PAM MFSP Weekly Update – 7 November 2025

As of October 31, MFSP A and B posted weekly performances of 0.78% and 0.78%, respectively. Month-to-date returns stood at +3.57% and +3.40%, while year-to-date returns reached +10.67% and +8.89%.

During the last week of October, global markets rose. In Europe, the UK increased 0.743%, Germany decreased 1.162%, while France declined 1.271%. In the U.S., the S&P 500 rose 0.714%, the Dow Jones advanced 0.754%, and the NASDAQ climbed 2.241%. In Asia, Korea’s KOSPI surged 4.209%, Japan’s Nikkei 225 rose 6.312%, Shanghai rose 0.113%, Hong Kong’s Hang Seng decreased 0.969%, and Taiwan’s TAIEX increased 2.546%.



The fund ended the final week of October slightly higher. Within commodities, long positions in gold, silver, and platinum contributed early in the week but retraced as precious metals consolidated. Short exposures in Sugar No. 11 and White Sugar No. 5 added modest gains, while losses from soybean meal shorts and livestock longs weighed slightly on overall returns. Energy exposure stayed balanced, with small shorts in natural gas and selective longs in Nordic power and crude palm oil offsetting part of the volatility. The fund maintained constructive long positions in aluminium, supported by improving industrial sentiment. While CTA strategies overall faced a pullback during the week, equity markets—particularly in the United States and Taiwan—showed notable strength. This provided supportive momentum to the fund’s diversified holdings and helped stabilize returns. Overall, risk allocation remained balanced and margin usage moderate, as the systematic trend-following approach continued to emphasize medium-term opportunities with controlled volatility.