Marcellus PMS Recommendation & Review

IME Rating

IME PMS Rating

Marcellus offers strong investment options for those interested in high quality companies, but their lack of flexibility in investment approach hinders performance across market conditions. Recent weak performance and limited portfolio repositioning capabilities contribute to lower ratings for the seasoned investment team.

The PMS/AIF AMC Rating is derived on the basis of our analysis on 5 key qualitative parameters that we use to analyse the quality of a PMS/AIF Provider. These include an assessment of the size of the AMC, the pedigree of the AMC, the pedigree of the team, the value of the investment philosophy & the level of differentiation. These insights of our central research team are documented in the IME RMS, and can be accessed during a consultation call with an IME PMS specialist.

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AMC Background

Marcellus was founded in 2018 by bringing together the highly successful team (Saurabh Mukerjea, Pramod Guppi, Rakshit Ranjan) that were instrumental drivers of the growth of Ambits Investment Management business. At Ambit, the investment team of Saurabh & Rakshit delivered multiple years of strong outperformance driven by a strategy of investing in high-quality franchises with the highest levels of corporate governance. Backed by its strong founding team pedigree, Marcellus has in a very short period of time-scaled to become one of the largest (top-10 PMS houses) and most respected PMS providers in India.

AMC driven by a Strong Investment Team Marcellus has one of the strongest investment management teams, with both Saurabh and Rakshit being highly seasoned investment professionals, with strong track records and fundamental research credentials. The AMC's

Investment Philosophy

Marcellus follows a very clearly defined investment philosophy that essentially seeks to make long-term investments in high-quality business franchises. Their investment approach has 3 core pillars:

Clean Accounts: A combination of forensic accounting & capital allocation assessments help determine how clean a company’s books are. This helps narrow the investible universe (Saurabh has been one of the foremost experts in the use of forensic accounting to identify potential issues in company accounts)
Capital Allocation: Invest only in companies with a strong track record of efficient capital allocation
Competitive Advantage: Seek to only invest in companies that have very strong competitive moats Marcellus (and the same team prior at Ambit) is known for a rigorous following of these quality filters and to invest in only the highest quality companies (often willing to pay very high premiums to invest in top quality franchises).

Focus on High Quality Businesses Marcellus has a very clearly defined investment philosophy of buying very high-quality businesses across their strategies, with strong managements that have clean accounting. The strategy also follows a concentrated approach with positions built based on the investment team's conviction. This is a continuation of the same strategy with an existing track record from Ambit Capital by the same team that ran the strategy.

Suitable For Investor's seeking to invest in the very highest quality companies (regardless of valuations), to benefit from the LT compounding benefit of high-quality businesses. This strategy could potentially underperform in strong bull markets.

Investment Team

Rakshit Ranjan | 5-star rated FM

Fund Manager | 21 yrs Experience | 6 yrs at current firm

Past Experience: Ambit Capital (FM), Lloyds Banking (Director Research), Noble & Co (Analyst)

Rakshit has a strong investment management track record, having launched Ambit’s Coffee-Can PMS in Mar-17, which he ran till Dec-18. The Coffee-Can PMS was one of the best-performing PMS schemes in 2018. Prior to setting up the Coffee-Can PMS, Rakshit was the lead consumer analyst at Ambit. His earlier experience was in UK equities at the Lloyds & Noble groups.

Saurabh Mukherjea | 5-star rated FM

Founder & CIO | 27 yrs Experience | 7 yrs at current firm

Past Experience: Ambit Capital (CEO), Noble (Head of India Equities), Accenture (Consultant), London Economics (Consultant)

Saurabh comes with a very strong investments background, having helped build Ambit’s broking, wealth & investment management businesses as CEO. He was also responsible for building Execution Nobles India broking business (which was sold to Ambit) and having set up and sold Clear Capital (a UK based small cap research fund). Saurabh is a strong believer in investing in the long-term in very high quality clean businesses and has written a number of books including Gurus of Chaos, The Unusual Billionaires and Coffee Can Investing.

PMS & Listed Equity AIF Schemes

Scheme	Category	1 yr	3 yr	5 yr	Since Inc
Marcellus Kings of Capital	BFSI	14.2	5.3		10.7
Marcellus Rising Giants	Mid & Smallcap	11.5	0.3		-1.1
Marcellus Little Champs	Mid & Smallcap	-1	-3.6	11.2	14
Marcellus Consistent Compounders	Large Cap	6.5	3.8	10.3	13.9

Returns as of 31-Jan-25

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Note: PMS AMC & Scheme Reviews and Ratings are based on IME Capital’s Proprietary Review and Rating Methodology (read more here: AMC Rating & Scheme Ratings). These reflect the unbiased views of our central research team, based on our assessment of the investment value of these PMS/AIF strategies for our investors. We follow a highly stringent rating-criteria, where approximately 50% of PMS AMC’s & strategies would be rated 2-star or below (this is not meant to indicate that these funds are not investment-worthy, but that they do not currently fulfill the requirements we focus on for recommending funds to our investors — based on our internal views on the merit of the AMC/strategy relative to peers). Reviews & Ratings are primarily based on research of publicly available information (SEBI disclosures, PMS websites, PMS-aggregation platforms, webinar recording, media interviews etc.) and no explicit consent is required from AMCs for the same. While we endeavour to do further due-diligence via direct interactions with the investment teams of AMCs, this is typically restricted to AMC’s that meet our foundational fund selection criteria (reviews on lower-rated AMCs are often based solely on publicly available information). The views reflected in our Reviews & Ratings, are our independent views and may not be shared by the AMC’s and the investment teams. Please read detailed disclaimer for more.