About Ten Cap
Where a fresh approach meets a legacy of trust, growth and high performance.
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.
Ten Cap is an investment management boutique founded in 2025. The firm was established by Jun Bei Liu and Jason Todd with a common goal of providing best in class client returns with a best in market client experience.
By design, Ten Cap is 100% owned by the founders and staff. The founders believe this better aligns with the primary objectives of their clients and for those which they hope will be part of the client journey. The founders believe that being singularly focused is how they can best leverage the firm’s cumulative expertise and avoid diluting client outcomes.
The founders want Ten Cap to embody their core values and beliefs and in doing so, they want to bring a fresh approach to Australian funds management - where money managers are accessible and where trust is built up by putting clients first and growing together.
Jun Bei is a passionate, motivated, and dedicated investment manager. Currently based in Australia, she regularly travels to China and other Asian markets as part of her investment research. Jun Bei is also a popular media personality and a highly sought after public speaker about her investment views, and being a regular participant in prestigious conferences such as Sohn Hearts & Minds and TedX.
She is also a prolific contributor to Australia’s financial services sector, writing a regular column for the AFR and making frequent appearances for top-tier media outlets such as Forbes and The Australian, and as a speaker at key industry events. Jun Bei enjoys sharing her knowledge and love for markets with investors and promotes the growth of like-minded females within the financial services community by providing mentor opportunities and serving on the advisory committee for the Australian Student Asset Management. She has also been appointed as a Core Fund Manager for Hearts & Minds Investments and volunteers for the Raise Foundation Board.
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 is the Chief Executive Officer (CEO) and Chief Investment Officer (CIO) 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 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.
Our investment approach requires a commitment to flexibility, responsiveness, and a deep understanding of the factors driving market dynamics.
We believe that opportunities are always present, regardless of the market environment, and it is our job to identify and capitalize on them effectively.
We focus on delivering consistent returns across all market conditions with our investment process designed to identify deviations from fair value driven by both technical and fundamental factors.
Ten Cap looks to take advantage of efficiencies created that might appear over short or longer time horizons.
We believe the equity market is efficient but can trade away from fundamental value for periods of time.
