April 21, 2023
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…
February 16, 2023
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…
November 29, 2022
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…
October 21, 2022
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…
August 25, 2022
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…
April 20, 2022
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…
February 17, 2022
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…
December 9, 2021
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…
October 19, 2021
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…
August 25, 2021
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…