PAM MFSP Weekly Update – 13 March 2026

Performance Overview

As of 13 March 2026, MFSP A and B posted weekly performances of 0.70% and 0.70%, respectively. Month-to-date returns stood at -4.32% and -4.47%, while year-to-date returns 2.85% and 2.36%.

Sector Analysis and Attribution

Fixed Income: The Interest Rates sector continued to be the primary drag on the portfolio's performance. Broad long positions in global sovereign debt and short-term rates suffered significant losses, with the Canadian overnight repo rate, 3-month sonia, Long gilt, and Us 10-yr t-note acting as the largest individual detractors. Long positions in 3-month saron, Euribor, Us 5-yr t-note, and 3-month sofr also weighed heavily on returns.

Metals: The metals sector faced headwinds, with a long position in Platinum acting as a detractor.

Energy: The Energy sector delivered strong positive contributions. Broad long exposure across petroleum-related products was highly rewarding. Brent crude oil and WTI light sweet crude oil posted robust gains, while Ny harbor ulsd and Low sulphur gasoil also delivered notable positive returns.

Foreign Exchange: This sector delivered positive returns driven by specific currency pairs. A long position in Usd/korean won was the top performer. Short positions in Indian rupee/usd (sgx) and Japanese yen/usd also added to the positive results.

Agriculturals:  The sector showed strength, driven primarily by long positions in the soy complex. Soybean oil was a top performer, while a long position in Soybeans also rose. On the downside, a short position in Sugar no. 11 acted as a minor drag.

Equities:  Conflict between Iran and the U.S. relieved. Longs in U.S. and Taiwan rebounded after a turmoil week.