Capital put to work with conviction, not consensus.

MINT Capital is a private, invite-only investment firm operating in public markets globally. MINT is for investors who want to beat the market consistently.

01 – Goal & Approach

Our goal is simple: Beat the market.

Every investor has to choose between being passive and average, or active and above average. We chose the latter. Our benchmark is the MSCI World Index, and our target is an average annual return of at least 8% over the long term.

Our Benchmark

MSCI World Index

Our goal

>8% Performance p.a.

To beat the market, one either needs more investments that outperform, or fewer that underperform. We try to do both — staying defensive enough to avoid the losers, while sizing our best ideas boldly enough to let the "winners ride".

Investment approach
02 – Principles

Simple principles, applied consistently.

There are tens of thousands of tradeable assets out there and even more derivates. Markets are moving at high speed and news travels fast. In this djungle, our consistency in both trading and performance stems from following a distinct investment philosophy that is based on the following 6 principles.

[1] Bottom-up, not top-down

We select great companies globally, not markets or countries. Lasting above-average returns come from identifying winning companies – not from calling winning markets.

[2] Circle of competence

We only invest in what we understand really well and we pass on a lot of opportunities. If we can't explain why a business is worth owning in a few sentences, we probably shouldn't own it.

[3] Don't lose money

Our alpha doesn’t come from choosing fundamentally riskier assets. We only invest in established businesses that don’t have a risk of permanent loss of capital.

[4] Ideally forever

Our preferred holding period is indefinite. We'd rather own a good business at a fair price than a fair business at a good price — and we're content to wait.

[5] Understand macro, don’t bet on it

Every decision accounts for the macro backdrop. But we don't trade on macro calls — there isn't enough alpha in predicting markets to get us to our performance goal.

[6] Conviction over consensus

Every position has to pass a simple test: would we be comfortable putting a quarter of our capital behind this idea? If the answer is no, we don't own it at all.
03 – TRACK RECORD

We have done reasonably well.
We've also made mistakes.

Over the years we have compounded capital at a rate we're satisfied with. We have also made errors of judgement we'd rather not repeat. On balance, the wins have outweighed the losses — though we are cautious about reading too much into any short stretch of good results.

Net IRR

31%

Our annualised return across all realised and unrealised positions.

vs. MSCI World

+14% IRR

We have consistently outperformed our main benchmark over the last years.

Year
MINT Capital
MSCI World
S&P 500
DAX
2023*
15.2 %
12.2 %
15.0 %
5.2 %
2024
29.7 %
26.2 %
33.0 %
18.8 %
2025
10.7%
7.1 %
4.2 %
23.0 %
2026**
46.0 %
12.0 %
12.4 %
0.9 %
Total
141.6 %
70.0 %
79.0 %
55.1 %
IRR
31.2 %
17.7 %
19.6 %
14.5 %
These numbers cover a period that included some favourable markets. We don't know what the next ten years look like. Performance is presented EUR-denominated on an unaudited basis. Full documentation available to qualified investors under NDA.

* Our 2023 investment period started from Q2, benchmarks adjusted accordingly
** Year-to-date numbers, as of 2026-Q2
04 – Holdings

A partial view of where we are today.

We hold a small number of positions. Some we've owned for years; others are more recent. We don't think of the portfolio as a collection of trades — more as a group of businesses we've decided to own for as long as they continue to make sense.

Company
Industry
Geography
Activity
MICRON TECHN. INC.
Semiconductors
USA
Divest
KAZATOMPROM
Mining
Asia
Invest
ALPHABET INC.
Technology
USA
Invest
AMAZON.COM INC.
Retail
USA
Invest
ZABKA GROUP
Retail
Europe
Invest
DEUTSCHE BOERSE
Stock Exchange
Europe
Hold
REDCARE PHARMACY
Pharma
Europe
Hold
FORTINET INC.
Technology
USA
Hold
BUNDANL.V.24/41
-
Europe
Hold
MUENCH.RUECKVERS
Insurance
Europe
Invest
SALESFORCE INC.
Technology
USA
Invest
AIXTRON SE
Semiconductors
Europe
Divest
ALLIANZ SE
Insurance
Europe
Hold
ALPHA METALLURGICAL
Resources
North America
Hold
COINSHARES
Crypto
Great Britain
Hold
B3 S.A.
Stock Exchange
South America
Invest
STRATEGY
Crypto
North America
Hold
A partial, point-in-time view as of Q2 2026. Values and specific details withheld.
05 – Who We Are

Entrepreneurial thinking.

Our managing partners have spent years building and running technology companies. We know what a good management team looks like under pressure, what product-market fit actually feels like from the inside, and how quickly a promising business can unravel when the incentives are wrong.

Most investors analyse businesses from the outside. We've sat on the other side of that table. We think it makes a difference — not because it guarantees better outcomes, but because it tends to produce better questions.

Jan Marius Marquardt, Founding Partner

Jan Marius Marquardt

Managing Partner

Jan has spent his career building, scaling and selling software technology businesses — with and without outside capital. He serves on numerous boards and advises venture capital funds on software and AI deals. Being a career entrepreneur, he understands the difference between a business that looks good and one that actually works.

Waldemar Wacker, Founding Partner

Waldemar Wacker

Managing Partner

Waldemar is the kind of person who reads the footnotes first. He has co-founded and scaled technology and e-commerce businesses both to exit as well as long-term cash generation. He has been investing his own and others' capital for over two decades — long enough to have developed a clear sense for distinguishing the good from the great.

06 – For Invstors

We work with people who think like we do.

We are looking for partners who understand that returns come from good decisions over long periods, not from activity. We don't promise consistency quarter to quarter. We do promise that we will treat your capital the way we treat our own.

If that sounds right, we're happy to have a conversation.

Reach us at investors@mnt.capital