PAM MFSP Weekly Update – 24 July 2026

Performance Overview

For the week ended 24 July 2026, MFSP A and B posted weekly performances of +2.54% and +2.54%, respectively, as trends across several sectors reversed in the fund's favour. Month-to-date returns stood at -10.82% and -10.97%, while year-to-date return stood at +8.72% and +7.51%.

Sector Analysis

Foreign Exchange: Currency positions were the largest positive contributor over the week, rebounding after a difficult month. A short position in the Euro/usd added further gains to its month-to-date total, while the sector's month-to-date figure remains modestly negative, weighed down by a long position in the Usd/Korean won, the sector's worst-performing market for the month.

Energy: The energy sector was the second-largest contributor to weekly performance, extending its positive trend for the month. Long allocations in Nordic base yearly (enext) and Ny harbor ulsd both added to month-to-date gains.

Interest Rates: Interest rate positions contributed a modest positive return over the week, although the sector shows a moderate drag month-to-date. Short positions in Japanese and Korean 10-year government bonds and short 3-month Sofr added to month-to-date returns, partially offset by losses from a long Australian 90-day bank bill and a long 3-month Sonia position.

Agriculturals: The agricultural sector posted a small positive return over the week, a welcome reprieve after standing as the fund's largest detractor for the month. Long positions in soybeans, canola, and soybean oil produced month-to-date gains, but these were more than offset by losses from short positions in corn and Chicago and Kc wheat, and long positions in live and feeder cattle, milling wheat, and soybean meal.

Metals: Metals contributed marginally to weekly performance and remained broadly neutral for the month.

Equities: Equities also delivered a solid weekly gain, though the sector remains marginally negative for the month. A short position in the Kosdaq 150 remained the standout month-to-date performer, while broader stocks exposure weighed modestly on returns over the week.