Characters like the ampersand are converted (by input filter?) to their html equivalent,
for example

&  ->  &

what results in the string not being found by the associated sql query.
This behavior is corrected by applying function "html_entity_decode" to parameter "args" in function _insert_view_substitute_tags like

$view_output = insert_view($view_name, $display_id, html_entity_decode($args));
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#2 arg_ampersand.patch517 bytesschildi

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Status:Active» Needs review

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it is still not solved.
Here is a patch for version 7.x-2.0

Thanks for sharing this patch. Works as expected... would be great to see this simple change included in the module. Many clients like to use ampersands in taxonomy terms.