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…


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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.…


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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…


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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…


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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…


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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…


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2019 Annual Report to Shareholders

This shareholder letter is part of the Bretton Fund 2019 Annual Report (pdf). February 14, 2020 Dear Fellow Shareholders: The Bretton Fund’s net asset value per share (NAV) as of December 31, 2019,…


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2019 Q3 Shareholder Letter

October 15, 2019 Dear Fellow Shareholders: The Bretton Fund’s net asset value per share (NAV) as of September 30, 2019, was $36.72, and the total return for the quarter was 1.69%. Total Returns as of…


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2019 Semiannual Report to Shareholders

This shareholder letter is part of the Bretton Fund 2019 Semiannual Report (pdf). August 14, 2019 Dear Fellow Shareholders: The Bretton Fund’s net asset value per share (NAV) as of June 30, 2019, was…


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2019 Q1 Shareholder Letter

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…


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