SUPERFUND GOLD, L.P. SERIES A-1, A-2 AND
SERIES B-1, B-2 SUPPLEMENT
DATED JANUARY 24, 2013 TO PROSPECTUS DATED MAY 11, 2012
DECEMBER 2012 PERFORMANCE UPDATE
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December 2012 |
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Year to Date |
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Total NAV |
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NAV per Unit |
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Series A-1 |
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0.98 |
% |
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-4.89 |
% |
$ |
12,213,605 |
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$ |
1,423.03 |
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Series A-2 |
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1.15 |
% |
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-2.96 |
% |
$ |
3,389,568 |
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$ |
1,577.45 |
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Series B-1 |
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2.89 |
% |
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-10.55 |
% |
$ |
3,725,748 |
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$ |
1,110.58 |
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Series B-2 |
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3.06 |
% |
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-8.75 |
% |
$ |
3,482,317 |
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$ |
1,187.13 |
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* All performance is reported net of fees and expenses |
Fund results for December 2012:
The Funds strategies ended 2012 on a positive note with gains in December despite the uncertainty resulting from U.S. budgetary negotiations. As the year-end deadline approached, U.S. political leaders struggled to avert the so-called fiscal cliff, a term used to describe the deadlock over $607 billion in tax increases and cuts to government spending. Meanwhile the U.S. Federal Reserve (the Fed) announced $45 billion in monthly treasury purchases while also linking its key interest rate to unemployment and inflation for the first time. U.S. equities finished nearly unchanged despite optimistic economic data while European and Asian stocks gained ground. Japanese stocks and commodities were lifted by the plummeting yen as newly elected Prime Minister Shinzo Abe pushed for bold monetary easing. Gold and silver fell below 200-day moving averages while base metals and energies fluctuated on fiscal cliff related demand prospects. The Funds short-term strategies produced mixed returns with gains in stocks and metals and losses in energies.
The Funds models generated healthy returns in global equities in December as tensions over European finances eased. The DAX gained ground on encouraging factory orders and inflation-free consumer price index and producer price index figures while the IBEX35 and MIB40 climbed in-spite of economic weakness. The Japanese Nikkei soared as the tumbling yen boosted export demand expectation while Chinese H-Shares profited on strong industrial production and retail sales data. In the U.S., the Dow Jones Industrial Average and the Standard & Poors 500 declined on the fiscal cliff deadlock before reaching positive territory on the last day of trading as political parties closed in on a budgetary resolution. The Nasdaq fell as shares of the influential Apple Inc. continued to come under pressure.
The Funds positions in the bond sector failed to perform in December as U.S. fiscal cliff negotiations continued to drive market movement. Fiscal cliff uncertainty, expectations for poor U.S. employment data, and downbeat euro-zone forecasts drove global yields lower at the start of December. The addition of 146,000 jobs and the Feds
expansion of the third round of quantitative easing reversed the trend as investors turned to risk. Renewed optimism for a budget resolution pushed U.S. 10-year yields to a 7-week high of 1.85% before investment turned to safety once again. German bund yields approached record lows on expectations for a rate cut by the European Central Bank (ECB) before Greece reached a deal to repurchase some of its sovereign securities and the ECB left rates unchanged, diminishing demand for Europes safest asset.
The Funds allocations to currency markets profited in December as trends in the euro and yen persisted. The U.S. dollar was lower against major currencies due to the increasing threat of fiscal cliff tax increases and spending cuts. The euro remained relatively strong as the ECB again held the line on interest rates and the recent recovery in equity markets boosted confidence. The British pound also gained despite the relative weakness of the U.K. economy. The U.S. dollar lost value against most South American currencies including the Columbian peso and Brazilian real. The Japanese yen fell drastically, reaching a 28-month low, as the Bank of Japan continued its attempts to weaken its currency. The Australian dollar was modestly weaker in the face of soft commodity demand.
The Funds grain positions generated losses in December after China canceled U.S. soybean purchases and favorable weather in South America increased harvest expectations. Soybeans and soybean by-products initially climbed to a one-month high, aided by solid exports and crush data. Soybean markets were then abruptly sent lower as China canceled purchases totaling 840,000 metric tons. Soybeans fell to a one-month low of $13.97 ¾ before settling down just 1.6%.
The Funds perpetual long gold position negatively affected performance in December as anxieties surrounding U.S. fiscal cliff budget negotiations and signs of recovery in the U.S. housing market reduced both commodity and safe-haven demand for gold. Gold fell to a 4-month low, closing below its 200-day moving average, before recovering slightly.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
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SUPERFUND GOLD, L.P. SERIES A-1 |
DECEMBER 2012 ACCOUNT STATEMENT |
(Prepared from Books without Audit for the Month ended December 31, 2012) |
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STATEMENT OF INCOME |
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DECEMBER 2012 |
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Investment income, interest |
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$ |
(488 |
) |
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Expenses |
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Management fee |
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22,996 |
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Ongoing offering expenses |
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Operating expenses |
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7,665 |
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Selling commissions |
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20,441 |
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Other expenses |
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57 |
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Incentive fee |
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Brokerage commissions |
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21,594 |
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Total expenses |
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72,754 |
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Net investment gain (loss) |
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(73,243 |
) |
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Realized and unrealized gain (loss) on investments |
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Net realized gain (loss) on futures and forward contracts |
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238,492 |
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Net change in unrealized appreciation (depreciation) on futures and forward contracts |
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(46,606 |
) |
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Net gain(loss) on investments |
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191,886 |
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Net increase (decrease) in net assets from operations |
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$ |
118,643 |
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STATEMENT OF CHANGES IN NET ASSET VALUE |
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DECEMBER 2012 |
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Net assets, beginning of period |
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$ |
12,358,106 |
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Net increase (decrease) in net assets from operations |
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118,643 |
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Capital share transactions |
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Issuance of shares |
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153,974 |
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Redemption of shares |
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(417,118 |
) |
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Net increase(decrease) in net assets from capital share transactions |
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(263,144 |
) |
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Net increase(decrease) in net assets |
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(144,502 |
) |
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Net assets, end of period |
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$ |
12,213,605 |
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NAV Per Unit, end of period |
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$ |
1,423.03 |
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SUPERFUND GOLD, L.P. SERIES A-2 |
DECEMBER 2012 ACCOUNT STATEMENT |
(Prepared from Books without Audit for the Month ended December 31, 2012) |
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STATEMENT OF INCOME |
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DECEMBER 2012 |
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Investment income, interest |
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$ |
(135 |
) |
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Expenses |
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Management fee |
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6,371 |
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Ongoing offering expenses |
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Operating expenses |
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2,124 |
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Other expenses |
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16 |
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Incentive fee |
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Brokerage commissions |
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5,983 |
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Total expenses |
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14,494 |
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Net investment gain (loss) |
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(14,629 |
) |
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Realized and unrealized gain (loss) on investments |
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Net realized gain (loss) on futures and forward contracts |
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66,077 |
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Net change in unrealized appreciation (depreciation) on futures and forward contracts |
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(12,913 |
) |
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Net gain(loss) on investments |
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53,164 |
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Net increase (decrease) in net assets from operations |
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$ |
38,535 |
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STATEMENT OF CHANGES IN NET ASSET VALUE |
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DECEMBER 2012 |
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Net assets, beginning of period |
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$ |
3,069,062 |
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Net increase (decrease) in net assets from operations |
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38,535 |
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Capital share transactions |
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Issuance of shares |
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287,971 |
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Redemption of shares |
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(6,000 |
) |
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Net increase(decrease) in net assets from capital share transactions |
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281,971 |
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Net increase(decrease) in net assets |
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320,506 |
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Net assets, end of period |
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$ |
3,389,568 |
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NAV Per Unit, end of period |
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$ |
1,577.45 |
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SUPERFUND
GOLD, L.P. SERIES B-1
DECEMBER 2012
ACCOUNT STATEMENT
(Prepared from Books without Audit for the Month ended December 31, 2012)
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STATEMENT OF INCOME |
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DECEMBER 2012 |
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Investment income, interest |
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$ |
(259 |
) |
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Expenses |
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Management fee |
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7,015 |
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Ongoing offering expenses |
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Operating expenses |
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2,338 |
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Selling commissions |
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6,236 |
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Other expenses |
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354 |
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Incentive fee |
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Brokerage commissions |
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10,090 |
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Total expenses |
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26,033 |
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Net investment gain(loss) |
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(26,292 |
) |
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Realized and unrealized gain(loss) on investments |
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Net realized gain(loss) on futures and forward contracts |
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115,904 |
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Net change in unrealized appreciation (depreciation) on futures and forward contracts |
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14,888 |
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Net gain(loss) on investments |
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130,792 |
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Net increase (decrease) in net assets from operations |
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$ |
104,500 |
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STATEMENT OF CHANGE IN NET ASSET VALUE |
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DECEMBER 2012 |
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Net assets, beginning of period |
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$ |
3,823,230 |
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Net increase (decrease) in net assets from operations |
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104,500 |
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Capital share transactions |
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Issuance of shares |
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105,249 |
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Redemption of shares |
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(307,230 |
) |
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Net increase (decrease) in net assets from capital share transactions |
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(201,982 |
) |
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Net increase(decrease) in net assets |
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(97,482 |
) |
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Net assets, end of period |
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$ |
3,725,748 |
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NAV Per Unit, end of period |
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$ |
1,110.58 |
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SUPERFUND GOLD, L.P. SERIES B-2 |
DECEMBER 2012 ACCOUNT STATEMENT |
(Prepared from Books without Audit for the Month ended December 31, 2012) |
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STATEMENT OF INCOME |
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DECEMBER 2012 |
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Investment income, interest |
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$ |
(242 |
) |
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Expenses |
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Management fee |
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6,546 |
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Ongoing offering expenses |
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Operating expenses |
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2,182 |
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Other expenses |
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330 |
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Incentive fee |
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Brokerage commissions |
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9,415 |
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Total expenses |
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18,473 |
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Net investment gain(loss) |
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(18,715 |
) |
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Realized and unrealized gain(loss) on investments |
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Net realized gain(loss) on futures and forward contracts |
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108,150 |
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Net change in unrealized appreciation (depreciation) on futures and forward contracts |
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13,892 |
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Net gain(loss) on investments |
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122,042 |
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Net increase (decrease) in net assets from operations |
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$ |
103,327 |
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STATEMENT OF CHANGE IN NET ASSET VALUE |
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DECEMBER 2012 |
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Net assets, beginning of period |
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$ |
3,395,809 |
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Net increase (decrease) in net assets from operations |
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103,327 |
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Capital share transactions |
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Issuance of shares |
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120,454 |
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Redemption of shares |
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(137,272 |
) |
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Net increase (decrease) in net assets from capital share transactions |
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(16,819 |
) |
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Net increase(decrease) in net assets |
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86,509 |
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Net assets, end of period |
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$ |
3,482,317 |
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NAV Per Unit, end of period |
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$ |
1,187.13 |
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TO THE BEST OF MY KNOWLEDGE AND BELIEF, THE INFORMATION CONTAINED HEREIN IS ACCURATE AND COMPLETE.
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/s/ Nigel James |
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Nigel James, President |
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Superfund Capital Management, Inc. |
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General Partner |
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Superfund Gold, L.P. |