PAM MFSP Weekly Update – 16 October 2026

Performance Overview

For the week ended 16 October 2026, MFSP Class A and B posted weekly performances of -10.00% and -10.00%, respectively. Month-to-date returns stood at -7.96% and -8.11%, while year-to-date return 8.45% and 6.73%.

Sector Analysis

Energy: The energy sector was the sole positive contributor over the week and remained by far the largest contributor for the month, led by long positions in Dutch Ttf natural gas, Brent crude oil, Wti light sweet crude oil, and Phelix DE baseload power.

Interest Rates: Interest rate positions were one of the largest detractor over the week and remained the largest detractor for the month, as losses from short Euribor, short Us 10-year t-note, short 3-month Sofr, short Japanese 10-year government bond, and short Us ultra t-bond positions weighed on the sector.

Foreign Exchange: Currency positions were a modest detractor over the week, a reversal from a broadly positive month to date, with gains earlier in the month from a long Brazilian real/usd position and a short Euro/usd position offset over the week, while long Euro/Swiss franc and long Euro/Swedish krona positions remained detractors for the month.

Agriculturals: The agricultural sector posted a small loss over the week but remained a modest positive contributor for the month, as gains from long sugar No.11, short Chicago soft red winter wheat, and short corn positions were tempered by losses from long soybeans, long Capesize freight, and long Panamax freight positions.

Metals: Metals were roughly flat over the week and for the month to date, as a gain from a short palladium position has been largely offset by losses elsewhere in the sector.

Equities: Equities were the largest detractor over the week. The losses were driven mainly by our long U.S. and Taiwan equity exposure, as the Philadelphia Semiconductor Index fell for eight consecutive sessions, its longest losing streak since 2008. The index has since rebounded. We believe underlying AI demand remains intact, and the upcoming earnings season may serve as a catalyst for a recovery, although concerns over AI capital spending remain a source of volatility.