Marcellus’ Consistent Compounders PMS invests in a concentrated portfolio of heavily moated companies that can drive healthy earnings growth over long periods of time. Portfolio construction involves a two-stage process:
While the filters are applied annually, companies in the portfolio and in the coverage universe are monitored for sustainability of moats on a continuous basis through extensive primary and secondary research. Please check our newsletters (here and here), for a detailed discussion on some of the frameworks adopted in our research process on an ongoing basis.
We create a list of stocks using a twin-filter criterion of double-digit YoY revenue growth and return on capital higher than the cost of capital, each year for 10 years in a row. Next, we build a portfolio of such stocks and hold them patiently for long periods of time, with very little churn.
The Consistent Compounders Portfolio combines our deep-dive stock-specific research with the benefits of the filter-based approach explained earlier,to help generate outperformance of 4-5% per annum over and above these filter-based portfolios. This is achieved via 3 factors:
Marcellus offers Consistent Compounders Portfolio with zero fixed fees. The Consistent Compounders PMS comes with zero entry load/exit load and with no lock-in.
We offer three fee structures:
|Regular Plan||Direct Plan|
* High water mark applies for performance fees Minimum investment: INR 50 lacs
Performance (as of 31st August, 2023)
*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
Performance data is net of annual performance fees charged for client accounts whose account anniversary date falls upto the last date of this performance period. Since fixed fees and expenses are charged on a quarterly basis, effect of the same has been incorporated upto 30th June 2023. Performance data is not verified either by the Securities and Exchange Board of India or U.S. Securities and Exchange Commission. This circulation is not intended for US clients.