2022 Distribution Information

The Bretton Fund made a long-term capital-gain distribution to shareholders on December 16, 2022, of $0.948741 per share, amounting to 2% of the fund’s NAV. There were no other distributions for the…


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2022 Q3 Shareholder Letter

October 21, 2022 Dear Fellow Shareholders: With the S&P 500 down 23.87% year-to-date—the Bretton Fund is down 21.64%—we appear to be on our way toward the worst market downturn since 2008 when…


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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…


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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…


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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…


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2021 Distribution Information

The Bretton Fund made a long-term capital-gain distribution to shareholders on December 17, 2021, of $0.346742 per share, amounting to 0.6% of the fund’s NAV. There were no other distributions for…


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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…


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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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