Monthly Updates

Fund Performance: Yet again outperforming key indices

Ampersand fund NAV rose 1.1% in November, and yet again outperformed benchmark BSE 500 and all key
indices. And this was despite few of larger holdings faring poorly due to natural corrective process. Our
diversified, multi-cap allocation strategy continues to work in favour of this trend.

Our performance across various time periods illustrates consistent and strong showing. Since inception in Sept
2017, our fund has delivered over 25.0% CAGR, well ahead of all major indices.

November 2024

Fund and Market Performance

Returns	1 Month	3 Months	6 Months	1 Year	3 Year CAGR	5 Year CAGR	Inception CAGR
AGOFS NAV	1.1%	0.3%	21.4%	57.8%	32.5%	33.0%	25.0%
BSE 500	0.0%	-4.6%	7.1%	25.6%	15.4%	18.1%	14.1%
Nifty 50	-0.3%	-4.4%	7.1%	19.9%	12.4%	14.9%	13.1%
Nifty Midcap 100	0.1%	-4.9%	9.1%	31.4%	23.9%	26.8%	16.9%
AFOFS NAV*							498.2

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

Fund Performance: A rare contraction, but recurring outperformance

Ampersand fund NAV declined 2.3% in October, but yet again performed ahead of benchmark BSE 500, as well
as major indices. The contraction was due to some of our core holdings correcting in line with market trends,
partly cushioned by gains in select stocks which emerged as new winners.

Our performance across various time periods illustrates consistent and strong showing. Since inception in Sept
2017, our fund has delivered over 25.2% CAGR, well ahead of all major indices.

October 2024

Fund and Market Performance

Returns	1 Month	3 Months	6 Months	1 Year	3 Year CAGR	5 Year CAGR	Inception CAGR
AGOFS NAV	-2.3%	2.6%	20.9%	75.3%	30.5%	32.7%	25.2%
BSE 500	-6.5%	-3.9%	7.8%	34.3%	14.2%	18.4%	14.3%
Nifty 50	-6.2%	-3.0%	7.1%	26.7%	11.1%	15.3%	13.3%
Nifty Midcap 100	-8.1%	-6.3%	8.7%	42.2%	22.0%	26.9%	16.7%
AFOFS NAV*							492.6

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

Fund Performance: Mixed showing, lagged benchmark after extended run

Ampersand fund NAV rose 1.5% in September, ahead of other mid and small cap indices. However, our
performance lagged both Nifty and benchmark BSE 500 for the first time this financial year, mainly due to
significant advance tax outgo during the month. Co-incidentally, the last occasion this had happened was in
March 2024, and again for the same reason. Our portfolio had a mixed showing, with several stocks registering
reasonable gains, but select few hurting us immensely.

Our performance across various time periods continues to exhibit a consistently superior showing. Since
inception in Sept 2017, our fund has delivered around 26% CAGR, well ahead of all major indices.

September 2024

Fund and Market Performance

Returns	1 Month	3 Months	6 Months	1 Year	3 Year CAGR	5 Year CAGR	Inception CAGR
AGOFS NAV	1.5%	12.1%	36.9%	76.5%	32.2%	34.1%	25.9%
BSE 500	2.1%	7.3%	19.3%	39.5%	16.9%	20.9%	15.6%
Nifty 50	2.3%	7.5%	15.6%	31.4%	13.6%	17.6%	14.5%
Nifty Midcap 100	1.5%	7.9%	25.1%	48.4%	25.6%	30.3%	18.4%
AFOFS NAV*							504.1

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

Fund Performance: Decent showing, again ahead of key indices

Ampersand fund NAV rose 3.4% in August, yet again ahead of benchmark BSE 500 as well as key indices. This
was aided by a couple of large portfolio stocks, and well supported by a host of smaller names. The performance
could have been better, but for inexplicable decline in few of our core holdings.

Our performance across various time periods illustrates consistent and strong showing. Since inception in Sept
2017, our fund has delivered over 26% CAGR, well ahead of all major indices.

August 2024

Fund and Market Performance

Returns	1 Month	3 Months	6 Months	1 Year	3 Year CAGR	5 Year CAGR	Inception CAGR
AGOFS NAV	3.4%	17.9%	34.3%	73.4%	33.3%	35.3%	26.0%
BSE 500	0.8%	12.3%	17.9%	39.5%	17.4%	21.4%	15.4%
Nifty 50	1.1%	12.0%	14.8%	31.1%	13.8%	18.0%	14.3%
Nifty Midcap 100	21.0%	14.7%	22.5%	51.6%	27.8%	30.5%	18.4%
AFOFS NAV*							496.5

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

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