A. General Information
Marcellus is an investment adviser located in Mumbai, India, that was formed on August
7, 2018. The principal owner of Marcellus is Mr. Saurabh Mukherjea.
B. Investment Advisory Services
Marcellus offers investment advisory services with respect to securities traded on the
primarily public markets in India also other selected public markets to separately managed
accounts (“SMA”) for institutions, individuals and entities (e.g., pension plans, family offices,
wealthy individuals, etc.). Marcellus is a “fee-only” investment advisory firm. Marcellus does
not sell annuities, insurance, stocks, bonds, mutual funds, limited partnerships, or other products
for a commission. Marcellus offers to manage clients’ accounts only on a discretionary basis.1 As
a discretionary investment adviser, Marcellus will have the authority to supervise and direct the
portfolio without prior consultation with the client.
As discussed further in Item 8, Marcellus offers model portfolios to its clients. In addition,
for larger accounts, Marcellus will consider creating custom portfolios. Consistent with this
investment approach, Marcellus constructs portfolios for clients based on size, objectives, and risk
tolerance that primarily include common stocks, preferred stocks, and other equity and equity-
linked securities. Notwithstanding the foregoing, Marcellus may supplement positions
in Indian
equities with fixed income, money market/cash equivalents, or other securities. Clients may
request reasonable restrictions on investments in certain financial instruments; however, notice of
requested restrictions is required to be given to Marcellus in writing, and will not be implemented
without agreement by Marcellus in writing.
C. Private Funds
Marcellus currently serves as investment sub-advisor to the K India Opportunities Fund
Limited (Consistent Compounders India Funds), a private fund advised by an SEC-exempt
reporting adviser. Additionally, Marcellus manages a pooled investment vehicle offered in India
and other jurisdictions outside of the U.S. that would be a private fund if it were offered in the
U.S. (the “Indian Fund”).
D. Wrap Fee Programs
A wrap fee program is an investment program where the investor pays one stated fee that
includes management fees, transaction costs, fund expenses, and any other administrative fees.
Marcellus does not participate in any wrap fee programs.
E. Type and Value of Assets Currently Managed
As of March 31, 2023, Marcellus managed $ 1,118,919,222 in discretionary assets under
1 Marcellus provides advisory services on a non-discretionary basis to certain India-based legacy accounts but does
not offer non-discretionary advisory services to U.S. clients.
management, $ 32,658,883 in non-discretionary assets under management.