What has been brewing in CCP over the past 9 months?!

The investment philosophy at Marcellus’ CCP portfolio remains unchanged around portfolio concentration and orientation towards deeply moated high ROCE companies which reinvest their free cash flows back into moated businesses to drive consistent growth in future.
Having said that, the portfolio has seen significant changes in allocations and list of stocks over the last 9 months (6 new stocks have been added). The common thread across these changes is an increase in focus towards businesses compounding their earnings at high growth rates (companies with mid-20s EPS CAGR, replacing stocks which have less than 18%-20% EPS CAGR as per our expectations) whilst also offering multiple optionalities of new revenue growth drivers in future.
What does this mean for ROCEs of the portfolio constituents, their rate of capital reinvestment, valuation and expected portfolio performance in future? In this webinar our fund management team discuss their views on this topic in detail.
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