PAM MFSP Weekly Update – 8 May 2026

Performance Overview

As of 8 May 2026, MFSP A and B posted weekly performances of 2.34% and 2.34%, respectively. Month-to-date returns stood at 2.53% and 2.36%, while year-to-date returns 21.74% and 20.77%.

Sector Analysis and Attribution

Foreign Exchange: Currency positions yielded divergent results. Positive contributions came from long positions in the Brazilian real/usd (imm) and Swiss/yen (imm). Conversely, short positions in the Indian rupee/usd (sgx) and long positions in the Usd/korean won acted as drags on the sector.

Agriculturals: The agricultural sector faced considerable headwinds. While a long position in Soybeans brought positive return, livestock and soft commodities acted as major detractors. Long positions in Live cattle and Feeder cattle posted significant losses. Furthermore, short positions in London cocoa and Cocoa weighed heavily on the portfolio, alongside losses from long positions in Sugar no. 11 and Chicago soft red winter wheat also declined.

Fixed Income: In the interest rates sector, short positions in Asia-Pacific sovereign debt weighed on overall performance. Both the Austr. 3-yr gvt. bond and the Japanese 10-yr gvt. Bond slightly decreased .

Metals: The metals sector was the strongest contributor to the portfolio's performance this week. Positive attribution was driven entirely by long positions, including Tin, Silver, High grade copper, TSI iron ore CFR China futures, and Platinum.

Energy: A short position in Henry hub natural gas performed well, generating a positive return to the portfolio.

Equities: Within the equities sector, a short position in Rheinmetall was a bright spot, contributing positive return. On the other hand, U.S. and Taiwan stocks also continuing delivered strong return to our fund.