PAM MFSP Weekly Update – 30 January 2026

Performance Overview
As of 30 January 2026, MFSP A and B posted weekly performances of -0.92% and -0.92%, respectively. Month-to-date returns stood at 4.17% and 4.00%, while year-to-date returns 4.17% and 4.00%. The fund delivered solid performance in the first month of 2026.

Sector Analysis and Attribution

Metals:  The sector continued to be the standout performer and a primary driver of returns of the month. Long positions were highly profitable across the board. Gold was the top individual contributor to the MTD performance. Long positions in Tin, Silver and Platinum also ranked among the top contributors. Although silver and gold experienced sharp month-end price corrections, the strategy preserved profits by actively scaling down these positions during their ascent.

Fixed Income:  The sector weighed on performance. Long positions in sovereign debt recorded losses, specifically the Us 10-yr t-note and 3-month sonia.

Energy:  The sector acted as a significant drag on the portfolio. A short position in Henry Hub natural gas was the largest single detractor. A long position in Uk nbp natural gas month also posted losses. Conversely, a long position in Nordic base yearly future provided a partial offset.

Foreign Exchange:  The sector showed divergent results. A short position in Indian rupee/usd was a key driver, while a long position in Mexican peso/usd also rose. However, a short position in New Zealand dollar/usd weighed on returns.

Agriculturals:  This sector delivered mixed results. Short positions in Cocoa proved highly profitable, with London and standard contract. However, positions in grains and oilseeds acted as a drag, with Chicago soft red winter wheat and Soybean oil recording losses.

Equities:  The fund maintained exposure to equities, which contributed positively to the period's performance. Stocks in the U.S. were the main driver.