PAM MFSP Weekly Update – 20 February 2026

Performance Overview

As of 20 February 2026, MFSP A and B posted weekly performances of 1.94% and 1.94%, respectively. Month-to-date returns stood at 0.98% and 0.82%, while year-to-date returns 4.61% and 4.27%.

Sector Analysis and Attribution

Metals: The Metals sector showed divergent results. A long position in Gold remained highly profitable. However, the sector faced headwinds as a long position in Tsi iron ore cfr china futures acted as the largest single detractor.

Energy: The Energy sector provided the top individual performing market for the period. A short position in Henry hub natural gas was the largest single contributor to the MTD performance. Conversely, short positions in Eu co2 allowance and Coal api 2 (rotterdam), along with a long position in Nordic base yearly future acted as detractors.

Foreign Exchange: The sector delivered mixed results. A long position in Mexican peso/usd delivered positive return. However, a short position in Indian rupee/usd (sgx) acted as a significant drag.

Agriculturals: This sector delivered notable positive returns, particularly in soft commodities and livestock. Short positions in London cocoa and Cocoa were highly profitable. A long position in Live cattle and Soybean oil also performed well. On the downside, short positions in grains and other soy complex components weighed on the portfolio, with losses in Soybean meal, Milling wheat, and Chicago soft red winter wheat.

Equities: Net long positions in Taiwan and the U.S. delivered positive return while long position in the Vaneck vectors gold miners ETF also rose.