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Standard Fixed Fees


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 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 Small Cap – Absolute Value
0.60% across the board

Short-Enabled U.S. Fees are based
on the corresponding long-only fees
multiplied by gross exposure (e.g.,
130/30 gross exposure is 160%).

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 Global Small Cap
0.65% on all assets

All World

AJO All-World Managed Volatility
0.40% on all assets

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.