PAM MFSP Weekly Update – 29 May 2026
2026/5/29 Weekly Update
Performance Overview
As of 29 May 2026, MFSP A and B posted weekly performances of 0.20% and 0.20%, respectively. Month-to-date returns stood at 4.01% and 3.85%, while year-to-date returns 23.50% and 22.52%.
Sector Analysis and Attribution
Foreign Exchange: During the month currency positions remained a reliable source of positive attribution for the portfolio. A short position in the Japanese yen/usd led the gains within this sector. Long positions in the Usd/Indonesian rupiah(fwd), Swiss/yen(imm) and Usd/korean won also exhibited solid upward traction.
Agriculturals: The agricultural sector suffered severe downward pressure and acted as the primary detractor from performance. The livestock complex took a heavy hit, with long positions in Live cattle and Feeder cattle recording steep MTD losses respectively. Short positions in the complex also hampered results, as London cocoa and Soybean meal both detracted. Other notable detractors within the sector included a long position in Lean hogs, a short position in Cocoa, and a long position in Sugar no. 11. On a positive note, a long position in Soybean oil bucked the trend by contributing slightly return.
Fixed Income: The interest rates sector faced structural headwinds over the month. Disappointments stemmed primarily from Western fixed-income exposure, where short positions in the Us 10-yr t-note and Us 5-yr t-note both detracted.
Metals:
The metals sector as a whole provided steady structural support. A short position in Palladium generated a solid profit. On the long side, exposure to Tin and High grade copper posted consistent gains. These returns were only minorly offset by a long position in Tsi iron ore cfr china futures, which acted as a minor drag.
Energy: The energy sector maintained positive momentum. A long position in Uk emissions allowances delivered positive return to the monthly performance.
Equities: Within the equities sector, stocks amid U.S. and Taiwan constantly delivered positive return, which kept our year-to-date return above 20%.
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