July 30, 2026
2026 Q2 Shareholder Letter
July 30, 2026 Dear Fellow Shareholders: A year ago, we wrote to you about the travails of our UnitedHealth investment. The stock lost over half its value in about a month, an extraordinary change for…
April 21, 2026
2026 Q1 Shareholder Letter
April 21, 2026 Dear Fellow Shareholders: The market volatility over the last quarter and past year hasn’t done our portfolio any favors. Given that we currently own only 18 stocks—versus 500 for the…
February 12, 2026
2025 Q4 Shareholder Letter
February 12, 2026 Dear Fellow Shareholders: While the market seems to alternate on a day-to-day basis between euphoria and apprehension about a bubble in artificial intelligence, we don’t believe the…
November 17, 2025
2025 Distribution Information
The Bretton Fund made a long-term capital-gain distribution to shareholders on December 17, 2025, of $1.228486 per share, amounting to about 1.5% of the fund’s NAV. There were no other distributions…
October 22, 2025
2025 Q3 Shareholder Letter
October 22, 2025 Dear Fellow Shareholders: The main event for the fund this quarter was the favorable antitrust ruling for Alphabet’s Google. A federal judge had earlier this year deemed Google a…
July 25, 2025
2025 Q2 Shareholder Letter
July 25, 2025 Dear Fellow Shareholders: A lot can change in a quarter. The president backed down from the most draconian version of his tariff threats, and the market staged a relief rally, which…
April 23, 2025
2025 Q1 Shareholder Letter
April 23, 2025 Dear Fellow Shareholders: We don't talk much about politics for a good reason: people tend to overstate its impact on the stock market. The central tendencies of the economy span…
February 6, 2025
2024 Q4 Shareholder Letter
2024 Annual Shareholder Report (pdf) February 6, 2025 Dear Fellow Shareholders: With the market stacking two back-to-back years of ~25% returns—and 15 years of mid-teens returns—we thought this would…
November 21, 2024
2024 Distribution Information
The Bretton Fund made a long-term capital-gain distribution to shareholders on December 19, 2024, of $0.798764 per share, amounting to 1% of the fund’s NAV. There were no other distributions for the…
October 23, 2024
2024 Q3 Shareholder Letter
October 23, 2024 Dear Fellow Shareholders: Both the fund and the market reached all-time highs again this quarter, along with many of our holdings. While it’s extremely unlikely the next 12 months…