Ampersand Growth Opportunities AIF
Ampersand AIF | Equity | | AIFIME's View on Ampersand Growth Opportunities AIF
Strategy
Strategy focused on turnaround opportunities
Investment Fund
Ampersand has built a strong track record through its consistent outperformance since inception. The strategy has demonstrated an ability to dynamically adjust market allocations based on the investment team’s assessment of the macro environment. This includes a shift in market-cap allocation and a tactical use of aggressive cash positions (up to ~20%). The disciplined execution of this approach has contributed significantly to the fund’s strong performance, reinforcing our confidence in the team’s capabilities.
Fund's Strategy View
Market-cap agnostic approach (providing flexibility in-stock selection), with a focus on investing in sectors that are at the cusp of a multi-year upcycle (aim is to buy early in the upcycle, allowing for outperformance driven by re-rating as sector dynamics improve).
Fund Performance
The fund has outperformed peers & is amongst the top performing schemes in this category in the last 5 year trailing returns. In terms of longer-term annual performance, performance consistency has been mixed, with the fund having outperformed & underperformed the bechmark roughly in half the years.
IME's View on Ampersand AIF
View on AMC
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's 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.
AMC Team
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.
Investment Strategy
Ampersand follows a well-defined and disciplined process for portfolio construction and management, guided by the following steps:
- Sector Identification: Identify suitable sectors based on internal scorecard analysis.
- Company Selection: Within selected sectors, identify well-run companies based on track record and future growth plans.
- Portfolio Construction: Build the portfolio with a focus on diversification, liquidity, and conviction levels.
PMS Background
Ampersand was founded in 2015 by a team of research professionals and has since matured into an established AMC with a track record of over five years. The investment platform is led by Arun Subrahmanyam and Sanjaya Satapathy, both highly seasoned fundamental equity analysts with prior experience at Merrill Lynch, providing depth of research capability and continuity in investment execution.
PMS Investment Philosophy
- Search Strategy: Identify sectors at the cusp of multi-year upcycles, driven by macro themes such as rising quality of life, employment, and consumption.
- Investment Criteria: Focus on companies with improving competitive advantages, supported by management teams with a proven ability to allocate capital efficiently.
- Valuations: Emphasis on valuation re-rating potential to ensure favourable risk–reward outcomes.
- Sponsor Contribution: Sponsor investment of ₹50 crore in the fund, demonstrating commitment beyond statutory requirements.
Suitable For
Investors seeking contra-oriented equity strategies.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Ampersand Growth Opportunities AIF | -8.3 | 25.7 | 26.7 | 20.3 |
| S&P BSE 500 | 4.9 | 14.6 | 17.2 | 13.23 |
| Alpha over Broad Mkt BM | -13.2 | 11.1 | 9.5 | 7.1 |
Performance as of: 30-Nov-25 | Inception Date: 24-Sep-17 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Arun Subrahmanyam | 4-star rated FM
Founder and CIO | 27 yrs Experience | 11 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.
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