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2015 Q1 Shareholder Letter

April 21, 2015 Dear Fellow Shareholders: The Bretton Fund’s net asset value per share (NAV) as of March 31, 2015, was $25.47. The fund’s total return for the quarter was -0.97%, while the S&P 500 Index returned 0.95%. Total Returns as of March 31, 2015 Performance data quoted represents past performance. Past performance does not […]

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2014 Annual Report to Shareholders

February 24, 2015

Dear Fellow Shareholders:

The Bretton Fund’s net asset value per share (NAV) as of December 31, 2014, was $25.72, and the total return for the fund for the fourth quarter was 6.91% compared to 4.93% for the S&P 500 Index. For the year, the fund returned 9.79% compared to the

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2014 Q3 Shareholder Letter

October 21, 2014 Dear Fellow Shareholders: The Bretton Fund’s net asset value per share (NAV) as of September 30, 2014, was $24.07. The total return for the fund for the third quarter was 3.08%. Over the same period of time, the total return for the S&P 500 Index was 1.13%, and the total return for […]

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2014 Semiannual Report to Shareholders

This shareholder letter is part of the Bretton Fund 2014 Semiannual Report. Here’s the full report (pdf). August 29, 2014 Dear Fellow Shareholders: The Bretton Fund’s net asset value per share (NAV) as of June 30, 2014, was $23.35. The total return for the fund for the second quarter was -1.48%. Over the same period […]

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2014 Q1 Shareholder Letter

April 24, 2014 Dear Fellow Shareholders: The Bretton Fund’s net asset value per share (NAV) as of March 31, 2014, was $23.70. The fund’s total return for the quarter was 1.11%, while over the same time period, the total return was 1.81% for the S&P 500 Index and 2.04% for the Wilshire 5000 Total Market […]

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2013 Annual Report to Shareholders

March 4, 2014

Dear Fellow Shareholders:

The Bretton Fund’s net asset value per share (NAV) as of December 31, 2013, was $23.44. For the quarter ended December 31, 2013, the fund’s total return was …

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2013 Q3 Shareholder Letter

October 22, 2013 Dear Fellow Shareholders: The Bretton Fund’s net asset value per share (NAV) as of September 30, 2013, was $22.52. The fund’s total return for the quarter was 2.64%, while over the same time period, the total return was 5.24% for the S&P 500 Index and 6.03% for the Wilshire 5000 Total Market […]

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2013 Semiannual Report to Shareholders

August 23, 2013

Dear Fellow Shareholders:

The Bretton Fund’s net asset value per share (NAV) as of June 30, 2013, was $21.94. The total return for the fund for the second quarter was 7.39%. Over the same period of time, the total return for the S&P 500 Index was 2.91%, and the total return for the Wilshire 5000 Total Market Index was 2.77%.

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2013 Q1 Shareholder Letter

April 22, 2013

Dear Fellow Shareholders:

The Bretton Fund’s net asset value per share (NAV) as of March 31, 2013, was $20.43, and the total return for the fund for the quarter was 8.44%. Over the same period of time, the total return for the S&P 500 Index was 10.61%, and the total return for the Wilshire 5000 Total Market Index was 10.91%.

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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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