Monthly Updates

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

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