Superfund Gold, L.P.
The use of this brochure is authorized only when preceded or
accompanied by a current Prospectus of Superfund Gold, L.P. (the
“Fund”). This brochure does not constitute an offer to sell or a
solicitation of an offer to buy Units in the Fund. The offering of Fund
Units can only be made by the Prospectus which contains important
information regarding certain risks associated with the Fund and
should be read carefully and retained by anyone considering an
investment in the Fund. The Units have not been approved or
disapproved by the Securities and Exchange Commission, the
Commodity Futures Trading Commission or any state securities
commission nor has the Securities and Exchange Commission, the
Commodity Futures Trading Commission or any state securities
commission passed upon the accuracy or adequacy of the Prospectus
or this brochure. Managed futures can generally be defined as a
globally diversified basket of futures contracts which are listed on
worldwide exchanges.
Risk Factors:
�Managed futures funds are speculative securities. You could lose all or
substantially all of your investment.
� The Fund commenced operations on April 1, 2009 and thus has a lim-
ited performance history.
� The Fund is speculative and leveraged. The Fund will acquire positions
with face amounts substantially greater than their total equity. Lever-
age magnifies the impact of both gains and losses.
� Performance is expected to be volatile; the net asset value per Unit
may fluctuate significantly in a single month.
� Superfund Capital Management, Inc. is the sole trading advisor for the
Fund. The use of a single advisor could mean lack of diversification
and, consequently, higher risk.
� There is no secondary market for the Units. You may redeem your
Units only as of a month-end. Transfers of Units are subject to
limitations.
� The Fund’s trading operations may be successful and yet the Fund may
still sustain losses if the value of the Fund’s gold position declines by
more than the amount of profits generated by the Fund’s trading op-
erations. Likewise, the Fund’s gains, if any, from its gold position may
be offset by losses incurred in its futures and forward trading.
� The Fund may fail to achieve its objective of maintaining a dollar for
dollar investment in gold if gold futures margins increase substantially,
in which case the Fund may reduce its gold position and continue its
futures and forward trading activities.
� You will sustain losses if the substantial expenses of the Fund are not
offset by trading and/or gold investment profits and interest income.
� Costs and expenses of managed futures funds are significantly higher
than mutual funds and other investment vehicles. The Fund’s charges
are substantial and must be offset by trading gains and/or gold invest-
ment profits and interest income in order for the Fund to be profitable.
� Investors in managed futures funds realize taxable gains and losses
in the year in which they occur, and proper consideration should be
given to the tax implications of an investment.
� The profitability of funds that use trading systems that only analyze
technical market data and not any economic factors external to market
prices may be negatively affected when sustained price trends fail to
develop.
�Neither Series A nor Series B of Superfund Gold, L.P. is a gold fund and
Series performance will not track the price of gold.
� The Fund’s charges are substantial and must be offset by trading gains
and/or gold investment profits and interest income in order to avoid
depletion of each Series’ assets.
3
Dear Superfund Gold Investor,
The idea for Superfund Gold originated when I began investing in gold myself. I realized
that by creating Superfund Gold, I would be able to capitalize on the potential for gold
during periods of instability, while enjoying the opportunities available through the
Superfund managed futures strategy – all in a single investment. Gold has often been
viewed as a hedge against inflation and thus a potential safe haven in troubled or
uncertain economic times. Gold has also been used as a hedge against fluctuations in the
value of the U.S. dollar against other currencies. Historically, when the dollar has
depreciated against foreign currencies, the value of gold has generally risen.
��Gold – A Historic “currency”
Throughout history, gold has been used as currency, although paper currency has largely
supplanted gold as a medium of exchange. However, unlike the major “paper” currencies,
the value of gold is not backed by debt and may provide protection against the loss of
purchasing power experienced by paper currencies during inflationary periods. With in-
creasing global debt, volatile oil prices and international insecurity, gold prices have risen
significantly over the last four to five years. Investors are increasingly including gold as a
portfolio allocation that may provide some protection against falling paper currency values
in the face of future inflation. With Superfund Gold, we have launched one of the first gold
denominated funds in the United States, where the gold investment is intended to de-link
the Series’ net asset value from the value of the U.S. dollar relative to the price of gold.
��MAnAGed futures – An Asset clAss of its own
Managed futures, as an asset class, has the potential to increase the performance of an
overall portfolio while reducing risk. Managed futures investments strive to achieve
absolute returns independent of traditional investments such as stocks and bonds. I
believe that the key to long-term investment success is discipline. At Superfund, we have
crystallized our investment discipline into an automated, systematic approach to trading
markets. Strict rules relating to market diversification, trend analysis and risk management
are applied consistently. Through the combination of these strategic factors, our funds have
achieved a record of attractive performance results.
Yours sincerely,
Christian Baha
Founder of Superfund
PAst PerforMAnce is not indicAtive of future results.
Superfund funds utilize proprietary, fully automated trading
systems which trade in approximately 120 international futures
and forward markets. The Superfund trading strategy is supported
by four interacting pillars that work together as the foundation of
the Superfund funds.
��BroAd diversificAtion
Superfund funds trade futures contracts in many different financial cen-
ters around the world. Besides financial futures such as bonds, equity
indices and currencies, commodities such as natural gas, silver, corn,
cocoa and cotton are also traded. This broad diversification ensures
that risk is spread across many different markets that behave indepen-
dently from each other, and it also increases the number of potentially
profitable trading opportunities.
��trend followinG
The Superfund trading systems are based on “trend following” prin-
ciples and seek to identify market trends at an early stage of forma-
tion. These trends can last from days to months. Once a potential trade
is identified, the system applies filters at the trade level taking into
consideration variables such as overall risk, capital available for trading
and portfolio volatility. Then, the system generates a buy or sell signal.
Once established, a position is maintained until pre-defined risk mea-
sures are met or exceeded.
��Money MAnAGeMent
Consistent money management is the most important element of
the Superfund trading strategy. Trading risk is controlled by strictly
limiting the size of individual positions and cutting losses early. The
total risk is continuously screened and drawdowns are limited by daily
maintenance of stop orders. Therefore, if a trend reverses, losses are
theoretically limited, while if a trend continues, profits are theoretically
protected.
��tecHnicAl AnAlysis
The Superfund trading systems use a wide range of technical indicators
and historical data to identify price patterns. Trading risk is controlled
by strictly limiting the size of individual positions and cutting losses
early. The fully automated trading systems
remove human discretion from trading decisions, effectively
eliminating emotional responses to changing market conditions.
The profitability of trading under these systems generally depends on,
among other things, the occurrence of significant price trends which
are sustained movements, up or down, in futures and forward prices.
Investors should be aware that such trends may not develop and there
have been periods in the past without price trends in the markets trad-
ed. The absence of such trends by either series will result in losses.
5
The Superfund Trading Strategy
suPerfund Gold A
The Traditional Strategy
The traditional Superfund Gold Series A offers investors an introduction to the world of managed futures funds. Investors
with a mid-term investment horizon (at least 5 years) can potentially profit from the return potential of Superfund Gold
Series A.
suPerfund Gold B
The Dynamic Strategy
Superfund Gold Series B is for investors looking to add a potentially significant growth component to their portfolio.
Superfund Gold Series B offers a more leveraged version of the traditional program, although with greater risk, and
therefore offers a higher return potential.
Superfund Managed Futures
Superfund Gold
Price of Gold
Superfund Gold A Superfund Gold B
�While managed futures funds in gold offer such potential to profit, this type of investment is highly volatile and speculative.
Thus, an investor must be prepared to lose all or substantially all of an investment.
� If the U.S. dollar value of gold declines resulting in dollar losses for the Series, there can be no assurance that there will be a
corresponding increase in the value or purchasing power of the U.S. dollar for goods (other than gold) or services priced in
dollars. A decline in the price of gold may result in a decline in the value of the Series’ units, possibly resulting in an overall
loss of an investment.
� There can be no assurance that trading losses incurred in the Fund’s speculative futures and forward trading will not result
in overall losses for the Series or that the Series will not reduce its gold position if gold futures margin requirements
increase significantly.
��How it works
Each Series maintains a long position in gold futures with a face value approximately equal to the net asset value of the
Series, while also trading Superfund’s diversified, trend following managed futures strategy. The gold investment of each
Series is intended to de-link the Series’ net asset value from the value of the U.S. dollar relative to the price of gold, essen-
tially denominating the Series’ net asset value in terms of gold.
PAst PerforMAnce is not indicAtive of future results.
e Product Overview
By investing in Superfund Gold, you will be invest-
ing in Superfund’s traditional managed futures
strategy, which trades financial and commodity
futures and forwards contracts in approximately
120 markets around the world.
There is no guarantee that the Series will be successful.
PAst PerforMAnce is not indicAtive of future
results.
�An innovative global investment
combining a managed futures fund with the price of gold
�Potential long-term return opportunities
utilizing the Superfund trading systems
� Increased diversification
by investing in approximately 120 different financial and
commodity markets
�Potential stability during periods of uncertainty
gold can potentially offer protection against both rising
inflation and stock market downturns
� Strong upside potential for the price of gold
due to rising demand in the face of inflation expectations
��your PotentiAl AdvAntAGes
Throughout history, gold has been
used as currency, although paper
currency has largely supplanted
gold as a medium of exchange.
20 m
200 m
100 m
300 m
All the goldever mined
Source: United States Geological Survey, 2010
a Gold at a glance
If you were to consolidate all the gold ever known to have
been mined (approximately 190,000 tons), it would form a
single cube just 66 feet (20 meters) on each side.
There is no guarantee that the Series will be successful.
PAst PerforMAnce is not indicAtive of future results.
e
Managed Futures¹⁾
0%
+500%
+1,500%
+3,500%
1980 1985 1990 1995 2000 2005 2010 2012
MSCI World Bonds2)
Comparison of Asset Classes (01/1980 through 12/2012)
S&P 500 Total Return
Comparison of Asset Classes
(01/1980 through 12/2012)
The CISDM CTA Equal Weighted
Index and the MSCI World
Index do not include reinvested
dividends. The S&P 500 Total
Return Index and the Barclays US
Aggregate Bond Index include re-
invested dividends. The CISDM CTA
Equal Weighted Index should not
be considered representative of
Superfund managed futures funds.
Information regarding
Superfund’s managed futures
funds performance can be ob-
tained at www.superfundusa.com.
1) Managed Futures: CISDM CTA Equal Weighted Index; 2) Barclays US Aggregate Bond Index
7
Potential to Protect Against Inflation
The chart to the right shows the inflation adjusted value
of gold futures contracts price and the U.S. dollar over the
past 40 years. As you can see, the gold futures contracts
price has sustained its value over time, while the dollar
lost approximately 80 % of its purchasing power. As the
U.S. debt increases by trillions over the coming years and
additional paper currency is printed, the pressure on the
U.S. dollar may steadily increase and its purchasing
power could continue to decline. Together these factors
have the potential to produce a dramatic increase in the
price of gold futures contracts as a rapidly growing
number of investors seek protection against the loss of
purchasing power due to inflation.
2 USD
5 USD
1970 1980 1990 2000 2012
1 USD
The sustained purchasing power of goldThe USD lost over 80% of its purchasing power
0.2 USD
This chart reflects the daily spot gold price in USD. Source: Bloomberg; time frame: 01/1971–12/2012 logarithmic scale.
Large scale sales of gold may lead to a decline in the price of gold futures. Moreover, widening interest rate differentials
between the cost of money and cost of borrowing gold could result in increased sales and a decline in the price of gold
futures. Both of these occurrences will have the effect of causing a decline in the value of the units, possibly resulting in an
overall loss on an investment.
Barclays US Aggregate Bond Index: The Barclays US Aggregate Bond Index is a broad base index that us often used to represent investment grade bonds being traded in the United States. CISDM CTA Equal Weighted Index: The CISDM CTA equal weighted index is a hedge fund index that reflects the average performance of Commodity Trading Advi-sors (CTAs). To be included included in the equally weighted index, a CTA must have at least $500,000 under management and at least a 12 month track record. MSCI World Index : The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. S&P 500 Total Return: The S&P 500 is one of the most commonly used benchmarks for the overall U.S. stock market. It is an index consisting of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500 Index represents the price trend movements of the common stock of major U.S. public companies. The Total Return refers to the version of the index that reflects the effects of dividend reinvestment.
You may obtain information about the SIPC, including
the SIPC brochure, by contacting the SIPC at
202-371-8300, or at www.sipc.org.
��suPerfund usA, llc
Member FINRA
833 West Jackson Boulevard,
Suite 110, Chicago, IL 60607
Phone: 312 239-2200
Fax: 312 226-5994
1-888-50-SUPER
www.SuperfundUSA.com
m
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SECURITIES INVESTOR PROTECTION CORPORATION
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emeBeR
SECURITIES INVESTOR PROTECTION CORPORATION
m
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SECURITIES INVESTOR PROTECTION CORPORATION
