Firm Overview
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.
Competitive Advantage
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.
Contact Us
Bretton Fund’s adviser, Bretton Capital Management, is located in San Francisco, California.
Bretton Capital Management
To reach us, you can call us at 415.738.7640 or e-mail us at info@brettonfund.com.
Our address:
Bretton Capital Management
25 Taylor St
San Francisco, CA 94102
800.231.2901
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: