This report shows public data only. Is this your organisation? If so, login here to view your full report.


PRI reporting framework 2018

You are in Strategy and Governance » Investment policy


SG 01. RI policy and coverage


01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。


01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

Our policy doesn't explicitly cover these options; it does describe our exclusionary screens.

01.4. 組織の投資原則および全体の投資戦略、ならびに、ESG 要因および実体経済の影響をどのように考慮に入れているのかについて説明して下さい。

We believe above-market returns can be achieved with a combination of classical security analysis, modern quantitative investment techniques, and keen attention to trading. We focus on asset-rich companies, selling at relatively low multiples of earnings, with proven and confident management, earnings and price momentum, and favorable investor sentiment.

We invest in a universe of suitable, liquid stocks. We use our multi-factor valuation model to identify low-priced companies with effective management, positive momentum, and favorable sentiment within industry peer groups. Portfolios are fully invested, sector-neutral/ country-neutral, and well-diversified in terms of industry, fundamental characteristics, and various statistical measures of risk. Individual bets are controlled; number of positions can range from almost 50 to over 200 (per side). We seek to minimize implementation shortfall.

While we do not explicitly consider ESG factors in our valuation or risk process at this time, we can (and do) incorporate client-directed exclusionary screens. Our perspective on risk and portfolio management minimizes the variance of these portfolios relative to similarly managed portfolios. Further, our universe breadth provides attractive alternatives with similar risk and alpha prospects. While the types (and lists) of restrictions are directed by the client, they are almost entirely ESG-related.

01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。


SG 02. Publicly available RI policy or guidance documents


02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。



02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。

          Proxy Policy


02.3. 組織の投資原則および全体の投資戦略が公表されているかどうかについて明示して下さい。

02.4. 補足情報 [任意]

SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. Describe your policy on managing potential conflicts of interest in the investment process.

Conflicts of interest may arise in connection with the management of multiple accounts. For example, investment personnel may have conflicts of interest in allocating management time, resources, and investment opportunities among the Fund and other accounts. Differences between accounts may lead to additional conflicts — accounts may differ in terms of fee structure (fixed versus performance-based), size (and, hence, absolute fee), restrictions, or investment strategy. Personal investments by investment personnel may provide incentives to favor one account over another. All material conflicts are disclosed in our attached Form ADV, Part 2.


The primary policy document governing conflicts of interest of AJO personnel is our Code of Ethics. However, AJO has numerous more specific policies and procedures in place to mitigate potential conflicts of interest. For example, our fixed-fee schedules are standardized and all discretionary fixed-fee accounts of the same size and similar mandate are subject to our most-favored-nation fee policy. Investment opportunities and aggregated trades are both subject to policies requiring fair treatment across accounts, without regard to account size or fee type. Importantly, we do not compensate portfolio managers or other AJO personnel based on account performance. 

03.3. Additional information. [Optional]

SG 04. Identifying incidents occurring within portfolios (Private)