Strategy
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.
Performance
Month-End Returns
Average Annualized Total Returns as of June 30, 2023
| 1 Year | 3 Years | 5 Years | 10 Years | Since 9/30/10 Inception | |
| Bretton Fund | 21.75% | 15.56% | 12.01% | 10.31% | 11.74% |
| S&P 500 Index | 19.59% | 14.60% | 12.31% | 12.86% | 13.47% |
Quarter-End Returns
Average Annualized Total Returns as of June 30, 2023
| 1 Year | 3 Years | 5 Years | 10 Years | Since 9/30/10 Inception | |
| Bretton Fund | 21.75% | 15.56% | 12.01% | 10.31% | 11.74% |
| S&P 500 Index | 19.59% | 14.60% | 12.31% | 12.86% | 13.47% |
Calendar Year Returns
| Year | Bretton Fund | S&P 500 Index |
| 2022 | -12.56% | -18.11 |
| 2021 | 27.76% | 28.71% |
| 2020 | 8.44% | 18.40% |
| 2019 | 35.39% | 31.49% |
| 2018 | -1.94% | -4.38% |
| 2017 | 18.19% | 21.83% |
| 2016 | 10.68% | 11.96% |
| 2015 | -6.59% | 1.38% |
| 2014 | 9.79% | 13.69% |
| 2013 | 26.53% | 32.39% |
| 2012 | 15.66% | 16.00% |
| 2011 | 7.90% | 2.11% |
| 9/30/10 – 12/31/10 | 6.13% | 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%.
Details
| Ticker | BRTNX |
| CUSIP | 71709W500 |
| Net Expense Ratio | 1.35% |
| Sales Charge | None |
| 12b-1 Fees | None |
| Portfolio Turnover | 3% (2022) |
| Inception Date | 9/30/2010 |
| Fund Managers | Stephen Dodson Raphael de Balmann |
| Net Assets | $66 million (3/31/23) |
| Minimum Investment | $2,000 ($1,000 for IRAs or accounts with automatic investments) |
Holdings
As of June 30, 2023
| Security | % of Net Assets |
| Alphabet, Inc. | 9.54% |
| AutoZone, Inc. | 6.90% |
| The Progressive Corporation | 6.12% |
| NVR, Inc. | 6.06% |
| Microsoft Corporation | 6.03% |
| The TJX Companies, Inc. | 5.51% |
| Ross Stores, Inc. | 5.38% |
| S&P Global, Inc. | 5.16% |
| Mastercard, Inc. | 5.10% |
| American Express Co. | 5.09% |
| Visa, Inc. | 5.03% |
| UnitedHealth Group Incorporated | 4.79% |
| JPMorgan Chase & Co. | 4.63% |
| Union Pacific Corp. | 4.35% |
| Dream Finders Homes, Inc. | 4.24% |
| Bank of America Corp. | 4.17% |
| Moody's Corporation | 3.99% |
| Berkshire Hathaway, Inc. | 3.54% |
| Revivify, Inc. | 1.81% |
| Armanino Foods of Distinction, Inc. | 1.44% |
| Cash* | 1.14% |
*Cash represents cash equivalents less liabilities in excess of other assets.