PAM MFSP Weekly Update – 27 March 2026

Performance Overview

As of 27 March 2026, MFSP A and B posted weekly performances of 1.16% and 1.16%, respectively. Month-to-date returns stood at -3.38% and -3.54%, while year-to-date returns 3.53% and 3.03%.

Sector Analysis and Attribution

Fixed Income: The Interest Rates sector remained a substantial drag on the portfolio of the month, primarily due to long positions in North American and UK debt. However, short positions in Australian and European debt provided some offset, with Austr. 3-yr gvt. bond and Eurobund contributing positively.

Metals: The Metals sector continued to face headwinds. A long position in Gold was a major detractor. A long position in Platinum also contributed to the sector's negative performance.

Energy: The Energy sector continued its strong performance, driven by broad long exposure to petroleum products. Brent crude oil, Low sulphur gasoil, Ny harbor ulsd, and Wti light sweet crude oil all delivered robust gains.

Foreign Exchange: This sector was a primary driver of positive returns, benefitting significantly from specific currency trends. A short position in Indian rupee/usd (sgx) was the top performing market overall. A long position in Usd/korean won was also highly profitable.

Agriculturals:  The sector saw mixed results. Long positions in Live cattle and Soybean oil performed well. Conversely, a short position in Sugar no. 11 was a significant detractor.

Equities:  Stocks in Taiwan delivered strong return during turmoil between Iran and the U.S. U.S. stocks on the other hand, slightly decreased.