PAM MFSP Weekly Update – 5 June 2026

Performance Overview

As of 5 June 2026, MFSP A and B posted weekly performances of -2.20% and -2.36%, respectively. Month-to-date returns stood at -2.25% and -2.41%, while year-to-date returns 20.78% and 19.63%. Notably on Friday, U.S. stock markets faced heightened volatility and a downward turn, which intensified the short-term performance squeeze on our equity long positions toward the end of the trading week.

Sector Analysis and Attribution

Foreign Exchange: A long position in the Usd/korean won was the overall top performer across all asset classes. Short positions in the New zealand dollar / usd, Canadian dollar / usd, and Euro/ usd also added positive value. Conversely, long exposure to the Swiss/yen (imm) and Brazilian real / usd (imm) acted as minor detractors.



Agriculturals: The agricultural sector experienced highly divergent trends. Long tracking in Live cattle proved highly profitable, while short strategic positions in Soybean meal, Corn, and Chicago soft red winter wheat all captured positive returns. However, a long position in Soybeans suffered sharp downward pressure, becoming the largest single detractor for the month. Long exposure to Soybean oil also detracted slightly.

Metals: The metals complex delivered mixed results. Short-focused exposure in palladium captured a solid gain. On the long side, however, significant macro headwinds dragged down bullion and bulk positions, with long exposure in Tsi iron ore cfr china futures, platinum, silver, and tin acting as drags on sector attribution.

Digital Assets: A short position in Ether/usd (cme) successfully navigated digital asset trends, adding a positive return to the portfolio.

Equities: Equity indices faced modest retracements. Long exposure in the E-mini S&P 500 index shaved off some gains, while a long position in the VanEck Vectors Jr. Gold Miners ETF also declined.