PAM MFSP Weekly Update – 15 May 2026

Performance Overview

As of 15 May 2026, MFSP A and B posted weekly performances of -0.61% and -0.61%, respectively. Month-to-date returns stood at 1.90% and 1.74%, while year-to-date returns 20.99% and 20.03%.

Sector Analysis and Attribution

Foreign Exchange: Currency positions delivered net positive attribution to the portfolio. A short position in the Japanese yen/usd was the top performer in this sector. Long positions in Usd/indonesian rupiah (fwd) and Usd/korean won, alongside a short position in the Indian rupee/usd (sgx) also added positive value. Conversely, a long position in the Brazilian real / usd (imm) acted as a minor drag.

Agriculturals: The agricultural sector faced substantial headwinds and was the primary drag on the week's performance. A short position in Soybean meal was the largest detractor. Other notable detractors included short positions in London cocoa and Cocoa, alongside losses from long positions in Corn, Feeder cattle, Live cattle, and Crude palm oil.

Fixed Income: The interest rates sector saw divergent results. Short positions in Asia-Pacific sovereign debt performed well, with the Japanese 10-yr gvt. bond and the Korean 10-yr t-bond delivered positive return. On the downside, long positions in Western debt acted as detractors, with the Us 10-yr t-note and Us 5-yr t-note shedding some of the gain.

Metals: The metals sector provided positive attribution to the portfolio. A short position in Palladium generated some profit, while a long position in High grade copper also added some gain.

Energy: A long position in Nordic base yearly (enext) delivered positive return.

Equities: Within the equities sector, a short position in Rheinmetall was a bright spot. Other stocks in tech and AI sector posed some losses on the other hand.