PAM MFSP Weekly Update – 26 June 2026
2026/6/26 Weekly Update
Performance Overview
As of 26 June 2026, MFSP A and B posted weekly performances of -4.82% and -4.82%, respectively. Month-to-date returns stood at -4.56% and -4.72%, while year-to-date returns 17.92% and 16.79%.
Foreign Exchange: Currency positions acted as a vital stabilizing pillar for the portfolio, demonstrating robust performance across multiple pairs. Short tracking in major and commodity currencies captured solid gains, led by the Canadian dollar/usd, New zealand dollar / usd, Japanese yen / usd, and Euro/usd. On the long side, a position in the Usd/korean won also provided positive momentum. Conversely, a long exposure to the Swiss/yen (imm) detracted from the sector's gains, acting as a drag.
Agriculturals: Long tracking in Live cattle was exceptionally profitable, emerging as the strategy's top performer of the month. Short positions also captured steady returns, driven by Soybean meal and Corn. However, long-biased exposures within grains and softs faced heavy selling pressure, with Soybeans and Soybean oil standing out as the primary detractors. Long allocations in Robusta coffee and a short position in Arabica coffee also weighed down overall sector attribution.
Energy: Energy positions encountered near-term friction as commodity market dynamics shifted. A long-biased allocation in Brent crude oil faced a minor retracement, while a long position in Nordic base yearly (enext) also slid.
Metals: The metals complex continued to struggle under persistent macroeconomic headwinds, with industrial and precious bullion positions facing broad declines. A short position in Palladium served as the lone bright spot. On the long side, performance was noticeably dragged down by sharp pullbacks in Platinum, Tsi iron ore cfr china futures, and Silver.
Equities: In equities, a short thematic position in Rheinmetall navigated stock market fluctuations successfully, acting as a notable winner to the portfolio. However, long exposures in U.S. and Taiwan stocks faced some headwinds after breaking new high last week.
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