April 15, 2019

Dear Fellow Shareholders:

The Bretton Fund’s net asset value per share (NAV) as of March 31, 2019, was $34.16, and the total return for the quarter 13.83%.

Total Returns as of March 31, 2019

1st Quarter1 YearAnnualized
3 Years
5 Years
Annualized Since
9/30/10 Inception
Bretton Fund13.83%12.72%13.48%8.17%11.43%
S&P 500 Index13.65%9.50%13.51%10.91%13.65%

Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end here or by calling 800.231.2901.

All returns include change in share prices, reinvestment of any dividends, and capital gains distributions. Indices shown are broad-based, unmanaged indices commonly used to measure performance of US stocks. These indices do not incur expenses and are not available for investment. The fund’s expense ratio is 1.50%.

Contributors to Performance

The markets snapped back in the first quarter, and pretty much of all our stocks went up with it. Our largest holdings were also our largest contributors, with Alphabet adding 1.1% to performance, Union Pacific 1.1%, and Mastercard 1.3%.

The only two stocks that declined this quarter were Continental Building Products and Berkshire Hathaway, each impacting the fund by –0.1%.


Security% of Net Assets
Alphabet, Inc.9.7%
Union Pacific Corp.7.4%
Mastercard, Inc.6.4%
Ross Stores, Inc.5.9%
Bank of America Corp.5.5%
American Express Co.5.3%
Visa, Inc.5.3%
The TJX Companies, Inc.5.2%
AutoZone, Inc.5.2%
Carter’s, Inc.5.0%
The Progressive Corporation4.9%
NVR, Inc.4.8%
JPMorgan Chase & Co.4.5%
Canadian Pacific Railway Limited4.4%
Continental Building Products, Inc.4.4%
Berkshire Hathaway, Inc.4.4%
Wells Fargo & Company4.2%
Discovery, Inc.2.6%
Armanino Foods of Distinction, Inc.2.4%

*Cash represents cash equivalents less liabilities in excess of other assets.

We didn’t make any new additions or eliminate any positions this quarter. We added a bit to Progressive, NVR, Continental Building Products, and Carter’s.

Little has changed in the economic landscape since our recent annual report. The US continues to generate employment and wage growth—somewhat less of the former and more of the latter as we press on below 4% unemployment—and there are some weak purchasing manager indexes in Europe and Asia. Big ticket consumer durables might be edging down in the US, but consumer activity remains strong and the demand for new homes appears to be recovering from its lull toward the end of last year.

All of which is to say our outlook remains relatively unchanged. As longtime shareholders know, we look for businesses—at the right prices—that will do well over the inevitable economic ups and downs.

As always, thank you for investing.

Stephen Dodson            Raphael de Balmann
Portfolio Manager         Portfolio Manager