If you are looking for some new additions to your portfolio in October, then the ASX shares listed below could be worth a closer look.

They have both been named as favoured shares by Bell Potter for the month ahead. The broker notes that these are the shares that it believes "offer attractive risk-adjusted returns over the long term."

In addition, Bell Potter highlights that when choosing its picks it considers the current macro-economic backdrop and investment environment, focusing on quality companies with proven track records, capable management, and competitive advantages.

You can read about the first three ASX shares on the list here. Let's now take a look at two more of the broker's top picks for this month. They are as follows:

Life360 Inc (ASX: 360)

The first ASX share that Bell Potter is very positive on is Life360. It is a location technology company with over 70 million users on its eponymous Life360 platform.

The broker notes that the company is still in the early days of monetising its massive user base. It feels this gives it a significant runway for growth in the future. Particularly given the recent launch of its advertising business. It commented:

Life360 operates a market-leading app that provides communication, driving safety, and location-sharing features. With over 70 million monthly active users and 2 million paying circles, the company has significant growth potential as it continues to rapidly monetise its customer base, supporting a 12-month price target of $20.50.

Neuren Pharmaceuticals Ltd (ASX: NEU)

Another ASX share that the broker is feeling bullish about is Neuren Pharmaceuticals.

It is a pharmaceuticals company developing new drug therapies to treat multiple serious neurological disorders that emerge in early childhood and have no or limited approved treatment options.

Bell Potter is very positive on its NNZ-2591 product candidate, which is being trialled in children with Angelman syndrome. The broker believes it could give the company's earnings a big boost in the future if everything goes to plan. It said:

Neuren Pharmaceuticals is a biotech company that is well-funded via its first asset, DAYBUE, which is an FDA approved trofinetide for the treatment of Rett syndrome. NEU's value is from its second asset, NNZ-2591, which is under development for rare diseases. NNZ-2591, if successful, could lead to a significant increase in revenue and earnings when brought to market. NEU looks attractive on a risk/adjusted basis after the recent sell-off.