PAM MFSP Weekly Update – 30 October 2026

Performance Overview

For the week ended 30 October 2026, MFSP Class A and B posted weekly performances of -1.97% and -1.97%, respectively. Month-to-date returns stood at -12.12% and -12.27%, while year-to-date return 3.55% and 1.90%.

Sector Analysis

Energy: The energy sector was the largest contributor both over the week and for the month to date, led by long positions in Dutch Ttf natural gas, Phelix DE baseload power, Brent crude oil, Wti light sweet crude oil, and Nordic base yearly (enext), together with a short Henry hub natural gas position.

Metals: Metals were the second-largest contributor over the week and a modest positive contributor for the month, with a short palladium position the sector's main gain, partially offset by a loss from a long platinum position.

Foreign Exchange: Currency positions were marginally negative over the week but remained a modest positive contributor for the month, partially offset by losses from short Canadian dollar/usd and long Euro/Swedish krona positions.

Agriculturals: The agricultural sector posted a small loss over the week but remained a positive contributor for the month, led by short positions in Chicago soft red winter wheat, Kc hard red winter wheat, and corn, partially offset by a loss from a long soybeans position.

Interest Rates: Interest rate positions were the largest detractor over the week and remained the largest detractor for the month, as losses from short Japanese 10-year government bond, short 3-month Sofr, short Us 10-year t-note, short Us ultra t-bond, and short Us 5-year t-note positions, together with a long Euribor position, weighed on the sector.

Equities: The equities among futures, U.S. and Taiwan stocks detracted again over the week and remain a detractor for the month to date. The sell-off was driven by renewed doubts over the return on AI spending. Disappointing earnings from Alphabet and Amazon weighed on sentiment. On 30 October, Intel fell sharply after issuing a weak outlook, sending the Philadelphia Semiconductor Index down 7.2% and the Nasdaq Composite down 2.8% in one session.