Ten Cap’s portfolio manager Jun Bei Liu made strategic portfolio adjustments during a volatile reporting season, according to recent disclosures. Liu’s Alpha Plus fund, which manages approximately $1.65 billion, gained 4.01 per cent last month, outperforming the ASX 200 Accumulation Index by 0.9 per cent. The fund has outperformed the index over two, three, and five years, despite underperforming over the past year. Ten Cap is a financial services firm that offers investment management and advisory services. The Alpha Plus fund is one of their high-profile portfolios.
Liu capitalised on July’s strong performance by reducing the fund’s position in CSL before its financial update. This move proved timely, as CSL shares subsequently experienced a significant drop. Conversely, she increased her stakes in industrials conglomerate SGH, anticipating a housing sector recovery, as well as Sigma Healthcare, JB Hi-Fi, and Adairs. SGH Limited is a diversified industrial group with interests across construction, infrastructure, and property.
Additionally, Liu initiated a position in Tuas, the TPG Telecom Singapore spin-off. She also invested in Domino’s Pizza Enterprises after its share price declined following the announcement of a new pricing strategy. Liu believes Domino’s is undergoing a transformation and sees potential for recovery.
The fund’s top performers in August included The a2 Milk Company, Cuscal, Tuas, and Seek, while WiseTech Global and Pro Medicus experienced losses. Despite market volatility, Liu remains optimistic about the Australian share market, acknowledging the potential for short-term fluctuations in September.
