R.G. Associates, Inc. Composite Performance (The Portfolio)

What Makes Us Unique:

An investment firm with an accounting heart

  • The bottom-up, value philosophy is backed up with accounting experience

    • Portfolio Manager Jack Ciesielski has more than 40 years of accounting experience and nearly 35 years of investment experience. For 26 years, he wrote The Analyst’s Accounting Observer, a research service for institutional investors, and is often sought by the press for his accounting knowledge

  • The stock selection process relies on fundamental analysis, enhanced by skepticism fostered by our accounting knowledge

    • ​We analyze companies using traditional fundamental analysis, but also employ non-traditional accounting measures, such as Cash Operating Return on Assets (COROA)

    • COROA is a measure devised here. It determines a company’s ability to generate cash from assets over time, and relates its ability to peers

  • U.S. Equity Large Cap Value

  • Separately managed accounts

    • Same holdings, same relative weightings

  • Bottom-up, value strategy

  • Avoiding bad ideas matters more than finding good ones

  • Stock selection plus a long time horizon beats hyperactivity

  • Portfolio concentration: Usually less than 20 stocks

  • Low turnover: 6.41% 3 Yr. rolling turnover at 9/30/2019

  • Philosophy unchanged since the Firm's inception


Jack Ciesielski, CPA, CFA

R.G. Associates, Inc.

1510 Pinnacle Road

Towson, MD 21286

Phone: 443-977-4370

E-mail: jciesielski@accountingobserver.com