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 India Wealth Survey 2025 Indian Affluents & HNIs – So Near, Yet So Far….
India’s wealthy aspire to retire early, start businesses, and fund children’s futures, but lack the roadmap to get there. Marcellus, in collaboration with Dun & Bradstreet, conducted the ‘India Wealth Survey 2025’—an in-depth study capturing the evolving financial behaviours, asset preferences, aspirations, and preparedness of affluent and high-net-worth individuals (HNIs) across India. The survey was […]
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 […]
CCP’s Earnings Have Compounded at 18% Per Annum
‘Capitalism Without Capital’ Fuels CCP
CCP’s Amplified Exposure to ‘Enterprising 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 […]
Global Compounders Portfolio: Maintaining Discipline amidst Pockets of Excess
Global Compounders Portfolio: N.I.M.B.Y. Investing! – Turning Waste into Wealth
Global Compounders Portfolio: Update on Favourable Policy/Regulatory Change
The Kings Stand Tall as the Storm Approaches
Over the last 3M/6M/1Yr/2Yrs KCP has been able to consistently outperform both Nifty and Bank Nifty. Whilst our investment approach remains long term, we believe it is prudent to analyze the drivers of this outperformance. As we look back at the performance of KCP, note that the period from ‘Nov’21-Mar-23’ was a major drag on portfolio […]
Slowing Growth + Rising Risks = Quality Lenders finally Outperforming
Prudent Corporate: The tollbooth for Indian SIPs
How Will Tight System Liquidity Impact KCP?
Navigating the portfolio amidst SMID challenges
The BSE500 index companies (especially the bottom 250 market cap companies in the index) have witnessed significant moderation in their earnings in recent quarters. This together with their elevated valuations (especially for the smaller cap stocks) represents a formidable challenge for most smidcap portfolios in India. In this difficult environment, the Little Champs portfolio companies’ […]
Little Champs: Spotlighting Godrej Agrovet
Spotlighting Eureka Forbes
Spotlighting Rainbow Children’s Medicare
Portfolio performance and update on Fundamentals – May 2025
The NIFTY 50 is an Indian stock market index that represents the float-weighted average of 50 of the largest Indian companies listed on the National Stock Exchange. The BSE 500 index is designed to be a broad representation of the Indian market. Consisting of the top 500 companies listed at BSE Ltd., the index covers […]
Portfolio performance and update on fundamentals
Portfolio Performance and Update on Fundamentals – April 2025
Portfolio Performance and Update on Fundamentals – February 2025
MeritorQ: Profiting from the Dislocation in Indian Megacaps
Although India’s 20 most profitable listed companies (the ‘Megacaps’) account for around 50% of the profits generated by the BSE 500 companies, these Megacaps account for just 34% of the BSE500’s market cap (down from 41% a decade ago and 45% nearly two decades ago). Indian retail investors’ fascination with small caps seems to be […]
Rebalancing and the Value Effect
The Risks of Owning an Individual Stock
Why Fundamentals and Valuations Matter
MeritorQ: Quality Matters
Investing in a portfolio of value and cyclical stocks in India would have delivered comparable returns to portfolio of quality & consistently profitable companies respectively over longer term with value and cyclicals outperforming in the post-Covid period. However, an advantage of the quality style lies in its ability to delivers less volatile fundamental growth and […]
MeritorQ: Minimizing Risk by Focusing on Errors of Commission
MeritorQ: Rebalancing Bonus
MeritorQ: CAPE Fear
Navigating our Rising Giants through the SMID Meltdown
The BSE500 index companies (especially the bottom 250 market-cap companies in the index) have witnessed significant moderation in their earnings in recent quarters. This together with their elevated valuations (especially for the smaller cap stocks) represents a formidable challenge for most smidcap portfolios in India. In this difficult environment, the Rising Giants portfolio companies’ earnings […]
Rising Giants: Spotlighting Godrej Agrovet
Rising Giants: Spotlighting Eureka Forbes
Stress Test for Rising Giants
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