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.
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 |