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 …
Road less travelled
Favourable flows continue to dominate headlines Let us start with the summary of our market review – liquidity still remains supportive despite significant FII selling, fundamentals a bit slow to react yet investor mood is undaunted. We continue to hold …
Not a bed of roses
Positive triggers may be wanting Our markets continued to sustain positive momentum this fiscal, hitting highs as we pen this newsletter. The optimism this time around was triggered by lower probability of El Nino impacting monsoons. Nevertheless, we seem to …
The heat is on
It has been a year since we at Ampersand started penning our investment related insights through monthly newsletters. In this edition which heralds the fiscal ahead, we reflect on the past and once again attempt to highlight (1) broader market …
Ballot gains
Favourable political outcome drive markets higher At the outset, let us remind our readers that but for highly uncertain situation arising until a few weeks into de-monetisation last November, we had turned constructive towards re-investing in Indian equities. However, just …