PAM MFSP Weekly Update – 28 August 2026

Performance Overview

For the week ended 28 August 2026, MFSP Class A and B posted weekly performances of 1.08% and 1.08%, respectively. Month-to-date returns stood at 6.04% and 5.87%, while year-to-date return 9.25% and 7.85%.

Sector Analysis

Foreign Exchange: Currency positions were the largest contributor over the week, though the sector's month-to-date figure remains roughly flat, as gains from a long Korean won/usd position have been largely offset by losses from a long Usd/Taiwanese dollar forward, short Canadian dollar/usd, short Euro/usd, and long Brazilian real/usd positions.

Interest Rates: Interest rate positions were the second-largest contributor over the week, though the sector's month-to-date figure remains modestly negative, as a gain from a short Japanese 10-year government bond position has been offset by losses elsewhere in the sector.

Energy: The energy sector was the largest detractor over the week, though it remained the fund's largest contributor for the month, led by long Dutch Ttf natural gas and short Henry hub natural gas positions.

Metals: Metals were the second-largest detractor over the week and remain negative for the month, weighed down by losses from short palladium and long micro gold positions.

Agriculturals: The agricultural sector posted a small gain over the week and remained the second-largest contributor for the month, led by long positions in soybeans, Capesize freight, crude palm oil, sugar No.11, canola, and soybean oil, though long positions in corn and Chicago wheat detracted notably from the month's results.

Equities: Equities posted positive return over the week with a short Netflix position among the notable detractors. Longs in Taiwan stocks were the main driver of the sector.