Monthly Updates

Fund Performance: Another decent month

Ampersand NAV was up 5.5% this month, ahead of benchmark and the Nifty. And this was despite some of our
largest positions faring poorly, which makes this performance even more satisfying. Several portfolio stocks
did well, especially our relatively newer positions. Sector-wise, our positions in Capital goods and Autos helped
us, as did the underweight stance in financials.

With this, we have significantly outperformed both the Nifty and benchmark (BSE 500) over the last year, and
the mid cap index over an extended time period.

Since inception in Sept 2017, our fund delivered cumulative returns of 154.6%, compared to Nifty (92.6%) and
Nifty mid cap (up 94.4%)

June 2023

Fund and Market Performance

Returns	Since Inception	1 Month	3 Months	6 Months	1 Year	3 Year CAGR	5 Year CAGR
AGOFS-I	154.6%	5.5%	18.0%	15.8%	30.2%	32.8%	17.6%
S&P BSE 500 (Benchmark)	88.5%	4.1%	12.6%	6.0%	22.3%	24.7%	11.6%
NIFTY 50	92.6%	3.5%	10.5%	6.0%	21.6%	23.0%	12.0%
NIFTY MIDCAP 100	94.4%	5.9%	19.0%	13.5%	35.2%	34.5%	12.2%
AFOFS-I NAV*							254.6

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

Fund Performance : Strong follow up to previous month

Ampersand NAV was up 7.6% this month, well ahead of benchmark and key market indices. This was mainly
due to a tailwind of strong results in the majority of our portfolio holdings. If not for a couple of earnings
misses, we could have performed a tad better. Sectorally, our reasonable weights in IT and Autos helped us,
as did the underweight stance in financials.

With this, we have significantly outperformed both the Nifty and benchmark (BSE 500) across time periods,
and lagged the best performing index i.e. mid cap, just a tad in certain periods over the past year.

Since inception in Sept 2017, our fund delivered cumulative returns of 141.3%, compared to Nifty (86%) and
Nifty Midcap (up 83.5%).

May 2023

Fund and Market Performance

Returns	Since Inception	1 Month	3 Months	6 Months	1 Year	3 Year CAGR	5 Year CAGR
AGOFS-I	141.3%	7.6%	11.5%	4.8%	19.6%	34.4%	16.5%
S&P BSE 500 (Benchmark)	81.1%	3.5%	8.6%	-1.4%	2.8%	26.4%	11.2%
NIFTY 50	86.0%	2.6%	7.1%	-1.2%	11.8%	24.6%	11.5%
NIFTY MIDCAP 100	83.5%	6.2%	12.1%	5.4%	19.3%	36.5%	12.3%
AFOFS-I NAV*							241.3

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

Fund Performance

Ampersand NAV was up 4% this month, largely in line with the Nifty. This was despite our contra overweight
stance in the IT sector, which performed poorly relative to all market indices and restricted our performance
as well. As a result, we underperformed benchmark and the mid cap indices.

Our 3-month and 12-month performances have been ahead of benchmark and major market indices. Also
since inception, our fund delivered cumulative returns of 124.3%. In comparison, Nifty registered 81.3% and
Nifty Midcap 72.9%

April 2023

Table 1: Fund and Market Performance

Returns	Since Inception	1 Month	3 Months	6 Months	1 Year	3 Year CAGR	5 Year CAGR
AGOFS-I	124.3%	-0.3%	4.8%	-0.7%	7.1%	30.5%	10.0%
S&P BSE 500 (Benchmark)	75.0%	4.5%	1.8%	-1.5%%	2.8%	23.9%	11.2%
NIFTY 50	81.3%	4.1%	2.3%	0.3%	5.6%	22.4%	11.0%
NIFTY MIDCAP 100	4.0%	5.9%	3.6%	1.2%	6.4%	33.0%	9.4%
AFOFS-I NAV*							224.3

Monthly Fund Update

Starting with this edition and every month, we will be presenting a factsheet along with commentary, thereby
replacing our quarterly newsletter. This is in line with the feedback given by some of our investors.

Fund Performance

Following strong showing in Feb 2023, Ampersand fund underperformed a tad this month. The slippage was
mainly due to an overweight stance in the IT sector, which performed poorly. Also, significant outgo related to
final advance tax instalment impacted NAV by around 0.7%. So our fund NAV was down 0.3%, lagging both the
Nifty and benchmark BSE 500 (both up 0.3%).

Notably, performance during the quarter was in line with major indices. This is a reversal of sorts from Oct-Dec
2021, which was impacted both by IT exposure and small cap capitulation (in Dec).

During the last financial year i.e. April-Mar, our fund NAV increased 1.0%, compared to 0.6% decline for Nifty
and 2.3% decline for BSE 500.

Since inception, our fund delivered returns of 14.9% CAGR. In comparison, Nifty registered 10.6% CAGR and
Nifty Midcap 9.3% CAGR.

March 2023

Fund and Market Performance

Returns	Since Inception	1 Month	3 Months	6 Months	1 Year	3 Year CAGR	5 Year CAGR
AGOFS-I	115.7%	-0.3%	11.5%	-3.2%	1.0%	33.3%	10.4%
S&P BSE 500 (Benchmark)	67.4%	0.3%	8.6%	-2.0%	-2.3%	26.4%	11.2%
NIFTY 50	74.2%	0.3%	-4.7%	-2.1%	-0.6%	24.6%	11.4%
NIFTY MIDCAP 100	63.3%	-5.9%	12.1%	5.4%	1.2%	36.9%	9.9%
AFOFS-I NAV*							215.7