13 Oct 2026Ten CapREAHeldTen Cap continues to hold a long position in REA Group because it believes the company can offset soft listing volumes through price increases and better products. Portfolio manager Jun Bei Liu agrees that listing volumes will be weak but notes REA is using AI tools and enhancing products faster than ever. Ten Cap regards REA as by far the best classifieds business compared with peers, and believes that if the interest rate cycle is near its peak, the stock is positioned to move faster than any other as housing market conditions improve.
7 Oct 2026Ten CapCCLHeldTenCap continues to hold Cuscal (ASX: CCL) because it offers a different route to compounding through the infrastructure behind everyday payments. Jun Bei Liu notes Cuscal provides banks and fintechs with payment processing and connectivity that would be expensive and complex to replicate, with regulatory licences, scale and long-standing customer relationships forming key competitive advantages, and that it supports clients rather than competing with them for retail customers. Over three to five years, TenCap sees opportunities from growing digital and real-time payments, new customers and spreading technology costs across a larger business. The Indue and Paymark acquisitions add capability and scale, although successful integration is essential. FY26 organic transaction volumes rose 6% alongside 20% underlying profit growth, with the thesis resting on organic growth and efficiency rather than further acquisitions.
Ten Cap is a Sydney-based Australian long/short equities fund manager launched in early 2025 by portfolio manager Jun Bei Liu and CEO Jason Todd. Liu spent nearly two decades at Tribeca Investment Partners, taking over its flagship Alpha Plus Fund in 2019 and growing it substantially before migrating the roughly $1.5 billion strategy to her own firm, making it one of the largest fundamental long/short launches in Australian history. Ten Cap runs a 150:50 active-extension strategy, combining fundamental long and short stock-picking with quantitative risk management tools across the ASX. The firm has since listed an active ETF version of the strategy on the ASX, extending access beyond its original institutional and wholesale investor base.
General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.
13 Oct 2026Ten CapREAHeldTen Cap continues to hold a long position in REA Group because it believes the company can offset soft listing volumes through price increases and better products. Portfolio manager Jun Bei Liu agrees that listing volumes will be weak but notes REA is using AI tools and enhancing products faster than ever. Ten Cap regards REA as by far the best classifieds business compared with peers, and believes that if the interest rate cycle is near its peak, the stock is positioned to move faster than any other as housing market conditions improve.
7 Oct 2026Ten CapCCLHeldTenCap continues to hold Cuscal (ASX: CCL) because it offers a different route to compounding through the infrastructure behind everyday payments. Jun Bei Liu notes Cuscal provides banks and fintechs with payment processing and connectivity that would be expensive and complex to replicate, with regulatory licences, scale and long-standing customer relationships forming key competitive advantages, and that it supports clients rather than competing with them for retail customers. Over three to five years, TenCap sees opportunities from growing digital and real-time payments, new customers and spreading technology costs across a larger business. The Indue and Paymark acquisitions add capability and scale, although successful integration is essential. FY26 organic transaction volumes rose 6% alongside 20% underlying profit growth, with the thesis resting on organic growth and efficiency rather than further acquisitions.
Thesis Tracker