Axis Tactics 30th March, 2026 - Interim Position Update

| Positions Update | DXY, USD-ZAR, USD-CHF, GBP-USD | FTSE 100, Nasdaq 100, EU Stoxx 50 | Volatility | Bitcoin |

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Positions Update

Updates on positions opened and recommended in Second Section within our Newsletter of 25th March

FX : Recent Close-out of these previous positions:-

• Long DXY,

• Long USD/CHF,

• Long USD/ZAR and

• Short GBP/USD

All at profit. Details and pip/basis point returns upon request.

Indices : Recent Close-out of:

• Short Nasdaq 100,

• Short FTSE 100

• Short Stoxx 50

All at profit. As above, details ticks/% returns upon request.

Volatility Options : Recent Close-out of:

• Long OTM Call options on VIX - 300% Return in 72 hours.

Volatility Futures: Recent Close-out of:

• Long VIX Futures - 30% Unleveraged Return in 72 Hours.

  Note: We utilise 5x Leverage on these (but usage of Leverage is optional)

Gilts/US Bonds : Tactical Hedges to insulate assets from the anticipated sharp rise in Yields (= sharp fall in cash bond prices) generated Alpha (non-correlated extra cash profit) on that collapse in bond prices. As highlighted in both the “Trending Upwards” and “Trending Downwards” Sections in our Newsletter of 25th March.

For more precise details on these trade types and our timings, please reach out to your usual Axis IM Contact.

Equities/Bonds/ETFs:

We have prepared a revised comprehensive shopping list of all the Individual Equities, ETFS and Bonds (globally) that we aim to buy, if and when the opportunity arises. These will naturally form part of our Fund Investments upon launch. However, in the interim they are equally relevant for :-

(i) Yield-seeking Portfolio Investors

(ii) Shariah-compliant Portfolio Investors

(iii) Long Term Capital Appreciation Objective Investors

On occasion, we will make note of special cases and themes that we seek to explore in the Section below. For more details on these recommendations, please get in touch with your Axis IM contact.

Market Noise

If you were negotiating in good faith, would you simultaneously present both a carrot and a stick, at the same time, on the same plate - and add an extra threat too?

Hence, we do not think anyone outside a very narrow-minded Fox-news fed MAGA fanbase considers Trump’s words or tweets to hold any weight at all. Truth Social is no longer moving prices - less and less people are listening. The risk of escalation remains very high but the risk of a mistake is even higher. Hegseth is not a military tactician - a Major in name by years served rather than by leadership stars.

If you were Iran, would you show off your new Leader or place any trust in negotiations? Given that, every time Iran (or its proxies) makes itself available for talks and sets a “safe/neutral” location, all they end up doing is painting a target for Israel to take a shot at them. Maybe their leader is injured or dead. If he’s not, keeping him out of sight at the moment seems to be a smart move on their part. Not surprised that they would have “trust issues”.

We think this gets worse and any headlines that make the market bounce are likely offering selling opportunities rather than durable rallies.

We suspect GCC nations in close proximity are even more vulnerable than even they might think - and there are some key reasons for this. On this sensitive point, we have some well defined views for any investors in the region that find themselves exposed.

Current/New Positions Update 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.