Monthly Updates

Fund Performance: Strong showing, ahead of all major indices

Ampersand fund NAV rose 6.7% in July, once again well ahead of benchmark BSE 500, and key indices. This was driven by broad based performance of our portfolio, and despite skewed allocation to Industrials which
underperformed on a relative basis.

Our performance across various time periods illustrates consistent and strong showing. Since inception in Sept 2017, our fund has delivered over 25% CAGR, well ahead of all major indices.

July 2024

Fund and Market Performance

Returns	1 Month	3 Months	6 Months	1 Year	3 Year CAGR	5 Year CAGR	Inception CAGR
AGOFS NAV	6.7%	17.9%	36.1%	78.7%	34.9%	34.7%	25.7%
BSE 500	4.3%	12.2%	18.8%	37.3%	19.6%	21.0%	15.5%
Nifty 50	3.9%	10.4%	14.8%	26.3%	16.5%	17.5%	14.3%
Nifty Midcap 100	5.8%	16.0%	21.5%	56.4%	28.5%	29.9%	18.5%
AFOFS NAV*							480.1

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

Fund Performance: Strong showing, ahead of most indices

In June, Ampersand fund NAV rose 9.6%, yet again well ahead of benchmark BSE 500, and key indices. This was driven by broad based performance of our portfolio, and despite, (1) advance tax outgo during the month, and (3) reasonable inflows, yet to fully deployed.

Our performance across various time periods illustrates consistent and strong showing. Since inception in Sept 2017, our fund has delivered ~25% CAGR, well ahead of all major indices.

June 2024

Fund and Market Performance

Returns	1 Month	3 Months	6 Months	1 Year	3 Year CAGR	5 Year CAGR	Inception CAGR
AGOFS NAV	9.6%	22.1%	36.0%	76.7%	36.8%	31.3%	24.9%
BSE 500	6.9%	11.2%	16.0%	36.6%	19.2%	18.4%	15.0%
Nifty 50	6.6%	7.5%	10.5%	21.6%	15.5%	15.3%	13.9%
Nifty Midcap 100	7.8%	15.9%	20.7%	55.9%	29.3%	25.9%	17.8%
AFOFS NAV*							449.8

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

Fund Performance: Stable month, despite selective stock impact

In May, Ampersand fund NAV rose 0.7%, which was marginally ahead of benchmark BSE 500, but lagged mid
cap indices. The performance was restricted by (1) weaker than anticipated financial performance for some of
our key holdings, and (2) significantly higher cash position compared to earlier months.

However, our performance across various time periods illustrates consistent and strong showing. Since
inception, our fund has delivered 23.5% CAGR, well ahead of all major indices.

May 2024

Fund and Market Performance

Returns	1 Month	3 Months	6 Months	1 Year	3 Year CAGR	5 Year CAGR	Inception CAGR
AGOFS NAV	0.7%	11.0%	30.0%	70.1%	36.1%	28.3%	23.5%
BSE 500	0.6%	4.9%	17.2%	33.1%	19.2%	16.5%	14.1%
Nifty 50	-0.3%	2.5%	11.9%	21.6%	15.5%	13.6%	13.0%
Nifty Midcap 100	1.6%	6.8%	20.5%	53.2%	28.8%	23.7%	16.7%
AFOFS NAV*							410.4

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

Fund Performance: Strong performance amidst volatility

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