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2012 Annual Report to Shareholders

February 19, 2013

Dear Fellow Shareholders:

The Bretton Fund’s net asset value per share (NAV) as of December 31, 2012, was $18.84. For the quarter ended December 31, 2012, the fund’s total return was -1.06%, compared to -0.38% for the S&P 500 and 0.10% for the Wilshire 5000. For the full calendar year, the fund’s total return was 15.66%, while the S&P 500 and Wilshire 5000 returned 16.00% and 16.06%, respectively.

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