Strategy Series

Our articles specific to the six investment strategies we offer. Whether you invest with us or are looking to invest, these
articles can you give you an insight into why we make the decisions we make.

MeritorQ PMS
MeritorQ: Low-Risk Investing with Sound Fundamentals

In this newsletter, we discuss the so called “low-risk” anomaly which posits that high beta (or high risk) stocks underperform low beta or (low risk stocks) over the long term i.e. there is NO extra return to be earned from owning riskier stocks. We show that this low-risk anomaly works in India as well. In this context, […]

AUG 25 . 6 MIN READ READ MORE
MeritorQ PMS JUN 11 . 5 MIN READ
MeritorQ: Quality Matters
READ MORE
MeritorQ PMS APR 14 . 7 MIN READ
MeritorQ: Minimizing Risk by Focusing on Errors of Commission
READ MORE
MeritorQ PMS JAN 15 . 4 MIN READ
MeritorQ: Rebalancing Bonus
READ MORE
MeritorQ PMS

MeritorQ: Low-Risk Investing with Sound Fundamentals

In this newsletter, we discuss the so called “low-risk” anomaly which posits that high beta (or high risk) stocks underperform low beta or (low risk stocks) over the long term i.e. there is NO extra return to be earned from owning riskier stocks. We show that this low-risk anomaly works in India as well. In this context, […]

Aug 25 . 6 MIN READ READ MORE
MeritorQ PMS

MeritorQ: Quality Matters

Investing in a portfolio of value and cyclical stocks in India would have delivered comparable returns to portfolio of quality & consistently profitable companies respectively over longer term with value and cyclicals outperforming in the post-Covid period. However, an advantage of the quality style lies in its ability to delivers less volatile fundamental growth and […]

Jun 11 . 5 MIN READ READ MORE
MeritorQ PMS

MeritorQ: Minimizing Risk by Focusing on Errors of Commission

Balancing the trade off between errors of commission and errors of omission in stock picking is essential to any investing process. In this newsletter we explain why these two errors are NOT created equal and usually portfolio hit rate is more sensitive to errors of commission. MeritorQ‘s rigorous rules-based screening steps in which we reject […]

Apr 14 . 7 MIN READ READ MORE
MeritorQ PMS

MeritorQ: Rebalancing Bonus

We have previously highlighted in  MeritorQ: The Moneyball of Quality Investing the key reasons to rebalance in the context of MeritorQ’s investment rules. In this newsletter, we delve into how rebalancing between uncorrelated equity styles like Quality and Value, which forms the basis for selecting stocks in MeritorQ, further enhances MeritorQ’s returns. We call this the […]

Jan 15 . 4 MIN READ READ MORE

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Consistent Compounders

When ‘Loss Aversion’ Meets ‘Time Horizons’ in Equity Investing

Investors’ decision making is often underpinned by a key psychological trait – loss aversion. As explained by  Noble laureate Daniel Kahneman, the result of ‘loss aversion’ is that our pain from losses is more than twice  the joy from equal amounts of gain. Juxtaposing this idea to the CCP investing approach discussed in our  book […]

Feb 06 . 8 MIN READ READ MORE
Consistent Compounders

The Path to Consistent Compounding is Paved with Free Cashflow

There are four key drivers of free cashflow in a business – revenue growth, profit margins, working capital efficiency, and asset turnover. The order of importance across these four drivers differs across businesses. As Marcellus’ CCP companies invest in technology to improve operational efficiencies, those companies that sell day-to-day essentials to their customers whilst avoiding […]

Nov 02 . 17 MIN READ READ MORE

FEATURED BLOGS

Outsourcing 2.0: The Global Capability Centre Boom in India

Oct 26 . 7 MIN READ READ MORE

Busting Popular Macroeconomic Myths

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Feb 21 . 5 MIN READ READ MORE

Asian Paints vs Sherwin Williams: Different Paths to Dominance

  • BEHAVIOUR
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Jan 25 . 10 MIN READ READ MORE

Recommended Reads

Some of our best reads you shouldn’t miss on Marcellus

MeritorQ: Low-Risk Investing with Sound Fundamentals

Aug 25 . 6 MIN READ READ MORE

Indian Banks Don’t Need More Regulation, They Need More Leverage

Jul 21 . 9 MIN READ READ MORE

Portfolio performance and update on fundamentals – June 2025

Jul 15 . 11 MIN READ READ MORE

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