PAM MFSP Weekly Update – 1 May 2026

Performance Overview

As of 1 May 2026, MFSP A and B posted weekly performances of 0.13% and -0.02%, respectively. Month-to-date returns stood at 0.16% and 0.02%, while year-to-date returns 18.95% and 18.01%.

Sector Analysis and Attribution

Foreign Exchange: Currency positions were a bright spot, yielding positive returns. A short position in the Japanese yen/usd was a top performer. Long positions in the Swiss/yen (imm) and Euro/yen (imm) also added positive value to the portfolio.

Agriculturals: The agricultural sector displayed divergent performance during this period. Positive contributions were driven by long positions in the grains and oilseeds complex, specifically Soybeans, Soybean oil, and Corn. Conversely, positions in livestock acted as the primary detractors. Long positions in Live cattle, Lean hogs, and Feeder cattle posted losses. Additionally, a short position in Sugar no. 11 also acted as a drag.

Fixed Income: In the interest rates sector, a long position in the Canadian overnight repo rate contributed positive return. On the downside, short positions in Asia-Pacific sovereign debt weighed on the sector's performance. Notable detractors included short positions in the Japanese 10-yr gvt. bond, the Austr. 3-yr gvt. bond, and the Austr. 10-yr gvt. bond.

Metals: The metals sector provided net positive attribution. Long positions in Silver, Aluminium, and Platinum were the main drivers of gains. However, a long position in Gold (osaka) acted as a minor drag.

Energy: The energy sector experienced slight pullbacks. Minor losses were recorded from a short position in Henry hub natural gas and a long position in Ny harbor ulsd.

Equities: In the equity market, the U.S. and Taiwan markets maintained their bullish momentum, ended the overall April with a historically strong return.