In the bustling heart of Mumbai’s financial district, a group of seasoned equity researchers gathered with a vision. They had spent decades analyzing companies, markets, and trends, working at some of the world’s most respected financial institutions. But now, they wanted to do something different: create a fund that would help investors tap into the best growth stories India had to offer. So, in 2015, Ampersand Capital was born- a boutique investment house with a mission to find and nurture the next generation of Indian corporate champions. Their flagship creation was the Ampersand Growth Opportunities Fund Scheme (AGOFS-1), a Category III Alternative Investment Fund (AIF) registered with SEBI.
Unlike traditional mutual funds, AGOFS-1 was designed as an exclusive club for sophisticated investors. The minimum ticket to join the club was ₹1 crore, and the fund would focus on a concentrated portfolio-just 30 to 35 stocks, each carefully chosen for its growth potential. But this wasn’t a scattergun approach. The team, led by Arun Subrahmanyam- a veteran with over 25 years in equity research-believed in deep, fundamental research. They would brainstorm, debate, and then roll up their sleeves, meeting company managements, analyzing financials, and building their own models. Only the highest-conviction ideas made it into the portfolio.
Their philosophy was simple: find scalable businesses riding big themes- premiumization, energy transition, and new-age technologies. Whether it was a company helping Indians upgrade to better products, a firm leading the green energy revolution, or a tech innovator, Ampersand wanted to be there early.
The fund’s journey wasn’t always smooth. There were months when markets fell and AGOFS-1’s returns dipped into the red. But over the years, the fund’s discipline paid off. While the broader BSE 500 index delivered steady returns, AGOFS-1 consistently outperformed, boasting a 5-year CAGR of 35% and total returns of 400% since inception. Investors noticed. Not only did the fund offer strong performance, but it also came with a unique tax advantage: all taxes were handled at the trust level, so investors received their returns tax-free-a rare treat in the world of Indian investments.
Arun Subrahmanyam, with his encyclopedic knowledge of Indian companies, was the guiding force. Alongside him was Sanjaya Satapathy, a sharp analyst with a knack for spotting mid-cap gems. Together, they steered the fund through bull and bear markets, always sticking to their research-driven approach.
Today, Ampersand Growth Opportunities Fund stands as a testament to what disciplined research, conviction, and experience can achieve. For investors who seek more than just average market returns-and who can meet the high entry bar-it offers a seat at the table of India’s growth story. And as India’s economy continues to evolve, the team at Ampersand remains on the lookout for the next big opportunity, ever ready to turn research into results and ambition into wealth. In the world of investing, deep research, focus, and conviction can turn a well-chosen portfolio into a wealth-creating machine-especially when guided by experience and integrity. Ampersand AIF’s journey is proof that with the right team and strategy, extraordinary results are possible.
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