Hope Floats
Yet another quarter of divergence The quarter under review has been singularly challenging for us. While benchmark BSE 500 rose 3.3%, our fund NAV declined 0.1%. An aberration we opine, but will get to that analysis later. Most of the …
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Something’s gotta give
Decent show amidst high volatility We completed 2 years of active fund management this September. Since inception, NAV is up 18.1%, bettering benchmark BSE500, which was up 9.9%, and significantly ahead of small and mid-cap indices. During the first year, …
Waiting for Godot
Tepid end to lackluster quarter This was expected to be a defining quarter, one way or the other. However, other thancustomary volatility, our stock markets have gone nowhere. Economic slowdown and trade war largely negated factors such as election outcome …
Faith Matters
A remarkable quarter Despite faced with the toughest market situation yet of our short tenure, we closed the quarter with 4.7% accretion to fund NAV. This was ignificantly better compared to all major indices including benchmark BSE 500 (which was …
Trial by fire
Maiden year: promising start, sobering end We have completed just over a year since inception. During this difficult period for EMs including India, our fund NAV rose a modest 6.5%, but ahead of benchmark BSE 500, which was up 4.4%. …
Rough terrain
Our previous newsletter titled ‘Testing times’ could ring true for the quarter under review as well. Our AIF exhibited muted performance with NAV declining a tad (~1%) compared to ~3% gain in benchmark, BSE500. However, this was better than the …
Testing times
Risks While it would be simpler to hide behind the pretext of weak market conditions, we admit upfront to not being pleased with the AIF performance last quarter. Our portfolio NAV declined ~6% on pre-tax basis, broadly in line with …
Taking guard
We commenced AIF operations with Ampersand Growth Opportunities Fund – Scheme I (AGOFS) in late-Sept, even as markets were coming off yearly highs. Now here we are with our first newsletter when markets have scaled yet another peak. Henceforth, every …
Time to Reboot
Bulls tested, finally Following a long phase in the markets when returns preceded and exceeded conviction, it finally saw some course correction. It was triggered by a combination of geopolitical risks, weak GDP print and concerns relating to GST implementation …