Strategy Series

Our articles specific to the six investment strategies we offer. Whether you invest with us or are looking to invest, these
articles can you give you an insight into why we make the decisions we make.

Consistent Compounders
CCP’s Earnings Have Compounded at 18% Per Annum

Marcellus’ CCP Portfolio has delivered 17.8% EPS CAGR over FY19-24 (computed using reported earnings of annual rolling portfolio cohorts), which is the primary driver of the portfolio’s 17.4% (pre-fees) portfolio performance over FY19-24 (15.35% net of fees and expenses). The changes made to the portfolio over time have enhanced its earnings profile. Additionally, in early […]

FEB 18 . 7 MIN READ READ MORE
Consistent Compounders NOV 09 . 16 MIN READ
‘Capitalism Without Capital’ Fuels CCP
READ MORE
Consistent Compounders JUL 05 . 13 MIN READ
CCP’s Amplified Exposure to ‘Enterprising Compounders’
READ MORE
Consistent Compounders MAR 08 . 9 MIN READ
Rich rewards from Investing in Quality during the Toughest Phase
READ MORE
Consistent Compounders

CCP’s Earnings Have Compounded at 18% Per Annum

Marcellus’ CCP Portfolio has delivered 17.8% EPS CAGR over FY19-24 (computed using reported earnings of annual rolling portfolio cohorts), which is the primary driver of the portfolio’s 17.4% (pre-fees) portfolio performance over FY19-24 (15.35% net of fees and expenses). The changes made to the portfolio over time have enhanced its earnings profile. Additionally, in early […]

Feb 18 . 7 MIN READ READ MORE
Consistent Compounders

‘Capitalism Without Capital’ Fuels CCP

Capitalism without capital, i.e., the growing prominence of companies who are plays on intellectual rather than physical assets, is now increasingly prominent in India. Marcellus’ Consistent Compounder Portfolio (CCP) is actively participating in this theme. Over the past 5 years, profits of companies in our current CCP portfolio have grown at a significantly faster pace […]

Nov 09 . 16 MIN READ READ MORE
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 . 13 MIN READ READ MORE
Consistent Compounders

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 […]

Mar 08 . 9 MIN READ READ MORE

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Consistent Compounders

When ‘Loss Aversion’ Meets ‘Time Horizons’ in Equity Investing

Investors’ decision making is often underpinned by a key psychological trait – loss aversion. As explained by  Noble laureate Daniel Kahneman, the result of ‘loss aversion’ is that our pain from losses is more than twice  the joy from equal amounts of gain. Juxtaposing this idea to the CCP investing approach discussed in our  book […]

Feb 06 . 8 MIN READ READ MORE
Consistent Compounders

The Path to Consistent Compounding is Paved with Free Cashflow

There are four key drivers of free cashflow in a business – revenue growth, profit margins, working capital efficiency, and asset turnover. The order of importance across these four drivers differs across businesses. As Marcellus’ CCP companies invest in technology to improve operational efficiencies, those companies that sell day-to-day essentials to their customers whilst avoiding […]

Nov 02 . 17 MIN READ READ MORE

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Outsourcing 2.0: The Global Capability Centre Boom in India

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Asian Paints vs Sherwin Williams: Different Paths to Dominance

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