About Us

The Bretton Fund is a mutual fund following a focused, value strategy. Stephen Dodson and Raphael de Balmann serve as the portfolio managers and maintain, along with their families, a substantial investment in the fund.

The fund’s adviser is Bretton Capital Management and is based in San Francisco, California. You can contact us here.

Learn more about the Bretton Fund.

Our Competitive Advantage

We believe our core competitive advantages are a long time horizon, a value strategy, and independent ownership. These allow us to look for investments that are currently unpopular, may fluctuate significantly over the near term, but have a high-return potential over multiple years. We apply our long-term outlook to how we run our firm. We don’t try to closely track an index to reduce deviation from the market, and we don’t try to fit into a style box or create other artificial constraints that could impair the fund’s performance.

Our independent ownership gives us the flexibility to serve only the Bretton Fund, reducing conflicts of interest. We do not offer multiple mutual fund “products” with overlapping strategies. We believe our ownership structure allows us to better serve as a fiduciary to our shareholders.

Another competitive advantage is our understanding of what we can and cannot do. We can’t predict the near-term movements of the stock market, and we can’t understand every company. We do understand the microeconomic attributes of certain industries and businesses.