PAM MFSP Weekly Update – 9 January 2026

Performance Overview
As of 9 January 2026, MFSP A and B posted weekly performances of 1.14% and 1.14%, respectively. Month-to-date returns stood at 2.84% and 2.68%, while year-to-date returns 2.84% and 2.68%.

Sector Analysis and Attribution

Metals:  The sector was the standout performer and the primary driver of the fund's substantial gains. Long positions across precious and industrial metals were highly rewarding. Platinum and Silver were the top individual contributors to the performance, respectively. Long positions in Tin, Gold, and High Grade Copper further bolstered returns.

Fixed Income:  The Interest Rates sector showed divergent results. A long position in 3-month Sonia contributed positively. Conversely, broad exposure to other sovereign debt weighed on performance; long positions in US 10-yr T-notes and short positions in Australian Government Bonds (10-year and 3-year) posted losses.

Foreign Exchange:  The sector delivered positive return, with short Indian rupee/usd were the main driver. Short New zealand dollar/usd posed some losses.

Agriculturals:  This sector delivered mixed results. Short positions in Cocoa proved profitable, with both standard and London contracts contributing each. However, short positions in grains and oilseeds acted as a drag, with Chicago soft red winter wheat and Soybean oil recording losses.

Equities:  The fund maintained exposure to equities, which contributed positively to the period's returns. AI markets dominated most of the exposure.