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A long-term, focusedapproach to investing

We believe the best way to achieve excellent long-term returns is to have a long time horizon and invest in a concentrated number of undervalued companies. We strive to treat our shareholders fairly and to manage your investment as if it were our own.

Fund Principles

The Bretton Fund operates on two principles: a focused, value strategy and treating our shareholders fairly.

We believe the best way to achieve excellent long-term returns is to invest with a long time horizon in a concentrated number of businesses whose underlying economic values are significantly greater than their market values.

How We Invest

We practice “value investing,” which simply means buying securities for considerably less than they are worth.

We seek maximum returns regardless of asset class, which means the mix of the type of securities the fund will invest in will change from time to time. Given our expertise and the return potential, we will most often be invested in the stocks of US-based companies, particularly companies with strong economic characteristics.

Latest News

October 19, 2021

2021 Q3 Shareholder Letter

October 19, 2021 Dear Fellow Shareholders: Despite lingering hesitancy from the delta variant, tangled supply-chains, and bona fide…

August 25, 2021

2021 Semiannual Report

This shareholder letter is part of the Bretton Fund 2021 Semiannual Report (pdf). August 25, 2021 Dear Fellow Shareholders: The market…

April 9, 2021

2021 Q1 Shareholder Letter

April 9, 2021 Dear Fellow Shareholders: Ah, the light at the end of the tunnel. As vaccines get jabbed into arms and grandparents reunite…

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The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained here (pdf) or by calling 800.231.2901. Read it carefully before investing An investment in the fund is subject to investment risks, including the possible loss of the principal amount invested. There can be no assurance that the fund will be successful in meeting its objectives. The fund invests in common stocks which subjects investors to market risk. The fund invests in small and micro-cap companies, which involve additional risks such as limited liquidity and greater volatility. The fund invests in undervalued securities. Undervalued securities are, by definition, out of favor with investors, and there is no way to predict when, if ever, the securities may return to favor. The fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. More information about these risks and other risks can be found in the fund’s prospectus. The fund is a nondiversified fund and therefore may be subject to greater volatility than a more diversified investment. The fund's distributor is Rafferty Capital Markets, LLC, which is not affiliated with the fund or the adviser.