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Standard Fixed Fees

U.S. Equity

AJO Top Cap
AJO Top Cap – Absolute Value
0.25% on the first $250 million
0.15% on the next $250 million
0.10% thereafter

AJO Large Cap
AJO Large Cap – Absolute Value 500
AJO Large Cap 1000
AJO Large Cap – Absolute Value
AJO Large Cap – Dynamic
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 Mid Cap
0.55% across the board

AJO Small Cap
AJO Small Cap – Absolute Value
0.60% across the board

Short-Enabled U.S. Equity Fees
The fee rate for a short-enabled
strategy is based on the fee rate
for the corresponding long-only
strategy, multiplied by gross
exposure (e.g., a 130/30 strategy
has gross exposure of 160%).

All World

AJO All-World Managed Volatility
0.40% on all assets

Emerging Markets

AJO Emerging Markets All Cap
0.70% on first $25 million
0.60% on next $25 million
0.50% on next $25 million
0.45% on next $25 million
0.40% on over $100 million

AJO Emerging Markets Small Cap
0.70% on all assets

AJO Emerging Markets Long/Short*
Management fee: 1.2%
Performance fee: 12% w/high-water mark

International

AJO International Large Cap
0.50% on first $100 million
0.45% on next $150 million
0.40% thereafter

AJO International Small Cap
0.70% on all assets

Global

AJO Global Large Cap
0.40% on first $100 million
0.35% on next $150 million
0.30% thereafter

AJO Global Small Cap
0.65% on all assets

AJO Global Market-Neutral Flex*
Management fee: 1.2%
Performance fee: 12% w/high-water mark


*Alternatively, we are willing to charge a 0% management fee plus a 24% performance fee, with a high-water mark.

Minimum initial investment is $25 million.

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

Performance-based fees are available — indeed, encouraged — and their structure is negotiable.