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.
TCAP will offer core exposure to the ASX 200 index, with the additional option of holding up to 10 per cent outside the benchmark in small and mid-cap stocks, and is best suited for investors seeking exposure to a “unique and complex strategy” that cannot be replicated through passive offerings.
Holding both long and short positions, Ten Cap said the fund is designed to capture ‘equity-like’ returns with less volatility, while also being style agnostic and utilising a proprietary sector-based hedging strategy.
The fund, Ten Cap explained, will utilise an underlying strategy based on Ten Cap’s flagship fund, Alpha Plus, a long-short equity only fund that has been managed by the firm’s co-founder and lead portfolio manager, Liu, for more than six years. The Alpha Plus fund has returned 12.45 per cent a year since its inception.
TCAP is set to hit the ASX on 24 November, with Ironbark Asset Management expected to be the issuer of units for the fund.
While the fund’s Alpha Plus offering has only been available to institutional and advised investors in the past, Liu said the launch of TCAP will open up access for the broader retail investor market.
“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. The strategy’s defining feature is its ability to perform in both rising and falling markets. Gains can be generated from declining stock prices via short positions, making the fund’s performance less dependent on the overall direction of the market.”
She added: “We believe the cyclical tailwinds for the Australian equity market will continue to push it higher as we start heading into the new year. It is unlikely that the bull market is nearing an end, and as ‘fear of missing out’ intensifies we think this could sharply push markets higher which will benefit the performance and returns generated by our ETF.”
As the firm fast approaches its first full year in business, co-founder and chief executive Jason Todd said this launch marks an important step for Ten Cap, noting that the ETF structure of the new fund provides an opportunity to expand the firm’s reach to a broader market, driving growth for the business.
“Demand for active ETFs is increasing as investors look for more cost-effective ways and an easier path to access investment strategies. ETFs are helping to reduce the friction costs of investing and at the same time are providing a broader range of investment products and options to a new generation of investors. We don’t want the Alpha Plus strategy to only be available to institutional and/or high net worth clients,” Todd said.
In January, Money Management’s sister brand InvestorDaily reported on the launch of Ten Cap, where it became the largest ever launch of an Australian long-short equity-only hedge fund, at just over $1.5 billion.
This followed an announcement in October 2024 where Liu unveiled her plans to step away from Tribeca Investment Partners and launch Ten Cap, bringing with her the $1.5 billion Tribeca Alpha Plus Fund, which then became the new firm’s flagship fund.
