The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 23, 2026
Bretton Fund reported a net return of -1.75% for the third quarter of 2026, lagging the S&P 500 Index return of 2.30%. Over the trailing one-year period, the fund returned 0.20% net of fees compared to 15.74% for the benchmark. Cash equivalents net of liabilities stood at 1.09% of net assets as of September 30, 2026, maintaining an essentially fully deployed equity exposure across 21 portfolio holdings with no strategic hedging or leverage employed. The macroeconomic environment was characterized by persistent higher interest rates that further deferred a broader recovery across the residential housing sector. Meanwhile, prior market anxieties regarding artificial intelligence displacing established software franchises receded. The managers maintained a discerning stance toward the broader AI theme, arguing that while core foundational technology leaders will extract substantial economic value, peripheral secondary and tertiary beneficiaries—such as low-end computer hardware and cooling equipment providers—appear fundamentally overextended. Performance was buoyed by software leaders Microsoft and SAP, which each contributed 1.6% to performance, as well as off-price retailer Ross Stores, which added 0.6% following new marketing initiatives under outside leadership. Conversely, housing-related positions Eagle Materials and Dream Finders Homes detracted 1.0% and 0.9%, respectively. Following the spinoff of automotive data provider Mobility Global from S&P Global, management signaled plans to redeploy the capital over the medium term due to secular stagnation and autonomous vehicle risks.
Invest in competitively entrenched, high-return business franchises with durable economic moats while exercising valuation discipline and avoiding marginal beneficiaries of market hypes.
Management anticipates that foundational AI leaders will continue to reap significant economic value while remaining skeptical of marginal secondary equipment beneficiaries and seeking to redeploy capital from mature automotive data assets.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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