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Long/Short

As of November 30, 2018

Strategy
Benchmark
AJO Universe
Segment
Inception
Date
Clients
#
Assets
$mm
AJO Top Cap - Absolute Value 130/30
Russell Top 200 Value Index
largest 350 03/31/07 1 102
AJO Large Cap - Absolute Value 130/30
Russell 1000 Value Index
largest 1,000 04/30/05 1 402
AJO Large Cap - Dynamic 115/15
Russell 1000 Dynamic Index
largest 850 08/31/12 1 415

Our short-enabled portfolios are similar to their long-only counterparts in most every respect but one: gross exposure. For example, a 130/30 portfolio has gross exposure of 160% — an additional 30% on both the long and the short sides. A short-enabled strategy is not merely an amplified version, however. The shorts are the obvious difference, but the long side differs as well, gross exposure at the sector level can be markedly different, and even the portfolio’s size and growth orientation get altered in subtle ways.

Fees for a short-enabled strategy are based on the fees of its long-only counterpart, multiplied by gross exposure (e.g., 130/30 has gross exposure of 160%).

See portfolio characteristics here and performance here.