PAM MFSP Weekly Update – 21 November 2025

As of November 21, MFSP A and B posted weekly performances of -1.94% and -1.94%, respectively. Month-to-date returns stood at -5.34% and -5.49%, while year-to-date returns 4.84% and 2.99%. During the wide drawdown coming from the tech sectors, MFSP delivered a relatively smooth decline this week.

Sector Performance and Positioning

The fund's systematic positioning notably benefited from short exposures in the Agricultural and Soft Commodities sector. The most significant contributions came from short positions in Cocoa and London Cocoa, which served as the top performing markets MTD. Additional gains were realized through short positions in Corn and Sugar No. 11, validating the fund's bearish trend identification in this space.

In Foreign Exchange, the portfolio successfully captured divergence in global currencies. The fund capitalized on US Dollar strength against the New Zealand Dollar and the Korean Won. This suggests the trend models are effectively tracking specific regional weaknesses against the greenback.

Fixed Income positioning displayed a successful divergence strategy. The fund profited from a Long position in US 10-yr T-Notes while simultaneously generating returns from Short positions in Australian sovereign debt (10-yr and 3-yr bonds). However, the week presented headwinds in Equities and Livestock. Long exposure to the S&P 500 (E-mini) and AI created a drawdown, reflecting broader equity market volatility.

Within the Energy and Metals complexes, results were mixed; while Long Silver positions added value, Long positions in Natural Gas and Industrial Metals (Aluminum, Iron Ore) faced downward pressure. In summary, the fund maintains a diversified posture, successfully leveraging short trends in soft commodities and select sovereign bonds to offset volatility in equity and livestock markets.