PAM MFSP Weekly Update – 17 April 2026

Performance Overview

As of 17 April 2026, MFSP A and B posted weekly performances of 2.33% and 2.33%, respectively. Month-to-date returns stood at 10.22% and 10.04%, while year-to-date returns 14.81% and 14.07%.

Sector Analysis and Attribution

Foreign Exchange: Currency positions yielded varied results and were a primary source of volatility. Positive contributions came from a long position in the Brazilian real/usd, a long position in Swiss/yen, and a short position in the Usd/offshore renminbi. However, a long position in the Usd/korean won was the largest single detractor for the period. Short positions in the Indian rupee/usd and Euro/usd further weighed on sector performance.

Agriculturals: The agricultural sector showed divergent results. A long position in Live cattle was a top performer. On the downside, a long position in Lean hogs posed significant losses. Other detractors included long positions in Crude palm oil, European rapeseed, and KC hard red winter wheat.

Fixed Income: In the interest rates sector, long positions in the 3-month sonia and Us 10-yr t-note delivered positive returns. Conversely, a short position in Euribor acted as a drag.

Metals: The metals sector provided positive attribution to the portfolio. Long positions in Platinum and High grade copper were the main drivers of performance in this sector.

Energy: A short position in Dutch ttf natural gas month delivered positive return to the weekly performance.



Equities: A long position in the E-mini S&P 500 index rose, delivering a return. Stocks in the U.S. and Taiwan also remained strong, which push our MTD and YTD return higher.