PAM MFSP Weekly Update – 18 September 2026

Performance Overview

For the week ended 18 September 2026, MFSP Class A and B posted weekly performances of 1.75% and 1.75%, respectively. Month-to-date returns stood at 5.77% and 5.59%, while year-to-date return 15.36% and 13.71%.

Sector Analysis

Energy: The energy sector was the largest contributor over the week, extending its role as the largest contributor for the month, led by long positions in Nordic base yearly (enext), Dutch Ttf natural gas, low sulphur gasoil, Brent crude oil, Ny harbor ulsd, and Phelix DE baseload power, together with a short Henry hub natural gas position.

Interest Rates: Interest rate positions contributed modestly over the week and remained the second-largest contributor for the month, led by short positions in Euribor and Australian 90-day bank bills and 3-year government bonds, partially offset by losses from long 3-month Sonia and long Canadian overnight repo rate positions.

Foreign Exchange: Currency positions turned positive over the week, a reversal from earlier weakness, though the sector remains a significant detractor for the month, weighed down by losses from a short Japanese yen/usd position and long yen-cross exposure (Euro/yen and Swiss/yen).

Agriculturals: The agricultural sector was the sole detractor over the week and remains a significant detractor for the month, as losses from a short Arabica coffee position, together with long crude palm oil, long cotton No.2, long soybean oil, and long sugar No.11 positions, weighed on the sector.

Metals: Metals contributed modestly over the week and remained roughly flat for the month.

Equities: Equities contributed modestly over the week.