Ampersand AIF
AIFIME's View on Ampersand AIF
AMC View
Ampersand’s core team, which initially transitioned from a strong research background, has now established itself as a credible fund management unit. While earlier concerns centered on the distinction between research and active portfolio management - skills that don’t always transfer seamlessly - the team has demonstrated that it can successfully bridge that gap. Their execution has strengthened our conviction in the team and supports a more constructive view on the fund.
AMC Pedigree
Ampersand’s core investment team began with a strong research orientation but limited on-ground fund management experience. The team has since matured well and demonstrated credible execution in managing the fund. This evolution has reinforced their confidence in translating research-driven insights into effective portfolio outcomes.
Team Pedigree
Arun Subrahmanyam & Sanjaya Satapathy are both highly seasoned fundamental equity analysts, having both worked at Merill Lynch prior to leaving to join Ampersand. While their research credentials are very strong, they have limited actual investments experience prior to Ampersand.
Investment Philosophy
Ampersand follows a concentrated, market-cap agnostic approach that seeks to invest in companies that are in sectors that are on the cusp of a multi-year upcycle.
PMS Background
Ampersand had been started in 2015 by a team of research professionals.
Ampersand has matured as an AMC and established a 5+ year track record. Arun Subrahmanyam & Sanjaya Satapathy are both highly seasoned fundamental equity analysts, having both worked at Merill Lynch prior to leaving to join Ampersand.PMS Investment Philosophy
- Search Strategy: Identify sectors on the cusp of a multi-year upcycle, driven by macro themes like the rising quality of life, jobs and consumption
- Investment Criteria: Focus on companies with improving competitive advantage, supported by a proven track record of management's ability to efficiently allocate capital
- Valuations: Assess valuation re-rating potential, thereby offering favourable outcomes from a risk-reward perspective
- Sponsor Contribution: Rs. 50 Crore in the fund shows higher commitment than the statutory requirement
Investment team
Arun Subrahmanyam | 4-star rated FM
Founder and CIO | 27 yrs Experience | 10 yrs at current firm
Past Experience: MD - Equity Research (Bank of America Merrill Lynch), Senior Director - Equity Research (Bank of America Merrill Lynch), VC - Equity Research (SSKI)
Arun has over 25 years of professional experience in equity research across domestic and international brokerage firms. His extensive experience in fundamental research has enabled him to gather domain knowledge of varied sectors like automobiles, pharmaceuticals & midcaps apart from a deep understanding of the functioning of the Indian equity markets. After graduating from St. Stephens College, New Delhi, Arun qualified as a Chartered Accountant. His professional career started with ICICI, followed by stints with HSBC Securities, Paribas Capital Markets, and IDFC-SSKI Securities. His last employment was as Managing Director ‚ Research at BofA‚Merrill Lynch where he worked for 11 years before founding Ampersand.
Sanjaya Satapathy | 4-star rated FM
Portfolio Manager | 23 yrs Experience | 10 yrs at current firm
Past Experience: VP (Bank of America Merrill Lynch), Equity Analyst (HSBC)
Sanjaya has over 16 years of experience in fundamental research across multiple sectors. Prior to joining Ampersand, Sanjaya held the position of Vice President in equity research at Bank of America Merrill Lynch till Sept 2016.He has won the best mid-cap sector analyst award from Institutional Investors and stock picker award from Starmine while working at Bank of America Merrill Lynch and his professional career includes stints at HSBC Securities and ABN Amro Equities. Sanjaya has done his B.E. (Electrical) from UCE Burla, and MBA from XIM Bhubaneswar. He started his professional career in equity research with First Global in 1999.
