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2011 Q3 Shareholder Letter

October 19, 2011

Dear Fellow Shareholders:

The Bretton Fund’s net asset value per share (NAV) as of September 30, 2011, was $14.76, and the total return for the fund for the quarter was a decline of 10.81%. Over the same period of time, the total return for the S&P 500 Index was a decline of 13.87%, and the total return for the Wilshire 5000 Total Market Index was a negative 15.04%.

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