# AJO Vista, an Emerald Company

> AJO Vista, an Emerald Company is an SEC-registered investment advisory firm in Leola, PA, registered since 2006, reporting $25 million to $100 million in regulatory assets under management in its Form ADV filing dated September 15, 2026.

- CRD: 139061
- Filed as: AJO VISTA, AN EMERALD COMPANY
- Legal name: Emstone Advisers, LLC
- Also doing business as: AJO VISTA, AN EMERALD COMPANY
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Leola, PA
- Filing period: October 2026
- Form ADV filing dated: September 15, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/139061
- AdvisorCensus page: https://advisorcensus.com/firm/ajo-vista-an-emerald-company-leola-pa-139061

## Quick answers

**How is AJO Vista, an Emerald Company compensated?**
On its Form ADV (Item 5.E, October 2026), AJO Vista, an Emerald Company reports these compensation arrangements: a percentage of assets under its management. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is AJO Vista, an Emerald Company located?**
AJO Vista, an Emerald Company's principal office is in Leola, PA, according to its Form ADV; the October 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is AJO Vista, an Emerald Company registered with the SEC or a state?**
AJO Vista, an Emerald Company is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 139061.

**How much does AJO Vista, an Emerald Company manage?**
AJO Vista, an Emerald Company reports $29,259,369 in regulatory assets under management in its Form ADV filing dated September 15, 2026 (100% discretionary).

**How have AJO Vista, an Emerald Company's assets and staff changed since 2021?**
In the Form ADV data for AJO Vista, an Emerald Company: Regulatory assets under management: $61,196,421 in the October 2021 data and $29,259,369 in the October 2026 data, down 52%. Total employees: 15 in October 2021 and 8 in October 2026. Assets under management move with markets as well as with clients coming and going.

**Which custodians does AJO Vista, an Emerald Company use?**
AJO Vista, an Emerald Company's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists M&T Bank and U.S. Bank National Association as custodians holding 10% or more of its separately managed account assets.

**Does AJO Vista, an Emerald Company report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/139061

**What changed in AJO Vista, an Emerald Company's recent Form ADV filings?**
In the October 2026 filing data: Added the business name AJO Vista, an Emerald Company.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Custodians (Schedule D, Section 5.K(3))
- M&T Bank
- U.S. Bank National Association

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $29,259,369
- Discretionary: $29,259,369
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | Not reported | $0 |
| State or municipal government entities (including government pension plans) | Fewer than 5 | $28,763,701 |
| Other | Fewer than 5 | $495,668 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2006 (20 years)
- Employees: 8 total, 1 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: PA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- Leola, PA

### Websites listed on Form ADV (Item 1.I)
- [emstoneadvisers.com](https://emstoneadvisers.com)

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $61,196,421 | 15 | March 30, 2021 |
| October 2022 | $34,222,330 | 8 | March 25, 2022 |
| October 2023 | $43,217,657 | 8 | April 14, 2023 |
| October 2024 | $41,957,272 | 8 | March 29, 2024 |
| October 2025 | $43,569,762 | 8 | March 28, 2025 |
| October 2026 | $29,259,369 | 8 | September 15, 2026 |

Regulatory assets under management: $61,196,421 in the October 2021 data and $29,259,369 in the October 2026 data, down 52%.
Total employees: 15 in October 2021 and 8 in October 2026.

## Changes in the filing (last 12 months)

### October 2026
- Added the business name AJO Vista, an Emerald Company.

### April 2026
- Regulatory assets under management went from $43,569,762 to $29,259,369 (-33%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. AJO Vista, an Emerald Company (CRD 139061): Form ADV filing data as of October 2026.