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Ampersand AIF

PMS Rating

IME PMS Rating

3 of 5 stars

AMC Team still to build LT investment track record: The core team at Ampersand is still early in its transition from research analysts to fund managers. While strong research is a fundamental part of any good investment firm, research analysts & fund managers have different skills and not all research analysts have been successful in their transition to funding management (even as some have). While the team clearly has very strong research credentials, we would prefer to wait for some time for their longer-term track record to be built prior to recommending investments.

The PMS/AIF AMC Rating is derived on the basis of our analysis on 5 key qualitative parameters that we use to analyse the quality of a PMS/AIF Provider. These include an assessment of the size of the AMC, the pedigree of the AMC, the pedigree of the team, the value of the investment philosophy & the level of differentiation. These insights of our central research team are documented in the IME RMS, and can be accessed during a consultation call with an IME PMS specialist.

PMS Background

Discretionary AUM (cr) | Promoter Category ()

PMS Background

Ampersand had been started in 2015 by a team of research professionals. 

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

Inv Team

Investment Team

Arun Subrahmanyam | 3-star rated FM

Founder and CIO | 25 yrs Experience | 9 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 | 3-star rated FM

Portfolio Manager | 21 yrs Experience | 8 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.

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

Returns as of 28-Feb-24.

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Details shared on the public website, are only a short snapshot of the more detailed analysis that resides in our Proprietary Research Management Solution (RMS) – A proprietary cloud-based tool, that ensures that the unbiased research insights of our central research team are shared directly with investors.

Our RMS allows us to operate with a level of transparency, ethics & consistency of insights, that is unparrarelled in the industry. Our RM’s will help showcase the PMS/AIF options that are the most suited for your unique requirements.

Download Sample RMS Reports: AMC View | Scheme Comparison

Note: PMS AMC & Scheme Reviews and Ratings are based on IME Capital’s Proprietary Review and Rating Methodology (read more here: AMC Rating & Scheme Ratings). These reflect the unbiased views of our central research team, based on our assessment of the investment value of these PMS/AIF strategies for our investors. We follow a highly stringent rating-criteria, where approximately 50% of PMS AMC’s & strategies would be rated 2-star or below (this is not meant to indicate that these funds are not investment-worthy, but that they do not currently fulfill the requirements we focus on for recommending funds to our investors — based on our internal views on the merit of the AMC/strategy relative to peers). Reviews & Ratings are primarily based on research of publicly available information (SEBI disclosures, PMS websites, PMS-aggregation platforms, webinar recording, media interviews etc.) and no explicit consent is required from AMCs for the same. While we endeavour to do further due-diligence via direct interactions with the investment teams of AMCs, this is typically restricted to AMC’s that meet our foundational fund selection criteria (reviews on lower-rated AMCs are often based solely on publicly available information). The views reflected in our Reviews & Ratings, are our independent views and may not be shared by the AMC’s and the investment teams. Please read detailed disclaimer for more.