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Editor's Picks
Marcellus Portfolio Updates & Insights - October 2026
From Our CIO’s Desk The Rebuilding of Indian Consumption. As the traditional drivers of mass Indian consumption stall, our core strategy—the Consistent Compounders Portfolio (CCP)—has rewired its allocations toward high-quality pricing-power franchises, private healthcare providers, and manufacturing exporters. Rather than chasing entry-level consumer volume growth, our investment process focuses on resilient, well-managed businesses positioned […]
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Marcellus Portfolio Updates & Insights - September 2026
marcellus.in From Our CIO’s Desk How Does Kings of Capital Beat the Benchmark with Boring, Well-Managed Companies? Over the past 1, 2, and 3-year trailing periods, our financial services strategy—the Kings of Capital Portfolio (KCP)—has outperformed its benchmark. Our investment process avoids chasing short-term market momentum, focusing instead on well-managed businesses that allocate capital […]
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Building an all-weather portfolio
Every year, someone confidently tells you which asset will win the year. Since 2004, the winner has changed almost every year, between Indian stocks, US stocks and gold, and the topper has often become the laggard the very next year. Ray Dalio’s All Weather portfolio starts from a simple idea: you do not need to […]
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Terms and Conditions
This section contains the terms and conditions of use of the websitehttp://marcellus.in (“Website“). By using this Website and any of its pages, you agree to and shall abide by all of the terms and conditions set forth below which shall be binding on you, your successors and / or assigns. If you do not agree to any of the terms and conditions mentioned herein, you are advised not to use the Website.
Marcellus Investment Managers Private Limited (“Company” or “we” or “us”) allows you to access the Website and all contents provided on this Website including all information, software, graphics, function and other materials are subject to the terms and conditions outlined below. By accessing or using or subscribing to the Website or any part thereof, you are explicitly agreeing to the terms and conditions below. The Company reserves all rights to change, modify or alter these terms and conditions at any point of time with or without notifying you, the existing users and subscribers. Your continued use of the Website means that you accept any new or modified terms and conditions that we come up with. Please re-visit the `Terms and Conditions’ link at our site from time to time to stay abreast of any changes that we may introduce.
Registration
By registering on the Website, you certify that all information you provide, now or in the future, is accurate.
The Company reserves the right, in its sole discretion, to deny you access to this Website or any portion thereof without notice for the following reasons, immediately (a) for any unauthorized access or use by you (b) if you assign or transfer (or attempt the same) any rights granted to you under this agreement; (c) if you violate any of the other terms and conditions of this agreement.
Password Disclosure
To ensure security of access to the personal information and transaction details, the access to the secured zone of our Website is restricted by the unique login ID and password selected by you. You should be careful in handling the ID and password and you should ensure that you do not reveal it to anybody nor do you keep it in writing. You should keep changing your password periodically.
Sharing of your login ID and password by a paid registered user to a third party is prohibited and in contravention of this agreement. Upon breach, the Company reserves the right, in its sole discretion, to terminate your access to the Website and the related services or any portion thereof at any time, without notice.
Use of Information and Intellectual Properties
All the trademarks, logos and service marks, information and content provided on the Website including its design structure and compilation are our intellectual properties. All content-textual, still pictures, graphs, voice or video – made available on the Website (including content available on our email newsletters and SMS services) (collectively the “Content”) belongs to the Company or its content partners or licensors. The Company or its partners / licensors own all intellectual property rights (including copyright and database rights) in the Content. You agree to abide by the copyright law and all other applicable laws of India. You acknowledge that the Website in source code form remains a confidential trade secret of the Company therefore you agree not to modify the Website or attempt to decipher, decompile, disassemble or reverse engineer the Website, except to the extent applicable laws specifically prohibit such restriction.
You may retrieve and view content on a computer screen, personal digital assistant (PDA) or mobile telephone, print individual pages on paper (but not photocopy them) and store such pages in electronic form on disk or on your mobile telephone (but not on any server or other storage device connected to a network) for your personal, non-commercial use.
You shall not use the Website for any unlawful purpose.
Except as indicated above, you shall not reproduce, publish, broadcast, transmit, modify, adapt, create derivative works of, store, archive or in any way commercially exploit any of the Content. Without limitation, you shall not do any of the following without prior written permission from the Website (and neither shall you allow a third party to do any of the same)
- redistribute or resell any of the Content, including our headlines
- create a database in electronic or structured manual form by systematically downloading and storing all or any of the Content; or
- deep link to, frame, spider, harvest or scrape the Content or otherwise access the Content for similar purposes; or
- use any machine, electronic, web-based or similar device to read or extract the Content by automated techniques, or
- use the information in a searchable, machine-readable database
The Website as well as the Content is the valuable, exclusive property of the Company, and nothing therein shall be construed as transferring or assigning any such ownership rights to you or any other person or entity. All Content is the proprietary, confidential property of the Website and cannot be repeated for any reason outside the Website. You agree not to repeat or rebroadcast in any way any of the Content for any reason whatsoever. You agree that if you do repeat or re-post any of the Content by any means, you will be exclusively liable under criminal law and shall also be liable for actual and punitive damages as determined by the Company and additional damages to be determined by a court of law.
You shall not rent, lease, sublicense, distribute, transfer, copy, reproduce, publicly display, publish, adapt, store or time-share the Website, any part thereof, or any of the information received or accessed from to or through any other person or entity unless separately and specifically authorized in writing by the Company prior to such act. In addition, you shall not remove, alter or obscure any copyright, legal or proprietary notices in or on any portions of the Website without prior written authorization. Except as set forth herein, any other use of the Content requires the prior written consent of the Company and may require a separate fee.
In our endeavor to serve and protect your interests and rights, we would appreciate if you could inform us in writing at [●] giving all necessary details of any violation or infringement of our trademarks, logos and service marks which are either protected by us and or available on our Website. We will take the necessary recourse.
License
We hereby grant you a limited, non-exclusive, non-assignable and
non-transferable license to access the Website provided and expressly
conditioned upon your agreement that all such access and use shall be governed
by all of the terms and conditions set forth in this agreement.
No warranties
Whilst every care has been taken in preparing the Content on this Website, such
Content is provided ‘as is’ without warranty of any kind, either express or
implied. In particular, no warranty regarding non-infringement, security,
accuracy, fitness for a purpose or freedom from computer viruses is given in
connection with the Content.
Paid Services
The Company will be operating several paid services and will charge you in
Indian rupees (INR) for such paid services. Certain portions of the Website are
only accessible to users who are paid subscribers of the Website. By subscribing
to receive any of these services, you additionally agree to the following terms
and conditions:
- You agree to pay any subscription fees at the rates in effect when the charges are incurred.
- You must provide us with complete and accurate payment information. You can pay by credit / debit card / net-banking through an internet payment gateway. By submitting credit or debit card payment details to the Company you warrant that you are entitled to purchase the subscription services using those payment details. In the case of unauthorized payments, the Company reserves the right to suspend or terminate your access to the online services. If we do not receive payment authorization or any authorization is subsequently cancelled, we may immediately terminate or suspend your access to any paid services.
- The Company will try to process your subscription promptly but does not guarantee that the paid services will be available to you by any specified time. A contract with you for rendering the paid services will come into effect when the Company sends you an email message confirming your subscription details.
Delays
Neither the Company nor any of its directors, employees, affiliates, agents,
representatives or subcontractors shall be liable for any loss or liability
resulting, directly or indirectly, from delays or interruptions due to
electronic or mechanical equipment failures, telephone interconnect problems,
defects, weather, strikes, walkouts, fire, acts of God, riots, armed conflicts,
acts of war, or other like causes. The Company shall have no responsibility to
provide you access to the Website while interruption of the Website is due to
any such cause.
Delivery
The delivery of content subscription products from the Company will be via the
e-mail mode and / or SMS mode and / or directly on the Website. Registered users
may also log in to the Website to view the products that they have subscribed
to, if the same is additionally available on the Website. As many technical
factors are involved the Company gives no guarantee of timely delivery of any
products.
Refund – The Company does not offer any refund on any subscription products. However, any change or modification in this no-refund policy shall be at the Company’s sole discretion.
Cancellation – Products once subscribed to and paid for, cannot be cancelled. A request for termination of services may be given by the user, however no amounts shall be refunded by the Company.
Third Party Links – The links on this Website may allow you to leave the Website. Any third party website links on this Website are only for your convenience and the linked websites are not under the control of the Company. The Company has not reviewed, nor approved these websites and is not responsible for the contents or omissions of any linked website or any links contained in a linked site. If any link is misleading or changed or removed, we are not responsible for that either.
Use Of Forums
If this Website contains messages / bulletin
boards, chat rooms, or other message or communication facilities
(collectively, “Forums“)
, you agree to
use the Forums only to send and receive messages and material that are
proper and related to the particular Forum. Including but without
limitation, you agree that when using a Forum, you shall not do any of the
following:
- Publish, post, distribute or disseminate any defamatory, infringing, obscene, indecent or unlawful material or information.
- Defame, abuse, harass, stalk, threaten or otherwise violate the legal rights (such as rights of privacy and publicity) of others.
- Upload files that contain viruses, corrupted files, or any other similar software or programs that may damage the operation of another’s computer or files that contain software or other material protected by intellectual property laws (or by rights of privacy of publicity) unless you own or control the rights thereto or have received all necessary consents.
- Download any file posted by another user of a Forum that you know, or reasonably should know, cannot be legally distributed in such manner.
- Conduct contests, surveys or forward chain letters or spam.
- Not to misuse by posting malicious and ill intentioned messages
We expect you to exercise due caution before transacting on any message posted on the Forums. The messages posted on the Forums are the views of the individuals posting them; The Company not assume any liability on account of the message posted therein.
Submissions – All information submitted to the Company via the Website shall be deemed and remain property of the Company and the Company shall be free to use, for any purpose, any ideas, concepts, know-how or techniques contained in information a user of this Website provides the Company. The Company shall not be subject to any obligations of confidentiality regarding submitted information except where specifically agreed.
Entire Agreement – This agreement and the disclaimer on the Website constitutes the entire agreement between the parties, and no other agreement, written or oral, exists between you and the Company. If there is any conflict between this agreement and other documents, this agreement shall govern, whether such order or other documents is prior to or subsequent to this agreement, or is signed or acknowledged by any director, officer, employee, representative or agent of the Company. Any clause declared invalid shall be deemed severable and not affect the validity or enforceability of the remainder. These terms may only be amended in a writing signed by the Company
Indemnification
You shall indemnify, defend and hold harmless the Company (including its and
their officers, directors, employees, affiliates, group companies, agents,
representatives or subcontractors) from any and all claims and losses
imposed on, incurred by or asserted as a result of or related to: (a) your
access and use of the Website (b) any non-compliance by you with the terms
and conditions hereof; or (c) any third party actions related to your
receipt and use of the Content, whether authorized or unauthorized.
Termination – This agreement and the license rights granted hereunder shall remain in full force and effect unless terminated or cancelled by the Company. Termination or cancellation of this agreement shall not affect any right or relief to which the Company may be entitled, at law or in equity. Upon termination of this agreement, all rights granted to you will terminate and revert to the Company.
Jurisdiction – These terms and conditions shall be governed by, and construed in accordance with laws of India. You explicitly agree that only courts at [Mumbai, Maharashtra], India shall have exclusive jurisdiction over any disputes arising under this agreement.
Relationship – You understand and agree that no joint venture, partnership, employment, or agency relationship exists between you and us on account of using the Website.
About the Company – Marcellus Investment Managers Private Limited is a private limited company incorporated under the Companies Act, 2013. Our registered office is at 929, DBS Business Centre, B Wing, Kanakia Wall Street, Andheri-Kurla Road, Andheri - East, Mumbai - 400093.