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Ampersand Growth Opportunities Fund Scheme – I (AGOFS)
(a Category III AIF)
TEAM
Arun Subramanyam, Founding Partner
- 3 decades of investment experience
- Worked with DSP Merrill Lynch & Bank of America – Merrill Lynch
- Alumnus of IIM Ahmedabad
Sanjana Salganaty, Portfolio Manager
- 16+ years of experience in capital markets
- Previously worked with ASK Wealth Advisors, Principal Mutual Fund, and JP Morgan
- Alumnus of NMIMS & CFA Charter Holder
Tushar Naik, Head Business Development
- Over a decade of experience in Financial Services
- Worked with HDFC Bank, IIFL Wealth, and Edelweiss Asset Management
- Alumnus of Mumbai University
Ashish Singhania, AIF Sponsor
- Founder of Ratna Group (NBFC & Global Investment Banking firm)
- Strong network with Corporate & Ultra HNI
ABOUT AGOFS
Ampersand Growth Opportunity Scheme I (AGOFS) seeks to deliver superior risk-adjusted returns by investing in 20-25 stocks which are leaders in their respective industries. Portfolio is diversified across market caps, and themes.
WHY US?
- Arun’s proven track record of fund management now integrates with the robust institutional platform of Ratna Group
- Well defined risk management framework
- Proprietary model for bottom-up stock selection
Table 1: Fund and Market Performance
| Scheme | 1 Year | 3 Year | Since Inception |
|---|---|---|---|
| AGOFS | 13.2% | 25.9% | 22.8% |
Table 2: Portfolio Metrics
| Metric | AGOFS | Nifty 500 |
|---|---|---|
| PE Ratio | 24.8 | 23.7 |
| PB Ratio | 6.7 | 3.9 |
| ROE | 22.3% | 16.8% |
INVESTMENT STRATEGY
Consistent Outperformance: Bottom-up approach driven by stock-specific ideas. Diversified across sectors and market capitalisation. Sector weights can vary significantly.
- Right Stock: Scores high on management quality, market attractiveness & business strategy (market share or profit margin/RoCE expansion)
- Right Time: Sweet spot of the business cycle, valuation and the holding tenure (Function of timing entry & exits)
- Right Size: Maximize gains through optimum weight allocation & minimize risk through diversification (allocation based on growth & stock volatility)
Table 3: Portfolio Market Cap Classification
| Market Cap | % Weight |
|---|---|
| Small Cap | 24.1 |
| Mid Cap | 21.8 |
| Large Cap | 44.2 |
| Cash | 9.9 |
Table 4: Portfolio Sectoral Allocation
| Sector | % Weight |
|---|---|
| Industrials | 25.2 |
| Financials | 26.4 |
| Consumer Discretionary | 17.9 |
| Healthcare | 12.1 |
| Materials | 12.9 |
| Utilities | 3.6 |
| Consumer Staples | 3.6 |
| Information Technology | 1.8 |
Investment Themes
- Premiumisation: Every $1trn add-on to Indian economy will lead to faster rise in wealthy individuals. This will drive premiumization of products ranging from cars to hotels, and ergo a strong durable investment theme.
- Energy Transition: India is trying to become self-reliant in energy, and work towards reduction of carbon footprint. Key beneficiaries are likely to be Manufacturers and Financiers of renewable energy equipment.
- New Age Technologies: US is gaining from new age technologies including AI, quantum computing and mRNA. India’s Engineering research and design companies in (ER&D), as well as Contract research, Development and Manufacturing (CDMO) stand to gain given its large pool of cheaper engineering talent compared to competing countries.
- Import Substitution: Incremental Capex and growth in segments such as Defence and Electronics led by Indian Government’s push/incentives towards Indigenization, along with global thrust on China+1.
Fund Terms
- Minimum initial investment Rs.1cr
- Open-ended long only AIF Category -3 Multicap fund
- 1st year lock-in, 1% exit load till 2nd year, nil after.
- LTCG/STCG paid by the Trust, and not by investors
Fund Manager
Arun Subrahmanyam, Founder & Managing Partner
Over 3 decades of experience in financial services industry
Domain knowledge of varied sectors, deep understanding of stock markets
Last employed in Bank of America-Merrill Lynch, as part of the institutional equities team
Top rated Auto analyst by Institutional Investor (III)
Principal founder, Partner of Ampersand Capital Investment Advisors LLP
Sanjaya Satapathy, Portfolio Manager
Over 16 years of experience in equity research across multiple sectors
Voted best mid-cap analyst (II) and best stock picker by Starmine
Last position Senior Analyst, Bank of America – Merrill Lynch 2006-16
B.E. (Electrical) from UCE Burla, and MBA from XIM, Bhubaneswar
Partner of Ampersand Capital Investment Advisors LLP
For the full strategy presentation, please contact us.