PAM MFSP Weekly Update – 3 July 2026

Performance Overview

As of 3 July 2026, MFSP A and B posted weekly performances of -1.14% and -1.30%, respectively. Month-to-date returns stood at -4.38% and -4.53%, while year-to-date returns 16.57% and 15.28%. 

Foreign Exchange: Currency pairs faced structural reversals that dragged down overall portfolio performance. The primary detractor across all asset classes was a long position in the Usd/korean won, which suffered a sharp pullback. A short position in the Japanese yen/usd also hampered results. On a positive note, a short position in the Euro/sterling (imm) provided a small buffer.

Agriculturals: The agricultural sector suffered broad downward pressure, reversing many of its previous gains. Short tracking in grains backfired as the markets squeezed, with short positions in Corn, Chicago soft red winter wheat, and Kc hard red winter wheat all recording notable losses. The livestock complex also faced selling friction, as long tracking in Live cattle and Feeder cattle detracted. Conversely, a long position in Soybeans stood out as the lone bright spot within the complex.



Energy: Energy positions maintained stable positive traction. Systematic short tracking in Henry hub natural gas effectively took profits, while a long position in Nordic base yearly (enext) also gained. 

Equities: Performance across global equities and metals was highly fragmented. Broadly longs in stocks posed significant losses. In equity index alternatives, a short position in the Kosdaq 150 successfully captured downward momentum. However, thematic short plays in individual equities faced headwinds, with Netflix and Rheinmetall both detracting from alpha.