Bretton Fund’s Semi-Annual Report H1 2020 To Shareholders


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.

Bretton Fund generated (10.66%) during first half of 2020, compared to (3.08%) return for S&P 500 Index during the same period.

We’re not basing our investment strategy on a fast or long recovery since we don’t know the answer. We own businesses we expect to increase earnings and generate cash flow in either scenario.

The two laggards in the quarter were Ross Stores and Berkshire Hathaway, which each took off 0.1% from the fund.

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