News, Media

Australia's February reporting season revealed a stronger-than-expected backdrop across corporate Australia, with many companies coming into the season well prepared. The three key takeaways from reporting season were: 1. A solid and broadening out earnings backdrop. Company guidance is cautious but improving3. Artificial intelligence (AI) remains a focus for companies. In Firstlinks, Jun Bei Liu explores what's driving this resilience and why macro and policy risks mean investors should remain selective and disciplined.

Jason Todd, CFA joined Juliette Saly on ausbiz to unpack the growing volatility across the ASX driven by leadership uncertainty, valuation resets and diverging economic uncertainty.He highlighted the market impact of senior departures at CSL and the ASX, CSL's sharp multiple reset, and why reporting season will be critical for companies trading on elevated expectations.

A red-hot outlook for mining stocks can drive an overall 10 per cent return across the ASX in the year ahead, says star stock picker Jun Bei Liu. Despite the risk of higher interest rates, the Ten Cap co-founder tells The Australian’s The Money Puzzle podcast that “the tailwinds are in place” and double-digit returns are possible this year. “We might even surprise on the upside,” Liu says. She says a rebound in corporate earnings across the local market will drive share prices higher, but the hottest sector will be mining, where AI-based technology demand coupled with a boom in the gold price is set to ignite investment activity.

“The change with AI is so rapid and incredible. We are seeing it on every level, with every company talking about how to incorporate AI as an opportunity.” Jun Bei Liu joins Lara Nercessian on Boss in Heels podcast to discuss her insights on navigating today's markets, how women can start investing and grow their wealth, as well as her own journey to becoming a successful fund manager managing $1.6 billion in FUM.

The thinking behind TCAP. We focus on bringing institutional-grade strategies to a broader range of investors. TCAP is Australia's first long-short, active extension ETF, built on one of our longest-running and best-performing investment approaches. It offers access to a strategy refined over more than two decades, supported by a team with deep experience in the Australian market.

Last year was not an easy one for investing. Frequent market rotations meant that what was good one month, often looked poor the next. While this is part and parcel of investing, the momentum pushed stocks much higher and much lower than the fundamentals would suggest which made for a stomach-churning ride. It’s difficult to put the market volatility down to a few single reasons – both macro and micro factors impacted performance. Whatever it was, we do not see this as a fundamental shift. While we like the outlook for the equity market, we see another year of solid,but unspectacular returns – good enough to surprise the bears, but it probably not good enough to appease the bulls.

After a turbulent 12 months for markets, how are Australian stocks shaping up heading into 2026? This week on the Friends With Money podcast, Money's Tom Watson is joined by Jun Bei Liu, co-founder and lead portfolio manager at Ten Cap, to discuss the key factors likely to influence local markets in the year ahead and the sectors worth watching.‍

This year represented a number of firsts for Ten Cap. We launched our business in February, listed our very first ETF – TCAP on the ASX in November, and are now proudly founder owned and led. Our goal for 2026 is to continue to grow the business and strengthen our presence in the Australian market with more products and solutions to suit our dynamic client base. A big thank you to the whole Ten Cap team for their hard work and dedication in making this year a successful one, and to our fantastic clients for supporting our journey and for seeing the big picture as we take Ten Cap to the top of the peak. We wish you all a wonderful Christmas and a happy New Year in 2026.

As 2025 winds to a close, it’s only fitting that we take stock of the names that dazzled investors this year, as well as those that landed squarely on the naughty list. Markets delivered no shortage of surprises, with some companies shooting the lights out while others tested even the most patient shareholders. To make sense of it all, Livewire’s Vishal Teckchandani brings together two trusted voices: Hugh Dive from Atlas Funds Management and Jun Bei Liu of Ten Cap. They break down what went right, what went wrong, and whether any of these names deserve a spot in portfolios heading into 2026.

Investment management firm Ten Cap has announced plans to launch its first active ETF, Ten Cap Alpha Plus Complex ETF (ASX: TCAP), on the ASX - Monday 24th November - expanding retail access to its flagship strategy. Founded in February 2025 by former Tribeca portfolio manager Jun Bei Liu and Commonwealth Bank Private chief investment officer Jason Todd, Ten Cap is a boutique investment management firm focused on delivering strong client outcomes through best-of-breed returns and quality client experience.

Ten Cap will launch its first active ETF on the ASX, to be available to investors from November 24. The ETF will be based on the firm's existing Alpha Plus Fund, a long-short equity only strategy in Australia. Ten Cap co-founder and lead portfolio manager Jun Bei Liu said it will broaden the access of the strategy from institutional and advised clients to include retail investors. "We want all types of investors to gain access to our strategy and benefit from the returns that we have been generating for our existing investors for over two decades," she said. The ETF will trade on the ASX exchange under the doe TCAP.

At Ten Cap, we are always looking for ways to generate stronger returns without taking on unnecessary risk. Markets don’t move in straight lines, and opportunities exist on both sides - in the companies that surprise on the upside and those that fall shortof expectations. Pairs trading is a natural complement to an alpha extension strategy. It involves identifying two historically correlated stocks - often within the same sector -and taking opposing positions when their outlook and prices are expected to diverge. The goal is to profit from the relative movement between the two, assuming the spread will eventually revert to its historical mean.

At Ten Cap, we don’t see ourselves at war with passive investments and/or their impact on the market. That’s not because we manage a non-core (alpha extension) investment strategy. It’s because we think passive and active approaches are complementary rather than competitors. To understand this perspective, it’s important to recognise what each type of investment strategy is intended to do. Passive investing is designed to replicate index returns, whereas active investing is designed to outperform a benchmark. As an active fund manager, is this unfair? Not really. It’s just how markets evolve.

Despite a 22% run from the April (Liberation Day) lows, Ten Cap thinks Australian equities will finish the year strongly and can add to these gains through 2026. While the RBA has removed a little of the optimism around the economic / equity market outlook following its recent hawkish commentary, we think its balanced off by a stronger than expected consumer and housing backdrop. As easier monetary policy flows through into the broader economy we expect a modest cyclical upswing with rate sensitive areas to lead the charge. With corporates in good health and the cult of equity investing intact, markets can continue to climd despite some lingering concerns such as valuations. Hear more form Ten Cap;s CIO as he speaks with Juliette Saly from ausbiz.

Our lead portfolio manager, Jun Bei Liu described MYER's FY25 performance as underwhelming in an interview with Kirsten Aiken on Australian Broadcasting Corporation (ABC)'s The Business. While sales held up, profit margins were squeezed, and earnings came in below expextations. She pointed to operational challenges and heavy reliance on promotions as key concerns.

If you've ever wondered what happens when one of Australia's most successful and mysterious telecom founders sets his sights on Singapore, look no further than Tuas (ASX:TUA). This is not your average telco story. It's a tale of disruption, relentless growth, and the magic touch of David Teoh, a man who's built not one but two billion-dollar telecom empires.

After arriving from Shanghai at 16, she has risen through Australia’s stock picking ranks by force of will and a determination not to blend in. In the pale, male funds management industry (and yes, active investment is increasingly stale too), Liu stands out for any number of reasons. She’s Chinese-born, female, outspoken, and usually dressed ready for a party. Even before she ran the hedge fund at Tribeca Investment Partners, her media profile was sky-high. In "lunch with the AFR" Jun Bei gives a candid interview about all things Jun Bei Liu.

Jun Bei Liu is betting against ASX Limited, expecting intense regulatory scrutiny into the market operator’s failures will ultimately slash its share price. Liu said the ASX “looks super expensive at the moment” and there was the risk it would be forced to disclose higher spending and sluggish earnings growth when it announced its annual results next month.

Welcome to BofA 2025 Emerging Manager Class! It is an honor to be included in Bank of America's 2025 Emerging Manager Class. Each year, this recognition is given to a handful of fund managers around the globe. It has been a great start for Ten Cap and we are very proud that our potential is being recognized and the help that BofA are providing. We are excited to be in this journey together. Thank you BofA from the Ten Cap team.

Listen to a replay of the Alpha Plus Fund 3Q25 webinar held on Wednesday July 9. Jun Bei Liu, Co-founder / Lead portfolio manager for Ten Cap provides an update on the Alpha Plus Fund, with particular emphasis on how she has navigated the first 6 months of the year and how the portfolio is positioned as we head into the second half of the year and into a more aggressive policy easing cycle. Joining the call is Jason Todd, Co-founder / CEO who will also provide an overview of the macroeconomic backdrop and why he believes risk assets can withstand current market volatility and uncertainty.

We remain optimistic on the Australian equity market. While it has rallied hard since early April, further policy support should provide a solid tailwind and help temper concerns around elevated valuations. We don't expect the upcoming reporting season to disappoint despite the potential for management commentary to be cautious. As we look ahead, a global easing cycle alongside modest cyclical upside should support risk assets with investors tilting towards areas where there is greater upside valuation potential. Investors should remain focused on an improving macro picture and not get overly worried about near term risks.

Throughout the first half of 2025, we have been more optimistic than the consensus on the ability of equities to absorb and/or look through downside risks. On April 9th, when US President Trump paused the implementation of tariffs, we pivoted back towards risk assets. Since then, we’ve ridden the wave higher without the accompanying fear of doing something wrong. Outside of a US recession, we think there is enough positive tailwinds to offset short term headwinds and that equity fundamentals - namely improving earnings and easier policy settings - will continue support the market as we move deeper into 2H25. Hear our CIO, Jason Todd, discuss his latest thoughts with AusBiz.

We think last week's May CPI print, which was better than expected at both a headline and core level and showed a favourable mix with services and housing both stepping down, has provided a green light for the RBA to cut faster and deeper. A rate-cutting cycle outside of an economic recession is bullish.

"Every housing cycle has a leader. In Australia, that leader is REA. It has the brand, the platform, and the pricing power. It has margin, cash flow, and multiple growth levers." Our lead portfolio manager, Jun Bei Liu, explains why REA Group’s dominant market position, powerful data assets, and pricing power make it a standout in the digital real estate sector and why she believes REA is well-placed to capture growth while maintaining strong margins.

On airlines, Warren Buffett once said “the worst sort of business is one that grows rapidly, requires significant capital to engender the growth, then earns little or no money”. This is hard to argue against, but everything has a price, even airlines as we have seen with the hype around the listing of Virgin.

At present, we have our own version of the “mag seven”, only it’s called the “mag one” – Commonwealth Bank. I cannot remember a time when one stock, in this case Commonwealth Bank, has caused so much angst for fund managers or when one stock can explain such a large proportion of relative underperformance. I don’t know whether it’s in a valuation bubble or not, but it should not matter because as a fund manager, my objective is to achieve the return objectives of the fund and to navigate the nuances of the market.

We are delighted to share that the Ten Cap Alpha Plus Fund has received a ‘Recommended’ rating by Lonsec. This recognition is a strong endorsement of our business and investment process, especially at such an early stage. A big congratulations to Jun Bei Liu and the investment team for their dedication and expertise. A sincere thank you to the Lonsec team for its thorough research and support.

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.

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.

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.

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.