We do not manage the Bretton Fund to mimic the overall market, and we do not manage it to fit into conventional definitions of investment styles and boxes. We seek unconventional success.

The Bretton Fund follows a straightforward investment strategy: We seek to invest in securities for considerably less than they’re worth. We focus the fund only in our best investments, and we maintain a long investment horizon to be able to realize the gains when market values and economic values converge. We can be patient for high returns.

We strive to treat our shareholders fairly, and we eschew many of the industry practices that we believe are unfriendly to shareholders, such as sales loads, marketing fees (“12b-1” fees), and “soft dollars.” We reduce the potential for conflicts by managing only one client, the Bretton Fund.

The fund operates on two main principles

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.

We aim to treat shareholders fairly and honestly and to manage the Bretton Fund with a commitment to fiduciary duty to our shareholders.

While there is no asset-specific mandate, we currently expect to invest mostly in the stocks of US-based companies because of the return potential and our expertise.We look for companies we understand and businesses that are defensible and will continue to be relevant in the future. We also seek ethical companies.

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