PAM MFSP Weekly Update – 28 November 2025

As of November 28, MFSP A and B posted weekly performances of 3.36% and 3.36%, respectively. Month-to-date returns stood at -2.16% and -2.32%, while year-to-date returns 8.35% and 6.44%. 

Sector Performance and Positioning

The fund’s positive momentum was driven largely by the Metals sector, which served as the top-performing asset class for the month. Long positions in precious and industrial metals were particularly rewarding, with Silver and Gold ranking as the top two individual contributors to performance. Tin also contributed positively.

In the Equity markets, the fund maintained a net long positioning, which contributed positively to the monthly returns. The broader equity environment appeared stable; notably, a long position in the S&P 500 Volatility Index resulted in a slightly loss, suggesting a market environment of decreasing volatility and rising confidence.

However, the Agricultural sector acted as a drag on performance. A long position in Live Cattle was the significant detractor, while short positions in Sugar no. 11 and White Sugar no. 5 also posted losses.

Despite these headwinds in soft commodities, the fund effectively captured trends in metals and fixed income (with gains in Austr. 3-yr and US 10-yr bonds), successfully navigating the market.