Level 2 | Level 3 | |||||||||||||
ASSETS |
||||||||||||||||
U.S. Government securities |
$ | 4,949,019 | $ | — | $ | 4,949,019 | $ | — | ||||||||
Unrealized appreciation on open forward contracts |
95,755 | — | 95,755 | — | ||||||||||||
Futures contracts purchased |
1,271,946 | 1,271,946 | — | — | ||||||||||||
Total Assets Measured at Fair Value |
$ | 6,316,720 | $ | 1,271,946 | $ | 5,044,774 | $ | — | ||||||||
LIABILITIES |
||||||||||||||||
Unrealized depreciation on open forward contracts |
$ | 13,857 | $ | — | $ | 13,857 | $ | — | ||||||||
Futures contracts sold |
143,844 | 143,844 | — | — | ||||||||||||
Total Liabilities Measured at Fair Value |
$ | 157,701 | $ | 143,844 | $ | 13,857 | $ | — | ||||||||
Superfund Gold, L.P. — Series B
| Balance | ||||||||||||||||
| December 31, | ||||||||||||||||
| 2010 | Level 1 | Level 2 | Level 3 | |||||||||||||
ASSETS |
||||||||||||||||
U.S. Government securities |
$ | 4,649,068 | $ | — | $ | 4,649,068 | $ | — | ||||||||
Unrealized appreciation on open forward contracts |
128,830 | — | 128,830 | — | ||||||||||||
Futures contracts purchased |
1,560,975 | 1,560,975 | — | — | ||||||||||||
Total Assets Measured at Fair Value |
$ | 6,338,873 | $ | 1,560,975 | $ | 4,777,898 | $ | — | ||||||||
LIABILITIES |
||||||||||||||||
Unrealized depreciation on open forward contracts |
$ | 22,603 | $ | — | $ | 22,603 | $ | — | ||||||||
Futures contracts sold |
205,961 | 205,961 | — | — | ||||||||||||
Total Liabilities Measured at Fair Value |
$ | 228,564 | $ | 205,961 | $ | 22,603 | $ | — | ||||||||
43
Table of Contents
The following table summarizes the valuation of the Fund’s assets and liabilities by the
ASC 820 fair value hierarchy as of December 31, 2009:
| Superfund Gold, L.P. |
| Balance | ||||||||||||||||
| December 31, | ||||||||||||||||
| 2009 | Level 1 | Level 2 | Level 3 | |||||||||||||
ASSETS |
||||||||||||||||
U.S. Government securities |
$ | 5,999,748 | $ | — | $ | 5,999,748 | $ | — | ||||||||
Unrealized appreciation on open forward contracts |
81,845 | — | 81,845 | — | ||||||||||||
Total Assets Measured at Fair Value |
$ | 6,081,593 | $ | — | $ | 6,081,593 | $ | — | ||||||||
LIABILITIES |
||||||||||||||||
Unrealized depreciation on open forward contracts |
$ | 154,871 | $ | — | $ | 154,871 | $ | — | ||||||||
Futures contracts purchased |
818,974 | 818,974 | — | — | ||||||||||||
Futures contracts sold |
7,812 | 7,812 | — | — | ||||||||||||
Total Liabilities Measured at Fair Value |
$ | 981,657 | $ | 826,786 | $ | 154,871 | $ | — | ||||||||
Superfund Gold, L.P. — Series A
| Balance | ||||||||||||||||
| December 31, | ||||||||||||||||
| 2009 | Level 1 | Level 2 | Level 3 | |||||||||||||
ASSETS |
||||||||||||||||
U.S. Government securities |
$ | 1,549,939 | $ | — | $ | 1,549,939 | $ | — | ||||||||
Total Assets Measured at Fair Value |
$ | 1,549,939 | $ | — | $ | 1,549,939 | $ | — | ||||||||
LIABILITIES |
||||||||||||||||
Futures contracts purchased |
$ | 278,229 | $ | 278,229 | $ | — | $ | — | ||||||||
Futures contracts sold |
3,078 | 3,078 | — | — | ||||||||||||
Total Liabilities Measured at Fair Value |
$ | 281,307 | $ | 281,307 | $ | — | $ | — | ||||||||
Superfund Gold, L.P. — Series B
| Balance | ||||||||||||||||
| December 31, | ||||||||||||||||
| 2009 | Level 1 | Level 2 | Level 3 | |||||||||||||
ASSETS |
||||||||||||||||
U.S. Government securities |
$ | 4,449,809 | $ | — | $ | 4,449,809 | $ | — | ||||||||
Unrealized appreciation on open forward contracts |
81,845 | — | 81,845 | — | ||||||||||||
Total Assets Measured at Fair Value |
$ | 4,531,654 | $ | — | $ | 4,531,654 | $ | — | ||||||||
LIABILITIES |
||||||||||||||||
Unrealized depreciation on open forward contracts |
$ | 154,871 | $ | — | $ | 154,871 | $ | — | ||||||||
Futures contracts purchased |
540,745 | 540,745 | — | — | ||||||||||||
Futures contracts sold |
4,734 | 4,734 | — | — | ||||||||||||
Total Liabilities Measured at Fair Value |
$ | 700,350 | $ | 545,479 | $ | 154,871 | $ | — | ||||||||
| (3) | Disclosure of derivative instruments and hedging activities | |
| The Fund follows ASC 815, Disclosures about Derivative Instruments and Hedging Activities (“ASC 815”). ASC 815 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. | ||
| Derivative instruments held by the Fund do not qualify as derivative instruments held as hedging instruments, as defined in ASC 815. Instead, the Fund includes derivative instruments in its trading activity. Per the requirements of ASC 815, the Fund |
44
Table of Contents
| discloses the gains and losses on its trading activities for both derivative and nonderivative instruments in the Statement of Operations for each Series. |
| The Fund engages in the speculative trading of forward contracts in currency and futures contracts in a wide range of commodities, including equity markets, interest rates, food and fiber, energy, livestock and metals. ASC 815 requires entities to recognize all derivatives instruments as either assets or liabilities at fair value in the statement of financial position. Investments in forward contracts and commodity futures contracts are recorded in the Statements of Assets and Liabilities as “unrealized appreciation or depreciation on open forward contracts and futures contracts purchased and futures contracts sold.” Since the derivatives held or sold by the Fund are for speculative trading purposes, the derivative instruments are not designated as hedging instruments under the provisions of ASC 815. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open positions from the preceding period, are recognized as part of the Fund’s trading profits and losses in the Statements of Operations. | ||
| Superfund Capital Management believes futures and forward trading activity expressed as a percentage of net assets is indicative of trading activity. Information concerning the fair value of the Fund’s derivatives held long or sold short, as well as information related to the annual average volume of the Fund’s derivative activity, is as follows: |
Superfund Gold, L.P.
The fair value of the Fund’s derivatives by instrument type, as well as the location of those
instruments on the Statement of Assets and Liabilities, as of December 31, 2010, is as follows:
| Statement of Assets | Asset Derivatives | Liability | ||||||||||||||
| and Liabilities | at December 31, | Derivatives at | ||||||||||||||
| Type of Instrument | Location | 2010 | December 31, 2010 | Net | ||||||||||||
Foreign exchange contracts |
Unrealized appreciation on open forward contracts | $ | 224,585 | $ | — | $ | 224,585 | |||||||||
Foreign exchange contracts |
Unrealized depreciation on open forward contracts | — | (36,460 | ) | (36,460 | ) | ||||||||||
Futures contracts |
Futures contracts purchased | 2,832,921 | — | 2,832,921 | ||||||||||||
Futures contracts |
Futures contracts sold | — | (349,805 | ) | (349,805 | ) | ||||||||||
Totals |
$ | 3,057,506 | $ | (386,265 | ) | $ | 2,671,241 | |||||||||
The fair value of the Fund’s derivatives by instrument type, as well as the location of those
instruments on the Statement of Assets and Liabilities, as of December 31, 2009, is as follows:
| Statement of Assets | Asset Derivatives | Liability | ||||||||||||||
| and Liabilities | at December 31, | Derivatives at | ||||||||||||||
| Type of Instrument | Location | 2009 | December 31, 2009 | Net | ||||||||||||
Foreign exchange contracts |
Unrealized appreciation on open forward contracts | $ | 81,845 | $ | 81,845 | $ | 81,845 | |||||||||
Foreign exchange contracts |
Unrealized depreciation on open forward contracts | — | (154,871 | ) | (154,871 | ) | ||||||||||
Futures contracts |
Futures contracts purchased | — | (818,974 | ) | (818,974 | ) | ||||||||||
Futures contracts |
Futures contracts sold | — | (7,812 | ) | (7,812 | ) | ||||||||||
Totals |
$ | 81,845 | $ | (981,657 | ) | $ | (899,812 | ) | ||||||||
45
Table of Contents
Effects of Derivative Instruments on the Statement of Operations for the Year Ended December
31, 2010:
| Net Change in | ||||||||||
| Derivatives not | Unrealized Appreciation | |||||||||
| Designated as Hedging | Location of Gain (Loss) on | Net Realized Gain on | (Depreciation) on | |||||||
| Instruments under ASC | Derivatives Recognized in | Derivatives Recognized in | Derivatives Recognized | |||||||
| 815 | Income | Income | in Income | |||||||
Foreign exchange contracts |
Net realized and unrealized gain on futures and forward contracts | $ | 35,721 | $ | 261,151 | |||||
Futures contracts |
Net realized and unrealized gain on futures and forward contracts | 7,134,846 | 3,309,902 | |||||||
Total |
$ | 7,170,567 | $ | 3,571,053 | ||||||
Effects of Derivative Instruments on the Statement of Operations for the period from April 1, 2009
(commencement of operations), through December 31, 2009:
| Net Change in | ||||||||||
| Derivatives not | Unrealized Appreciation | |||||||||
| Designated as Hedging | Location of Gain (Loss) on | Net Realized Gain on | (Depreciation) on | |||||||
| Instruments under | Derivatives Recognized in | Derivatives Recognized in | Derivatives Recognized | |||||||
| ASC 815 | Income | Income | in Income | |||||||
Foreign exchange contracts |
Net realized and unrealized loss on futures and forward contracts | $ | (123,140 | ) | $ | (73,026 | ) | |||
Futures contracts |
Net realized and unrealized gain (loss) on futures and forward contracts | 1,731,610 | (826,786 | ) | ||||||
Total |
$ | 1,608,470 | $ | (899,812 | ) | |||||
Superfund Gold, L.P. gross and net unrealized gains and losses by long and short positions as of
December 31, 2010:
| As of December 31, 2010 | ||||||||||||||||||||||||||||||||||||
| Long Positions Gross Unrealized | Short Positions Gross Unrealized | |||||||||||||||||||||||||||||||||||
| % of | % of | % of | % of | Net Unrealized | ||||||||||||||||||||||||||||||||
| Net | Net | Net | Net | Gains on | ||||||||||||||||||||||||||||||||
| Gains | Assets | Losses | Assets | Gains | Assets | Losses | Assets | Open Positions | ||||||||||||||||||||||||||||
Foreign Exchange |
$ | 193,612 | 0.7 | $ | (14,156 | ) | (0.1 | ) | $ | 30,974 | 0.1 | (22,305 | ) | (0.1 | ) | $ | 188,125 | |||||||||||||||||||
Currency |
484,663 | 1.8 | — | — | 53,250 | 0.2 | (19,556 | ) | (0.1 | ) | 518,357 | |||||||||||||||||||||||||
Financial |
135,655 | 0.5 | (8,118 | ) | (0.0 | )* | 6,771 | 0.0 | * | (29,115 | ) | (0.1 | ) | 105,193 | ||||||||||||||||||||||
Food & Fiber |
195,205 | 0.7 | (955 | ) | (0.0 | )* | — | — | — | — | 194,250 | |||||||||||||||||||||||||
Indices |
207,408 | 0.8 | (93,343 | ) | (0.3 | ) | 23,963 | 0.1 | — | — | 138,028 | |||||||||||||||||||||||||
Metals |
1,715,408 | 6.4 | (6,245 | ) | (0.0 | )* | — | — | (354,138 | ) | (1.3 | ) | 1,355,025 | |||||||||||||||||||||||
Livestock |
92,610 | 0.3 | (150 | ) | (0.0 | )* | — | — | — | — | 92,460 | |||||||||||||||||||||||||
Energy |
134,619 | 0.5 | (23,836 | ) | (0.1 | ) | — | — | (30,980 | ) | (0.1 | ) | 79,803 | |||||||||||||||||||||||
Totals |
$ | 3,159,180 | 11.7 | $ | (146,803 | ) | (0.5 | ) | $ | 114,958 | 0.4 | $ | (456,094 | ) | (1.7 | ) | $ | 2,671,241 | ||||||||||||||||||
| * | Due to rounding |
46
Table of Contents
Superfund Gold, L.P. gross and net unrealized gains and losses by long and short positions as of
December 31, 2009:
| As of December 31, 2009 | ||||||||||||||||||||||||||||||||||||
| Long Positions Gross Unrealized | Short Positions Gross Unrealized | |||||||||||||||||||||||||||||||||||
| % of | % of | % of | % of | Net Unrealized | ||||||||||||||||||||||||||||||||
| Net | Net | Net | Net | Gains (Losses) on | ||||||||||||||||||||||||||||||||
| Gains | Assets | Losses | Assets | Gains | Assets | Losses | Assets | Open Positions | ||||||||||||||||||||||||||||
Foreign Exchange |
$ | 47,241 | 0.4 | $ | (99,908 | ) | (0.8 | ) | $ | 34,604 | 0.3 | $ | (54,963 | ) | (0.5 | ) | $ | (73,026 | ) | |||||||||||||||||
Currency |
31,920 | 0.3 | (128,606 | ) | (1.1 | ) | — | — | — | — | (96,686 | ) | ||||||||||||||||||||||||
Financial |
57,628 | 0.5 | (151,439 | ) | (1.2 | ) | 30,475 | 0.3 | (2,464 | ) | (0.0 | )* | (65,800 | ) | ||||||||||||||||||||||
Food & Fiber |
163,661 | 1.3 | (11,618 | ) | (0.1 | ) | 175 | 0.0 | * | (17,988 | ) | (0.1 | ) | 134,230 | ||||||||||||||||||||||
Indices |
261,964 | 2.2 | (4,929 | ) | (0.0 | )* | — | — | (3,170 | ) | (0.0 | )* | 253,865 | |||||||||||||||||||||||
Metals |
116,249 | 1.0 | (1,211,320 | ) | (10.0 | ) | — | — | — | — | (1,095,071 | ) | ||||||||||||||||||||||||
Livestock |
— | — | — | — | — | — | (9,190 | ) | (0.1 | ) | (9,190 | ) | ||||||||||||||||||||||||
Energy |
66,202 | 0.5 | (8,686 | ) | (0.1 | ) | — | — | (5,650 | ) | (0.0 | )* | 51,866 | |||||||||||||||||||||||
Totals |
$ | 744,865 | 6.2 | $ | (1,616,506 | ) | (13.3 | ) | $ | 65,254 | 0.6 | $ | (93,425 | ) | (0.7 | ) | $ | (899,812 | ) | |||||||||||||||||
| * | Due to rounding |
Superfund Gold, L.P. average* contract volume by market sector for the Year Ended December 31,
2010:
| Average Value | Average Value | Average Number | Average | |||||||||||||
| of Long | of Short | of Long | Number of Short | |||||||||||||
| Positions | Positions | Contracts | Contracts | |||||||||||||
Foreign Exchange |
$ | 336,671 | $ | 303,121 | 78 | 82 | ||||||||||
| Average Number | Average | |||||||||||||||
| of Long | Number of Short | |||||||||||||||
| Contracts | Contracts | |||||||||||||||
Currency |
576 | 84 | ||||||||||||||
Financial |
1,248 | 570 | ||||||||||||||
Food & Fiber |
147 | 74 | ||||||||||||||
Indices |
973 | 187 | ||||||||||||||
Metals |
413 | 44 | ||||||||||||||
Livestock |
43 | 11 | ||||||||||||||
Energy |
361 | 234 | ||||||||||||||
Totals |
3,839 | 1,286 | ||||||||||||||
| * | Based on quarterly holdings |
47
Table of Contents
Superfund Gold, L.P. average* contract volume by market sector for the period from April 1, 2009
(commencement of operations), through December 31, 2009:
| Average Value | Average Value | Average Number | Average | |||||||||||||
| of Long | of Short | of Long | Number of Short | |||||||||||||
| Positions | Positions | Contracts | Contracts | |||||||||||||
Foreign Exchange |
$ | 3,006 | $ | (29,509 | ) | 18 | 10 | |||||||||
| Average Number | Average | |||||||||||||||
| of Long | Number of Short | |||||||||||||||
| Contracts | Contracts | |||||||||||||||
Currency |
98 | 33 | ||||||||||||||
Financial |
463 | 22 | ||||||||||||||
Food & Fiber |
31 | 44 | ||||||||||||||
Indices |
75 | 19 | ||||||||||||||
Metals |
123 | 6 | ||||||||||||||
Livestock |
— | 19 | ||||||||||||||
Energy |
37 | 33 | ||||||||||||||
Totals |
845 | 186 | ||||||||||||||
| * | Based on quarterly holdings |
Superfund Gold, L.P. trading results by market sector:
| For the Year Ended December 31, 2010 | ||||||||||||
| Change in Net | ||||||||||||
| Net Realized | Unrealized | Net Trading | ||||||||||
| Gains (Losses) | Gains (Losses) | Gains (Losses) | ||||||||||
Foreign Exchange |
$ | 35,721 | $ | 261,151 | $ | 296,872 | ||||||
Currency |
691,570 | 615,043 | 1,306,613 | |||||||||
Financial |
2,099,722 | 170,993 | 2,270,715 | |||||||||
Food & Fiber |
24,772 | 60,020 | 84,792 | |||||||||
Indices |
578,673 | (115,837 | ) | 462,836 | ||||||||
Metals |
4,755,671 | 2,450,096 | 7,205,767 | |||||||||
Livestock |
(132,870 | ) | 101,650 | (31,220 | ) | |||||||
Energy |
(882,692 | ) | 27,937 | (854,755 | ) | |||||||
Total net trading gains |
$ | 7,170,567 | $ | 3,571,053 | $ | 10,741,620 | ||||||
| For the period from April 1, 2009 (commencement | ||||||||||||
| of operations), through December 31, 2009 | ||||||||||||
| Change in Net | ||||||||||||
| Net Realized | Unrealized | Net Trading | ||||||||||
| Gains (Losses) | Gains (Losses) | Gains (Losses) | ||||||||||
Foreign Exchange |
$ | (123,140 | ) | $ | (73,026 | ) | $ | (196,166 | ) | |||
Currency |
(569,192 | ) | (96,686 | ) | (655,878 | ) | ||||||
Financial |
114,855 | (65,800 | ) | 49,055 | ||||||||
Food & Fiber |
(105,277 | ) | 134,230 | 28,953 | ||||||||
Indices |
(375,648 | ) | 253,865 | (121,783 | ) | |||||||
Metals |
3,032,186 | (1,095,071 | ) | 1,937,115 | ||||||||
Livestock |
13,500 | (9,190 | ) | 4,310 | ||||||||
Energy |
(378,814 | ) | 51,866 | (326,948 | ) | |||||||
Total net trading gains (losses) |
$ | 1,608,470 | $ | (899,812 | ) | $ | 708,658 | |||||
48
Table of Contents
Superfund Gold, L.P. — Series A
The fair value of the Fund’s derivatives by instrument type, as well as the location of those
instruments on the Statement of Assets and Liabilities, as of December 31, 2010, is as follows:
| Statement of Assets and | Asset Derivatives at | Liability Derivatives | ||||||||||||
| Type of Instrument | Liabilities Location | December 31, 2010 | at December 31, 2010 | Net | ||||||||||
Foreign exchange contracts |
Unrealized appreciation on open forward contracts | $ | 95,755 | $ | — | $ | 95,755 | |||||||
Foreign exchange contracts |
Unrealized depreciation on open forward contracts | — | (13,857 | ) | (13,857 | ) | ||||||||
Futures contracts |
Futures contracts purchased | 1,271,946 | — | 1,271,946 | ||||||||||
Futures contracts |
Futures contracts sold | — | (143,844 | ) | (143,844 | ) | ||||||||
Totals |
$ | 1,367,701 | $ | (157,701 | ) | $ | 1,210,000 | |||||||
The fair value of the Fund’s derivatives by instrument type, as well as the location of those
instruments on the Statement of Assets and Liabilities, as of December 31, 2009, is as follows:
| Statement of Assets and | Asset Derivatives at | Liability Derivatives | ||||||||||||
| Type of Instrument | Liabilities Location | December 31, 2009 | at December 31, 2009 | Net | ||||||||||
Futures contracts |
Futures contracts purchased | $ | — | $ | (278,229 | ) | $ | (278,229 | ) | |||||
Futures contracts |
Futures contracts sold | — | (3,078 | ) | (3,078 | ) | ||||||||
Totals |
$ | — | $ | (281,307 | ) | $ | (281,307 | ) | ||||||
Effects of Derivative Instruments on the Statement of Operations for the Year Ended December 31,
2010:
| Net Change in | ||||||||||
| Derivatives not | Unrealized Appreciation | |||||||||
| Designated as Hedging | Location of Gain (Loss)on | Net Realized Gain on | (Depreciation) on | |||||||
| Instruments under | Derivatives Recognized in | Derivatives Recognized in | Derivatives Recognized | |||||||
| ASC 815 | Income | Income | in Income | |||||||
Foreign exchange contracts |
Net realized and unrealized gain on futures and forward contracts | $ | 164,227 | $ | 81,898 | |||||
Futures contracts |
Net realized and unrealized gain on futures and forward contracts | 3,209,398 | 1,409,409 | |||||||
Total |
$ | 3,373,625 | $ | 1,491,307 | ||||||
49
Table of Contents
Effects of Derivative Instruments on the Statement of Operations for the period from April 1, 2009
(commencement of operations), through December 31, 2009:
| Net Change in | ||||||||||
| Derivatives not | Unrealized Appreciation | |||||||||
| Designated as Hedging | Location of Gain (Loss) on | Net Realized Gain on | (Depreciation) on | |||||||
| Instruments under | Derivatives Recognized in | Derivatives Recognized in | Derivatives Recognized | |||||||
| ASC 815 | Income | Income | in Income | |||||||
Foreign exchange contracts |
Net realized and unrealized gain on futures and forward contracts | $ | 866 | $ | 0 | |||||
Futures contracts |
Net realized and unrealized gain on futures and forward contracts | 694,820 | (281,307 | ) | ||||||
Total |
$ | 695,686 | $ | (281,307 | ) | |||||
Superfund Gold, L.P. — Series A gross and net unrealized gains and losses by long and short
positions as of December 31, 2010:
| As of December 31, 2010 | ||||||||||||||||||||||||||||||||||||
| Long Positions Gross Unrealized | Short Positions Gross Unrealized | |||||||||||||||||||||||||||||||||||
| % of | % of | % of | % of | Net Unrealized | ||||||||||||||||||||||||||||||||
| Net | Net | Net | Net | Gains on | ||||||||||||||||||||||||||||||||
| Gains | Assets | Losses | Assets | Gains | Assets | Losses | Assets | Open Positions | ||||||||||||||||||||||||||||
Foreign Exchange |
$ | 84,142 | 0.6 | $ | (4,472 | ) | (0.0 | )* | $ | 11,613 | 0.1 | $ | (9,385 | ) | (0.1 | ) | $ | 81,898 | ||||||||||||||||||
Currency |
208,888 | 1.5 | — | — | 22,631 | 0.2 | (8,381 | ) | (0.1 | ) | 223,138 | |||||||||||||||||||||||||
Financial |
58,501 | 0.4 | (3,435 | ) | (0.0 | )* | 1,766 | 0.0 | * | (12,373 | ) | (0.1 | ) | 44,459 | ||||||||||||||||||||||
Food & Fiber |
82,217 | 0.6 | (436 | ) | (0.0 | )* | — | — | — | — | 81,781 | |||||||||||||||||||||||||
Indices |
84,851 | 0.7 | (38,227 | ) | (0.3 | ) | 9,628 | 0.1 | — | — | 56,252 | |||||||||||||||||||||||||
Metals |
797,284 | 5.8 | (2,926 | ) | (0.0 | )* | — | — | (144,925 | ) | (1.1 | ) | 649,433 | |||||||||||||||||||||||
Livestock |
41,020 | 0.3 | (50 | ) | (0.0 | )* | — | — | — | — | 40,970 | |||||||||||||||||||||||||
Energy |
54,905 | 0.4 | (10,646 | ) | (0.1 | ) | — | — | (12,190 | ) | (0.1 | ) | 32,069 | |||||||||||||||||||||||
Totals |
$ | 1,411,808 | 10.3 | $ | (60,192 | ) | (0.4 | ) | $ | 45,638 | 0.4 | $ | (187,254 | ) | (1.5 | ) | $ | 1,210,000 | ||||||||||||||||||
| * | Due to rounding |
Superfund Gold, L.P. — Series A gross and net unrealized gains and losses by long and short
positions as of December 31, 2009:
| As of December 31, 2009 | ||||||||||||||||||||||||||||||||||||
| Long Positions Gross Unrealized | Short Positions Gross Unrealized | |||||||||||||||||||||||||||||||||||
| % of | % of | % of | % of | Net Unrealized | ||||||||||||||||||||||||||||||||
| Net | Net | Net | Net | Gains (Losses) on | ||||||||||||||||||||||||||||||||
| Gains | Assets | Losses | Assets | Gains | Assets | Losses | Assets | Open Positions | ||||||||||||||||||||||||||||
Currency |
$ | 4,040 | 0.1 | $ | (19,137 | ) | (0.6 | ) | $ | — | — | $ | — | — | $ | (15,097 | ) | |||||||||||||||||||
Financial |
9,669 | 0.3 | (18,442 | ) | (0.5 | ) | 1,048 | 0.0 | * | (203 | ) | (0.0 | )* | (7,928 | ) | |||||||||||||||||||||
Food & Fiber |
18,003 | 0.5 | — | — | — | — | (2,063 | ) | (0.1 | ) | 15,940 | |||||||||||||||||||||||||
Indices |
15,844 | 0.5 | — | — | — | — | — | — | 15,844 | |||||||||||||||||||||||||||
Metals |
— | — | (286,870 | ) | (8.4 | ) | — | — | — | — | (286,870 | ) | ||||||||||||||||||||||||
Livestock |
— | — | — | — | — | — | (1,080 | ) | (0.0 | )* | (1,080 | ) | ||||||||||||||||||||||||
Energy |
— | — | (1,336 | ) | (0.0 | )* | — | — | (780 | ) | (0.0 | )* | (2,116 | ) | ||||||||||||||||||||||
Totals |
$ | 47,556 | 1.4 | $ | (325,785 | ) | (9.5 | ) | $ | 1,048 | 0.0 | * | $ | (4,126 | ) | (0.4 | ) | $ | (281,307 | ) | ||||||||||||||||
| * | Due to rounding |
50
Table of Contents
Series A average* contract volume by market sector for the Year Ended December 31, 2010:
| Average Value | Average Value | Average Number | Average | |||||||||||||
| of Long | of Short | of Long | Number of Short | |||||||||||||
| Positions | Positions | Contracts | Contracts | |||||||||||||
Foreign Exchange |
$ | 82,174 | $ | 46,696 | 24 | 23 | ||||||||||
| Average Number | Average | |||||||||||||||
| of Long | Number of Short | |||||||||||||||
| Contracts | Contracts | |||||||||||||||
Currency |
184 | 27 | ||||||||||||||
Financial |
366 | 186 | ||||||||||||||
Food & Fiber |
41 | 23 | ||||||||||||||
Indices |
285 | 54 | ||||||||||||||
Metals |
127 | 12 | ||||||||||||||
Livestock |
13 | 3 | ||||||||||||||
Energy |
100 | 81 | ||||||||||||||
Totals |
1,140 | 409 | ||||||||||||||
| * | Based on quarterly holdings |
Series A average* contract volume by market sector for the period from April 1, 2009 (commencement
of operations), through December 31, 2009:
| Average Number | Average | |||||||
| of Long | Number of Short | |||||||
| Contracts | Contracts | |||||||
Currency |
11 | 3 | ||||||
Financial |
51 | 3 | ||||||
Food & Fiber |
2 | 2 | ||||||
Indices |
6 | 1 | ||||||
Metals |
19 | — | ||||||
Livestock |
— | 1 | ||||||
Energy |
1 | — | ||||||
Totals |
90 | 10 | ||||||
| * | Based on quarterly holdings |
Series A trading results by market sector:
| For the Year Ended December 31, 2010 | ||||||||||||
| Change in Net | ||||||||||||
| Net Realized | Unrealized | Net Trading | ||||||||||
| Gains (Losses) | Gains | Gains (Losses) | ||||||||||
Foreign Exchange |
$ | 164,227 | $ | 81,898 | $ | 246,125 | ||||||
Currency |
379,999 | 238,235 | 618,234 | |||||||||
Financial |
563,890 | 52,387 | 616,277 | |||||||||
Food & Fiber |
17,166 | 65,841 | 83,007 | |||||||||
Indices |
284,057 | 40,408 | 324,465 | |||||||||
Metals |
2,300,929 | 936,303 | 3,237,232 | |||||||||
Livestock |
(36,170 | ) | 42,050 | 5,880 | ||||||||
Energy |
(300,473 | ) | 34,185 | (266,288 | ) | |||||||
Total net trading gains |
$ | 3,373,625 | $ | 1,491,307 | $ | 4,864,932 | ||||||
51
Table of Contents
| For the period from April 1, 2009 (commencement of | ||||||||||||
| operations), through December 31, 2009 | ||||||||||||
| Change in Net | ||||||||||||
| Net Realized | Unrealized | Net Trading | ||||||||||
| Gains (Losses) | Gains (Losses) | Gains (Losses) | ||||||||||
Foreign Exchange |
$ | 866 | $ | — | $ | 866 | ||||||
Currency |
(60,537 | ) | (15,097 | ) | (75,634 | ) | ||||||
Financial |
3,784 | (7,928 | ) | (4,144 | ) | |||||||
Food & Fiber |
(1,397 | ) | 15,940 | 14,543 | ||||||||
Indices |
(2,096 | ) | 15,844 | 13,748 | ||||||||
Metals |
751,476 | (286,870 | ) | 464,606 | ||||||||
Livestock |
650 | (1,080 | ) | (430 | ) | |||||||
Energy |
2,940 | (2,116 | ) | 824 | ||||||||
Total net trading gains (losses) |
$ | 695,686 | $ | (281,307 | ) | $ | 414,379 | |||||
Superfund Gold, L.P. — Series B
The fair value of the Fund’s derivatives by instrument type, as well as the location of those
instruments on the Statement of Assets and Liabilities, as of December 31, 2010, is as follows:
| Statement of Assets and | Asset Derivatives at | Liability Derivatives | ||||||||||||||
| Type of Instrument | Liabilities Location | December 31, 2010 | at December 31, 2010 | Net | ||||||||||||
Foreign exchange contracts |
Unrealized appreciation on open forward contracts | $ | 128,830 | $ | — | $ | 128,830 | |||||||||
Foreign exchange contracts |
Unrealized depreciation on open forward contracts | — | (22,603 | ) | (22,603 | ) | ||||||||||
Futures contracts |
Futures contracts purchased | 1,560,975 | — | 1,560,975 | ||||||||||||
Futures contracts |
Futures contracts sold | — | (205,961 | ) | (205,961 | ) | ||||||||||
Totals |
$ | 1,689,805 | $ | (228,564 | ) | $ | 1,461,241 | |||||||||
The fair value of the Fund’s derivatives by instrument type, as well as the location of those
instruments on the Statement of Assets and Liabilities, as of December 31, 2009, is as follows:
| Statement of Assets and | Asset Derivatives at | Liability Derivatives | ||||||||||||||
| Type of Instrument | Liabilities Location | December 31,2009 | at December 31, 2009 | Net | ||||||||||||
Foreign exchange contracts |
Unrealized appreciation on open forward contracts | $ | 81,845 | $ | — | $ | 81,845 | |||||||||
Foreign exchange contracts |
Unrealized depreciation on open forward contracts | — | (154,871 | ) | (154,871 | ) | ||||||||||
Futures contracts |
Futures contracts purchased | — | (540,745 | ) | (540,745 | ) | ||||||||||
Futures contracts |
Futures contracts sold | — | (4,734 | ) | (4,734 | ) | ||||||||||
Totals |
$ | 81,845 | $ | (700,350 | ) | $ | (618,505 | ) | ||||||||
52
Table of Contents
Effects of Derivative Instruments on the Statement of Operations for the Year Ended December 31,
2010:
| Net Change in Unrealized | ||||||||||
| Derivatives not | Appreciation | |||||||||
| Designated as Hedging | Location of Gain (Loss) on | Net Realized Gain (Loss) | (Depreciation) on | |||||||
| Instruments under ASC | Derivatives Recognized in | on Derivatives Recognized in | Derivatives Recognized | |||||||
| 815 | Income | Income | in Income | |||||||
Foreign Exchange contracts |
Net realized and unrealized gain on futures and forward contracts | $ | (128,506 | ) | $ | 179,253 | ||||
Futures contracts |
Net realized and unrealized gain on futures and forward contracts | 3,925,448 | 1,900,493 | |||||||
Total |
$ | 3,796,942 | $ | 2,079,746 | ||||||
Effects of Derivative Instruments on the Statement of Operations for the period from April 1, 2009
(commencement of operations), through December 31, 2009:
| Net Change in Unrealized | ||||||||||||
| Derivatives not | Appreciation | |||||||||||
| Designated as Hedging | Location of Gain (Loss) on | Net Realized Gain (Loss) | (Depreciation) on | |||||||||
| Instruments under ASC | Derivatives Recognized in | on Derivatives Recognized in | Derivatives Recognized in | |||||||||
| 815 | Income | Income | Income | |||||||||
Foreign Exchange contracts |
Net realized and unrealized gain on futures and forward contracts | $ | (124,006 | ) | $ | (73,026 | ) | |||||
Futures contracts |
Net realized and unrealized gain on futures and forward contracts | 1,036,790 | (545,479 | ) | ||||||||
Total |
$ | 912,784 | $ | (618,505 | ) | |||||||
Superfund Gold, L.P. — Series B gross and net unrealized gains and losses by long and short
positions as of December 31, 2010:
| As of December 31, 2010 | |||||||||||||||||||||||||||||||||||||
| Long Positions Gross Unrealized | Short Positions Gross Unrealized | ||||||||||||||||||||||||||||||||||||
| % of | % of | % of | % of | Net Unrealized | |||||||||||||||||||||||||||||||||
| Net | Net | Net | Net | Gains on | |||||||||||||||||||||||||||||||||
| Gains | Assets | Losses | Assets | Gains | Assets | Losses | Assets | Open Positions | |||||||||||||||||||||||||||||
Foreign Exchange |
$ | 109,470 | 0.9 | $ | (9,684 | ) | (0.1 | ) | $ | 19,361 | 0.1 | $ | (12,920 | ) | (0.1 | ) | $ | 106,227 | |||||||||||||||||||
Currency |
275,775 | 2.1 | — | — | 30,619 | 0.3 | (11,175 | ) | (0.1 | ) | 295,219 | ||||||||||||||||||||||||||
Financial |
77,154 | 0.6 | (4,683 | ) | (0.0) | * | 5,005 | 0.0 | * | (16,742 | ) | (0.1 | ) | 60,734 | |||||||||||||||||||||||
Food & Fiber |
112,988 | 0.9 | (519 | ) | (0.0) | * | — | — | — | — | 112,469 | ||||||||||||||||||||||||||
Indices |
122,557 | 0.9 | (55,116 | ) | (0.4 | ) | 14,335 | 0.1 | — | — | 81,776 | ||||||||||||||||||||||||||
Metals |
918,124 | 7.1 | (3,319 | ) | (0.0) | * | — | — | (209,213 | ) | (1.6 | ) | 705,592 | ||||||||||||||||||||||||
Livestock |
51,590 | 0.4 | (100 | ) | (0.0) | * | — | — | — | — | 51,490 | ||||||||||||||||||||||||||
Energy |
79,714 | 0.6 | (13,190 | ) | (0.1 | ) | — | — | (18,790 | ) | (0.1 | ) | 47,734 | ||||||||||||||||||||||||
Totals |
$ | 1,747,372 | 13.5 | $ | (86,611 | ) | (0.6 | ) | $ | 69,320 | 0.5 | $ | (268,840 | ) | (2.0 | ) | $ | 1,461,241 | |||||||||||||||||||
| * | Due to rounding |
53
Table of Contents
| Superfund Gold, L.P. — Series B gross and net unrealized gains and losses by long and short positions as of December 31, 2009: | ||
| As of December 31, 2009 | ||||||||||||||||||||||||||||||||||||
| Long Positions Gross Unrealized | Short Positions Gross Unrealized | |||||||||||||||||||||||||||||||||||
| % of | % of | % of | % of | Net Unrealized | ||||||||||||||||||||||||||||||||
| Net | Net | Net | Net | Gains (Losses) on | ||||||||||||||||||||||||||||||||
| Gains | Assets | Losses | Assets | Gains | Assets | Losses | Assets | Open Positions | ||||||||||||||||||||||||||||
Foreign Exchange |
$ | 47,241 | 0.5 | $ | (99,908 | ) | (1.1 | ) | $ | 34,604 | 0.4 | $ | (54,963 | ) | (0.6 | ) | $ | (73,026 | ) | |||||||||||||||||
Currency |
27,880 | 0.3 | (109,469 | ) | (1.3 | ) | — | — | — | — | (81,589 | ) | ||||||||||||||||||||||||
Financial |
47,959 | 0.6 | (132,997 | ) | (1.5 | ) | 29,427 | 0.3 | (2,261 | ) | (0.0) | * | (57,872 | ) | ||||||||||||||||||||||
Food & Fiber |
145,658 | 1.7 | (11,618 | ) | (0.1 | ) | 175 | 0.0 | * | (15,925 | ) | (0.2 | ) | 118,290 | ||||||||||||||||||||||
Indices |
246,120 | 2.8 | (4,929 | ) | (0.3 | ) | — | — | (3,170 | ) | (0.0) | * | 238,021 | |||||||||||||||||||||||
Metals |
116,249 | 1.3 | (924,450 | ) | (10.6 | ) | — | — | — | — | (808,201 | ) | ||||||||||||||||||||||||
Livestock |
— | — | — | — | — | — | (8,110 | ) | (0.1 | ) | (8,110 | ) | ||||||||||||||||||||||||
Energy |
66,202 | 0.8 | (7,350 | ) | (0.1 | ) | — | — | (4,870 | ) | (0.1 | ) | 53,982 | |||||||||||||||||||||||
Totals |
$ | 697,309 | 8.0 | $ | (1,290,721 | ) | (14.8 | ) | $ | 64,206 | 0.7 | $ | (89,299 | ) | (1.0 | ) | $ | (618,505 | ) | |||||||||||||||||
| * | Due to rounding |
Series B average* contract volume by market sector for Year Ended December 31, 2010:
| Average Value | Average Value | Average Number | Average | |||||||||||||
| of Long | of Short | of Long | Number of Short | |||||||||||||
| Positions | Positions | Contracts | Contracts | |||||||||||||
Foreign Exchange |
$ | 254,497 | $ | 256,425 | 54 | 59 | ||||||||||
| Average Number | Average | |||||||||||||||
| of Long | Number of Short | |||||||||||||||
| Contracts | Contracts | |||||||||||||||
Currency |
392 | 57 | ||||||||||||||
Financial |
882 | 384 | ||||||||||||||
Food & Fiber |
106 | 51 | ||||||||||||||
Indices |
688 | 133 | ||||||||||||||
Metals |
286 | 32 | ||||||||||||||
Livestock |
30 | 8 | ||||||||||||||
Energy |
261 | 153 | ||||||||||||||
Totals |
2,699 | 877 | ||||||||||||||
| * | Based on quarterly holdings |
54
Table of Contents
| Series B average* contract volume by market sector for the period from April 1, 2009 (commencement of operations), through December 31, 2009: | ||
| Average Value | Average Value | Average Number | Average | |||||||||||||
| of Long | of Short | of Long | Number of Short | |||||||||||||
| Positions | Positions | Contracts | Contracts | |||||||||||||
Foreign Exchange |
$ | 3,006 | $ | (29,509 | ) | 18 | 10 | |||||||||
| Average Number | Average | |||||||||||||||
| of Long | Number of Short | |||||||||||||||
| Contracts | Contracts | |||||||||||||||
Currency |
86 | 30 | ||||||||||||||
Financial |
412 | 20 | ||||||||||||||
Food & Fiber |
29 | 41 | ||||||||||||||
Indices |
69 | 19 | ||||||||||||||
Metals |
104 | 6 | ||||||||||||||
Livestock |
— | 18 | ||||||||||||||
Energy |
36 | 32 | ||||||||||||||
Totals |
754 | 176 | ||||||||||||||
| * | Based on quarterly holdings |
Series B trading results by market sector
| For the Year Ended December 31, 2010 | ||||||||||||
| Change in Net | ||||||||||||
| Net Realized | Unrealized | Net Trading | ||||||||||
| Gains (Losses) | Gains (Losses) | Gains (Losses) | ||||||||||
Foreign Exchange |
$ | (128,506 | ) | $ | 179,253 | $ | 50,747 | |||||
Currency |
311,571 | 376,808 | 688,379 | |||||||||
Financial |
1,535,832 | 118,606 | 1,654,438 | |||||||||
Food & Fiber |
7,606 | (5,821 | ) | 1,785 | ||||||||
Indices |
294,616 | (156,245 | ) | 138,371 | ||||||||
Metals |
2,454,742 | 1,513,793 | 3,968,535 | |||||||||
Livestock |
(96,700 | ) | 59,600 | (37,100 | ) | |||||||
Energy |
(582,219 | ) | (6,248 | ) | (588,467 | ) | ||||||
Total net trading gains |
$ | 3,796,942 | $ | 2,079,746 | $ | 5,876,688 | ||||||
| For the period from April 1, 2009 (commencement of operations), | ||||||||||||
| through December 31, 2009 | ||||||||||||
| Change in Net | ||||||||||||
| Net Realized | Unrealized | Net Trading | ||||||||||
| Gains (Losses) | Gains (Losses) | Gains (Losses) | ||||||||||
Foreign Exchange |
$ | (124,006 | ) | $ | (73,026 | ) | $ | (197,032 | ) | |||
Currency |
(508,655 | ) | (81,589 | ) | (590,244 | ) | ||||||
Financial |
111,071 | (57,872 | ) | 53,199 | ||||||||
Food & Fiber |
(103,880 | ) | 118,290 | 14,410 | ||||||||
Indices |
(373,552 | ) | 238,021 | (135,531 | ) | |||||||
Metals |
2,280,710 | (808,201 | ) | 1,472,509 | ||||||||
Livestock |
12,850 | (8,110 | ) | 4,740 | ||||||||
Energy |
(381,754 | ) | 53,982 | (327,772 | ) | |||||||
Total net trading gains (losses) |
$ | 912,784 | $ | (618,505 | ) | $ | 294,279 | |||||
| (4) | Due from/to Brokers | |
| Due from brokers consist of proceeds from securities sold. Amounts due from brokers may be restricted to the extent that they serve as deposits for securities sold short. Amounts due to brokers represent margin borrowings that are collateralized by certain securities. As of December 31, 2010, there were no amounts due to brokers. | ||
| In the normal course of business, all of the Fund’s marketable securities transactions, money balances and marketable security positions are transacted with brokers. The Fund is subject to credit risk to the extent any broker with whom it conducts |
55
Table of Contents
| business is unable to fulfill contractual obligations on its behalf. Superfund Capital Management monitors the financial condition of such brokers and does not anticipate any losses from these counterparties. |
| (5) | Allocation of Net Profits and Losses | |
| In accordance with the Second Amended and Restated Limited Partnership Agreement (the “Limited Partnership Agreement”), net profits and losses of the Fund are allocated to partners according to their respective interests in the Fund as of the beginning of each month. | ||
| Subscriptions received in advance, if any, represent cash received prior to December 31 for contributions of the subsequent month and do not participate in the earnings of the Fund until the following January. | ||
| (6) | Related Party Transactions | |
| Superfund Capital Management shall be paid a management fee equal to one-twelfth of 2.25% of month-end net assets (2.25% per annum) and operating and ongoing offering expenses equal to one-twelfth of 0.75% of month-end net assets (0.75% per annum) when considered together, not to exceed the amount of actual expenses incurred. Superfund Capital Management will also be paid a monthly performance/incentive fee equal to 25% of the new appreciation without respect to interest income or any changes in net asset due to changes in value of the Fund’ dollar for dollar gold position. Trading losses will be carried forward and no further performance/incentive fee may be paid until the prior losses have been recovered. In addition, Superfund Asset Management Inc., an affiliate of Superfund Capital Management, serves as the introducing broker for the Fund’s futures transactions and receives a portion of the brokerage commissions paid by the Fund in connection with its futures trading. Superfund USA, Inc., an entity related to Superfund Capital Management by common ownership (“Superfund USA”), shall be paid selling commissions equal to 2% of the month-end net asset value per Series A-1 Unit and Series B-1 Unit (one-twelfth of 2% per month). These amounts are included under “Selling commission” in the Statements of Operations. However, the maximum cumulative selling commission per Unit is limited to 10% of the gross offering proceeds of such Unit. | ||
| Superfund Capital Management will also be paid a monthly performance/incentive fee equal to 25% of the new appreciation without respect to interest income. Trading losses will be carried forward and no further performance/incentive fee may be paid until the prior losses have been recovered. | ||
| As of December 31, 2010, Superfund Capital Management owned 514.919 Units of Series A, representing 5.86% of the total issued Units of Series A, and 434.257 Units of Series B, representing 4.46% of the total issued Units of Series B, having a combined value of $1,393,474. | ||
| (7) | Financial Highlights |
Financial highlights for year ended December 31, 2010, are as follows:
| SERIES A-1 | SERIES A-2 | |||||||
Total return |
||||||||
Total return before incentive fees |
52.0 | % | 54.9 | % | ||||
Incentive fees |
(3.8 | )% | (4.5 | )% | ||||
Total return after incentive fees |
48.2 | % | 50.4 | % | ||||
Ratio to average partners’ capital |
||||||||
Operating expenses before incentive fees |
7.2 | % | 5.1 | % | ||||
Incentive fees |
4.4 | % | 4.9 | % | ||||
Total expenses |
11.6 | % | 10.0 | % | ||||
Net investment loss |
(7.0 | )% | (5.0 | )% | ||||
Net asset value per unit, beginning of period |
$ | 1,056.90 | $ | 1,111.40 | ||||
Net investment loss |
(142.77 | ) | (132.16 | ) | ||||
Net gain on investments |
652.52 | 691.76 | ||||||
Net asset value per unit, end of period |
$ | 1,566.65 | $ | 1,671.00 | ||||
Other per Unit information: |
||||||||
Net increase in net assets from operations per Unit (based upon weighted average Number of Units during period) |
$ | 586.87 | $ | 638.10 | ||||
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit) |
$ | 509.75 | $ | 559.60 | ||||
56
Table of Contents
Financial highlights for the year ended December 31, 2010, are as follows:
| SERIES B-1 | SERIES B-2 | |||||||
Total return |
||||||||
Total return before incentive fees |
56.7 | % | 59.9 | % | ||||
Incentive fees |
(2.0 | )% | (3.2 | )% | ||||
Total return after incentive fees |
54.7 | % | 56.7 | % | ||||
Ratio to average partners’ capital |
||||||||
Operating expenses before incentive fees |
8.2 | % | 6.2 | % | ||||
Incentive fees |
1.6 | % | 3.1 | % | ||||
Total expenses |
9.8 | % | 9.3 | % | ||||
Net investment loss |
(8.2 | )% | (6.1 | )% | ||||
Net asset value per unit, beginning of period |
$ | 873.68 | $ | 886.92 | ||||
Net investment loss |
(95.99 | ) | (95.19 | ) | ||||
Net gain on investments |
573.52 | 598.07 | ||||||
Net asset value per unit, end of period |
$ | 1,351.21 | $ | 1,389.80 | ||||
Other per Unit information: |
||||||||
Net increase in net assets from operations per Unit (based upon weighted average Number of Units during period) |
$ | 456.22 | $ | 547.21 | ||||
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit) |
$ | 477.53 | $ | 502.88 | ||||
57
Table of Contents
Financial highlights for the period April 1, 2009 (commencement of operations), through December
31, 2009, are as follows:
| SERIES A-1 | SERIES A-2 | |||||||
Total return |
||||||||
Total return before incentive fees |
17.6 | % | 26.1 | % | ||||
Incentive fees |
(2.7 | )% | (5.2 | )% | ||||
Total return after incentive fees |
14.9 | % | 20.9 | % | ||||
Ratio to average partners’ capital |
||||||||
Operating expenses before incentive fees* |
6.5 | % | 5.0 | % | ||||
Incentive fees |
2.5 | % | 4.3 | % | ||||
Total expenses |
9.0 | % | 9.3 | % | ||||
Net investment loss |
(6.4 | )% | (4.9 | )% | ||||
Net asset value per unit, beginning of period |
$ | 919.50 | $ | 919.50 | ||||
Net investment loss |
(73.02 | ) | (85.14 | ) | ||||
Net gain on investments |
210.42 | 277.04 | ||||||
Net asset value per unit, end of period |
$ | 1,056.90 | $ | 1,111.40 | ||||
Other per Unit information: |
||||||||
Net increase in net assets from operations per Unit (based upon weighted average Number of Units during period) |
$ | 128.07 | $ | 154.06 | ||||
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit) |
$ | 137.40 | $ | 191.90 | ||||
| * | Annualized for periods less than a year |
Financial highlights for the period April 1, 2009 (commencement of operations), through December
31, 2009, are as follows:
| SERIES B-1 | SERIES B-2 | |||||||
Total return |
||||||||
Total return before incentive fees |
(5.0 | )% | (3.5 | )% | ||||
Incentive fees |
0.0 | % | 0.0 | % | ||||
Total return after incentive fees |
(5.0 | )% | (3.5 | )% | ||||
Ratio to average partners’ capital |
||||||||
Operating expenses before incentive fees* |
9.2 | % | 6.7 | % | ||||
Incentive fees |
0.0 | % | 0.0 | % | ||||
Total expenses |
9.2 | % | 6.7 | % | ||||
Net investment loss |
(9.1 | )% | (6.6 | )% | ||||
Net asset value per unit, beginning of period |
$ | 919.50 | $ | 919.50 | ||||
Net investment loss |
(61.09 | ) | (45.00 | ) | ||||
Net gain on investments |
15.27 | 12.42 | ||||||
Net asset value per unit, end of period |
$ | 873.68 | $ | 886.92 | ||||
Other per Unit information: |
||||||||
Net increase (decrease) in net assets from operations per Unit (based upon
weighted average Number of Units during period) |
$ | (14.49 | ) | $ | 1.06 | |||
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit) |
$ | (45.82 | ) | $ | (32.58 | ) | ||
| * | Annualized for periods less than a year. |
58
Table of Contents
| (8) | Financial Instrument Risk | |
| In the normal course of its business, the Fund is party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss. These financial instruments may include forwards, futures and options, whose values are based upon an underlying asset, index or reference rate, and generally represent future commitments to exchange currencies or cash flows, to purchase or sell other financial instruments at specific terms at specific future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange or OTC. Exchange traded instruments are standardized and include futures and certain option contracts. OTC contracts are negotiated between contracting parties and include forwards and certain options. Each of these instruments is subject to various risks similar to those related to the underlying financial instruments including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange traded instruments because of the greater risk of default by the counterparty to an OTC contract. | ||
| For the Fund, gross unrealized gains and losses related to exchange traded futures were $3,049,552 and $566,436, respectively, and gross unrealized gains and losses related to non-exchange traded forwards were $224,586 and $36,461, respectively, at December 31, 2010. | ||
| For Series A, gross unrealized gains and losses related to exchange traded futures were $1,361,691 and $233,589, respectively, and gross unrealized gains and losses related to non-exchange traded forwards were $95,755 and $13,857, respectively, at December 31, 2010. | ||
| For Series B, gross unrealized gains and losses related to exchange traded futures were $1,687,861 and $332,847, respectively, and gross unrealized gains and losses related to non-exchange traded forwards were $128,831 and $22,604, respectively, at December 31, 2010. | ||
| Market risk is the potential for changes in the value of the financial instruments traded by the Fund due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity prices. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interest positions at the same time, and Superfund Capital Management is unable to offset such positions, the Fund could experience substantial losses. | ||
| Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transactions. The Fund’s risk of loss in the event of counterparty default is typically limited to the amounts recognized in the statements of assets and liabilities and not represented by the contract or notional amounts of the instruments. As the Fund’s assets are held in segregated accounts with futures commission merchants, the Fund has credit risk and concentration risk. The Fund’s futures commission merchants are currently ADM Investor Services, Inc., Barclays Capital Inc., MF Global Inc. and Rosenthal Collins Group, L.L.C. |
59
Table of Contents
| Superfund Capital Management monitors and controls the Fund’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Fund is subject. These monitoring systems allow Superfund Capital Management to statistically analyze actual trading results with risk adjusted performance indicators and correlation statistics. In addition, on-line monitoring systems provide account analysis of futures and forward positions by sector, margin requirements, gain and loss transactions, and collateral positions. |
| The majority of these instruments mature within one year of December 31, 2010. However, due to the nature of the Fund’s business, these instruments may not be held to maturity. | ||
| (9) | Subscriptions and Redemptions | |
| Investors must submit subscriptions at least five business days prior to the applicable month-end closing date and they will be accepted once payments are received and cleared. All subscription funds are required to be promptly transmitted to the escrow agent, HSBC Bank USA. Subscriptions must be accepted or rejected by Superfund Capital Management within five business days of receipt, and the settlement date for the deposit of subscription funds in escrow must be within five business days of acceptance. No fees or costs will be assessed on any subscription while held in escrow, irrespective of whether the subscription is accepted or the subscription funds are returned. | ||
| A limited partner of a Series (“Limited Partner”) may request any or all of his investment in such Series be redeemed by such Series at the net asset value of a Unit within such Series as of the end of each month, subject to a minimum redemption of $1,000 and subject further to such Limited Partner having an investment in such Series, after giving effect to the requested redemption, at least equal to the minimum initial investment amount of $5,000. Limited Partners must transmit a written request of such withdrawal to Superfund Capital Management not less than five business days prior to the end of the month (or such shorter period as permitted by Superfund Capital Management) as of which redemption is to be effective. Redemptions will generally be paid within twenty days after the date of redemption. However, in special circumstances, including, but not limited to, inability to liquidate dealers’ positions as of a redemption date or default or delay in payments due to each Series from clearing brokers, banks or other persons or entities, each Series may in turn delay payment to persons requesting redemption of the proportionate part of the net assets of each Series represented by the sums that are the subject of such default or delay. In the event that the estimated net asset value per Unit of a Series, or sub-Series thereof, after adjustments for distributions, as of the close of business on any business day is less than 50% of the net asset value per Unit of such Series, or sub-Series thereof, as of the most recent month-end, a special redemption period shall be established. In the event of a special redemption, Superfund Capital Management shall notify Limited Partners within such Series within seven business days thereafter and shall liquidate all open positions with respect to such Series as expeditiously as possible and suspend trading. Within ten business days after the date of suspension of trading, Superfund Capital Management shall declare a date (a “Special Redemption Date”) with respect to such Series. Such Special Redemption Date shall be a business day within 30 business days from the date of suspension of trading by such Series, and Superfund Capital Management shall mail notice of such date to each Limited Partner of such Series and assignee of Units within such Series of whom it has received written notice, by first-class mail, postage prepaid, not later than ten business days prior to such Special Redemption Date, together with instructions as to the procedure such Limited Partner or assignee must follow to have his interest in such Series redeemed on such date (only entire, not partial, interests may be so redeemed unless otherwise determined by Superfund Capital Management). Upon redemption pursuant to a Special Redemption Date, a Limited Partner or any other assignee of whom the General Partner has received written notice as described above, shall receive from the applicable Series an amount equal to the Net Asset Value of his interest in such Series, determined as of the close of business (as determined by the General Partner) on such Special Redemption Date. The details of the special redemption are set forth in Section 12 of the Limited Partnership Agreement. | ||
| (10) | Subsequent events | |
| Superfund Capital Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements. |
60
Table of Contents
SIGNATURES
Pursuant to the requirements of Section 13 or Section 15(d) of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized on March 31, 2011.
| SUPERFUND GOLD, L.P. (Registrant) |
||||
| By: | SUPERFUND CAPITAL MANAGEMENT, INC. | |||
| General Partner | ||||
| By: | /s/ Nigel James | |||
| Nigel James | ||||
| President | ||||
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been
signed below by the following persons on behalf of Superfund Capital Management, the general
partner of the registrant, and in the capacities and on the dates indicated.
| Title with | ||||
| Signature | Superfund Capital Management | Date | ||
/s/ Nigel James
|
President (Principal Executive Officer) |
March 31, 2011 | ||
/s/ Martin Schneider
|
Vice President and Director (Principal Financial Officer) |
March 31, 2011 |
(Being the principal executive officer and the principal financial officer, and a majority of
the board of directors of Superfund Capital Management)
61
Table of Contents
EXHIBIT INDEX
| Exhibit | ||||
| Number | Description of Document | |||
| 31.1 | Rule 13a-14(a)/15d -14(a) Certification of Principal Executive Officer |
|||
| 31.2 | Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer |
|||
| 32.1 | Section 1350 Certification of Principal Executive Officer |
|||
| 32.2 | Section 1350 Certification of Principal Financial Officer |
|||
The following exhibits are incorporated by reference herein from the exhibits of the same
description and number filed on November 3, 2009, with Post-Effective Amendment No. 1 to Superfund
Gold, L.P.’s Registration Statement on Form S-1 (Reg. No. 333-151632).
| 3.02 | Form of Second Amended and Restated Limited Partnership Agreement of the Registrant. |
|||
| 10.02 | Form of Subscription Agreement. |
The following exhibits are incorporated by reference herein from the exhibits of the same
description and number filed on February 13, 2009, with Amendment No. 3 to Superfund Gold, L.P.’s
Registration Statement on Form S-1 (Reg. No. 333-151632).
| 3.01 | Certificate of Limited Partnership of the Registrant. |
|||
| 10.01 | Form of Administration Agreement between the Registrant and the Administrator. |
62