PAM MFSP Weekly Update – 7 August 2026

Performance Overview

For the week ended 7 August 2026, MFSP Class A and B posted weekly performances of 5.47% and 5.29%, respectively. Month-to-date returns stood at 5.47% and 5.29%, while year-to-date return 8.65% and 7.26%.

Sector Analysis

Agriculturals: The agricultural sector was a positive contributor over the week and for the month to date, reversing its role as the largest detractor in July. Long positions in European rapeseed, white sugar No.5, sugar No.11, and crude palm oil, together with a long position in canola, drove the gains, only partially offset by a small loss from a long position in soybeans.

Foreign Exchange: Currency positions were the largest detractor over the week and for the month, as losses from short Japanese yen/usd and short Canadian dollar/usd positions outweighed gains from a long Korean won/usd position.

Interest Rates: Interest rate positions posted a modest loss over the week and month to date, as a loss from a short 3-month Sofr position outweighed gains from a long 3-month Sonia position.

Energy: The energy sector contributed modestly over the week and month, led by a short position in Henry hub natural gas.

Metals: Metals detracted slightly from performance over the week and month to date, as losses from short palladium, short micro gold, and short micro silver positions outweighed gains from a long silver position.

Equities: Equities delivered positive return over the week. A short position in Palantir Technologies weighed most heavily on the sector, compounded by losses from short Sap and short Micro E-mini S&p 500 positions, which more than offset gains from a long E-mini S&p 500 position. However equities invested in U.S. and Taiwan initiated strong rebound after a significant reverse in July.