PAM MFSP Weekly Update – 2 October 2026

Performance Overview

For the week ended 2 October 2026, MFSP Class A and B posted weekly performances of 1.70% and 1.54%, respectively. Month-to-date returns stood at 2.74% and 2.58%, while year-to-date return 21.07% and 19.14%.

Sector Analysis

Energy: The energy sector was the largest contributor both over the week and for the month to date, led by a short Henry hub natural gas position and long positions in Brent crude oil and Dutch Ttf natural gas, partially offset by a loss from a long low sulphur gasoil position.

Interest Rates: Interest rate positions were the largest detractor both over the week and for the month, as a loss from a short Euribor position, together with losses from short 3-month Sofr and short Euro-schatz positions, outweighed gains from long 3-month Sonia and long Euro-buxl positions.

Foreign Exchange: Currency positions were the second-largest contributor both over the week and for the month, led by a short Euro/usd position, though gains were tempered by losses from long Euro/Swiss franc and long Brazilian real/usd positions.

Agriculturals: The agricultural sector was the second-largest detractor both over the week and for the month, as gains from long positions in sugar No.11 and white sugar No.5 were more than offset by losses from long crude palm oil, long soybeans, long soybean meal, and short lean hogs positions.

Metals: Metals contributed modestly both over the week and for the month to date, led by short palladium and short lead positions.

Equities: Equities contributed modestly both over the week and for the month to date. Longs in U.S. and Taiwan equities both delivered positive return.