Background:
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Mostly U.S. Equity Large Cap Value
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Separately managed accounts
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Same holdings, same relative weightings
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R.G. Associates, Inc. Composite Performance (The Portfolio)
What Makes Us Unique:
An investment firm with an accounting heart
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The bottom-up, value philosophy is backed up with accounting experience
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Portfolio Manager Jack Ciesielski has more than 40 years of accounting experience and over 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
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The stock selection process relies on fundamental analysis, enhanced by skepticism fostered by our accounting knowledge
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​We analyze companies using traditional fundamental analysis, but also employ non-traditional accounting measures, such as Cash Operating Return on Assets (COROA)
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COROA is a measure devised here. It determines a company’s ability to generate cash from assets over time, and relates a company's cash generating ability to its peers while minimizing accounting differences.
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Capsule Philosophy:
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Bottom-up, value strategy
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Avoiding bad ideas matters more than finding good ones
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25+ years of writing The Analyst's Accounting Observer helps avoid bad ideas
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Stock selection plus a long time horizon beats hyperactivity
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Portfolio concentration: Usually less than 30 stocks
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Low turnover: At 6/30/2023, the firm's 3-year rolling portfolio turnover was 16.1%
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Philosophy unchanged since the Firm's inception