facebook

Ampersand Growth Opportunities AIF

Scheme Rating

IME Scheme Rating

3 of 5 stars

Reaonable Multi-cap AIF: While we like the investment strategy of focused investments in sectors that are at the early stages of a multi-year upcycle, the longer-term fund management track of the key team is yet to be fully proven. We accordingly primarily recommend this to investors that are keen on contra-focused strategies.

IME Strategy Rating

4 of 5 stars

Focused Investment strategy: 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)

PMS Scheme Ratings are driven by IME’s Proprietary Scheme Rating Methodology, which takes into account our ratings of the Scheme’s investment strategy, its maturity, the investment team, and our separate rating on the AMC that runs this particular scheme. Our views on each of these individual criteria are available via the IME RMS – which you can view by reaching out to one of our relationship managers (using either the live chat or book appointment feature on this site).

IME View on Ampersand Growth Opportunities AIF

Type: Large & Midcap | Contra | AUM ( cr) | Inc Date (24 Sep 2017)

Investment Strategy

Ampersand Growth Opportunities AIF is a market cap agnostic strategy with 25-30 holdings to consistently outperform the benchmark.

  • 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

Portfolio Management

Ampersand follows a well-defined process in constructing and managing the portfolio through the following:

  • Identify suitable sectors: based on internal score-card analysis
  • Identify well run companies: companies within suitable sectors based on its track record and future plans
  • Portfolio construction: through diversification, liquidity and conviction levels

Trailing Performance

1yr 3yr 5yr Since Inception
Ampersand Growth Opportunities AIF 70.1 36.1 28.4 23.51
S&P BSE 500 TRI 38.3 20 20
Alpha over Broad Mkt BM 31.8 16.1 8.4 23.5
Nifty 500 37.3 18.7 18.5
Alpha over Category BM

Performance as of: 31-May-24 | Inception Date: 24-Sep-17

Fund Managers

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.

AMC

AMC: Ampersand AIF (click link for detailed AMC review)

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.

AMC Rating

3 of 5 stars

AMC Pedigree

3 of 5 stars

AMC Size

3 of 5 stars

Team Pedigree

4 of 5 stars

Inv Philosophy

3 of 5 stars

Performance

3 of 5 stars

Free 30-Day Trial of the IME RMS

Details shared above, are only a short-snapshot of the more detailed analysis that resides in IME’s Proprietary RMS (Research Management Solution).

The IME RMS is the first tool ever, to give investors direct access to the insights of the central research team. Investors gain direct access to our ratings, rating rationales & analysis across thousands of funds (MFs, PMSs, AIFs, Global funds), asset classes, categories & more.

 Learn More