As of mid-2026, three outbound Portfolio Management Services are fully operational at GIFT City IFSC. Each gives you direct ownership of a global portfolio in USD. But they are built on different philosophies, different geographies, and different instruments.
This comparison is based on verified data from official factsheets and product documents only.
Quick Reference
| Marcellus GCP | PPFAS PPGIS | Phillip Pioneer | |
|---|---|---|---|
| Full name | Global Compounders Portfolio | PPFAS Global Investment Strategy | Phillip International Pioneer Portfolio |
| Manager | Marcellus Investment Managers | PPFAS Asset Management | Phillip Ventures IFSC |
| Inception | October 2022 | August 2025 | December 2021 |
| Strategy | Active stock-picking | Active stock-picking | Thematic ETF portfolio |
| Geography | North America + Europe | Global | US + Japan + Taiwan + Multi-region |
| No. of positions | 35-40 stocks | 15-25 stocks | Thematic + diversified ETFs |
| Min. (discretionary) | USD 75,000 | USD 75,000 | USD 75,000 |
| Min. (advisory) | Not offered | USD 200,000 | USD 25,000 |
| Benchmark | MSCI World Net TR (USD) | Not disclosed | S&P Global BMI Net TR |
Marcellus Global Compounders Portfolio (GCP)
The philosophy: Marcellus GCP extends the firm's domestic quality-compounder approach to global markets. The team looks for businesses with consistently high return on capital, strong free cash flow, and long reinvestment runways. The portfolio is concentrated (35-40 stocks) and mostly North American and European large caps.
Why Marcellus: The investment team brings the same fundamental research discipline that runs Marcellus's India PMS products, applied to the global universe. The analytical framework is proprietary and well-documented.
What you do not get: A long live track record. Launched October 2022, the portfolio has just over three years of actual USD performance data. Public performance disclosure is limited compared to domestic PMS.
Minimum: USD 75,000 discretionary. No advisory option.
Best for: Investors who are familiar with Marcellus's India equity approach and want a consistent philosophy applied to global markets. Quality-growth investors with a 5+ year horizon.
PPFAS Global Investment Strategy (PPGIS)
The philosophy: PPFAS brings its value-with-quality discipline to global markets. The domestic Parag Parikh Flexi Cap Fund has run a significant international allocation for years, and PPGIS is the direct evolution of that thinking into a dedicated global mandate. The portfolio will run 15-25 stocks with a price-conscious approach: quality businesses, but only when the price makes sense.
Why PPFAS: Strong brand credibility. The PPFAS domestic fund's international allocation (pre-RBI cap restrictions) generated meaningful alpha. The team has years of actual global stock research experience before launching PPGIS.
What you do not get: Any live performance track record at PPGIS itself. The strategy launched in August 2025. There is no factsheet-verified return to evaluate at this stage.
Minimum: USD 75,000 discretionary; USD 200,000 advisory (the highest advisory minimum of the three).
Best for: Investors who trust the PPFAS investment philosophy and are comfortable backing a team's track record rather than a product's track record. Value-oriented investors with patience.
Phillip International Pioneer Portfolio
The philosophy: The Pioneer portfolio is not a stock-picking strategy. It invests in global ETFs, both thematic (semiconductors, cloud computing, water, uranium, medical devices, lithium/battery, homebuilders) and diversified (broad US, Japan, Taiwan, multi-region). The portfolio manager tilts allocation based on macro and sector views, not bottom-up stock selection.
Why Phillip: It is the oldest live outbound PMS at GIFT City, with inception in December 2021. As of August 2025, the portfolio has delivered +33.52% since inception in USD terms vs the benchmark S&P Global BMI Net TR at +31.26%. Annualised since inception: 8.21% vs 7.71% benchmark.
The fund manager, Mihir Shirgaonkar (CFA, IIM Ahmedabad MBA, CA), has run this strategy since inception. Phillip Capital, the parent group, manages USD 65B+ globally across 15+ countries.
What you do not get: Individual stock ownership. If you want exposure to specific global companies, this ETF-wrapper approach will not satisfy that preference.
Minimum: USD 75,000 PMS; USD 25,000 advisory (the lowest minimum entry among all three managers).
Best for: Investors who want broad global exposure across themes, value a live three-year+ track record, and are comfortable with an ETF-based rather than stock-picking approach. The advisory minimum of USD 25,000 also makes this accessible to investors not yet ready for USD 75,000.
Full fund page: Phillip International Pioneer
Head-to-Head: Key Differences
Track Record
Phillip Pioneer has the most live data (Dec 2021 inception, August 2025 factsheet shows +33.52% since inception USD). Marcellus GCP has three-plus years of performance. PPGIS has under a year.
For investors who need a track record to make an allocation decision, Phillip Pioneer is the only option with enough history to evaluate.
Instrument Type
Phillip Pioneer uses ETFs. Marcellus GCP and PPGIS use direct equities. Direct equity PMS means you hold named stocks (Microsoft, Nestle, ASML, etc.) in your account. ETF-based PMS means you hold fund units representing baskets of stocks.
Neither is better in absolute terms, but they suit different preferences. Direct equity gives you a cleaner view of what you own and why. ETF-based gives broader diversification at lower cost per position.
Geography
Marcellus GCP is North America and Europe focused. PPGIS is global but the geographic split is not publicly disclosed yet. Phillip Pioneer is more explicitly global: US, Japan, Taiwan, and multi-region ETFs, including specific theme ETFs with no single-country concentration.
If you specifically want US large-cap quality compounders, GCP or PPGIS fits better. If you want diversification across the US, Asia, and thematic global trends, Pioneer fits better.
Philosophy
Marcellus and PPFAS are quality-value fundamental investors. Their analytical edge is in identifying individual businesses with durable competitive advantages. Phillip's edge is in ETF selection, sector rotation, and macro-driven allocation across themes and geographies.
Tax Treatment (Same for All Three)
All three are PMS structures. For resident Indians and NRIs:
- Each transaction (buy or sell within the portfolio) is a taxable event in your hands
- LTCG at 12.5% for holdings over 24 months; slab rate for STCG
- You receive a transaction statement and must file your own ITR
- NRIs are required to file an Indian ITR if their Indian-sourced income exceeds the basic exemption limit
This is the key difference from the AIF structure, where Category III AIFs are fully exempt from Indian tax for non-resident investors.
For NRIs who want to avoid Indian tax filing, the Category III AIF route is worth comparing to PMS.
How to Decide
Choose Marcellus GCP if you want a concentrated quality-compounder stock-picking mandate in North America and Europe, and you trust Marcellus's analytical framework.
Choose PPFAS PPGIS if you believe in the PPFAS value-with-quality philosophy for global equities and are comfortable backing the team's domestic track record rather than a PPGIS-specific track record.
Choose Phillip Pioneer if you want the longest live track record of the three, global ETF-based diversification, and/or the lowest entry point (USD 25,000 advisory).
Speak to Tequity before committing capital to any of these. The right choice depends on your investment horizon, tax residency, and what you want the portfolio to actually do.