PAM MFSP Weekly Update – 4 September 2026

Performance Overview

For the week ended 4 September 2026, MFSP Class A and B posted weekly performances of 1.87% and 1.71%, respectively. Month-to-date returns stood at 2.03% and 1.87%, while year-to-date return 11.29% and 9.69%.

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 Nordic base yearly (enext), Dutch Ttf natural gas, Brent crude oil, and low sulphur gasoil.

Foreign Exchange: Currency positions were the largest detractor both over the week and for the month, as broad-based losses from a short Japanese yen/usd position and long yen-cross exposure (Euro/yen, Swiss/yen, Sterling/yen, and Kiwi/yen), together with a short Indian rupee/usd position, outweighed gains from long Korean won/usd and Mexican peso/usd positions.

Agriculturals: The agricultural sector posted a small loss over the week and month to date, as losses from long Arabica coffee, long cotton No.2, and long soybean oil positions outweighed gains from long Capesize freight, long crude palm oil, and long soybeans positions.

Interest Rates: Interest rate positions were roughly flat over the week and month to date, as a gain from a short Australian 3-year government bond position was offset by a loss from a long Canadian overnight repo rate position.

Metals: Metals made a negligible contribution over the week and month to date.

Equities: Equities contributed modestly over the week and month to date while long U.S. positions performed well.