Axis Tactics 25th March, 2026 - After our Sell Signal Warning in November, what next....

| Investment Performance | New Developments | Global Tactical Trends across Indices, FX & Commodities | Positions Update |

If you already maintain an active portfolio, advisory relationship or trading account with one of our Group Companies, please reach out to your usual contact or otherwise via email on info@axis-im.com, for a full access code to all sections in this Newsletter, inclusive of (i) Pay-Walled content on Specific trade recommendations, (ii) Entry and Exit timings and (iii) Risk Management Parameters.

Access Codes also available for Trusted Media contacts.

For more information on what we do and the services we offer, please visit www.axis-im.com.

Investment Performance

As many of our readers will know, the recommendations in the newsletter and our frequent time-stamped investment commentary sent to Investors via direct messaging are been replicated within both our Family Office Portfolio and also within unrestricted managed portfolios.

+35% in 2024, +34% in 2025 and +21% over 2026 to date.

As this content has naturally become quite sensitive and valuable, the majority of the actionable intelligence and tradeable ideas will now reside below the paywall, with access for investors and select media contacts. Please reach out to your usual Axis IM contact, for access.

This is the first Newsletter of 2026, the last being the Hindenburg issue from 19th November 2025, where we raised the Sell-the-World Warning signal, with a special focus on the Mag 7 - this came to perfect fruition.

The majority of our trade-related content is now currently distributed to active account holders and investors via direct message services. If you believe that you are eligible to receive such commentary, please reach out to your usual Axis IM contact.

This direct-distribution trade content is primarily for active investors that hold accounts with us who are interested in short and medium term trading ideas across: Gold, Silver, Indices, FX, Volatility and Commodities. These will be the same ideas and trade strategies which we currently deploy within our Managed Account and Family Office investment models.

Within this Newsletter, we will continue to present themes, strategic commentary and general opinions.

New Developments - Fund Launches in 2026

We are planning the Launch of 2 Funds, during 2026. These 2 Funds, combined, will broadly represent the majority of the Investment Strategy which our Managed Portfolios and our Family Office have been deploying, for several years. Those with longer memories may recall that our Team had previously managed a Hedge Fund successfully for over 10 years, before, during and after the GFC - even posting a positive return in 2008. All funds will be held and administrated by a separate Custodian.

Axis Balanced Growth & Income - Long Term Capital Appreciation with a Target annual running yield in excess of 5%. Comprising both High Quality Liquid Investments as well as Thematic Long Term conviction ideas across the Liquid Investment Universe, worldwide. Usage of Global Macro, Arbitrage and Option-related strategies to enhance yields and capital growth.

Axis Alpha Tactical - Replicating our trading and active management approach across all asset classes. Both Long and Short positions across Indices, ETFs, Oil, Volatility, FX, Gold, Silver and Commodities.

Both are available as Shariah-compliant, subject to Investor demand.

Next Steps - Two investment tranches will be available for each of the above opportunities.

Investors participating in the first tranche may be eligible for additional participation in the performance fees generated by Axis through its asset management activities. Investors in the second tranche will subscribe to standard units without such participation.

Investments into these Funds can be made directly via your online investment platform (availability may vary), or through your private bank, where investors can instruct their Relationship Manager to execute the purchase on their behalf.

Global Macro Trends - Indices, FX, Commodities

For precise entry and exit points, as well as preferred issuers and equity names, please contact us. The below is indicative and macro-based guidance.

Trending Upwards

(Axis IM Analytics using Bloomberg & Axis IM Proprietary Data)

Volatility trends in the US and the EU still seems strong, indicating that the recent downtrend may have further to go. Safe haven USD/CHF also appearing high on the list is another warning sign. Perhaps a concern for Real Estate investors and anyone (is there anyone left..) that still rates UK Chancellor Rachel Reeves as a safe pair of hands - both the 10 Year and 30 Year Gilt Yields have a risk bias tilted to the upside, increasing borrowing costs and also placing extra stress on anyone, anywhere that has leverage in GBP terms.

Those who have access to our trading positions comments will already know our views on these, entry and exit points as well as other tactical trades we recommend.

Trending Downwards

(Axis IM Analytics using Bloomberg & Axis IM Proprietary Data)

Some Metals and Emerging Markets are unsurprisingly under pressure in this war-footing environment. That weakening trend seems intact for the time being. Weakness also in Gilts, US Notes and EU/US Indices is a worrying confluence of negative indicators.

We are corroborating these trends with our other analytics tools. As stated above, those who have access to our trading positions comments will already know our views on these, entry and exit points as well as other tactical trades we recommend.

Positions Update

For current & precise entry/exit levels and intra-day position updates in real-time, please reach out to your Axis IM directly.

If you would like to view the Investment Recommendations Section below, please request access from your Axis point of contact.