PAM MFSP Weekly Update – 3 April 2026

Performance Overview

As of 3 April 2026, MFSP A and B posted weekly performances of 2.51% and 2.34%, respectively. Month-to-date returns stood at 1.88% and 1.72%, while year-to-date returns 6.12% and 5.44%.

Sector Analysis and Attribution

Foreign Exchange: This sector was a primary driver of positive returns, benefitting significantly from specific currency trends. A short position in the Indian Rupee/USD (SGX) was the top-performing market overall. A long position in the USD/Korean Won was also highly profitable.

Energy: The Energy sector sustained its strong performance, driven by broad long exposure across petroleum products. Brent Crude Oil, Low Sulphur Gasoil, NY Harbor ULSD, and WTI Light Sweet Crude Oil all delivered robust gains.

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, weighing on the portfolio with a loss.

Fixed Income: The Interest Rates sector remained a substantial drag on the portfolio for the month, primarily due to positions in North American and UK debt. Long positions in the Canadian Overnight Repo Rate and US 10-yr T-note, alongside short positions in 3-month SONIA and Long Gilt, were the largest individual detractors. However, short positions in Australian and European debt provided some offset, with the Australian 3-yr Govt. 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.

Equities: Stocks in Taiwan posed little losses as the U.S. stocks rebounded significantly. During March, MFSP conquered the turmoil between U.S. and Iran, which beat our main benchmark.