Marcellus Investment Managers Pvt Ltd

Marcellus Investment Managers is an Indian investment management firm focused on long-term equity investing through Portfolio Management Services (PMS), alternative investment structures and related investment solutions. Founded in 2018, the firm states that its objective is to contribute to effective capital allocation in the Indian economy by directing savings towards businesses with sound governance, capital allocation records and durable competitive advantages. 

Marcellus operates as a SEBI-registered portfolio manager under registration number INP000006183. Its investment framework places significant emphasis on accounting quality, capital allocation and competitive advantage, supported by quantitative screening and bottom-up research. 

About Marcellus Investment Managers

Marcellus Investment Managers Private Limited was established in 2018. The firm's current regulatory disclosures identify it as a non-individual SEBI-registered Portfolio Manager, with its registered office in Andheri East, Mumbai. Its PMS registration number is INP000006183. 

The firm's stated purpose is to make wealth creation simpler and more accessible while operating as a transparent capital allocator. Its investment process is built around identifying businesses with sound financial reporting, prudent capital allocation and sustainable competitive advantages. 

Marcellus has also expanded its investment-management activities beyond domestic PMS. Its current platform includes Indian equity PMS strategies, global equity offerings and multi-asset solutions, while its regulatory disclosures separately identify its GIFT City fund-management entity. 

For investors researching the firm's individual offerings, the Marcellus Investment Managers company profile provides an overview of the manager and its investment products.

Marcellus Investment Philosophy

The Marcellus investment philosophy is structured around what the firm calls the Three Cs: Clean Accounts, Capital Allocation and Competitive Advantage. These principles are applied through a combination of quantitative screening, forensic accounting analysis and fundamental research. 

1. Clean Accounts

Marcellus uses a forensic accounting framework to assess the quality and reliability of company financial statements. The framework has historically included quantitative checks covering areas such as earnings quality, balance-sheet representation, cash flows and audit-related indicators. Companies that do not meet the firm's accounting-quality requirements can be excluded from the investible universe. 

The Marcellus forensic accounting approach is therefore intended to form an initial filter before deeper fundamental analysis is undertaken.

2. Capital Allocation

The second pillar focuses on how management deploys capital. Marcellus looks at businesses that have demonstrated an ability to generate cash and reinvest it into their operations while maintaining financial discipline. Capital allocation is considered alongside the sustainability of a company's competitive position. 

3. Competitive Advantage

The third pillar involves identifying businesses with sustainable competitive advantages or economic moats. The investment team conducts bottom-up research to understand the durability of these advantages, the company's growth opportunities and the quality of management decisions. 

This framework is visible across several Marcellus strategies, although the portfolio construction process and investment universe vary by strategy.

Marcellus Fund Managers

The Marcellus fund managers and investment team include professionals across portfolio management, research and client advisory.

Saurabh Mukherjea is the Founder and Chief Investment Officer (CIO) of Marcellus Investment Managers. The firm's current team profile identifies him as its founder and describes his academic background at the London School of Economics and previous leadership experience at Ambit Capital. 

Ashvin Shetty, CFA, is part of Marcellus' fund-management team. Marcellus identifies him as a fund-management professional, while its Rising Giants PMS page identifies him as the Portfolio Manager for that strategy. 

The wider Marcellus investment team includes professionals such as Rakshit Ranjan, Sudhanshu Nahta, Pramod Gubbi and Manish Hemnani, with responsibilities spanning fund management, investments, client advisory and technology/operations. 

Investment leadership can vary by strategy, so investors should refer to the relevant strategy documentation for the latest portfolio-manager appointment.

Marcellus PMS Strategies

Marcellus offers a range of Marcellus PMS strategies covering different investment universes and portfolio-construction approaches. Its current PMS platform includes Consistent Compounders, Rising Giants, Little Champs, Kings of Capital, MeritorQ PMS, Curation Portfolio, Global Compounders PMS and Multi Asset PMS. 

The strategies differ in terms of market-cap exposure, sector focus, portfolio construction and geographic universe. For example, Consistent Compounders focuses on a concentrated portfolio of companies with sustainable competitive advantages, while Rising Giants focuses on small- and mid-cap companies. 

Marcellus Fund Directory

The Marcellus PMS platform also includes strategies such as Little Champs, Kings of Capital and MeritorQ. The manager's official PMS directory confirms these as part of its broader offering. 

Marcellus PMS and AIF Offerings

PMS and AIF are different investment structures, even when an investment manager applies a similar underlying philosophy across them.

Portfolio Management Services (PMS) involve managing an investor's portfolio through a portfolio-management mandate. The portfolio is maintained for the individual client according to the applicable PMS agreement and strategy.

An Alternative Investment Fund (AIF) pools capital from investors into a fund structure governed by the applicable AIF regulations. Marcellus Investment Managers is the sponsor and investment manager of Marcellus Capital Trust, a SEBI-registered Category III AIF. The Marcellus Rising Giants Fund operates as a scheme under that trust. 

Investors comparing structures can also refer to ALTPORT's guide to PMS vs mutual funds vs AIF for a broader structural comparison.

For strategy-specific information or documentation, investors can contact the ALTPORT research team.