Marcellus Erudite Archives

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.

Marcellus Erudite

Marcellus’ Portfolio Updates & Insights – January 2026

marcellus.in From Our CIO’s Desk How Four Mega-Reforms by the Indian Government and the RBI Dismantled the Barriers to International Capital. RBI data reveals a staggering 58% surge in capital outflows from India over the past 5 years. This shift underscores a critical imperative: the necessity of investing in dollar-denominated assets. This is particularly […]

Marcellus Erudite NOV 24 . 7 MIN READ

Marcellus’ Portfolio Updates & Insights – November 2025

Marcellus Erudite OCT 07 . 11 MIN READ

Marcellus Portfolio Snapshot – September 2025

Marcellus Erudite JUL 15 . 11 MIN READ

Portfolio performance and update on fundamentals – June 2025

Marcellus Erudite

Marcellus’ Portfolio Updates & Insights – January 2026

Jan 16 . 9 MIN READ READ MORE

Marcellus Erudite

Marcellus’ Portfolio Updates & Insights – November 2025

marcellus.in From Our CIO’s Desk The Long-Awaited Policy Response is Here The employment, wages and consumption slowdown that has played out in India post-Covid has now been recognised by India’s policymakers. Whilst their policy response has been substantive (especially with regards to boosting consumption, the mainstay of India’s economic growth), the structural issue of […]

Nov 24 . 7 MIN READ READ MORE

Marcellus Erudite

Marcellus Portfolio Snapshot – September 2025

marcellus.in From Our CIO’s Desk White Collar Jobs Growth & Wage Growth: Twin Drivers of India’s Slowdown From Diwali 2023 onwards, Indian companies’ earnings growth has decelerated at a rapid rate. Underpinning this deceleration is a sharp conk-off in consumption growth, long the mainstay of the Indian economy. Key drivers of this consumption downturn […]

Oct 07 . 11 MIN READ READ MORE

Marcellus Erudite

Portfolio performance and update on fundamentals – June 2025

Global Compounders Portfolio (GCP): June was a constructive month for the portfolio and the broader index. However, the portfolio underperformed the index by approximately 190 bps, as markets were led higher by a sharp rebound in a handful of large-cap semiconductor names—despite elevated valuations. In contrast, our more defensive holdings, including Waste Connections, Berkshire Hathaway, […]

Jul 15 . 11 MIN READ READ MORE

For more content on our strategy, visit the archives

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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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Marcellus Erudite

Portfolio Performance and Update on Fundamentals July

Portfolio Performance and Update on Fundamentals

Strategy Series

Marcellus’ Portfolio Updates & Insights – January 2026

Marcellus’ Portfolio Updates & Insights – November 2025

Marcellus Portfolio Snapshot – September 2025

Portfolio performance and update on fundamentals – June 2025

Marcellus’ Portfolio Updates & Insights – January 2026

Marcellus’ Portfolio Updates & Insights – November 2025

Marcellus Portfolio Snapshot – September 2025

Portfolio performance and update on fundamentals – June 2025

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