Consistent Compounders

Little Champs: Spotlighting Godrej Agrovet

This month we delve deeper into Godrej Agrovet Limited (GAVL) which we added to the Little Champs portfolio earlier this year. GAVL is a diversified agri-focussed company present across animal feed, palm oil, crop protection, dairy and poultry businesses. The Company witnessed muted earnings growth over FY18-23 due to volatility in commodity prices (inputs as well as […]

Oct 01, 2024 . 6 MIN READ
Consistent Compounders

Portfolio Performance and Update on Fundamentals – August 2024

Consistent Compounders Portfolio (CCP) Performance of Marcellus’ CCP portfolio has turned a corner in absolute returns over the last 18 months and in relative returns (relative to Nifty50 TRI) over the last six months. This is attributed to both the upgrades made to our portfolio construction approach as well as to the strong performance of […]

Sep 20, 2024 . 12 MIN READ
Consistent Compounders

MeritorQ: CAPE Fear

In this newsletter, we look at current market valuation levels implied by the cyclically adjusted price to earnings ratio (CAPE). Going by past history, our analysis suggests that at current CAPE levels, Indian investors should be more cautious on forward-looking market returns. Irrespective of market valuation, we believe MeritorQ’s low-risk approach of picking profitable, low-debt […]

Sep 07, 2024 . 5 MIN READ
Consistent Compounders

Global Compounders Portfolio: Update on Favourable Policy/Regulatory Change

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. This portfolio is agnostic to market cap or sectors, and targets to deliver excess return through different periods in the cycle. As India catapults into the most […]

Aug 20, 2024 . 6 MIN READ
Consistent Compounders

Portfolio Performance and Update on Fundamentals – July 2024

          Note: For all strategies except GCP, performance data is net of annual performance fees charged for client accounts whose account                anniversary date falls up to the last date of this performance period. Since fixed fees and expenses are charged on a quarterly basis,  […]

Aug 20, 2024 . 11 MIN READ
Consistent Compounders

Prudent Corporate: The tollbooth for Indian SIPs

Prudent Corporate, India’s third-largest mutual fund distributor, has grown revenues and EPS by 29% and 46% respectively over FY19-24. During this period, Prudent has risen from being the 7th largest distributor to being the 3rd largest in FY24, surpassing giants such as HDFC Bank and ICICI Bank in terms of mutual fund commissions earned. Prudent’s success can […]

Aug 06, 2024 . 7 MIN READ
Consistent Compounders

Portfolio performance and Update on Fundamentals – June 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) Businesses with strong competitive advantages (and hence high ROCEs), can be categorized into […]

Jul 22, 2024 . 14 MIN READ
Consistent Compounders

Rising Giants: Spotlighting Eureka Forbes

In this month’s newsletter, we delve deeper into Eureka Forbes Limited (EFL) one of the new additions to the portfolio. We see several earnings growth levers for EFL over the next 5 years: (a) Increase in the water purifiers (WP) category penetration backed by improved tap water supply, and initiatives taken by the WP companies […]

Jul 08, 2024 . 14 MIN READ
Consistent Compounders

CCP’s Amplified Exposure to ‘Enterprising Compounders’

Businesses with strong competitive advantages (and hence high ROCEs), can be categorized into different types based on their capital allocation decisions. Amongst these, the most enterprising ones (the ‘enterprising compounders’) are those which reinvest capital not only to strengthen and evolve their core business, but also to scale up new businesses consistently. Shareholder returns from such businesses […]

Jul 05, 2024 . 13 MIN READ
Consistent Compounders

Spotlighting Eureka Forbes

In this month’s newsletter, we delve deeper into Eureka Forbes Limited (EFL) one of the new additions to the portfolio. We see several earnings growth levers for EFL over the next 5 years: (a) Increase in the water purifiers (WP) category penetration backed by improved tap water supply, and initiatives taken by the WP companies […]

Jun 21, 2024 . 14 MIN READ
Consistent Compounders

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 […]

Jun 19, 2024 . 12 MIN READ
Consistent Compounders

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 […]

May 22, 2024 . 10 MIN READ

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