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Marcellus Portfolio

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Welcome to AIF & PMS Experts India Pvt. Ltd.

About Company

Marcellus Investment Managers was founded in 2018 with their main objective of impacting the Indian economy’s effective capital allocation. We plan to accomplish this by directing household savings into high-quality Indian enterprises with a long history of sound governance and capital allocation. Our portfolio management strategy not only strives to provide healthy returns to our investors but also to do so by assuming relatively moderate risks. Marcellus’ core investment management team has been together for 15 years, and their experiences and lessons learned throughout that time have shaped the company’s investment philosophy. SEBI has granted Marcellus permission to provide Portfolio Management Services (PMS, SEBI registration number INP000006183) and Investment Advisory (IA) services. The Marcellus Consistent Compounders are our flagship investment product. Services for Portfolio Management (CCP). CCP’s investing approach aims to put money into a small number of substantially moated companies that can generate robust earnings compounding over long periods of time with little volatility. The PMS offers enticing performance-based fee choices that align our interests with the investors. It also boasts one of the most cost-effective cost structures in the PMS market, with no entrance, lock-in, or exit loads.

Fund Snapshot

Year of Inception 16th Aug 2021
Number of Stocks 15-20
Investment Horizon 3-5 Years
Fund Manager Ashvin Shetty CFA

Investment Philosophy

  • First step of Marcellus Little Champs is to position stocks on each of the 12 ratios individually. These ranks are then accumulated through parameters to give a final order on the accounting standard of stocks.
  • Objective of the Marcellus Little Champs investment team is to conduct research focused on 12 accounting ratios, including income statement (revenue/gains handling), balance sheet (correct representation of assets/gains), cash pilferage and quality audit checks.

Marcellus Portfolio

As discussed, please find below a brief write-up on Marcellus Portfolio. The portfolio will typically have 12-15stocks.

One of the strategies that we have recently launched is Marcellus’ Portfolio – this strategy has a minimum ticket size of Rs. 15 crores and has been specifically created for investors who want a customised portfolio. Marcellus’ portfolio is a multi-cap strategy and consists of Marcellus’ most high conviction bets which have been selected using the following steps:

  1. Forensic accounting: Identify companies with clean accounts using Marcellus’ proprietary forensic model. At Marcellus, the first step across all its strategies is to eliminate companies with poor quality accounting – this eliminates a large universe of listed stocks (please click here for our newsletter on the importance of accounting quality).
  2. Capital allocation: Identify companies with a track record of superior capital allocation using Marcellus’ proprietary capital allocation framework (please click here for our newsletter on the criticality of prudent capital allocation for consistent compounding).
  3. High barriers to entry: Out of companies which pass the above two steps, identify companies which have high barriers to entry.

The Marcellus Portfolio will consist of stocks which meet with the above three criteria irrespective of whether these are small cap companies or large cap companies.

Fee Options:

Option 1:Fixed fee: 2.50%

Option2:

Fixed fee: 1.50%

Hurdle Rate: 10%

Performance fee: 15% (without catchup)

About Marcellus Investment Managers

Saurabh Mukherjea PMS Portfolio – Marcellus Investment
Saurabh Mukherjea PMS Portfolio - Marcellus Investment

Marcellus Investment Managers is a SEBI registered portfolio manager with an AUM of ~Rs. 11500 crores. Our flagship product – the consistent compounders portfolio has outperformed the benchmark (Nifty 50) by ~18% since inception with a return of 29% on an IRR basis since inception in Dec, 2018. Marcellus’ investment strategy is to invest in a concentrated portfolio of heavily moated companies that can drive healthy earnings compounding over long periods with very little volatility. Our approach to portfolio management does not just focus on delivering healthy returns to our investors but also aims to do so by taking relatively low risks.  Marcellus’ core investment management team has been together for 15 years and their journey and learnings over the years underpin its investment management philosophy (please click here for more details on our investment philosophy).

Pramod Gubbi  CFA (Marcellus)

Pramod Gubbi_Marcellus

Pramod is in charge of Marcellus’ business development initiatives.He also serves on the Investment Committee, which discusses and approves the firm’s investment plans. Pramod formerly worked at Ambit Capital as the MD and Head of
Institutional Equities. Pramod was previously the head of Ambit’s Singapore office.Pramod worked at Clear Capital in sales and research before joining Ambit.Pramod has worked
as a technology analyst as well as for companies such as HCL Technologies and Philips Semiconductors.Pramod earned a B.Tech from Regional Engineering College in Surathkal and
PostGraduate Diploma in Management from the Indian Institute of Management in Ahmedabd.

Product - AMC Category AUM (in Cr.) Performance 1M 3M 6M 1Y 2Y 3Y 5Y 10Y SI

Consient compounder

AMC Name: Marcellus Inc Date: Dec-18
large cap
(PMS)
6854 Strategy -6.6 -12.87 -18.9 -9.6 17.2 17.21 NA NA 15.9
Nifty 50 -4.85 -9.62 -9.05 0.38 23.77 10.19 NA NA 10.94

Rising Giants

AMC Name: Marcellus Inc Date: Dec-21
mid cap
(PMS)
308 Strategy -6.6 -14.76 25.9 NA NA NA NA NA -8.4
BSE 500 -5.21 -10 -10.44 NA NA NA NA NA -8.42

Little Champs

AMC Name: Marcellus Inc Date: Aug-19
small cap
(PMS)
877 Strategy -5.16 -6.37 -14.47 -3.27 31.69 NA NA NA 27.59
BSE small Cap -6.01 -12.15 -15.86 -1.77 41.49 NA NA NA 26.87

Kings Capital

AMC Name: Marcellus Inc Date: Jul-20
thematic
(PMS)
616.6 Strategy -8.1 -14.4 -14.2 -15.4 NA NA NA NA 6.5
BSE 500 -5.21 -10 -10.44 -0.65 NA NA NA NA 14.17

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Disclaimer: Investing Involves Risk. This document is for information purposes only and should not be viewed as a legal offering document or solicitation. Offers to invest in this fund are made only by the Discretionary Portfolio Management Services Agreement. Past performance does not guarantee future results and there is no assurance that the managed accounts will necessarily achieve their objectives. We do not guarantee any returns in the hand of investors not we take any sort of accountability for the performance of the scheme. The above-mentioned data is collected from the respected Fund house please verify the same at SEBI website.