PAM MFSP Weekly Update – 24 October 2025

As of October 24, MFSP A and B posted weekly performances of -0.59% and -0.59%, respectively. Month-to-date returns stood at +2.76% and +2.60%, while year-to-date returns reached +9.82% and +8.05%.

During the fourth week of October, global markets rose. In Europe, the UK increased 3.111%, Germany rose 1.716%, while France gained 0.629%. In the U.S., the S&P 500 rose 1.916%, the Dow Jones advanced 2.201%, and the NASDAQ climbed 2.314%. In Asia, Korea’s KOSPI surged 5.140%, Japan’s Nikkei 225 rose 3.610%, Shanghai rose 2.879%, Hong Kong’s Hang Seng rose 3.616%, and Taiwan’s TAIEX was nearly increased 0.842%.



It was a challenging week for the fund. CTA strategy recorded four consecutive days of negative returns between October 21 and October 24, 2025, with recent volatility slightly erasing part of the earlier monthly gains. Despite broad-based strength in global equities, MFSP slightly declined as of October 24. Month-to-date performance attribution shows that the Equities sector remained the primary positive contributor. The fund continues to maintain a net long position in equities, with key exposures in large-cap technology, semiconductors, blockchain, and electric car industries. While equities performed well, results across other sectors were mixed. The Metals sector, a strong positive driver earlier in the month, posted a negative return for the week. Long positions in Gold (including Osaka), Platinum, and Silver were the main laggards. Meanwhile, Agricultural commodities detracted notably, as short positions in Palladium and Soybean Meal, along with long positions in Lean Hogs and Live Cattle, all contributed negatively to overall performance. Looking ahead, market sentiment remains cautiously optimistic as investors balance easing inflation pressures with ongoing geopolitical and policy uncertainties. MFSP continues to favor high-quality growth sectors, particularly within technology and semiconductors, where earnings momentum and structural tailwinds remain intact.