The Bretton Fund is a mutual fund following a concentrated, value strategy. We seek to invest in securities for considerably less than they’re worth, focusing only on our best ideas, and maintain a long time horizon to realize gains. We can be patient for high returns.

We do not manage the 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.

More On How We Invest

Month-End Returns

Average Annualized Total Returns as of September 30, 2021

1 Year3 Years5 Years10 YearsSince 9/30/10 Inception
Bretton Fund28.19%13.44%16.14%14.23%12.69%
S&P 500 Index30.00%15.99%16.90%16.63%15.13%

Quarter-End Returns

Average Annualized Total Returns as of September 30, 2021

1 Year3 Years5 Years10 YearsSince 9/30/10 Inception
Bretton Fund28.19%13.44%16.14%14.23%12.69%
S&P 500 Index30.00%15.99%16.90%16.63%15.13%

Calendar Year Returns

YearBretton FundS&P 500 Index
20208.44%18.40%
201935.39%31.49%
2018-1.94%-4.38%
201718.19%21.83%
201610.68%11.96%
2015-6.59%1.38%
20149.79%13.69%
201326.53%32.39%
201215.66%16.00%
20117.90%2.11%
9/30/10 – 12/31/106.13%10.76%

Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. All returns include change in share prices, and reinvestment of any dividends and capital gains distributions. Current performance may be lower or higher than the performance data quoted. Indices shown are broad-based, unmanaged indices commonly used to measure performance of US stocks. These indices do not incur expenses and are not available for investment. You may obtain performance data current to the most recent month-end by calling 800.231.2901. The fund’s expense ratio is 1.35%.


TickerBRTNX
CUSIP71709W500
Net Expense Ratio1.35%
Sales ChargeNone
12b-1 FeesNone
Portfolio Turnover15% (2020)
Inception Date9/30/2010
Fund ManagersStephen Dodson
Raphael de Balmann
Net Assets$58.4 million (9/30/21)
Minimum Investment$2,000
($1,000 for IRAs or accounts with automatic investments)


As of September 30 2021

Security% of Net Assets
Alphabet, Inc.13.0%
American Express Co.6.1%
JPMorgan Chase & Co.5.8%
AutoZone, Inc.5.8%
Microsoft Corporation5.8%
Bank of America Corp.5.7%
Mastercard, Inc.5.6%
S&P Global, Inc.5.4%
Union Pacific Corp.5.2%
NVR, Inc.4.9%
UnitedHealth Group Incorporated4.8%
The Progressive Corporation4.8%
Visa, Inc.4.4%
The TJX Companies, Inc.4.2%
Ross Stores, Inc.4.0%
Berkshire Hathaway, Inc.3.5%
PerkinElmer, Inc.3.3%
Dream Finders Homes, Inc.3.1%
Canadian Pacific Railway Limited2.9%
Armanino Foods of Distinction, Inc.1.4%
Cash*0.3%

*Cash represents cash equivalents less liabilities in excess of other assets.