PAM MFSP Weekly Update – 10 July 2026

Performance Overview

As of 10 July 2026, MFSP A and B posted weekly performances of -1.23% and -1.23%, respectively. Month-to-date returns stood at -5.56% and -5.71%, while year-to-date returns 15.13% and 13.86%. 

Foreign Exchange: Currency pairs encountered structural reversals that weighed on overall portfolio performance. The most significant detractor within this sector was a long position in the Usd/korean won, which suffered a sharp pullback. A short position in the New zealand dollar/usd also acted as a minor drag. On a positive note, tactical short tracking in the Euro/sterling (imm) provided a small buffer.

Agriculturals: The agricultural sector suffered broad downward pressure, acting as the primary drag on the week's performance. In grains, short positions backfired significantly as the markets squeezed, with short tracking in Corn, Chicago soft red winter wheat, Kc hard red winter wheat, Milling wheat, and Soybean meal all recording substantial losses. The livestock complex also faced headwinds, with long positions in Live cattle and Feeder cattle detracting from performance. Conversely, long positions in the soy and soft complex provided positive offsets, led by a strong gain in Soybeans, followed by Soybean oil, Robusta coffee, Canola, and Arabica coffee.

Energy: Energy positions maintained stable positive return. Systematic short tracking in Henry hub natural gas successfully captured market shifts.

Equities: Within equities and alternative index tools, a short position in the Kosdaq 150 performed effectively. Longs in the U.S. stocks also rebounded. While longs in Taiwan stocks were the main dragger of the week.