PAM MFSP Weekly Update – 25 September 2026

Performance Overview

For the week ended 25 September 2026, MFSP Class A and B posted weekly performances of 3.19% and 3.19%, respectively. Month-to-date returns stood at 9.14% and 8.96%, while year-to-date return 19.04% and 17.33%.

Sector Analysis

Interest Rates: Interest rate positions were the largest contributor over the week, led by short positions in Euribor, Australian 3-year government bonds, Australian 90-day bank bills, Us 10-year t-notes, and Japanese 10-year government bonds, partially offset by a loss from a long 3-month Sonia position.

Energy: The energy sector was the sole significant detractor over the week, a pause after leading the month's gains, though it remained a top contributor for the month, led by long positions in Nordic base yearly (enext), low sulphur gasoil, Brent crude oil, and Eu Co2 allowances.



Foreign Exchange: Currency positions were roughly flat over the week but remain a detractor for the month, weighed down by losses from a short Japanese yen/usd position, long yen-cross exposure (Euro/yen and Swiss/yen), and a long Mexican peso/usd position.

Agriculturals: The agricultural sector was roughly flat over the week but remains the largest detractor for the month, weighed down by losses from long crude palm oil, short Arabica coffee, short live cattle, and long soybean oil positions.

Metals: Metals were roughly flat over the week and month to date, as a gain from a short palladium position was offset by losses elsewhere in the sector.

Equities: Equities were the second-largest contributor over the week and remained a positive contributor for the month. Longs in Taiwan equities were the main driver over the month.