Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>
India reversed its entire relative gain against EM. The near 50% relative drawdown is the deepest and longest since 2012, so we're positioning for improvement.</li>
<li>
Bottom-Decile losses in India have historically preceded strong rebounds. Although relative washouts offer no comparable evidence. We can scale up on an absoute basis.</li>
<li>
Opportunity in the middle of the index. We built a tiered watch list from the middle cohort, scaling toward equal weight as confirmation arrives.</li>
</ul>



India reversed its entire relative gain against EM. The near 50% relative drawdown is the deepest and longest since 2012, so we're positioning for improvement.

Bottom-Decile losses in India have historically preceded strong rebounds. Although relative washouts offer no comparable evidence. We can scale up on an absoute basis.

Opportunity in the middle of the index. We built a tiered watch list from the middle cohort, scaling toward equal weight as confirmation arrives.


India Equities: Stocks to Watch After Deep Underperformance

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>International Market: Bajaj Auto’s international business remained a key growth driver in Q4FY26, with export volumes exceeding 600,000 units for the second consecutive quarter, reflecting strong recovery and sustained momentum.</li><li>Growth was led by Latin America, which delivered its 11th consecutive quarter of expansion, while Africa showed early signs of recovery with Nigeria stabilising at ~35,000 units/month and Bajaj maintaining ~50% market share.</li><li>Brazil continued to scale steadily with expanding capacity and premium positioning. Backed by a retail-led distribution strategy and strong brand equity, Bajaj continues to outperform industry growth across key markets. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

International Market: Bajaj Auto’s international business remained a key growth driver in Q4FY26, with export volumes exceeding 600,000 units for the second consecutive quarter, reflecting strong recovery and sustained momentum.Growth was led by Latin America, which delivered its 11th consecutive quarter of expansion, while Africa showed early signs of recovery with Nigeria stabilising at ~35,000 units/month and Bajaj maintaining ~50% market share.Brazil continued to scale steadily with expanding capacity and premium positioning. Backed by a retail-led distribution strategy and strong brand equity, Bajaj continues to outperform industry growth across key markets. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Auto Ltd - Xports Upswing, 3W Leadership, & Captive Finance Flywheel in Motion

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.</li>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.</li>
<li>As things stand, we see only one ADD/DEL but there are other names lurking close to the border.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.
As things stand, we see only one ADD/DEL but there are other names lurking close to the border.


Quiddity Leaderboard BSE ​​​​SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Thematic (Sector/Industry)

<ul><li>Over Apr’26-Aug’26, cumulative 2W domestic sales grew by 18% YoY to 91.15 Lc units, supported by strong performances from Eicher Motors (+28%), TVS Motors (+27%), Hero (+17%), HMSI (+14%), and Bajaj Auto (+12%).</li><li>Exports showed improved traction across global markets, led by Bajaj Auto, TVS Motors, HMSI &amp; Hero MotoCorp.</li><li>The domestic PV industry posted a ~28% YoY growth to ~21.6 Lc units, driven by strong performance from Tata Motors (+51%), Maruti Suzuki (+32%), Kia India (+23%), M&amp;M (+22%), Hyundai (+13%), JSW MG Motor (+13%) and Toyota Kirloskar (+12%). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Over Apr’26-Aug’26, cumulative 2W domestic sales grew by 18% YoY to 91.15 Lc units, supported by strong performances from Eicher Motors (+28%), TVS Motors (+27%), Hero (+17%), HMSI (+14%), and Bajaj Auto (+12%).Exports showed improved traction across global markets, led by Bajaj Auto, TVS Motors, HMSI &amp; Hero MotoCorp.The domestic PV industry posted a ~28% YoY growth to ~21.6 Lc units, driven by strong performance from Tata Motors (+51%), Maruti Suzuki (+32%), Kia India (+23%), M&amp;M (+22%), Hyundai (+13%), JSW MG Motor (+13%) and Toyota Kirloskar (+12%). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Strong Q1FY27 Performance Across Auto OEMs: Revenue/EBITDA in Q1FY27 grew by 33.3%/22.4% YoY, respectively, versus our expectations of ~31%/35% YoY for Auto OEMs under our coverage.</li><li>Revenue growth was largely driven by mid-single-digit industry growth across 2Ws/PVs/CVs, mid-teens volume growth in the tractor industry, and continued premiumization.</li><li>Revenue and EBITDA declined by 1.2%/16.1% QoQ, respectively, versus our estimates of -2.7%/-7.6%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong Q1FY27 Performance Across Auto OEMs: Revenue/EBITDA in Q1FY27 grew by 33.3%/22.4% YoY, respectively, versus our expectations of ~31%/35% YoY for Auto OEMs under our coverage.Revenue growth was largely driven by mid-single-digit industry growth across 2Ws/PVs/CVs, mid-teens volume growth in the tractor industry, and continued premiumization.Revenue and EBITDA declined by 1.2%/16.1% QoQ, respectively, versus our estimates of -2.7%/-7.6%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

High Conviction Ideas:Auto and Auto Ancillaries

India

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds.

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Bajaj Auto Ltd (BJAUT IN)

India Equities: Stocks to Watch After Deep Underperformance

India looks attractive after a historic washout. We prefer to position among leaders in the middle of the index, scaling up as breadth improves....

Damanick Dantes, CMT

Bajaj Auto Ltd - Xports Upswing, 3W Leadership, & Captive Finance Flywheel in Motion

Bajaj Auto’s international business remained a key growth driver in Q4FY26, with export volumes exceeding 600,000 units for the second consecutive...

Axis Direct

Quiddity Leaderboard BSE SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Our expected ADD and DEL could have more than 8x ADV to trade. More importantly, the ranks can still change before the end of the reference period...

Janaghan Jeyakumar, CFA

Auto Monthly Sales Volume - August 2026

Over Apr’26-Aug’26, cumulative 2W domestic sales grew by 18% YoY to 91.15 Lc units, supported by strong performances from Eicher Motors (+28%), TVS...

Axis Direct

High Conviction Ideas:Auto and Auto Ancillaries

Revenue/EBITDA in Q1FY27 grew by 33.3%/22.4% YoY, respectively, versus our expectations of ~31%/35% YoY for Auto OEMs under our coverage.

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India Equities: Stocks to Watch After Deep Underperformance

India looks attractive after a historic washout. We prefer to position among leaders in the middle of the index, scaling up as breadth improves....

Damanick Dantes, CMT

Bajaj Auto Ltd - Xports Upswing, 3W Leadership, & Captive Finance Flywheel in Motion

Bajaj Auto’s international business remained a key growth driver in Q4FY26, with export volumes exceeding 600,000 units for the second consecutive...

Axis Direct

Quiddity Leaderboard BSE ​​​​SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible

Our expected ADD and DEL could have more than 8x ADV to trade. More importantly, the ranks can still change before the end of the reference period...

Janaghan Jeyakumar, CFA

Auto Monthly Sales Volume - August 2026

Over Apr’26-Aug’26, cumulative 2W domestic sales grew by 18% YoY to 91.15 Lc units, supported by strong performances from Eicher Motors (+28%), TVS...

Axis Direct

High Conviction Ideas:Auto and Auto Ancillaries

Revenue/EBITDA in Q1FY27 grew by 33.3%/22.4% YoY, respectively, versus our expectations of ~31%/35% YoY for Auto OEMs under our coverage.

Axis Direct

Quiddity Leaderboard BSE SENSEX Dec26: One Change Likely But Multiple Other Outcomes Possible