PAM MFSP Weekly Update – 2 January 2026

Performance Overview
At the year-end of 2025, the estimated MFSP A and B year-to-date returns were 10.59% and 8.47% respectively. As of 2 January 2026, MFSP A and B posted weekly performances of 1.08% and 0.92%, respectively. Month-to-date returns stood at 1.69% and 1.52%, while year-to-date returns 1.69% and 1.52%.

Sector Analysis and Attribution

Metals: The sector contributed negatively to the portfolio. During the last week of the year, most of the metals faced some pressure to take profits. In the new year, the fund held net long positions in metals.

Fixed Income: The Interest Rates sector showed divergent results. Short positions in European and Australian debt were profitable, with Euro-buxl and Austr. 10-yr gvt. bond acting as top contributors. Conversely, long positions in US and UK rates weighed on performance, as the US 10-yr T-note, 3-month Sonia, and long Gilt recorded losses.

Foreign Exchange: The sector delivered positive return, with short Indian rupee/usd were the main driver. Short New zealand dollar/usd posed some losses.

Agriculturals: The sector provided the most performance of the week. Long position in Live Cattle was the largest single contributor to the performance. Long positions in Feeder Cattle and short positions in Sugar no. 11 also contributed positively. However, a short position in Soybean Oil acted as a slight drag.

Energy: The Energy sector delivered strong results, with a long position in Nordic base yearly future ranking as the second-best performing market for the period.

Equities: The fund maintained exposure to Equities, which contributed positively to the weekly returns as indicated by the net long attribution.