About Company
Marcellus Investment Managers Pvt Ltd
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.
Marcellus Global Compounders (GCP) is a GIFT City portfolio management service from Marcellus that invests in 35–45 high-quality companies listed mainly in the US and developed Europe. It was launched on 31 October 2022, is denominated in USD and has a minimum investment of USD 75,000.
The strategy looks for businesses with durable competitive advantages, strong cash generation and disciplined capital allocation that can compound earnings over long periods.
What Is Marcellus Global Compounders Fund?
Marcellus Global Compounders is a global equity strategy that invests in businesses that have already shown they can generate strong free cash flow and compound it over many years. Its investment universe covers North American companies of all sizes and large and mid-sized companies in developed Europe.
For Indian investors, this means exposure to businesses and economic drivers that are very different from those in an India-focused portfolio. The securities are held in the investor's own account through Marcellus's GIFT City branch, which operates under the IFSCA framework rather than as a SEBI-registered domestic PMS.
Marcellus Global Compounders Fund Snapshot: Key Facts
| Particular | Details |
|---|---|
| Strategy | Marcellus Global Compounders Portfolio (GCP) |
| Structure | GIFT City PMS (Marcellus Investment Managers, IFSC Branch) |
| Regulator | IFSCA |
| Investment universe | North America (all caps) and developed Europe (large and mid caps) |
| Portfolio | 35–45 stocks |
| Inception | 31 October 2022 |
| Minimum investment | USD 75,000 |
| Currency | USD |
| Comparison index | S&P 500 Net Total Return |
| Fund manager | Arindam Mandal, Head of Global Equities |
| Lock-in / exit load | None / Nil |
Source: Marcellus GCP direct deck (October 2026).
Marcellus Global Compounders vs Marcellus Global Equities Fund
Don't confuse GCP with the Marcellus Global Equities Fund, a separate GIFT City retail fund based on the same Global Compounders approach. It has a USD 5,000 minimum, Direct and Regular unit classes and a 2% exit load within 24 months. GCP is a separately held PMS portfolio with a USD 75,000 minimum and no exit load.
Marcellus Global Compounders Investment Strategy: Owning Global Compounders
The central idea behind GCP is simple: own exceptional businesses globally and give them enough time to compound. The strategy looks for companies in industries that benefit from structural trends rather than short-term economic cycles. Marcellus groups the businesses it favours into themes such as:
- Pick-and-shovel businesses that supply essential tools and services to growing industries
- Modern utilities: unregulated essential services with sticky users and recurring revenue
- Premium consumption: businesses that benefit as the share of wealthy households rises
- Companies whose moats come from R&D strength, operational excellence and capital allocation
The portfolio is not simply a collection of famous global names. For every company, the team assesses business quality, competitive position, capital allocation, cash generation and the valuation being paid.
How Does Marcellus Global Compounders Select Stocks?
GCP narrows a universe of about 1,200 stocks to 80–85 through forensic and financial screens, then to 50–60 through deeper research, and finally to a portfolio of 35–45 global compounders.
1. Forensic Accounting and Fundamental Screening
The first filter checks for reliable financial statements and sustainable underlying economics. This matters more when investing internationally, because reporting practices, capital structures and business models vary widely across countries.
2. Sustainable Competitive Advantage
Detailed research then tests whether a company's advantage can last, looking at brand strength, network effects, process advantages, intellectual property, scale, distribution, customer relationships, regulatory barriers and cost advantages.
3. Capital Allocation and Cash Generation
A company can have an excellent product and still be a poor compounder if it cannot convert growth into cash or reinvest that cash wisely. GCP favours businesses with high returns on capital that can grow without constantly needing large amounts of new capital.
Marcellus Global Compounders Portfolio: Sectors and Allocation
GCP is diversified across industries rather than built around one theme, and it can hold tactical ETFs and cash. Marcellus targets technology at 25–35% of the portfolio through the cycle.
| Largest industry weights (30 Sep 2026) | Weight |
|---|---|
| Software | 11.3% |
| Cash | 10.4% |
| Aerospace & Defence | 9.5% |
| Semiconductors & Equipment | 8.6% |
| Capital Markets | 7.0% |
| Machinery | 6.5% |
| Tactical ETFs | 5.4% |
| Commodities | 5.1% |
Source: Marcellus GCP direct deck (October 2026). Allocations change over time.
The portfolio is actively built around the team's view of quality, competitive advantage, valuation and long-term earnings potential. It is not an index-replication exercise.
Marcellus Global Compounders Fees, Minimum Investment and Lock-In
GCP has a USD 75,000 minimum, no lock-in and no entry or exit load. Investors choose a fixed, performance-only or hybrid fee model; a high-water mark applies and the performance models have no catch-up.
| Fee model | Direct (Marcellus deck, Oct 2026) | Through distributors* |
|---|---|---|
| Fixed | 1.5% p.a., no performance fee | 2.0% p.a., no performance fee |
| Performance only | 0% fixed + 20% profit share above a 5% p.a. hurdle | 0% fixed + 20% above 5% |
| Hybrid | 0.75% p.a. + 15% profit share above a 9% p.a. hurdle | 1.0% p.a. + 15% above 9% |
*As listed by third-party platforms; confirm the plan that applies to you before investing.
Resident Indian clients pay 18% GST on fees. Custody, brokerage, banking and foreign-exchange charges may apply separately, so compare the total cost rather than the headline fee alone.
How Does Marcellus Global Compounders Work Through GIFT City?
GIFT City is India's International Financial Services Centre (IFSC) in Gujarat, regulated by the International Financial Services Centres Authority (IFSCA). GCP is run by Marcellus's IFSC branch, so it follows IFSCA rules rather than SEBI's rules for domestic PMS.
This affects the documentation, investor eligibility, currency and compliance requirements. Resident Indians invest by remitting money under the Liberalised Remittance Scheme (LRS), which allows up to USD 250,000 per person per year; banks collect 20% TCS on remittances above ₹10 lakh. See ALTPORT's guide to GIFT City funds.
USD-Denominated Investing
GCP is denominated in USD. An Indian investor's rupee returns therefore depend on both the portfolio's dollar returns and the USD/INR exchange rate: rupee depreciation raises the INR value of the investment, and rupee appreciation lowers it.
Marcellus Global Compounders Tax Treatment
According to Marcellus's October 2026 deck, for resident Indian investors gains on holdings kept more than 24 months are taxed at 12.5% (long-term), and shorter-term gains at the investor's slab rate plus surcharge and cess. Dividends are taxed at the applicable rate, and foreign withholding tax may apply. Tax depends on your circumstances and can change, so consult a tax adviser.
Marcellus Global Compounders Returns and Performance
The table below shows GCP's returns in USD since inception (31 October 2022) alongside the S&P 500 Net Total Return, as on [date].
[Performance module – Marcellus factsheet, USD, as on [date]]
Check whether figures are in USD or INR and whether they are gross or net of fees. Past performance is not indicative of future results.
Who Should Invest in Marcellus Global Compounders?
GCP may suit investors who:
- Want exposure to established global businesses beyond Indian equities
- Are comfortable holding USD assets and accepting currency risk
- Have a long investment horizon and can tolerate global market volatility
- Can invest at least USD 75,000 and meet IFSCA and LRS requirements
- Want to complement, not replace, their domestic equity allocation
It may be relevant for HNIs and family offices with large India exposure, and for NRIs subject to eligibility. Explore other international funds on ALTPORT.
What Are the Risks of Investing in Marcellus Global Compounders?
Currency Risk
USD/INR movements can materially change the rupee value of the investment.
Global Equity-Market Risk
A recession, interest-rate shock, geopolitical conflict or earnings slowdown in major economies can hurt portfolio companies.
Geographic Concentration Risk
Most of the exposure is in the US and developed Europe, so regional developments can drive performance.
Valuation Risk
A high-quality global company can still be expensive; valuation multiples can fall even when the business stays sound.
Regulatory and Tax Risk
IFSCA rules, LRS limits and Indian tax law can change and affect returns.
Estate Tax Risk for US Holdings
Non-US investors holding US securities may face US estate tax. Marcellus's preferred account type is joint holding, which some investors use to manage this; take professional advice.
Manager and Strategy Risk
Results depend on the team's ability to pick and size investments; a quality style can lag in some market phases.
How to Invest in Marcellus Global Compounders Through ALTPORT
The first step is to decide whether a global equity allocation fits your existing portfolio. Onboarding then involves checking eligibility, completing KYC, signing the GIFT City PMS agreement and remitting USD under LRS (or from NRE/NRO or foreign accounts for NRIs).
ALTPORT is an APMI-registered distributor (APRN00074). Our team can walk you through the strategy, fee options, currency and tax considerations, and the paperwork.
Listen to expert conversations and investment insights anytime on Spotify.
Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.
Arindam Mandal
Arindam Mandal is Head of Global Equities at Marcellus and is part of the firm's global investment team. He brings more than a decade of global investing experience, including nearly 10 years in the United States with Principal Global Investors (PGI). At PGI, Arindam began his investment career as a Quantitative Analyst before moving into fundamental equity research. He subsequently worked as a lead analyst covering U.S. and global Industrials and Utilities and, from early 2019, expanded his mandate to Emerging Markets and oversaw India public-equity investments across PGI's global equity platform. Arindam is also associated with Marcellus's Global Compounders strategy, which focuses on a portfolio of global businesses selected through bottom-up research. Marcellus describes the strategy as investing in approximately 40 deeply moated global companies.
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Find answers to common questions about fund investments, performance, portfolio strategy, and investor services.
The minimum investment is USD 25,000 for permissible Accredited Investors and USD 75,000 for non-accredited investors, subject to applicable eligibility and regulatory requirements.
The direct plan offers 1.5% fixed, 20% profit share above a 5% hurdle with no fixed fee, or 0.75% fixed plus 15% above a 9% hurdle. Rates through distributors can be higher; 18% GST applies for residents.
No. There is no lock-in, entry load or exit load.
IFSCA. It is run by Marcellus's GIFT City (IFSC) branch, not as a SEBI-registered domestic PMS.
Yes, eligible residents can invest by remitting funds under LRS, within the USD 250,000 annual limit.
As per Marcellus, gains on holdings kept over 24 months are taxed at 12.5%; shorter-term gains at slab rates. Get independent tax advice.
Arindam Mandal, Head of Global Equities at Marcellus.
35–45 stocks, mainly US and developed European companies.
Marcellus compares its performance with the S&P 500 Net Total Return.
31 October 2022
GCP is a GIFT City PMS with a USD 75,000 minimum. The Global Equities Fund is a separate GIFT City retail fund with a USD 5,000 minimum and a 2% exit load within 24 months.
NRIs can generally invest, subject to IFSCA eligibility and documentation. See the NRI Corner.
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