Monthly Updates

Fund Performance: Marginal cut in volatile markets

In April, Ampersand fund NAV rose 10.6%, our best performance in some time. Notably, and yet again, this was much better than benchmark BSE 500 (up 3.4%), and well ahead of most major indices.

Our performance across various time periods illustrates consistent showing. Since inception ie 25 Sep 2017, our fund has delivered 23.7% CAGR, well ahead of all major indices.

April 2024

Fund and Market Performance

Returns	1 Month	3 Months	6 Months	1 Year	3 Year CAGR	5 Year CAGR	Inception CAGR
AGOFS NAV	10.6%	15.5%	45.0%	81.6%	35.7%	29.1%	23.7%
BSE 500	3.4%	5.9%	24.6%	36.9%	19.0%	16.7%	14.1%
Nifty 50	1.2%	4.0%	18.4%	25.1%	15.6%	14.0%	13.2%
Nifty Midcap 100	5.8%	4.7%	30.8%	60.0%	28.1%	23.7%	16.7%
AFOFS NAV*							407.4

*NAV (post expenses & taxes paid till date), Class & Series-wise NAV may differ

Fund Performance: Marginal cut in volatile markets

Ampersand NAV declined -0.4% in March, and the mild contraction was mainly due to final and annual tax instalment. And this was despite reasonable exposure to small/mid-caps, which faced sharper cuts in the
respective indices.

Since inception, our fund has delivered 22.1% CAGR, well ahead of all major indices.

March 2024

Fund and Market Performance

Returns	1 Month	3 Months	6 Months	1 Year	3 Year CAGR	5 Year CAGR	Inception CAGR
AGOFS NAV	-0.4%	11.4%	29.0%	70.8%	32.1%	26.4%	22.1%
BSE 500	0.8%	4.3%	16.9%	38.4%	17.8%	15.9%	13.7%
Nifty 50	1.6%	2.7%	13.7%	28.6%	15.0%	13.9%	13.2%
Nifty Midcap 100	-0.7%	4.1%	18.6%	60.1%	26.6%	21.6%	15.9%
AFOFS NAV*							368.3

*NAV (post expenses & taxes paid till date), Class & Series-wise NAV may differ

Fund Performance: Performance sustained in volatile market

Ampersand fund has continued to do well and significantly outperformed benchmark and other key indices,
delivering 4.8% returns in Feb. This was despite significant tax provisioning.

Since inception, our fund has delivered 22.5% CAGR, again ahead of all major indices.

February 2024

Fund and Market Performance

Returns	1 Month	3 Months	6 Months	1 Year	3 Year CAGR	5 Year CAGR	Inception CAGR
AGOFS NAV	4.8%	17.1%	29.1%	70.8%	33.7%	28.2%	22.5%
BSE 500	1.5%	11.7%	15.6%	37.7%	17.9%	17.5%	13.8%
Nifty 50	1.2%	9.2%	14.2%	27.0%	14.8%	15.3%	13.1%
Nifty Midcap 100	-0.3%	12.8%	23.8%	60.7%	27.7%	23.7%	16.2%
AFOFS NAV*							369.7

*NAV (post expenses & taxes paid till date), Class & Series-wise NAV may differ

Fund Performance: Strong start to CY24

Ampersand fund has started well in CY24, delivering 6.6% returns in Jan. This was well ahead of most indices,
including our benchmark BSE 500.

Since inception, our fund has delivered 21.9% CAGR, again ahead of all major indices.

January 2024

Fund and Market Performance

Returns	1 Month	3 Months	6 Months	1 Year	3 Year CAGR	5 Year CAGR	Inception CAGR
AGOFS NAV	6.6%	25.6%	31.3%	64.9%	33.4%	26.9%	21.9%
BSE 500	1.9%	17.7%	15.6%	31.6%	20.3%	17.0%	13.7%
Nifty 50	0.0%	13.7%	10.0%	23.0%	16.8%	14.9%	13.0%
Nifty Midcap 100	5.2%	24.9%	28.8%	58.3%	32.4%	23.5%	16.5%
AFOFS NAV*							352.8

*NAV (post expenses & taxes paid till date), Class & Series-wise NAV may differ

Fund Performance: Continued gains, albeit at slower pace

Ampersand fund continued to deliver positive returns in December but lagged other indices. This accounts for
a sizable 70bps impact due to advance tax instalment outgo during the month. More significantly the
performance some of our larger holdings was restricted by, (1) normal stock correction after exceptional rise
in recent months, (2) extraneous event of income tax raid on Polycab, which is our 2nd largest holding, and
(3) continuing underperformance of our top holding ICICI.

As a result, Ampersand fund was up 4.8%, compared to 8% rise in our benchmark BSE 500. Our performance
across various time periods in 2023 as well as earlier years, were ahead of major indices.

December 2023

Fund and Market Performance

Return	1 Month	3 Months	6 Months	1 Year	3 Year CAGR	5 Year CAGR	Inception CAGR
AGOFS NAV	4.8%	15.8%	29.9%	50.5%	31.2%	24.3%	21.3%
BSE 500	8.0%	12.1%	17.8%	24.8%	18.8%	16.1%	13.8%
Nifty 50	7.9%	10.7%	13.2%	20.0%	15.8%	14.9%	13.4%
Nifty Midcap 100	7.6%	13.9%	29.2%	46.6%	30.4%	20.9%	16.0%
AFOFS NAV*							330.8

Fund Performance: Strong showing, ahead of benchmark

Ampersand fund (AGOFS) NAV rose sharply by 12.4% in Nov, despite some of the large holdings (especially
ICICI) underperforming. This was ahead of benchmark (BSE 500, up 6.9%) as well as other major stock indices.

Since inception in Sept 2017, our fund delivered returns of 20.4% CAGR, again well ahead of major stock
indices.

November 2023

Fund and Market Performance

Returns	1 Month	3 Months	6 Months	1 Year	3 Years CAGR	5 Year CAGR	Inception CAGR
AGOFS NAV	12.4%	10.2%	30.8%	37.0%	31.1%	23.8%	20.4%
BSE 500	6.9%	5.9%	13.5%	11.9%	18.7%	14.5%	12.4%
Nifty 50	5.4%	4.6%	8.6%	7.3%	15.8%	13.1%	12.0%
Nifty Midcap 100	10.4%	9.7%	27.1%	33.9%	29.6%	19.6%	14.7%
AFOFS-I NAV*							315.6

*NAV (post expenses & taxes due till date), Class & Series-wise NAV may differ

Fund Performance: Stood out in the decline

Ampersand NAV declined 1.6% in Oct, but fared better than benchmark (BSE 500, down 2.9%) as well as other
major stock indices. Our portfolio witnessed corrections in several holdings, most of which had risen sharply
so far this year. We also had a bunch of stock winners which cushioned the decline.

Since inception in Sept 2017, our fund delivered returns of 19.1% CAGR, well ahead of major stock indices.

October 2023

Fund and Market Performance

Returns	1 Month	3 Months	6 Months	1 Year	3 Year CAGR	5 Year CAGR	Inception CAGR
AGOFS NAV	-1.6%	4.6%	25.2%	24.4%	30.1%	22.0%	19.1%
BSE 500	-2.9%	-1.7%	9.9%	8.2%	20.5%	13.9%	11.6%
Nifty 50	-2.7%	-3.3%	5.7%	6.0%	17.9%	13.0%	11.6%
Nifty Midcap 100	-4.1%	3.1%	22.3%	23.7%	31.6%	17.7%	13.4%
AFOFS-I NAV*							280.9

*NAV (post expenses & taxes due till date), Class & Series-wise NAV may differ

Fund Performance: Pause after stellar showing

After sustained and significant outperformance this year, Ampersand Fund lagged most indices in Sept. This
was due to, (1) sharp correction in select few portfolio holdings, primarily due to profit taking, (2) sizeable
advance tax outgo, (3) investment through preferential allotment in a new name and valued at cost, pending
listing approval. As a result, fund NAV declined a tad whereas benchmark BSE 500 rose 2%.

Since inception in Sept 2017, our fund delivered cumulative returns of 185.4%, compared to 98.1% of the BSE
500

September 2023

Fund and Market Performance

Returns	Since Inception	1 Month	3 Months	6 Months	1 Year	3 Year CAGR	5 Year CAGR
AGOFS NAV	185.6%	-0.2%	12.2%	32.4%	28.2%	30.8%	21.8%
BSE 500	98.1%	2.1%	5.1%	18.3%	15.9%	22.7%	13.7%
Nifty 50	97.1%	2.0%	2.3%	13.1%	14.9%	20.5%	12.4%
Nifty Midcap 100	120.4%	3.6%	13.4%	35.0%	32.2%	33.6%	18.8%
AFOFS-I NAV*							285.6

*NAV (post expenses & taxes due till date), Class & Series-wise NAV may differ

Fund Performance: Another strong showing

Ampersand NAV was up 6.6% this month, well ahead of the best performing market indices. Our benchmark
BSE500 severely lagged (down 0.8%) as did the Nifty (down 2.5%). Our superior performance was aided by a
host of winners, where investments made in the past have started to bear fruition now.

Since inception in Sept 2017, our fund delivered cumulative returns of 186%, again significantly ahead of most
leading indices.

August 2023

Fund and Market Performance

Returns	Since Inception	1 Month	3 Months	6 Months	1 Year	3 Year CAGR	5 Year CAGR
AGOFS NAV	186.3%	6.6%	18.6%	32.3%	27.4%	32.9%	19.9%
BSE 500	94.1%	-0.8%	7.1%	16.3%	9.9%	21.7%	11.1%
Nifty 50	93.2%	-2.5%	3.9%	11.3%	8.4%	19.1%	10.5%
Nifty Midcap 100	112.7%	3.7%	15.9%	29.9%	24.3%	32.9%	14.5%
AFOFS-I NAV*							286.3

*NAV (post expenses & taxes due till date), Class & Series-wise NAV may differ

Fund Performance: Superior showing yet again this month

Ampersand NAV was up 5.5% this month, well ahead of the benchmark BSE500 (up 3.8%) and the Nifty (up
2.9%), and broadly in line with mid cap indices. This was despite several of our large cap holdings not faring as
well. Our superior performance was aided by a host of mid and small caps, where investments made in the
past have started to bear fruition now. Sector-wise, our exposure to Engineering & Capital goods and Auto
sectors helped us, as did the underweight stance in Financials.

Since inception in Sept 2017, our fund delivered cumulative returns of 168.6%, compared to Nifty, BSE 500 and
Nifty mid cap (each delivered in the 95%-105% range).Fund and Market Performance.

July 2023

Fund and Market Performance

Returns	Since Inception	1 Month	3 Months	6 Months	1 Year	3 Year CAGR	5 Year CAGR
AGOFS-I	168.6%	5.5%	19.8%	25.6%	22.8%	31.2%	18.9%
S&P BSE 500 (Benchmark)	95.7%	3.8%	11.8%	13.8%	15.9%	23.6%	12.1%
NIFTY 50	98.2%	2.9%	9.3%	11.8%	15.1%	21.3%	11.7%
NIFTY MIDCAP 100	105.1%	5.5%	18.6%	23.0%	27.3%	34.6%	14.9%
AFOFS-I NAV*							268.6

*NAV (post expenses & taxes due till date), Class & Series-wise NAV may differ