2023 Annual Report

This shareholder letter is part of the Bretton Fund 2023 Annual Report (pdf). February 9, 2024 Dear Fellow Shareholders: On October 17, 2022, a widely read Bloomberg headline declared, “Forecast for…


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2023 Distribution Information

We're pleased to report that there will be no tax distributions for 2023. If you have any questions, feel free to each out to us at info@brettonfund.com. What’s a Distribution? Certain portfolio…


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2023 Q3 Shareholder Letter

October 20, 2023 Dear Fellow Shareholders: Despite a weak quarter, fears of a slowing economy, and inflation concerns, the market is having a strong year, with the S&P 500 up 13.07% year-to-date…


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2023 Semiannual Report

This shareholder letter is part of the Bretton Fund 2023 Semiannual Report (pdf). August 15, 2023 Dear Fellow Shareholders: Inflation appears to be ebbing, recession risk is fading, artificial…


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2023 Q1 Shareholder Letter

April 21, 2023 Dear Fellow Shareholders: Well, bank runs are back. We can’t say we saw that coming, but we are fortunate that the two banks we own, JPMorgan and Bank of America, were stable ports in…


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2022 Annual Report to Shareholders

This shareholder letter is part of the Bretton Fund 2022 Annual Report (pdf). February 14, 2023 Dear Fellow Shareholders: The stock market had its worst year since 2008, and listed companies we owned…


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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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