Performance of Marcellus PMS products vis-à-vis respective benchmarks as of 31st May 24
*For relative performance of particular Investment Approach to other Portfolio Managers within the selected strategy, please refer https://www.apmiindia.org/apmi/WSIAConsolidateReport.htm?action=showReportMenu Under PMS Provider Name please select Marcellus Investment Managers Private Limited and select your Investment Approach Name for viewing the stated disclosure Consistent Compounders Portfolio (CCP) Marcellus’ CCP Portfolio is almost entirely exposed to five sectors of the […]
Marcellus Portfolio Performance and Update on Fundamentals – April 2024
*For relative performance of particular Investment Approach to other Portfolio Managers within the selected strategy, please refer https://www.apmiindia.org/apmi/WSIAConsolidateReport.htm?action=showReportMenu Under PMS Provider Name please select Marcellus Investment Managers Private Limited and select your Investment Approach Name for viewing the stated disclosure Consistent Compounders Portfolio (CCP) The investment philosophy at Marcellus’ CCP portfolio remains unchanged around portfolio […]
Global Compounders Portfolio: The Four Pillars of American Capitalism
Marcellus’ Global Compounders Portfolio (GCP) strategically invests in 25-30 deeply moated global companies aligned with megatrends, fostering a consistent mid to high teens compounding of free cash flow/earnings. A large part of our portfolio comprises of American firms, and for good reason. Over the last 30 years, US equities have demonstrated exceptional ability to generate […]
MeritorQ: Profiting from the Dislocation in Indian Megacaps
Although India’s 20 most profitable listed companies (the ‘Megacaps’) account for around 50% of the profits generated by the BSE 500 companies, these Megacaps account for just 34% of the BSE500’s market cap (down from 41% a decade ago and 45% nearly two decades ago). Indian retail investors’ fascination with small caps seems to be […]
Marcellus Portfolio Performance and Update on Fundamentals – March 2024
*For relative performance of particular Investment Approach to other Portfolio Managers within the selected strategy, please refer https://www.apmiindia.org/apmi/WSIAConsolidateReport.htm?action=showReportMenu Under PMS Provider Name please select Marcellus Investment Managers Private Limited and select your Investment Approach Name for viewing the stated disclosure Consistent Compounders Portfolio (CCP) During FY24 (12 months ending 31st March 2024), Marcellus’ CCP Portfolio delivered 24% […]
How Will Tight System Liquidity Impact KCP?
Given consistently strong credit demand and weak deposit growth, we are now staring at a tough funding environment with banking sector credit to deposit ratio at an all-time high of ~80%. This funding environment along with consistent regulatory action will separate the men from the boys in the upcoming quarters leading to divergent growth outcomes […]
Portfolio Performance and Update on Fundamentals – February 2024
*For relative performance of particular Investment Approach to other Portfolio Managers within the selected strategy, please refer https://www.apmiindia.org/apmi/WSIAConsolidateReport.htm?action=showReportMenu Under PMS Provider Name please select Marcellus Investment Managers Private Limited and select your Investment Approach Name for viewing the stated disclosure Consistent Compounders Portfolio (CCP) In our recent CCP newsletter (click here ) we highlighted that long periods of […]
Rich rewards from Investing in Quality during the Toughest Phase
Long periods of outperformance by quality firms are often characterized by intermittent periods of severe underperformance – something that has been unavoidable by even the likes of Warren Buffet. Such underperformance was especially prominent during three instances (first half of 1970s, Mar’99-Aug’00 & Nov’04-Apr’06) wherein Berkshire Hathaway’s underperformance was in high double digits even as […]
Spotlighting Rainbow Children’s Medicare
In this month’s Little Champs newsletter, we delve deeper into Rainbow Children’s Medicare (Rainbow), one of the new additions to the portfolio. Rainbow, founded in Hyderabad in 1999 by Dr Ramesh Kancharla, focusses only on pediatric and maternity care. The Company stands head & shoulders above its like-to-like peers on profitability and growth metrics and […]
Rebalancing and the Value Effect
In this newsletter, we quantify the contribution of rebalancing to overall returns by breaking down the portfolio returns into sub-components. We find that periodic rebalancing drives most of the returns of systematic relative value strategies. Selecting quality, undervalued companies, as we do in MeritorQ’s selection step, is effective only when the portfolio is regularly rebalanced. […]
Marcellus Portfolio Snapshot and Update on Fundamentals – January 2024
*For relative performance of particular Investment Approach to other Portfolio Managers within the selected strategy, please refer https://www.apmiindia.org/apmi/WSIAConsolidateReport.htm?action=showReportMenu Under PMS Provider Name please select Marcellus Investment Managers Private Limited and select your Investment Approach Name for viewing the stated disclosure Consistent Compounders Portfolio (CCP) For the quarter ended December 2023 (i.e. 3QFY24), earnings growth of […]
Global Compounders Portfolio: Resilience Amidst Chaos
Marcellus’ Global Compounders Portfolio (GCP) strategically invests in 25-30 deeply moated global companies aligned with megatrends, fostering a consistent mid to high teens compounding of free cash flow/earnings. Amidst an increasingly uncertain global macro landscape, our proprietary Torque based positioning favors defensive stocks that deliver higher than GDP growth with low earnings volatility – as […]
For more content on our strategy, visit the archives GO TO ARCHIVES