PAM MFSP Weekly Update – 14 November 2025

As of November 14, MFSP A and B posted weekly performances of -2.38% and -2.38%, respectively. Month-to-date returns stood at -3.46% and -3.62%, while year-to-date returns 6.91% and 5.02%.



The fund posted a volatile week, ending with a modest month-to-date decline despite reversals across several sectors. Price action remained choppy, with notable swings in agriculturals and metals. Long positions in gold, silver, and Osaka gold contributed positively as precious metals benefited from renewed safe-haven demand late in the week. Energy exposures were mixed, with short Henry Hub gas detracting, while other positions remained relatively stable. Agricultural markets showed the widest dispersion. Shorts in cocoa and London cocoa delivered gains early in the period, but long exposures in live cattle and robusta coffee weighed on overall attribution. Interest-rate positions were directionally supportive, particularly shorts in Australian 3-year and 10-year government bonds, reflecting persistent rate-path uncertainty. FX contributed modestly, led by the long USD/KRW position. Despite constructive contributions in several pockets, the fund experienced a meaningful setback on November 14, driven largely by broad commodity softness and a pullback in metals. The portfolio’s drawdown remains contained relative to earlier in the month, and the diversified positioning continues to balance directional risk. While U.S. equities have recently retreated, the decline appears orderly and consistent with broader risk-rebalancing rather than a structural shift. Current trends across rates and commodities continue to offer opportunities, supporting confidence in the strategy’s resilience.