Marcellus Global Equities Fund NFO: Invest in Global Markets via GIFT City

Your salary arrives in rupees. But your coffee is Starbucks, your commute is Uber, your laptop runs on Windows or macOS — and your dream European vacation is priced in euros. For millions of Indian families, lifestyle aspirations are increasingly dollar-denominated, while savings remain locked in rupee assets.

The Marcellus Global Equities Fund — an outbound retail scheme launching from GIFT City, Gujarat — offers a structured, regulated pathway for Indian residents and corporates to access a curated portfolio of global businesses. The NFO window opens June 8 to June 19, 2026.

This post explains what the fund is, how GIFT City changes the global investing equation for Indians, and what investors may wish to evaluate before participating.

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🌍 Why Global Diversification Deserves Attention

Most Indian investors hold a well-diversified domestic portfolio — mutual funds, equities, gold, real estate, fixed deposits. But the global allocation is typically zero.

This concentration carries a risk that is easy to overlook: rupee depreciation. The Indian rupee has depreciated approximately 40% against the US dollar over the last decade — from around ₹66 per dollar in 2016 to approximately ₹96 in 2026 (Source: LSEG Data & Analytics). In practice, this means that even if your domestic portfolio grows in rupee terms, your purchasing power for dollar-priced goods, education abroad, or international travel erodes quietly over time.

Adding global, dollar-denominated assets to a domestic portfolio is one way investors may evaluate managing this currency exposure over the long term. Whether this approach is appropriate depends entirely on individual financial goals, risk tolerance, and investment horizon — and should be assessed with a qualified advisor.

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🏛️ What is GIFT City — and Why Does It Matter?

GIFT City (Gujarat International Finance Tec-City) is India’s officially designated International Financial Services Centre (IFSC), regulated by the International Financial Services Centres Authority (IFSCA). It functions as India’s regulated gateway to international financial markets.

For Indian investors, GIFT City offers several structural advantages over traditional overseas investing:

Global Access Under an Indian Regulatory Framework

• Invest in global equities and international funds directly through India’s IFSC, without individually routing money through complex offshore structures.
• The entire process is governed by IFSCA regulations — a familiar, India-based regulatory authority.

Foreign Currency Transactions

• Transact and hold investments in USD, reducing multiple layers of currency conversion.
• Redeem in foreign currency if needed — useful for those with future overseas expenses or liabilities.

Simplified Tax Compliance

• For GIFT City retail schemes, taxes are paid at the fund level.
• Investors are not required to compute and file separate capital gains on international holdings, reducing compliance burden significantly.
• Applicable rates (indicative): LTCG at 12.5% after 2 years of holding; STCG at marginal tax rate before 2 years. Subject to changes in law and individual circumstances.

100% Digital Onboarding

• Resident Indians can onboard entirely digitally using PAN and Aadhaar — no paper forms, no GIFT City presence required.
• No separate bank account in GIFT City is needed.

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📋 Marcellus Global Equities Fund — Key Details

Parameter	Details
Fund Category	Outbound Retail Scheme — GIFT City
Regulated by	IFSCA (IFSCA/FME/III/2022-23/037)
NFO Window	June 8 – June 19, 2026
Minimum Investment	USD 5,000 (~₹4.5 lakhs)
Top-Up Amount	USD 2,000
Exit Load	2% before 24 months; nil thereafter
Lock-in	None
NAV Declaration	Daily (net of fees, expenses, taxes)
Taxation	Paid at fund level; no separate compliance for investors
TER (Regular)	1.75% management fees + 0.25% OpEx p.a.
Eligible Investors	Resident Indians; Indian Corporates
Investment Route	LRS (individuals); OPI (corporates)

All terms are indicative. Subject to IFSCA approval. Read the Scheme Offer Document carefully.

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👤 Investment Routes: LRS for Individuals, OPI for Corporates

For Resident Individuals — Liberalised Remittance Scheme (LRS)

Under RBI’s LRS, resident Indians can invest up to USD 2,50,000 per financial year in permissible overseas investments.

• TCS applicability: 20% TCS is collected on LRS remittances exceeding ₹10 lakhs per financial year; this TCS can be fully offset against the investor’s annual income tax liability.
• No TCS is applicable on remittances up to ₹10 lakhs per financial year.

For Indian Corporates — Overseas Portfolio Investment (OPI)

Indian corporates (LLPs, Pvt Ltd, Public Ltd, Partnership firms) may invest through the OPI route.

• Capacity: Up to 50% of net worth
• No TCS applicable on OPI investments
• Particularly relevant for businesses seeking USD asset exposure alongside their operating earnings

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📊 Illustrative Track Record — Global Compounders PMS

Marcellus has managed global equities since October 2022 through its Global Compounders Portfolio (GCP) under the PMS structure. As on April 30, 2026, the GCP strategy has delivered approximately 25% CAGR in INR terms since inception.

Period	GCP (INR)	S&P 500 (INR)	Nifty 50 (INR)
CY2022	1.26%	0.55%	-1.03%
CY2023	35.20%	26.40%	28.09%
CY2024	23.58%	21.30%	10.09%
CY2025	25.08%	23.28%	11.88%
CY2026 (partial)	3.20%	-8.03%	—
Since Inception	25.04%	25.34%	9.69%

Source: Marcellus Investment Managers. Data as on April 30, 2026.

Important disclaimer: This data reflects the GCP PMS strategy and is not the track record of the proposed IFSC Retail Scheme. The performance results have not been approved or reviewed by IFSCA or the US SEC. Past performance is not indicative of future results. Returns are not guaranteed.

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🎯 Investment Philosophy — Four Global Megatrends

Marcellus’s investment approach for global equities focuses on identifying high-quality businesses with durable competitive advantages, structured around four broad structural themes:

• Defence & Aerospace: Rising global defence budgets and multi-year order books across aircraft manufacturers and suppliers.
• Power Generation: AI-driven surge in energy demand requiring substantial new generation capacity globally.
• AI Infrastructure Capex: Chip foundries and data centre build-out continuing at scale.
• Luxury Consumption: Iconic premium brands benefiting from expanding global wealth.

These are illustrative themes. References to specific companies in the fund’s marketing material are examples and do not constitute recommendations or guarantee inclusion in the fund’s portfolio.

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⚠️ Risks to Evaluate

Investing in global equities through this structure involves risks that are distinct from domestic investing:

• Currency Risk: While USD exposure can hedge rupee depreciation, currency movements can also work adversely.
• Global Market Risk: International equity markets carry their own cyclical and structural risks, including geopolitical developments, US Federal Reserve policy, and sector-specific volatility.
• Regulatory Risk: GIFT City funds are governed by IFSCA regulations, which are still evolving. The scheme is subject to receipt of IFSCA approval (Letter of Approval) for the scheme.
• Concentration Risk: A focused global portfolio may be more volatile than a broad index.
• Liquidity Risk: The exit load of 2% for the first 24 months reduces short-term flexibility.

The suitability of this fund depends on an investor’s financial goals, risk appetite, investment horizon, and overall financial circumstances. Investors are advised to seek independent professional advice before investing.

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✅ Key Takeaways

• The Marcellus Global Equities Fund is a GIFT City-based outbound retail scheme providing Indian residents access to global equities in a regulated, dollar-denominated structure.
• GIFT City simplifies global investing for Indians — regulated by IFSCA, digitally onboarded, taxes paid at fund level, and no need for a separate GIFT City bank account.
• Minimum investment is USD 5,000 (~₹4.5 lakhs); the NFO window is June 8–19, 2026.
• The LRS route applies for individuals (up to USD 2,50,000/year); the OPI route applies for corporates with no TCS.
• Investors may evaluate this fund in the context of their overall asset allocation, existing global exposure, currency risk considerations, and long-term financial objectives.

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📞 Want to Explore Further?

At Meta Investment, we are an AMFI-registered mutual fund distributor committed to helping investors understand new and evolving investment structures. We can help you evaluate whether a GIFT City-based global fund may align with your overall financial plan.

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Mutual Fund investments are subject to market risks. Please read all scheme-related documents carefully before investing. The Marcellus Global Equities Fund is an IFSCA-regulated retail scheme; it is not a SEBI-registered mutual fund. The scheme is subject to receipt of IFSCA approval. Past performance is not indicative of future results. Investment in overseas markets involves additional risks including currency risk, geopolitical risk, and regulatory risk. Tax treatment is subject to applicable law and individual circumstances.

This communication is intended solely for educational and informational purposes and should not be construed as investment advice, a recommendation, or a solicitation to buy or sell any financial product. The suitability of any investment depends on an investor’s financial goals, risk appetite, investment horizon, and overall financial circumstances. Please consult your financial adviser before investing.

If investments are made through a mutual fund distributor, the distributor may receive commissions from Asset Management Companies or Fund Management Entities. Such commissions should not influence suitability-based recommendations.

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