PAM MFSP Weekly Update – 12 December 2025

Performance Overview
As of December 12, MFSP A and B posted weekly performances of -0.87% and -0.87%, respectively. Month-to-date returns stood at -1.23% and -1.39%, while year-to-date returns 8.14% and 6.05%.

Sector Analysis and Attribution

Metals: The Metals sector continued to be a primary source of positive performance for the portfolio. Long positions in Silver and Tin were among the top contributor. A long position in Gold also contributed positively.

Fixed Income: The Interest Rates sector displayed divergent results. Short positions in Australian Government Bonds performed well, with the 10-year and 3-year bonds acting as top contributors. Short positions in Euro-buxl also added value. However, long positions in North American rates acted as a drag, with the US 10-yr T-note and Canadian overnight repo rate posting losses.

Agriculturals: This sector was the significant laggard for the period. A long position in Soybeans was the largest single detractor, followed by losses in Soybean Meal. Conversely, short positions in Corn and Chicago soft red winter wheat provided some offset with positive returns.

Equities: The fund maintained its exposure to equities, with Month-to-Date (MTD) performance remaining roughly flat. As the US stock market gradually bottoms out, we expect the existing momentum to persist over the next two weeks.