The fund’s adviser is Bretton Capital Management and is based in San Francisco, California.

Founded in 2010, 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.

Porfolio Managers

Stephen Dodson

Stephen Dodson founded the Bretton Fund and serves as its president and portfolio manager. Before Bretton, Stephen served as president and portfolio manager at Parnassus Investments, a mutual fund investment management firm. 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 has 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.

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.

More On How We Invest

Contact Us

Bretton Fund’s adviser, Bretton Capital Management, is located in San Francisco, California.

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    Bretton Capital Management

    To reach us, you can call us at 415.738.7640 or e-mail us at

    Our address:
    Bretton Capital Management
    25 Taylor St
    San Francisco, CA 94102


    Shareholder Services

    You can send all account-related mail here:
    Bretton Fund
    c/o Mutual Shareholder Services
    8000 Town Centre Drive, Suite 400
    Broadview Heights, Ohio 44147

    For shareholder account support and questions about investing in the Bretton Fund, contact our shareholder services operations: