AJO is an independent, registered investment advisor, founded in 1984 by Ted Aronson. The firm is a limited partnership with offices in Philadelphia and Boston. AJO offers benchmark-relative and absolute-return strategies across the market-cap spectrum of U.S., emerging markets, and global equities. Portfolios can be long-only or long/short. AJO believes above-market returns can be achieved with a combination of classical security analysis, modern quantitative investment techniques, and keen attention to trading. They focus on asset-rich companies, selling at relatively low multiples of earnings, with proven and confident management, upward trending momentum, and favorable investor sentiment.