PAM MFSP Weekly Update – 16 January 2026

Performance Overview
As of 16 January 2026, MFSP A and B posted weekly performances of 1.35% and 1.35%, respectively. Month-to-date returns stood at 4.23% and 4.06%, while year-to-date returns 4.23% and 4.06%.

Sector Analysis and Attribution

Metals:  The Metals sector remained the standout performer and a primary driver of returns. Long positions were highly profitable across the board. Silver was the top individual contributor to the MTD performance. Tin, Gold, and Platinum also ranked among the top contributors.

Fixed Income:  The Interest Rates sector acted as a drag on performance. Long positions in US Treasuries struggled, with the Us 10-yr t-note and Us 5-yr t-note recording losses. A short position in Euro-buxl also detracted slightly.

Energy: The Energy sector showed divergent results. A long position in Eu co2 allowance contributed positively. However, short positions in natural gas acted as a drag, with Uk nbp natural gas and Dutch ttf natural gas month posting losses.

Foreign Exchange:  The sector delivered positive returns driven by Asian currency exposures. A short position in Indian rupee/usd and a long position in Usd/korean won were key contributors.

Agriculturals:  This sector saw mixed performance. Short positions in Cocoa (both standard and London contracts) were profitable. Conversely, short positions in grains and oilseeds weighed on the portfolio, with losses recorded in Soybean oil, Chicago soft red winter wheat, and Canola.

Equities:  The fund maintained exposure to equities. While the overall sector contribution was positive. Especially in Taiwan market. Longs in semiconductor and energy relatives brought extraordinary returns.