PAM MFSP Weekly Update – 26 December 2025

Performance Overview
As of December 19, MFSP A and B posted weekly performances of 0.85% and 0.85%, respectively. Month-to-date returns stood at -0.05% and -0.22%, while year-to-date returns 9.05% and 6.96%.

Sector Analysis and Attribution

Metals: The Metals sector continued to be the primary driver of positive performance for the portfolio. Long positions across precious and industrial metals were highly rewarding. Silver was the top individual contributor. Platinum and Tin also ranked among the top contributors.

Fixed Income:  The Interest Rates sector displayed divergent results. Short positions in European and Australian debt performed well, with Euro-buxl and Austr. 10-yr gvt. bond acting as top contributors. However, long positions in North American rates acted as a drag, with the Canadian overnight repo rate and US 10-yr T-note posting losses.

Agriculturals:  After a long drawdown, agricultural sector rebounded this week. A long position in Soybeans was the largest single detractor. Losses were also recorded in Arabica coffee and Soybean meal. Conversely, short positions in Chicago soft red winter wheat and Soybean oil provided a partial offset with positive returns.

Equities:  The fund maintained exposure to Equities, which contributed positively to the weekly returns as indicated by the net long attribution. This positive contribution helped reinforce the gains made in the metals sector.