Superfund Red Silver SICAV
            Combination of Superfund Red & Silver, minimum 20,000 USD
            
            
                
                    | Inception 07.03.2013 | 1 000.00 | 
                
                    | Index / NAV 23.10.2025 | 789.19 | 
                
                    | Performance: | -21.1 % | 
                
                    | Performance p.a.: | -1.86 % | 
                
                    | Type: | Luxembourg SICAV | 
                
                    | Currency: | USD | 
                
                    | ISIN: | LU0857864317 | 
                
                    | Minimum investment: | 20,000 USD | 
            
            
            
            
         
        
        
         
        Index
        Inception 07.03.2013 at index 1 000.00
        
            |  | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Jan-Dec | 
|---|
|
| 2013 |  |  | 985.23 | 884.21 | 769.85 | 674.21 | 672.80 | 816.72 | 753.48 | 768.42 | 703.24 | 708.79 | -29.1 % | 
| 2014 | 706.85 | 789.65 | 707.73 | 663.93 | 643.32 | 716.73 | 682.75 | 672.38 | 590.54 | 500.31 | 498.23 | 490.96 | -30.7 % | 
| 2015 | 562.82 | 535.37 | 522.38 | 472.97 | 478.79 | 402.92 | 401.98 | 367.99 | 357.13 | 398.08 | 409.30 | 380.34 | -22.5 % | 
| 2016 | 389.09 | 423.87 | 448.99 | 492.84 | 424.84 | 476.02 | 531.60 | 482.14 | 495.96 | 446.91 | 405.51 | 389.41 | 2.4 % | 
| 2017 | 433.72 | 463.27 | 462.03 | 427.41 | 443.91 | 425.36 | 435.11 | 445.01 | 428.55 | 460.73 | 453.12 | 470.99 | 21.0 % | 
| 2018 | 476.93 | 403.26 | 408.78 | 412.34 | 394.14 | 383.03 | 375.03 | 359.61 | 357.60 | 332.20 | 333.12 | 381.96 | -18.9 % | 
| 2019 | 405.62 | 409.36 | 404.07 | 409.41 | 389.95 | 418.46 | 443.51 | 480.97 | 444.63 | 466.59 | 438.97 | 476.86 | 24.8 % | 
| 2020 | 481.03 | 413.94 | 328.86 | 346.20 | 418.71 | 428.31 | 562.85 | 649.99 | 526.06 | 511.31 | 511.03 | 605.39 | 27.0 % | 
| 2021 | 616.00 | 600.22 | 548.75 | 584.36 | 632.78 | 588.10 | 589.11 | 548.83 | 493.44 | 535.28 | 495.26 | 503.04 | -16.9 % | 
| 2022 | 479.60 | 515.67 | 551.25 | 478.00 | 433.01 | 401.19 | 411.88 | 336.54 | 332.11 | 338.75 | 401.72 | 435.27 | -13.5 % | 
| 2023 | 437.22 | 378.11 | 436.36 | 451.24 | 424.28 | 422.24 | 460.68 | 427.28 | 383.22 | 399.00 | 453.67 | 465.64 | 7.0 % | 
| 2024 | 430.41 | 425.62 | 471.75 | 488.74 | 556.30 | 540.95 | 504.97 | 493.96 | 530.90 | 547.16 | 515.01 | 435.14 | -6.5 % | 
| 2025 | 487.34 | 476.32 | 514.83 | 509.90 | 525.36 | 572.51 | 572.33 | 634.02 | 739.03 | 789.19 |  |  | 81.4 % | 
Performance
|  | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Jan-Dec | 
|---|
|
| 2013 |  |  | -1.5 % | -10.3 % | -12.9 % | -12.4 % | -0.2 % | 21.4 % | -7.7 % | 2.0 % | -8.5 % | 0.8 % | -29.1 % | 
| 2014 | -0.3 % | 11.7 % | -10.4 % | -6.2 % | -3.1 % | 11.4 % | -4.7 % | -1.5 % | -12.2 % | -15.3 % | -0.4 % | -1.5 % | -30.7 % | 
| 2015 | 14.6 % | -4.9 % | -2.4 % | -9.5 % | 1.2 % | -15.8 % | -0.2 % | -8.5 % | -2.9 % | 11.5 % | 2.8 % | -7.1 % | -22.5 % | 
| 2016 | 2.3 % | 8.9 % | 5.9 % | 9.8 % | -13.8 % | 12.0 % | 11.7 % | -9.3 % | 2.9 % | -9.9 % | -9.3 % | -4.0 % | 2.4 % | 
| 2017 | 11.4 % | 6.8 % | -0.3 % | -7.5 % | 3.9 % | -4.2 % | 2.3 % | 2.3 % | -3.7 % | 7.5 % | -1.7 % | 3.9 % | 21.0 % | 
| 2018 | 1.3 % | -15.4 % | 1.4 % | 0.9 % | -4.4 % | -2.8 % | -2.1 % | -4.1 % | -0.6 % | -7.1 % | 0.3 % | 14.7 % | -18.9 % | 
| 2019 | 6.2 % | 0.9 % | -1.3 % | 1.3 % | -4.8 % | 7.3 % | 6.0 % | 8.4 % | -7.6 % | 4.9 % | -5.9 % | 8.6 % | 24.8 % | 
| 2020 | 0.9 % | -13.9 % | -20.6 % | 5.3 % | 20.9 % | 2.3 % | 31.4 % | 15.5 % | -19.1 % | -2.8 % | -0.1 % | 18.5 % | 27.0 % | 
| 2021 | 1.8 % | -2.6 % | -8.6 % | 6.5 % | 8.3 % | -7.1 % | 0.2 % | -6.8 % | -10.1 % | 8.5 % | -7.5 % | 1.6 % | -16.9 % | 
| 2022 | -4.7 % | 7.5 % | 6.9 % | -13.3 % | -9.4 % | -7.3 % | 2.7 % | -18.3 % | -1.3 % | 2.0 % | 18.6 % | 8.4 % | -13.5 % | 
| 2023 | 0.4 % | -13.5 % | 15.4 % | 3.4 % | -6.0 % | -0.5 % | 9.1 % | -7.3 % | -10.3 % | 4.1 % | 13.7 % | 2.6 % | 7.0 % | 
| 2024 | -7.6 % | -1.1 % | 10.8 % | 3.6 % | 13.8 % | -2.8 % | -6.7 % | -2.2 % | 7.5 % | 3.1 % | -5.9 % | -15.5 % | -6.5 % | 
| 2025 | 12.0 % | -2.3 % | 8.1 % | -1.0 % | 3.0 % | 9.0 % | 0.0 % | 10.8 % | 16.6 % | 6.8 % |  |  | 81.4 % | 
        
        
        
        // 12 Month Periods
        
Performance
(of the past 12-months-period)
        
            
                | 23.10.2024 - 23.10.2025: | 38.9% | 
| 23.10.2023 - 23.10.2024: | 41.6% | 
| 23.10.2022 - 23.10.2023: | 19.2% | 
| 23.10.2021 - 23.10.2022: | -38.4% | 
| 23.10.2020 - 23.10.2021: | 0.8% | 
            
		        
         
        
        
key data (as of 23.10.2025)
        
        
Return Statistics
| Performance p.a.*: | -1.86 % | 
| Average Monthly Performance*: | -0.16 % | 
| Percentage of Positive Months*: | 48.68 % | 
| Highest Monthly Performance*: | 31.41 % | 
| Lowest Monthly Performance*: | -20.56 % | 
Risk Statistics
| Annual Standard Deviation*: | 31.16 % | 
| Monthly Standard Deviation*: | 9.00 % | 
| Max. Drawdown***: | -67.11 % | 
| Maximum Time off Peak*: | 150 months | 
            
Efficiency Statistics
            
                
                    | Sharpe Ratio**: | -0.06 | 
                
                    | Sharpe Ratio (1 Year) **: | 1.32 | 
                
                    | Sortino Ratio**: | -0.10 | 
                
                    | Correlation CISDM CTA Equal Weighted*: | 0.32 | 
                
                    | Correlation CS/Tremont HF*: | 0.28 | 
                
                    | Correlation S&P*: | 0.38 | 
                
                    | Correlation DAX*: | 0.31 | 
         
                
                    | Correlation Price of Gold*: | 0.70 | 
 
            
            
                
                    | * ... since Inception
 ** ... modified (risk-free return = 0%)
 *** ... Calculated on a monthly basis
 | 
            
         
         
        
            
Facts
            
| ISIN | LU0857864317 | 
| Auditor | Ernst & Young S.A. | 
| Currency | USD | 
| Depositary | UI efa S.A. | 
| Recommended Holding Period | at least 6 years | 
| Management Fee | 0.4 % p.m. | 
| Incentive Fee | 25 % | 
| Investment Manager | Superfund Asset Management GmbH |