PAM MFSP Weekly Update – 23 January 2026

Performance Overview
As of 23 January 2026, MFSP A and B posted weekly performances of 0.87% and 0.87%, respectively. Month-to-date returns stood at 5.14% and 4.97%, while year-to-date returns 5.14% and 4.97%.

Sector Analysis and Attribution

Metals:  The sector remained the standout performer and the primary driver of the fund's substantial gains. Long positions across the board delivered significant returns. Gold was the top individual contributor. Silver, Platinum, and Tin also ranked among the top contributors.

Fixed Income:  The Interest Rates sector weighed on performance. Long positions in sovereign debt recorded losses, specifically the Us 10-yr t-note and Us 5-yr t-note. Long position in 3-month sonia also detracted.

Energy:  The Energy sector acted as a drag on the portfolio. Short positions in natural gas markets struggled, with Henry hub natural gas and Uk nbp natural gas month posting losses.

Foreign Exchange:  The sector contributed positively to performance. A short position in Indian rupee/usd was a key driver, while long position in Mexican peso/usd also delivered positive return. Conversely, a short position in New zealand dollar/usd weighed on returns.

Agriculturals:  This sector delivered mixed results. Short positions in Cocoa proved highly profitable, with London and standard contracts also delivered positive return. However, short positions in grains and oilseeds acted as a drag, with Soybean oil and Chicago soft red winter wheat recording losses.

Equities:  The fund maintained net long exposure to equities. While the overall sector contribution was positive. Notably, a long position in the VanEck Vectors Gold Miners ETF delivered solid gains, benefiting from the broader rally in the precious metals sector.