So I tried it....
Used sun ray on axe (max lvl of sun ray and max lvl on axe full inventory of HoT) and it healed and final heal was 85 without holy locket and 114 with holy locked......
85*1.25=106,25 and not 114.
Sorry my english is not good enough to explain this so I had to prove it by this specific example.
GL playing dota but keep this at your mind

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