August 25, 2022
2022 Semiannual Report
This shareholder letter is part of the Bretton Fund 2022 Semiannual Report (pdf). August 25, 2022 Dear Fellow Shareholders: This was going to happen eventually. After years of running hot, the…
April 20, 2022
2022 Q1 Shareholder Letter
April 20, 2022 Dear Fellow Shareholders: Inflation, higher interest rates, and Vladimir Putin conspired to take the stock market off its all-time highs this quarter. We managed to stay slightly ahead…
February 17, 2022
2021 Annual Report to Shareholders
This shareholder letter is part of the Bretton Fund 2021 Annual Report (pdf). February 15, 2022 Dear Fellow Shareholders: On December 31, 2021, the S&P 500 was 50% higher than it stood two years…
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 inflation, we remain relatively optimistic about the economy. But…
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 continued its post-Covid celebration, and we think most of us…
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 with grandchildren, the end of the pandemic is in sight.…
February 22, 2021
2020 Annual Report to Shareholders
This shareholder letter is part of the Bretton Fund 2020 Annual Report (pdf). February 16, 2021 Dear Fellow Shareholders: After a number of years of competitive relative returns, we had a…
October 15, 2020
2020 Q3 Shareholder Letter
October 15, 2020 Dear Fellow Shareholders: The market kept humming along in the third quarter as we began to see the light at the end of the coronavirus tunnel. A lot of us have adjusted to this…
August 10, 2020
2020 Semiannual Report
This shareholder letter is part of the Bretton Fund 2020 Semiannual Report (pdf). August 10, 2020 While all of us are still dealing with shutdowns and rising COVID-19 case counts, the market has…
April 8, 2020
2020 Q1 Shareholder Letter
April 8, 2020 Dear Fellow Shareholders: The longest economic expansion in US history, along with one of its longest bull markets, has come to an abrupt end. Its early demise wasn’t due to overheating…