Invest in Global Equities
of Marcellus GCP Through ALTPORT
Marcellus Global Compounders Portfolio (GCP) is a GIFT City AIF that invests in globally dominant businesses — Microsoft, ASML, HEICO, Hermes and others — using the same forensic accounting discipline Marcellus applies to Indian equities. ALTPORT offers access to GCP as one of its focus funds.
Global Diversification — US Equities via GIFT City
India and the US are the two best-performing equity markets over 30 years. GCP gives Indian investors structured access to globally dominant US and European compounders, alongside their existing Indian equity portfolio.
Same Forensic Accounting Framework — Applied Globally
GCP uses the identical proprietary screening methodology Marcellus applies to Indian markets — 25+ years of backtesting, forensic accounting filters, and the TORQUE style framework — extended to North American and European large and mid caps.
25.82% Since Inception in INR — Outperforming S&P 500
As of February 28, 2026, GCP has delivered 25.82% since inception (annualised, INR) vs 23.37% for the S&P 500 NTR. Performance is gross of taxes and net of fees.
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*Minimum: USD 75,000 (GIFT City AIF) · USD 25,000 for Accredited Investors
Six Reasons an Indian HNI Should Consider Global Equity Exposure
If your entire portfolio is in Indian equities, you are taking a concentration risk you may not have consciously chosen. GCP is not a replacement for India — it is a structural complement that addresses gaps no Indian PMS can fill.
India-Only Portfolios Carry Unpriced Concentration Risk
India has been one of the world's top-performing equity markets over 30 years — and that is precisely the problem. Investors have been rewarded well enough that most have never felt the need to diversify globally. But a portfolio entirely concentrated in one country, one currency and one regulatory regime carries a risk that does not show up in normal times. During the ILFS crisis, demonetisation, and India-specific rate cycles, Indian equities fell while US equities held or rose. The 5-year rolling correlation between Nifty 50 and S&P 500 typically sits in the 40–70% band — low enough for meaningful diversification benefit, high enough that both markets still generally rise together over full cycles.
These Businesses Do Not Exist on Indian Exchanges
ASML holds a near-monopoly on the lithography machines that manufacture every advanced semiconductor on earth. HEICO controls 60%+ of the global market for aerospace generic spare parts. Amphenol has executed 50+ acquisitions in a decade, compounding free cash flow at high teens. Hermes has delivered 30 years of pricing power by deliberately restricting supply of its most desirable products. None of these business models — nor anything comparable — exists on Indian exchanges. No matter how well Indian markets perform, an India-only investor simply cannot own these compounders.
A 50:50 India-US Portfolio Has Better Risk-Adjusted Returns Than Either Alone
Historical analysis shows that a 50:50 portfolio of Nifty 50 and S&P 500, rebalanced annually, has delivered a CAGR of 14.6% in INR terms — marginally better than the Nifty alone at 14.3% — but with a risk-adjusted return (return per unit of volatility) of 1.03 versus Nifty's 0.68. The improvement in CAGR looks trivial; the improvement in risk-adjusted compounding is substantial. This is the "free lunch" of diversification: for an Indian investor, adding global equities does not require giving up returns — it requires accepting a different risk profile that has historically been lower.
INR Depreciation Works Structurally in Your Favour
The rupee has depreciated against the dollar at approximately 3% per annum over 30 years. This is not a short-term trend — it reflects the long-run differential in inflation and interest rates between India and the US. For an Indian investor, a USD-denominated investment earns the underlying USD return plus this structural currency tailwind when converted back to INR. GCP's since-inception returns in INR terms are approximately 2–3% higher per annum than the USD returns for exactly this reason. For investors with children studying abroad, USD liabilities, or plans to emigrate, this tailwind also functions as a natural currency hedge against future dollar expenditures.
GCP is Deliberately Not a Tech-Heavy Index Bet
Many investors assume investing in the US means betting on Nvidia, Apple and the Magnificent 7. GCP explicitly does not. Megacap tech (market cap above $250 billion) accounts for only ~30% of GCP versus ~55% of the S&P 500. Marcellus sold Costco and Apple in 2024 when valuations exceeded their comfort zone. The portfolio is concentrated in industrial enablers, infrastructure operators, aerospace specialists and premium consumer franchises — businesses that compound through earnings growth rather than valuation expansion. This is not a passive S&P 500 index fund wearing active management clothing.
Lower Drawdowns, Lower Beta — Outperformance With Less Pain
GCP's three-year realised beta has been approximately 88% of the S&P 500, and its maximum drawdown has been around 20% lower than the broader market. During the US tariff correction in early 2025, GCP held ground during the drawdown and participated in the subsequent recovery. During the US banking stress of 2023, it similarly showed relative resilience. This is not defensive positioning for its own sake — it is the natural output of owning businesses with predictable cash flows, conservative balance sheets and management teams that treat capital as a scarce resource.
The question is not whether to invest globally.
India's wealthiest families have held global assets for decades. The question is whether the structure, manager and timing are right for you — and that is what ALTPORT helps you evaluate.
Live Performance: GCP & MeritorQ — As of February 28, 2026
Returns sourced directly from Marcellus Investment Managers' March 2026 strategy presentations. GCP data is gross of taxes, net of fees. MeritorQ data is net of fixed fees and expenses charged quarterly up to December 31, 2025. Past performance may or may not sustain in future.
Global Compounders Portfolio (GCP)
Inception: Oct 31, 2022USD Denominated Returns
Base currency · Gross of taxes · Net of fees
INR Denominated Returns
USD returns converted at RBI reference rate
GCP Calendar Year Returns (USD) vs S&P 500
* CY 2022 from Oct 31, 2022. Source: Marcellus Investment Managers, March 2026 GCP Presentation.
MeritorQ PMS (India Equity)
Inception: Nov 15, 2022 · Min ₹50LMeritorQ Returns vs BSE 500 TRI
Net of fixed fees & quarterly expenses · Feb 28, 2026
MeritorQ Portfolio Characteristics
As of December 15, 2025 rebalancing
MeritorQ Note: Performance data is net of fixed fees and expenses charged quarterly. Effect incorporated up to December 31, 2025. Performance not verified by SEBI or US SEC. Portfolio inception November 15, 2022. The near-term underperformance vs BSE 500 on shorter horizons reflects the quant-value cycle; the 3-year ROCE of 30.3% vs benchmark 22.9% demonstrates the underlying quality advantage. Source: Marcellus Investment Managers, March 2026 MeritorQ Presentation.
Returns as of February 28, 2026. GCP performance gross of taxes, net of fees and expenses. Performance data not verified by IFSCA or US SEC. Past performance may or may not sustain in future. Source: Marcellus Investment Managers. Performance data is available on request through ALTPORT.
Two Routes to Invest in GCP
GCP is available through two separate structures depending on your residency status. Both invest in the same underlying portfolio of global compounders.
GIFT City AIF (Category III)
For Indian Residents & Indian Corporates
(USD 25,000 for Accredited Investors)
STCG at marginal rate before 24 months
TCS applicable per RBI guidelines
USD 1mn+: 1.35% p.a.
Cayman Master Fund SP
For NRIs & Foreign Entities
Not available for Indian Residents
USD 1mn+: 1.35% p.a.
Sub-advised by Marcellus GIFT Branch
Please review the fund's PPM and Disclosure Documents before investing. Consult your tax advisor for implications applicable to your specific situation. Holding in joint names is recommended to avoid US estate tax implications.
How Marcellus Builds the GCP Portfolio
Starting from ~1,200 North American and European stocks, a three-stage proprietary process reduces the portfolio to 30–40 high-conviction global compounders.
Forensic Accounting Screen
Proprietary in-house screening methodology built on 25+ years of backtesting. Eliminates companies with accounting irregularities, weak ROIC, or governance concerns.
Bottom-Up Research
Proprietary primary data research for moat strength, capital allocation quality and opportunity size. Independent third-party checks complement internal research.
Portfolio Construction via TORQUE
Proprietary TORQUE framework identifies extreme valuation dislocations to optimise position sizing. Maximises risk-adjusted return over benchmark.
Portfolio Characteristics
30–40 stocks · Average holding: 60+ years old · 40%+ family-run businesses · Tech sector exposure kept at 15–25% through the cycle · Top 17 stocks constitute ~75% of portfolio
Fundamental Targets
GCP portfolio companies have averaged ~19% ROIC and ~19–20% FCFF/share CAGR over 5 years — substantially above the S&P 500 average of ~12% ROIC and ~7% FCFF CAGR.
Three Sources of Durable Moats
Every company in the GCP portfolio qualifies on at least one of three moat categories — each of which creates structural protection against competition and supports long-term cash generation.
Essential Infrastructure for Entire Industries
Companies that supply the tools, components or services an entire industry depends on — insulated from the market share battles of their customers. Pricing power is structural, not cyclical.
Modern Utilities — Unregulated, Sticky, Recurring
Businesses that function as essential services for their customers — high switching costs, recurring revenue, pricing power that compounds over decades without regulatory interference.
Premium Consumption — Benefiting from Rising Global Wealth
Iconic global brands at the premium end of consumption, benefiting structurally from the expanding share of wealthy households globally. Pricing power derives from desirability, not necessity.
Getting Started — What Happens After You Enquire
Investing in a GIFT City AIF involves more paperwork than a domestic PMS. ALTPORT manages the entire process alongside Marcellus. Here is exactly what to expect from enquiry to first statement.
Free Consultation with ALTPORT
A 30-minute call with our advisors to evaluate your existing portfolio, risk appetite and USD allocation goals. We determine the right investment amount and whether GIFT City or Cayman structure suits you.
CIF Form & KYC Documents
You send a completed Client Information Form (CIF) along with self-attested KYC documents — PAN, Aadhaar, bank statements, address proof. Documents must be attested by a bank official or authorised authority. ALTPORT guides you through this.
Prefilled Agreement Sent by Courier
Once your CIF is received and verified, Marcellus sends prefilled subscription documents via courier for your signature. Physical signatures are required for GIFT City AIF compliance.
Documents Verified
Signed documents are received at Marcellus's GIFT City office for verification. This typically takes 2–3 business days. ALTPORT coordinates directly with Marcellus to track progress.
LRS Remittance from Your Bank
You initiate the USD fund transfer from your savings account to Marcellus's designated account via LRS. TCS is deducted by your bank (currently 20% of remitted amount, claimable against tax liability). The transfer typically takes 2 business days to credit. You share the remittance proof with Marcellus.
NAV Allotment & First Statement
Upon successful remittance, NAV is allotted at the next monthly cut-off. You receive your first account statement and gain access to the Marcellus client portal. ALTPORT continues to monitor performance and provides quarterly reviews.
LRS annual limit: Indian residents can remit up to USD 2,50,000 per person per year. A couple can collectively remit up to USD 5,00,000. If your intended investment exceeds your individual LRS limit, ALTPORT can help you structure the remittance across multiple financial years or explore joint holding options. Joint holding is also recommended to avoid US estate tax implications on portfolio holdings.
The GCP Investment Team
GCP has a dedicated research team of 6 members. The portfolio managers bring global equity experience from institutions including Principal Global Investors (New York), Premji Invest and Ambit Capital.
Arindam Mandal
Global Equities at Principal Global Investors (PGI), New York. MBA from Duke University, Highest Honors in Finance. Engineering Leader at Oracle.
Sourabh Mukherjee
Founder and Chief Investment Officer at Marcellus Investment Managers. Previously Head of Equities at Ambit Capital. Over two decades of experience in Indian equity markets. Author and thought leader on long-term investing and portfolio strategy.
Jaibir Singh Sethi
Principal and Head of Research, Public Markets at Premji Invest. Investment Analyst at CLSA, Noble Group and Clear Capital. PGD from IIM Bangalore.
Achint Bhagat
13 years of capital markets experience. Equity research analyst at Ambit Capital for 5 years. Qualified Chartered Accountant and CFA Charter Holder.
What ALTPORT Adds to Your
GCP Investment Decision
Accessing GCP directly requires navigating GIFT City documentation, LRS remittance, KYC under IFSCA regulations, and making the right allocation decision. ALTPORT manages this end-to-end — and brings independent judgment to whether GCP is the right fit for your portfolio.
Independent Portfolio Assessment
Before recommending GCP, ALTPORT evaluates your existing Indian equity exposure, risk appetite and USD allocation goals. GCP is not the right fit for every investor — we will tell you if it is not.
End-to-End Onboarding
GIFT City AIF documentation, LRS paperwork, KYC under IFSCA regulations, and fund transfer coordination. Our team handles the process so you can focus on the investment decision.
Ongoing Monitoring & Reviews
Post-investment, ALTPORT tracks GCP performance, facilitates direct access to the Marcellus investment team for product-specific queries, and reviews your global-to-India allocation periodically.
India's Largest Process-Driven AIF & PMS Platform
ALTPORT evaluates every fund through our independent 3Is framework before recommending it. GCP passed. Our track record of guiding investors across Indian and global products speaks for itself.
in our process
our process
investment process
before investing
Ready to Add Global Equity Exposure to Your Portfolio?
One free call with ALTPORT's advisors to evaluate whether GCP fits your existing portfolio — based on your goals, not a product target.
Saurabh Mukherjea in Conversation with Vikas Agrawal
Before you invest, hear directly from the fund manager. Hosted by Vikas Agrawal, ALTPORT Funds — the same advisor who will guide your investment decision.
Saurabh Mukherjea on Marcellus & Global Compounders
Saurabh Mukherjea (Founder, Marcellus) · Host: Vikas Agrawal (ALTPORT Funds)
Coffee Can Investing — The Long-Term Compounding Framework
Saurabh Mukherjea (Founder, Marcellus) · Host: Vikas Agrawal (ALTPORT Funds)
After watching, book a consultation call with our team to discuss whether GCP fits your portfolio.
Frequently Asked Questions
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Marcellus GCP · GIFT City AIF & Cayman Fund