PAM MFSP Weekly Update – 31 July 2026

Performance Overview

For the week ended 31 July 2026, MFSP Class A and B posted weekly performances of -5.34% and -5.34%, respectively. Month-to-date returns stood at -15.58% and -15.72%, while year-to-date return 2.91% and 1.77%.

Sector Analysis

Foreign Exchange: Currency positions were the largest detractor both over the week and for the month overall. A long position in the Usd/Korean won remains the sector's principal detractor month-to-date, compounded by losses from short New Zealand dollar/usd and short Japanese yen/usd positions.

Agriculturals: The agricultural sector was the second-largest detractor over the week, extending its position as the fund's largest detractor for the month. A long position in soybeans remains the sector's sole month-to-date gainer, while short exposure to Chicago and Kc wheat and corn, together with long positions in live cattle, milling wheat, soybean meal, and feeder cattle, drove the bulk of the month's losses.

Interest Rates: Interest rate positions posted a small negative return over the week, and the sector's month-to-date figure remains modestly negative despite gains from short 3-month Sofr, short Japanese 10-year government bond, and short Us 10-year t-note positions, as other exposures in the sector offset these contributions.

Energy: The energy sector was roughly flat over the week but remained the fund's most reliable source of diversification for the month, led by a short position in Henry hub natural gas and long allocations in Nordic base yearly (enext), Ny harbor ulsd, and low sulphur gasoil.

Metals: Metals were roughly flat over both the week and the month, with a long position in tin standing out as the sector's sole month-to-date contributor of note.

Equities: Equities also declined over the week, with the sector's month-to-date figure similarly negative. A short position in the Kosdaq 150 remains a bright spot for the month. On the other hand, long exposure to U.S. and Taiwan equities recorded a notable drawdown through 31 July. However, both markets have staged a strong rebound since the start of August, which has meaningfully improved the position since month-end.