PAM MFSP Weekly Update – 23 October 2026

Performance Overview

For the week ended 23 October 2026, MFSP Class A and B posted weekly performances of -2.60% and -2.60%, respectively. Month-to-date returns stood at -10.35% and -10.50%, while year-to-date return 5.63% and 3.95%.

Sector Analysis

Energy: The energy sector was the largest contributor both over the week and for the month to date, led by long positions in Dutch Ttf natural gas, Phelix DE baseload power, Brent crude oil, and Wti light sweet crude oil, together with a short Henry hub natural gas position.

Agriculturals: The agricultural sector was the second-largest contributor over the week and for the month, led by short positions in Chicago soft red winter wheat, Kc hard red winter wheat, and corn, together with a long sugar No.11 position, partially offset by losses from long soybeans and long Capesize freight positions.

Equities: Semiconductor stocks were broadly lower over the week, therefore the sector remains a detractor for the month to date.

Foreign Exchange: Currency positions contributed modestly both over the week and for the month, partially offset by a loss from a short Canadian dollar/usd position.

Interest Rates: Interest rate positions were the sole significant detractor over the week and remained the largest detractor for the month, as losses from short Japanese 10-year government bond, short Us 10-year t-note, short 3-month Sofr, short Us ultra t-bond, and short Us 5-year t-note positions, together with a long Euribor position, weighed on the sector.

Metals: Metals were roughly flat over the week and slightly negative for the month to date, as a gain from a short palladium position was more than offset by a loss from a long platinum position.