We are pleased to inform you that index calculations for all Superfund managed future funds resumed and the NAV´s of all Superfund funds have been published. All index values of the Superfund Green and Green Gold SPC funds and the Superfund Q-AG as of October 31st, 2011 were published as normal and the index calculation of the Superfund SICAV funds resumed as of November 30th, 2011.
Details for index calculation: The maximum exposure at MF Global, depending on the respective Superfund funds, is up to 10 % of net assets. This exposure has temporarily been segregated. Therefore, the index values, depending on the specific fund, have been decreased between 4.3% up to 10%. Once the monies at MF Global are released and the Superfund funds recoup their monies that were held at MF Global, investors will be the beneficiaries of these monies. Based on the advice of the funds’ external legal counsel, auditors and, where applicable, custodian, this structure was developed and implemented in the best interest of Investors and in accordance with the applicable regulatory regimes.
The extent, if any, to which customer money is missing from MF Global customer segregated accounts is currently being investigated by U.S. authorities. Based on the provided information we are optimistic that a major portion of the Superfund funds’ assets at MF Global will be recovered. Working with the funds’ external legal counsel in the U.S., we are diligently pursuing appropriate measures to ensure the fastest possible recovery of Superfund funds’ assets at MF Global.
Superfund Blue funds are generally not affected.
This event has also shown the importance of Superfund’s diversified approach to clearing broker selection. Superfund had used four different brokers for clearing trades. Because of that diversification, it was possible that Superfund funds continued trading as usual and without any interruption using the other three brokers. We have been working intensively on the selection of a new broker, to be again diversified by at least four brokers in the future.
We apologize for any inconvenience caused. We are convinced that we have acted in the interest of all Superfund investors by ensuring a swift continuation of our index calculations.