Where a fresh approach meets a legacy of trust, growth and high performance.

Our Strategy

Ten Cap is a boutique investment management company with a singular focus on providing our clients with exceptional returns and experiences. We manage ~$1,500mn in Australia’s largest founder owned and led 150:50 fundamental active extension fund. Our purpose is to empower our clients, grow their wealth and in turn the community through aligning our interests with their own. We run a domestic focused, style neutral fund with a proprietary long-short approach.

What We Believe

Where ambition
meets authenticity,
driving us forward
with a genuine
commitment to our
clients, our team, and
the bold future we are
building together.
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Alpha plus performance.

Where a fresh approach meets a legacy of trust, growth and high performance.

282
bps
of annualized (net)
outperformance
since taking over
the fund in 2019

Alpha Plus is one of the longest running and most consistently performing long short equity only funds in Australia. Since taking over the fund in 2019, it has delivered 10.8% per annum versus the ASX200 of 8.0% for an annualised (net) outperformance of 282bps.

YTD

1Y

2Y

3Y

5Y

Since Inception

1M

Net Return
ASX200
Out/Under
-5.73
%
-3.39
%
-2.34
%
YTD-NET
YTD-BENCH
YTD-VALUE
1Y-NET
1Y-BENCH
3Y-NET
SI-BENCH
SI-NET
2Y-BENCH
3Y-BENCH
5Y-BENCH
1Y-VALUE
2Y-VALUE
3Y-VALUE
5Y-ALPHAYRSAVG
SI-VALUE
2Y-NET
5Y-NET
-5.73
-5.73
-3.39
-2.34
-4.28
-4.28
-3.79
-0.49
5.15
4.98
4.57
0.41
-4.54
-4.48
-3.15
-1.33
5.43
5.17
3.79
1.38
-2.2
-2.23
-1.31
-0.92
3.94
3.76
2.97
0.8
2.28
2.16
0.47
1.7
2.34
2.28
4.19
-1.91
1.81
1.59
1.01
0.58
1.49
1.32
0.92
0.4
-3.47
-3.63
-2.94
0.7
3.14
3.14
3.27
-0.13
5.74
5.51
0.79
4.72
1.07
0.87
1.19
-0.32
6.83
6.83
7.26
-0.42
4.33
4.22
5.03
-0.82
-3.99
-4
-3.78
0.22
-2.41
-2.49
-2.84
0.34
1.74
1.65
-0.73
2.39
1.84
1.76
2.88
-1.12
1.46
1.28
1.76
-0.48
-2.1
-2.2
-2.53
0.34
1
1.05
1.85
-0.8
-1.12
-1.24
-0.16
-1.08
-2.47
-2.52
-2.45
-0.07
4.91
4.86
6.23
-1.37
-2.78
-2.92
-3.21
0.28
8.03
7.7
6.58
1.12
6.84
6.76
6.04
0.71
-5.36
-5.45
-6.17
0.72
3.34
3.28
1.18
2.11
4.48
4.42
5.75
-1.33
-7.84
-7.87
-8.77
0.9
-2.96
-3.1
-2.6
-0.5
-2.24
-2.32
-0.85
-1.47
6.64
6.57
6.89
-0.32
0.93
0.98
2.14
-1.16
-5.78
-5.95
-6.35
0.4
2.7
2.67
2.75
0.07
-0.1
-0.26
-0.54
0.28
0.68
-0.42
-0.1
-0.32
-0.74
-0.83
-1.85
1.02
4.31
4.23
2.5
1.72
0.59
0.55
1.1
-0.55
1.45
1.38
2.26
-0.88
2.66
2.59
2.34
0.25
4.37
4.3
3.47
0.83
2.38
2.3
2.44
-0.14
2.15
2.09
1.45
0.63
1.96
1.9
0.31
1.59
2.94
2.92
1.21
1.71
8.34
8.18
10.21
-2.03
1.01
0.94
1.93
-0.99
-3.53
-3.59
-3.66
0.07
4.68
4.72
2.83
1.86
3.24
3.18
0.5
2.67
2.66
2.58
2.61
-0.03
5.76
5.65
4.36
1.3
12.01
11.9
8.78
3.12
-20.41
-20.4
-20.65
0.25
-6.9
-7
-7.69
0.69
5.3
5.26
4.98
0.27
-1.5
-1.53
-2.17
0.63
3.93
3.76
3.28
0.48
-0.67
-0.76
-0.35
-0.41
0.04
-0.95
1.84
-2.79
0.04
-0.04
-2.36
2.31
4.75
4.66
2.94
1.72
4.86
4.81
3.7
1.11
1.34
1.25
1.71
-0.46
2.79
2.74
2.37
0.37
0
0
0
0
Past performance is not indicative of future performance.
Returns as at March 31, 2025.
CYTD (Calendar year to date).
1Y (12 month return).

Our People

Our team is diverse and deeply experienced. It is dedicated to delivering market-leading performance via the integration of a broad range of life, industry skills and insights. Our purpose, vision and how we operate are embedded into the DNA of every employee as we seek to become Australia’s fund manager of choice for clients and staff.

Ten Cap prides itself on hiring employees that are passionate about markets, have the right combination of hard and soft skills, and who fit with our company culture

Join Our Team
Jason Todd
Jun Bei Liu
Nicholas Varcoe
Charles Pegum
Christian Clementson
Craig Morton

Craig Morton

Chief Operating Officer

Craig joined Ten Cap in January 2025 as Chief Operating Officer. Craig has over 25 years’ experience in investment markets and funds management, most recently as Chief Operating Officer at Harper Bernays Ltd.

Christian Clementson

Head of Trading

Christian is the head of trading at Ten Cap. His career started in 1997 with Gartmore Investment Management (Janus Henderson today) in London spending 3 years as a Fixed Income Dealer before moving to WestLB Asset Management in 2000 as a Senior Dealer, responsible for covering the execution for multi asset portfolio managers (Trading: Fixed Income, Equities, Futures and Derivatives). In 2005 Christian moved to Nomura Securities in Singapore as an Equity Sales trader covering pan Asia equities, responsible for covering a mixture of Hedge Funds and Long Only accounts. In 2006 to 2009 he joined Citibank Singapore also as an Equity Sales trader on the Hedge Christian was most recently Managing Director at BTIG Australia.

Charles Pegum

Analyst

Charles is an Equity Analyst within the investment team at Ten Cap and has 5 years of industry experience. Charles started off in drycargo shipbroking at Affinity Shipping and then moved to Macquarie Bank. Prior to joining, Charles worked at Tribeca Investment Partners within the Global Natural Resources team for 3 years and focused on global listed and unlisted investment opportunities. Charles’ qualifications include a BA (Hons) degree from the University of Melbourne and a Masters of Public Policy from theUniversity of Sydney. Charles has recently passed his Level 1 CFA

Nicholas Varcoe

Head of Research

Nick is Head of Research at Ten Cap, bringing a wealth of experience inequity markets and investment strategy. His career in finance began at Ausbil Investment Management, where he spent five years managing diverse responsibilities, including leading coverage of Consumer Staples and Retail sctors for domestic strategies. In 2020, Nick joined Paradice Investment Management, where he spearheaded the establishment of the firm’s global ESG integration framework and subsequently designed, seeded, and launched a global equities strategy as Portfolio Manager. Nick holds a Bachelor of Commerce with a double major in Finance and Accounting and is a CFA Charter holder, reflecting his commitment to professional excellence and expertise in the financial sector.

Jun Bei Liu

Founder & Lead Portfolio Manager

The past 19 years of Jun Bei’s career have been with Tribeca. Starting as an equity analyst in 2005, she spent several years as a Portfolio Manager, and in 2019 took over the Alpha Plus Fund, one of Australia’s longest running equity long short funds. Since taking over sole responsibility for managing the Fund, she grown fund under management from $350mn to ~$1.5bn. Prior to Tribeca, Jun Bei spent four years as an investment analyst covering the Australian consumer sectors at Morningstar and Foster Stockbroking. Jun Bei completed a commerce degree at the University of New South Wales, followed by a number of finance credentials including GAICD and CFA. She is fluent in Mandarin and English, only learning English as a 16-year-old, when she emigrated to Australia from China.

Jason Todd

Founder & CEO

Jason is the Chief Executive Officer and Chief Investment Officer at Ten Cap. Jason began his career in 1996 with JPMorgan New Zealand. He spent 12 years with JPMorgan with time in NZ, Australia, London and then finally New York as the US & Global Equity Strategist. In 2007 he took up the role of US & Global Equity Strategist for Morgan Stanley New York. In 2010, Jason moved to Hong Kong where he became Head of Hong Kong / China Equities for CIMB (formerly RBS). He remained there for 6 years before moving back to Australia as the Head of Australian Macroeconomics for Macquarie Group and later the Head of Investment Strategy for Macquarie’s Australian Wealth Management division. In 2024, Jason took up the role of Chief Investment Officer for the Commonwealth Bank Private – Australia’s largest Private Bank. Jason has a Bachelor of Commerce (double major in Economics & Finance) and a Master of Commerce (First Class Hons) in Economics from the University of Auckland (New Zealand). Jason is also a CFA Charterholder.

News, Media & Insights

Letter from the CIO - A higher market but not new highs
14/4/2025
 • 
Letter from the CIO
It’s only natural when uncertainty rises to become short sighted. But the danger in this is that when things are bad, you only see red, which is how the current backdrop appears. Going against the grain, we think we’re past peak trade uncertainty and that negotiated outcomes will be treated as incremental positives rather than negatives for markets as we move forward.
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News & Media - Time to go back to basics
13/4/2025
 • 
News & Media
Experience has taught me to know what I do not know. Pretending we can outfox Trump and know where his decisions are going, before he makes them, is not a sound investment approach. Instead, we have tried to understand what is going on, work out the implications based on what we know and try to insulate ourselves from the chaos (as best we can). Through this approach, we have tried not to make a call on outcomes that are unpredictably binary. Instead, we have gone back to our investment basics because at the end of the day, and no matter what direction the market is travelling, we are always trying to identify and exploit mispriced opportunities.
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Monthly Performance Update - Mar 2025: Trumped
11/4/2025
 • 
Alpha Plus Monthly
It was a somewhat disappointing month for the Alpha Plus fund which until the final week of March had been performing well versus a struggling market. However, following a reasonable sell-off across the broader index, we began to hunt for bargains and rotated back into a handful of stocks which had fallen significantly, and which we thought were cheap enough to be insulated from ongoing trade concerns. The fund fell 5.7% (net) to underperform the ASX200 Accumulation Index which was down 3.4%. From inception the fund has returned 10.9% pa versus the ASX200 return of 8.1% pa (annualized outperformance of 282bps pa).
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Investment Update - Buy, Watch, Sell
17/3/2025
 • 
Investment Updates
Founder and Lead Portfolio Manager Jun Bei Liu, presents Ten Cap's first "Buy, Watch, Sell" stock idea series. In this months update, she outlines the buy thesis for a2 Milk (A2M.AU), why we are selling Endeavour (EDV.AU) and why Cochlear (COH.ASX) remains on watch.
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News & Media - Jun Bei Liu: How I learnt to speak up
11/3/2025
 • 
News & Media
Jun Bei Liu rarely used to speak up. The co-founder and portfolio manager at Ten Cap shied away from talking in meetings because she felt her English wasn’t good enough and she didn’t understand jokes. But a teacher at a presentation course told Liu her speech patterns and energy levels were what separated her from others. “I took that into account. It changed how I perceive myself.
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Monthly Performance Update - Feb 2025: A tough month for equities
10/3/2025
 • 
Alpha Plus Monthly
February was a tough month for equity investors and the Alpha Plus fund. After a strong start, a meaningful reversal took place through the last 2 weeks - which dragged the ASX200 down more than 5% from its intra month high. The Alpha Plus fund was caught up in this sell-off, falling 4.3% and underperforming the ASX200 Accumulation Index which was down 3.8%. However, since inception, annualized net performance sits at 12.0% against a benchmark return of 8.7% (3.4% outperformance).‍
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Letter from the CIO - Bull markets can stumble
6/3/2025
 • 
Letter from the CIO
We think markets are wedged between rising trade uncertainty and a deteriorating US economic backdrop with elevated valuations and heavy positioning exacerbating price volatility. This is not a good place to be when equities have a razor thin cushion for disappointment or when they are priced for “best-case-outcomes” such as trade related uncertainty. However, we doubt the drivers behind the current sell-off and rotation signals the end of the bull market.
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Monthly Performance Update - Jan 2025: A Fast start to the Year
10/2/2025
 • 
Alpha Plus Monthly
The Alpha Plus fund rose 5.0% in January, substantially outperforming the ASX200 Accumulation Index which rose 4.6% and taking rolling 12-month (net) performance to 20.7% against a benchmark return of 15.2% (5.5% outperformance).
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Letter from the CIO - News flow is only sometimes Reality
5/2/2025
 • 
Letter from the CIO
I’ve been bullish on equities for 2 years and we’re not ready to change this call. While equity markets have had a strong run and this makes them vulnerable to tactical corrections, we believe they will emerge through rising uncertainty to trade meaningfully higher as cyclical tailwinds strengthen and structural tailwinds broaden out.
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Fund Research - Benefits and challenges of a long-short equity strategy
31/1/2025
 • 
Fund Research
There are numerous benefits of a long short equity strategy versus a traditional long only equity strategy. We discuss these benefits in general and more specifically as they relate to Ten Cap's Alpha Plus Strategy.
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News & Media - Ten Cap readies for launch
31/1/2025
 • 
News & Media
Sydney’s Macquarie Street, home to some of Australia’s most deep-pocketed money managers, has just welcomed its newest entrant: high-profile stock picker Jun Bei Liu and her new investment firm, Ten Cap.
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News & Media - Ten Cap’s quest to build a ‘better funds management business".
31/1/2025
 • 
News & Media
Jun Bei Liu and Jason Todd’s new hedge fund business, Ten Cap, will launch with $1.5 billion of FUM and a drive to do more with it than just perform. Todd and Liu want to shoot the lights out, of course. But they also want to “build a better funds management business” by differentiating Ten Cap on more than just the metrics that define most of the players in the Australian market.
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