Axis Tactics 2nd October, 2025 - The Quest: Finding Growth at a Reasonable Price & Being Paid While You Wait

| Equities with Both Yield and Upside | Sector Asset Allocations |

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.

Sector Asset Allocations

(Axis IM Analytics using Bloomberg & RRG Data)

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.

EMEA

3 Sectors seem interesting from the above study : Basic Resources, HealthCare and Retail. Many of Retail Sector equity names tends to fall short when we cross-check by assessing them fundamentally, so investments in that area have to be cherry-picked. More conviction with an overweight bias for both Basic Resources and Healthcare.

Quite a cluster of Sectors in the EU that are losing momentum. It appears that there will need to be a meaningful catalyst for the overall Index to appreciate much further from here, in order to offset the broadening softness across several areas.

US

The US HealthCare Sector is looking chipper in the US as well. US Energy and US REITs are worth a watch in case their price action stabilizes. A key observation on the US Information Technology Sector, which appears to be running out of momentum here.

ASIA

Please contact us for any Asia & Africa Investment Strategy questions.

Global Macro

Interesting times for Commodity Traders, with Arabica Coffee (volatile as ever) building an upwards trend. Corn, Sugar, Wheat & Cotton are still underperforming -but on the mend - and worth a close watch for potential stabilisation and future improvement. Silver’s performance has been outstanding and still solidly in the outperformance segment until proven otherwise.

A mixed picture on Crypto, with Dash, Zcash and Ethereum (even Ripple) outperforming Bitcoin on a relative basis. The USD has just crept into Improving territory - but not compelling, as yet.

Investment Recommendations Section

Equity Strategy

Equity Market Indices are continuing the melt-up, volatility is depressed (or compressed, if you liken it to a spring) and the investment community cares not about Inflation, Government Shutdowns or any of the conflicts raging worldwide.

Mindful of this, we are approaching our Equity Strategy recommendations with 2 Strands:-

1. Equities with robust fundamental properties and very conservative valuations, which can potentially offer in excess of 25% return over the coming 12 months.

   ”potential growth at a still reasonable price”

2. Equities with robust fundamental properties and moderately conservative valuations, which can potentially offer in excess of 20% return over the coming 12 months - but are also estimated to pay out a Dividend Yield of greater than 5%. “get paid while you wait”

   Opting for a foundation within conservative valuations is designed to insulate investors from any upcoming market gyrations, as is a common occurrence with potentially toppy markets.

Listings of Equity Ideas for both Strands are in the Section Below.

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.