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Outbound Newest — Registered May 2026 Premium · 2% TER

Marcellus Global Equities Fund

Marcellus Investment Managers (IFSC) · IFSCA/Retail/2026-27/011 · Registered: May 19, 2026 · US-based research team

GCP PMS CAGR (proxy)
19.86%
USD since Oct 2022 — proxy, not scheme track record
TER (Regular)
2.00%
p.a. · Most expensive outbound retail MF
Exit Load
2%
Before 24 months — minimum 2-year commitment
Min. Investment
USD 5,000
Top-up: USD 2,000 — highest top-up of all outbound MFs
GCP PMS data as of April 30, 2026. Retail scheme registered May 19, 2026 — no independent track record yet.

This fund is brand new. The Marcellus Global Equities Fund retail scheme was registered with IFSCA on May 19, 2026. It has no independent performance history as a retail mutual fund. The GCP PMS performance data shown on this page is from a separate Marcellus product (Global Compounders Portfolio PMS) managed by the same team — it is illustrative of the team's approach, not a prediction of this fund's returns. Read our full performance caveat below.

Fund Overview
Fund HouseMarcellus Investment Managers Private Limited (IFSC)
IFSCA Reg. No.IFSC/Retail/2026-27/011 (first scheme in FY2026-27 series)
IFSCA FME Reg.IFSCA/FME/III/2022-23/037
US SEC RegistrationAlso registered with US SEC as Investment Adviser (via Marcellus International Investment Managers LLC)
Registration DateMay 19, 2026 — newest of all GIFT City retail mutual funds
StructureOpen-ended active retail mutual fund (direct portfolio — not a FoF)
CurrencyUSD
Min. InvestmentUSD 5,000
Min. Top-upUSD 2,000 — highest minimum top-up of all five outbound retail MFs
TER (Regular)2.00% p.a. (1.75% mgmt + 0.25% OpEx) — most expensive outbound retail MF
Exit Load2% before 24 months
Target InvestorsIndian Residents, Indian Corporates (US persons excluded)
Contactkalpesh.gift@marcellus.in · Kalpesh Soni
The Investment Team — US-Based Global Research

Marcellus's global equity capability is led by a team with genuine US-based presence — not India-based analysts covering global markets remotely. This on-the-ground advantage in the US is a genuine differentiator for a fund targeting global equities.

Arindam Mandal
Head, Global Equities · New York
Principal Global Investors (Des Moines). Duke University MBA. US-based since joining Marcellus. The on-the-ground US research lead.
Jaibir Sethi
Head, Global Research
Premji Invest, CLSA background. IIM Bangalore. Deep equity research experience across Asian and global markets.
Prashant Mittal
Fund Manager
Ambit Capital, Nomura. CFA charterholder. IIT Bombay + ISB. Manages the execution side of the global portfolio.

Contrast with most Indian global equity funds where the entire team sits in Mumbai covering global markets from afar. Marcellus's New York presence provides access to management teams, industry conferences, and on-the-ground company visits that are difficult to replicate remotely.

The 4 Structural Megatrends — Investment Framework

Marcellus does not invest across the entire global equity universe. It concentrates the portfolio around four structural trends that it believes will compound for at least a decade, regardless of short-term economic cycles.

Megatrend 1
Defence & Aerospace
>USD 1 trillion annual global capex · 10-year order books
NATO's 2% GDP commitment, Indo-Pacific rearmament, and the Ukraine conflict have created a decade-long ramp in defence spending. 10-year order books provide extraordinary earnings visibility — rare in equity markets.
Known holding: GE Aerospace
Megatrend 2
Power Generation
4% p.a. demand growth · 400 GW new capacity needed annually
AI data centres are electricity-hungry at a scale the grid was not built for. 400 GW of new capacity per year requires USD 600 billion in annual capex across generation, transmission, and distribution infrastructure.
Plays: Utilities, grid equipment, cable manufacturers (Nexans-type plays)
Megatrend 3
Ancillary AI Capex
USD 600bn annual capex · Chip foundries + data centres
Not the AI model companies — the picks and shovels. Chip foundries (TSMC) and data centre interconnect specialists (Amphenol) that supply every AI chip regardless of whether Nvidia, AMD, or a hyperscaler's custom chip wins the AI race.
Known holdings: TSMC, Amphenol
Megatrend 4
Luxury Consumption
Billionaire class growing 7% p.a. · Iconic pricing power
Ultra-high-net-worth individuals are growing faster than the broader population. True luxury — Hermès, LVMH — can raise prices annually without losing customers, creating an inflation-resistant, currency-agnostic earnings stream.
Known holdings: Hermès, LVMH (Airbus)

Contrast with DSP Global Equity (which avoids AI hardware): Marcellus leans directly into AI capex through TSMC and Amphenol — not through Nvidia, but through the infrastructure layer that is less crowded and has more durable pricing power.

GCP PMS Performance — Proxy Data (Not This Fund's Track Record)

Important Disclaimer — Read Before Interpreting These Numbers

The performance data below is from the Global Compounders Portfolio (GCP) PMS — a separate Marcellus product managed by the same investment team, using a similar strategy. It is NOT the Marcellus Global Equities Fund retail scheme's track record. The retail scheme was registered in May 2026 and has no independent performance history. GCP PMS returns are gross of all fees and taxes, are for a different investor base (PMS clients vs retail MF investors), and cannot be directly compared to retail fund returns. Use this data only to understand the team's investment philosophy — not as a performance predictor.

GCP PMS Since Inception (Oct 2022)
19.86% CAGR
USD terms (as of Apr 30, 2026)
vs S&P 500 (same period)
20.40% CAGR
USD — roughly in line
vs Nifty 50 (same period)
5.23% CAGR
USD — Marcellus well ahead

The GCP PMS has broadly matched the S&P 500 since October 2022 — impressive for a concentrated portfolio that started well below index weights in US tech and has zero Nvidia exposure. The comparison vs Nifty 50 in USD terms (+5.23%) shows the genuine alpha of global equity allocation vs staying India-only.

Tequity's Analysis

The Premium Megatrend Play — Suited for HNIs with a 3+ Year View

Marcellus Global Equities is the most premium product in the GIFT City outbound lineup: highest cost (2% TER), longest recommended holding period, newest with no independent track record, and most concentrated around a specific megatrend thesis. These are not criticisms — they define the product's character.

  • The megatrend framework is genuinely differentiated: Defence + Power + AI Capex infrastructure + Luxury is a specific, arguable thesis — not a vague "global quality" pitch. The four trends are unlikely to all fail simultaneously and are less correlated to each other than a sector-focused portfolio.
  • The US-based team is a real advantage: Arindam Mandal in New York means management access, conference attendance, and on-ground due diligence that India-based global teams cannot easily replicate. This matters for a concentrated portfolio where individual stock selection drives returns.
  • Cost structure requires performance to justify: At 2% TER + 2% exit load within 24 months, the bar for outperformance over the PPFAS S&P 500 FoF (0.35% TER, no exit load) is high. The strategy needs to deliver approximately 1.65% annual alpha net of costs to break even vs passive. Over a 5-year horizon in a megatrend portfolio, that is achievable — but it is a real hurdle, not a trivial one.
  • Track record caveat is real: The GCP PMS data is illustrative, not predictive. The retail scheme is new. Investors are buying a thesis and a team — not a track record. This is appropriate for HNIs who understand the distinction. Inappropriate for investors who expect past returns to repeat.
  • Positioning vs DSP Global: DSP avoids AI hardware entirely; Marcellus leans into AI infrastructure (TSMC, Amphenol). DSP has large cash positions; Marcellus is likely more fully invested. DSP has a longer live track record (since Sep 2025) despite underperformance. Both are legitimate active approaches — the right choice depends on which thesis you find more compelling.

Tequity's view: Suitable for HNI investors with a minimum USD 25,000–50,000 corpus, a genuine 5-year horizon, conviction in the megatrend thesis, and the ability to evaluate the team's GCP PMS track record in context. Not suitable as a first global allocation — start with the PPFAS S&P 500 FoF. Position Marcellus as a high-conviction satellite, not a core.

Frequently Asked Questions
Is GCP PMS performance the same as the Marcellus Global Equities Fund's track record?+
No. The GCP PMS and the Marcellus Global Equities Fund retail scheme are separate products. GCP PMS is a Portfolio Management Service for high-net-worth individuals with a minimum ticket of INR 50 lakhs (approx). The retail scheme (IFSC/Retail/2026-27/011) was registered May 2026 and has no independent track record. GCP PMS returns are gross of fees, for a different investor category, and cannot be directly compared to what the retail fund will deliver. Treat GCP PMS data as illustrative of the team's investment approach only.
Can NRIs invest in this fund?+
The fund is positioned for "Indian Residents and Indian Corporates." US persons are explicitly excluded. For other NRIs (non-US/Canada), eligibility should be confirmed directly with Marcellus or Tequity before investing — the offer document should clarify NRI eligibility explicitly as the fund matures. Contact Tequity for a current eligibility check.
Why is this fund's TER the highest of the five outbound retail MFs?+
Active management, a US-based research team, and concentrated stock-picking all cost more than passive index tracking. At 2.00% (1.75% management + 0.25% OpEx), Marcellus is charging for the depth of its research infrastructure. For context: DSP charges 1.75% Regular, PPFAS charges 0.30%. Whether the additional cost is justified depends on whether the megatrend thesis delivers alpha over a full cycle — which cannot be known at launch.
What are the 4 megatrends this fund invests around?+
(1) Defence & Aerospace — NATO rearming, Indo-Pacific tensions, 10-year order books for companies like GE Aerospace. (2) Power Generation — AI data centres require 400 GW new capacity annually, USD 600 billion in grid capex. (3) Ancillary AI Capex — chip foundries (TSMC) and data centre interconnect (Amphenol) that supply AI hardware regardless of which chip architecture wins. (4) Luxury Consumption — iconic pricing-power brands (Hermès, LVMH) whose billionaire customer base grows 7% p.a. regardless of economic cycles.
How does this fund compare to DSP Global Equity?+
Both are active direct-portfolio global equity funds — the main differences are: (1) Cost: Marcellus 2.00% vs DSP 1.75% Regular. (2) AI exposure: Marcellus owns TSMC/Amphenol (AI infrastructure); DSP owns zero AI hardware. (3) Track record: DSP has been live since Sep 2025 with documented underperformance; Marcellus just launched. (4) Geography: DSP deliberately underweights US (29%); Marcellus's geographic mix is less explicitly constrained. (5) Exit load: Both charge 2% before 24 months (DSP charges 1% before 2 years — slightly less). Neither is definitively "better" — they reflect different investment theses.

Invest in This Fund

Enquire with Tequity → WhatsApp: +91 97642 89714

We'll help you evaluate whether the megatrend thesis matches your conviction and portfolio, and verify eligibility for your investor category.

Quick Facts

RegisteredMay 19, 2026
Min. InvestmentUSD 5,000
Min. Top-upUSD 2,000
TER (Regular)2.00% p.a.
Exit Load2% <24 months
Strategy4 megatrends
Team baseNew York + India
GCP proxy CAGR19.86% USD
Track recordNone (new scheme)
IFSCA Reg.IFSC/Retail/2026-27/011

Eligibility

Positioned for:

Indian Residents Indian Corporates

Excluded:

US persons
NRI eligibility beyond US/Canada: contact Tequity for a current confirmation — the offer document should clarify as the fund matures post-launch.

Other Outbound Funds

PPFAS S&P 500 FoF → PPFAS Nasdaq 100 FoF → DSP Global Equity Fund → Edelweiss Greater China → View All GIFT City MFs →
GCP PMS performance data (Oct 2022 – Apr 2026) is from a separate Marcellus product and does not represent the Marcellus Global Equities Fund retail scheme's track record. The retail scheme was registered May 2026 with no independent performance history. Past performance is not indicative of future results.
Talk to Tequity

Does the Marcellus
Megatrend Thesis Fit Your Portfolio?

This is a conviction product — and conviction needs to be your own, not borrowed. We'll help you stress-test the megatrend thesis against your existing allocation, assess the cost structure, and determine the right position size.

WhatsApp: +91 97642 89714 invest@tequity.co.in

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