Wealth Creation through niche financial services

Key Attributes

Inception Date: July 2020

Category: Thematic (Financials sector)

Fund Manager Name: Tej Shah

Fund Manager Qualification:

Tej is a Chartered Accountant and has cleared all levels of the CFA exams. He holds a B.Com degree from Ahmedabad University.

Fund Manager Experience:

Tej is a Portfolio Manager at Marcellus. Prior to joining Marcellus, Tej worked at Mayfield, a Silicon Valley headquartered venture capital fund which manages $3Bn globally and $220Mn in India. Tej spent 2 years as a part of Mayfield India’s investment team covering multiple sectors and being at the centre of India’s evolving venture ecosystem. Prior to Mayfield, Tej was a part of the equity and capital markets team of Ambit Capital where he was involved in the end to end execution of IPOs, QIPs and buybacks.

Investment Objective

Invest in a portfolio of financial services companies beyond just the usual lenders and build a portfolio of niche financial services like insurance, broking, AMCs, wealth management companies etc.

Investment Strategy

Construct a multi-cap portfolio of financial stocks that includes not only lenders but also general insurers, life insurers, asset managers, and brokers.

The non-lending part of the portfolio adds resilience to the portfolio during times of stress because insurers have a lower beta than lending businesses while asset management and brokerage businesses do not take any balance sheet risks.


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