PAM MFSP Weekly Update – 24 April 2026

Performance Overview

As of 24 April 2026, MFSP A and B posted weekly performances of 3.48% and 3.48%, respectively. Month-to-date returns stood at 14.06% and 13.87%, while year-to-date returns 18.80% and 18.04%.

Sector Analysis and Attribution

Foreign Exchange: Currency positions yielded divergent results. A long position in the Brazilian real / usd was the top performer to the MTD performance. A long position in Swiss/yen and a short position in the Usd/offshore renminbi also added positive returns. However, a long position in the Usd/korean won remained the largest single detractor. Other detractors included short positions in the Euro/usd, Canadian dollar / usd, and New zealand dollar / usd, as well as a long position in the Usd/taiwanese dollar.

Agriculturals: Within the agricultural sector, long positions in Soybean oil and Live cattle contributed positively. On the downside, long positions in Lean hogs, Chicago soft red winter wheat, and Crude palm oil posted losses.

Fixed Income: In the interest rates sector, a short position in Euribor acted as a drag.

Metals: A long position in High grade copper was a bright spot for the metals sector.

Energy: The energy sector continued to show resilience. A short position in Henry hub natural gas generated some profit, while a long position in Brent crude oil also added positive return.

Equities: Equity positions contributed positively to the portfolio. A long position in the E-mini s&p 500 index performed solidly. Additionally, a long position in AMD also delivered a positive return. Conversely, a short position in Oracle corp acted as a minor drag. Overall in the equity market, the U.S. and Taiwan markets maintained their bullish momentum, continuing to deliver stellar performance in April.