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
Diversification in a Concentrated Portfolio of Compounders

In an uncertain macroeconomic environment shaped by AI disruption and shifting global geopolitics, the Consistent Compounders Portfolio (CCP) strategy has evolved significantly. While maintaining a concentrated portfolio focused on good-quality businesses, we have diversified our top holdings across uncorrelated sectors such as healthcare, auto components, and export-led manufacturing. This deliberate shift away from our historical […]

APR 16 . 8 MIN READ READ MORE
Consistent Compounders DEC 06 . 11 MIN READ
Navigating India’s Structural Shifts
READ MORE
Consistent Compounders JUN 24 . 8 MIN READ
Earnings Growth in India: Sliding Nifty vs Rising CCP
READ MORE
Consistent Compounders FEB 18 . 7 MIN READ
CCP’s Earnings Have Compounded at 18% Per Annum
READ MORE
Consistent Compounders

Diversification in a Concentrated Portfolio of Compounders

In an uncertain macroeconomic environment shaped by AI disruption and shifting global geopolitics, the Consistent Compounders Portfolio (CCP) strategy has evolved significantly. While maintaining a concentrated portfolio focused on good-quality businesses, we have diversified our top holdings across uncorrelated sectors such as healthcare, auto components, and export-led manufacturing. This deliberate shift away from our historical […]

Apr 16 . 8 MIN READ READ MORE
Consistent Compounders

Navigating India’s Structural Shifts

Our core philosophy in Marcellus CCP remains anchored in finding consistent compounders with clean accounts, deep moats and disciplined capital allocation. However, the drivers of that predictability have evolved over the past five years (after GST and Covid-19). Traditional moats, such as distribution in FMCG, are being disrupted by digital democratization. India’s K-shaped economic evolution […]

Dec 06 . 11 MIN READ READ MORE
Consistent Compounders

Earnings Growth in India: Sliding Nifty vs Rising CCP

Nifty50’s EPS growth moderated to 6% YOY in FY25 (from 24% CAGR over FY21-24) whilst valuations remain elevated (21x FY26 P/E for Nifty50). In stark contrast, Marcellus’ CCP portfolio’s earnings growth rate has been in the range of 17%-18% CAGR until FY24 and held firm at 14% YoY in FY25. Amidst a growing earnings growth […]

Jun 24 . 8 MIN READ 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

For more content on our strategy, visit the archives

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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

FEATURED BLOGS

Outsourcing 2.0: The Global Capability Centre Boom in India

Oct 26 . 7 MIN READ READ MORE

Busting Popular Macroeconomic Myths

  • BEHAVIOUR
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Feb 21 . 5 MIN READ READ MORE

Asian Paints vs Sherwin Williams: Different Paths to Dominance

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Jan 25 . 10 MIN READ READ MORE

Recommended Reads

Some of our best reads you shouldn’t miss on Marcellus

Marcellus Portfolio Updates & Insights – June 2026

Jun 12 . 10 MIN READ READ MORE

Marcellus Portfolio Updates & Insights – April 2026

May 04 . 10 MIN READ READ MORE

Diversification in a Concentrated Portfolio of Compounders

Apr 16 . 8 MIN READ READ MORE

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