PAM MFSP Weekly Update – 20 March 2026

Performance Overview

As of 20 March 2026, MFSP A and B posted weekly performances of -0.49% and -0.49%, respectively. Month-to-date returns stood at -4.49% and -4.64%, while year-to-date returns 2.35% and 1.85%.

Sector Analysis and Attribution

Fixed Income: The Interest Rates sector remained a substantial drag on the portfolio. Long positions in North American and UK debt suffered the most significant losses, with the Canadian overnight repo rate, Long gilt, Us 10-yr t-note, and 3-month sonia being the largest individual detractors. Other long positions like Us 5-yr t-note and 3-month saron also recorded notable losses.

Metals: The Metals sector faced considerable headwinds this week. A previously profitable long position in Gold reversed sharply, becoming a major detractor. A long position in Platinum also contributed to the sector's negative performance.

Energy: The Energy sector continued to deliver strong positive contributions, with broad long exposure across petroleum-related products proving highly rewarding. Brent crude oil was the top performer across all markets. Low sulphur gasoil, Ny harbor ulsd, and Wti light sweet crude oil also posted robust gains.

Foreign Exchange: This sector delivered positive returns driven by specific currency trends. A long position in Usd/korean won was a top performer. A short position in Indian rupee / usd (sgx) also added significant profits.

Agriculturals:  The sector experienced significant downward pressure. A short position in Sugar no. 11 was a major detractor. Additionally, a long position in Lean hogs weighed on the portfolio with a loss.

Equities:  Stocks in Taiwan delivered strong return during turmoil between Iran and the U.S. U.S. stocks on the other hand performed flat.