Portfolio Managers

Stephen Dodson

Stephen Dodson founded the Bretton Fund in 2010 and serves as its president and portfolio manager. Most recently, Stephen served as president of Parnassus Investments, a mutual fund investment management firm, and served in a number of roles, including portfolio manager and chief operating officer. In 2008, Institutional Investor News named him one of the 20 Rising Stars of Mutual Funds. He previously worked for the venture capital group of Advent International, a private equity firm, and in investment banking for Morgan Stanley in New York and Menlo Park.

He is a board member of the philanthropy group Full Circle Fund and has led projects for education reform in California. He holds a BS in business administration from the University of California, Berkeley.

Raphael de Balmann

Raphael de Balmann joined the Bretton Fund in 2015 and serves as its portfolio manager. Before joining Bretton, Raphael was a partner at One Equity Partners, the private equity arm of JPMorgan. Raphael was previously a principal at Paine & Partners/Fox Paine, and worked in the private equity groups of Blackstone and Lazard in New York and London.

Raphael has an MBA from Stanford University and an AB in social studies from Harvard College.