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.
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 |