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Standard Fixed Fees

AJO Top Cap
AJO Top Cap – Absolute Value
AJO Large Cap – Absolute Value LTE
0.25% on the first $250 million
0.15% on the next $250 million
0.10% thereafter
AJO Mid Cap
0.55% across the board

AJO Small Cap
AJO Small Cap – Absolute Value
0.70% across the board
AJO Large Cap
AJO Large Cap – Absolute Value 500
AJO Large Cap 1000
AJO Large Cap – Absolute Value
AJO Managed Volatility
0.30% on the first $250 million
0.20% on the next $250 million
0.15% on the next $500 million
0.125% thereafter
AJO Dollar-Neutral Long/Short
0.75% across the board



130/30 strategies are charged
based on the corresponding long-
only fee rates, multiplied by gross
exposure (160%).

Minimum initial investment is $25 million.

We follow a most-favored-nation policy regarding fees: no fixed-fee client pays
more than the lowest fixed fee charged for a similar mandate of similar size.

Performance-based fees are available — indeed, encouraged.