Marcellus Global Compounders Newsletters

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.

Global Compounders

Three Years In: Staying Objective Through Market Extremes

The Global Compounders Portfolio (GCP) is Marcellus’ Global Equities strategy launched in October 2022. It invests in 30-40 deeply moated companies across developed markets—businesses that combine high returns on capital with prudent reinvestment and disciplined capital allocation. The aim has always been straightforward: to deliver long-term compounding of capital through ownership of exceptional franchises, while […]

Global Compounders JUL 11 . 10 MIN READ

Global Compounders: Greatness and Value Capture

Global Compounders FEB 27 . 5 MIN READ

Global Compounders: The Diversification “Free Lunch”

Global Compounders DEC 19 . 5 MIN READ

Global Compounders Portfolio: Maintaining Discipline amidst Pockets of Excess

Global Compounders

Three Years In: Staying Objective Through Market Extremes

Nov 20 . 12 MIN READ READ MORE

Global Compounders

Global Compounders: Greatness and Value Capture

Marcellus’ Global Compounders Portfolio (GCP) strategically invests in 25-35 deeply moated global companies aligned with megatrends which aid the delivery of mid-to-high teens compounding of free cash flow/earnings. To identify such compounders, one of the markers that we look for is the amount of value companies are able to capture from broader opportunities. This is […]

Jul 11 . 10 MIN READ READ MORE

Global Compounders

Global Compounders: The Diversification “Free Lunch”

Marcellus’ Global Compounders Portfolio (GCP) strategically invests in 20-30 deeply moated global companies aligned with megatrends, fostering a consistent mid to high teens compounding of free cash flow/earnings. The US market has a track record of strong, earnings led returns despite modest GDP growth. This places it among the top performing markets globally over a […]

Feb 27 . 5 MIN READ READ MORE

Global Compounders

Global Compounders Portfolio: Maintaining Discipline amidst Pockets of Excess

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. In this newsletter, we present our perspective on valuations in the US market given that we do see signs of excess in S&P 500 valuations. However, these […]

Dec 19 . 5 MIN READ READ MORE

For more content on our strategy, visit the archives

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The best collections from the Marcellus Library

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The Global Compounders: AI, Valuations, and the Road Ahead

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Curated Collection

HANDPICKED ARTICLES FOR OUR ACTIVE INVESTORS

Consistent Compounders

How Volatile Funds Cost Investors Dear

High volatility in an equity portfolio creates zones of ‘excitement’ and ‘fear’ based on recent performance. This adversely affects the quality of decision making by equity investors. As a result, historically, investor returns in Indian equity funds have been lower than fund returns across different periods. Similarly, a recent example from the US – NYSE […]

Feb 01 . 6 MIN READ READ MORE

Consistent Compounders

The Benefits of Timing are Inversely Correlated with the Quality of Fundamentals

The rate at which fundamentals of a company compound (and hence its share price) over the long term is inversely correlated with the quantum of benefit that an investor can achieve by perfectly timing her purchases at the bottom of the share price trajectory. Moreover, for a portfolio consisting of high-quality companies, benefits from a […]

Jan 03 . 8 MIN READ READ MORE

Consistent Compounders

CCPs use more ‘S-curves’ to elongate their fundamental compounding

Value addition from every initiative undertaken by a company follows an ‘S-curve’ with three parts to it – the investment phase, the growth phase and the fade period. The fundamentals of the overall company are a consolidation of ‘S-curves’ of all initiatives. There are several limiting factors to every initiative such as addressable market size, […]

Dec 01 . 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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Global Compounders

Modern Utilities Operating on a Global Scale Make for Lucrative Investments.

Strategy Series

Three Years In: Staying Objective Through Market Extremes

Global Compounders: Greatness and Value Capture

Global Compounders: The Diversification “Free Lunch”

Global Compounders Portfolio: Maintaining Discipline amidst Pockets of Excess

Three Years In: Staying Objective Through Market Extremes

Global Compounders: Greatness and Value Capture

Global Compounders: The Diversification “Free Lunch”

Global Compounders Portfolio: Maintaining Discipline amidst Pockets of Excess

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