| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.87% | -9.06% | -9.06% |
Bretton Fund's concentrated 18-stock portfolio underperformed in Q1 2026, declining 9.06% versus the S&P 500's 4.33% drop. The fund's largest detractor was American Express, falling 1.4% alongside other payment processors due to AI disruption concerns. Technology stocks Alphabet and Microsoft also weighed on performance after cooling from previous outperformance. Conversely, old economy retailers Ross Stores and TJX were top performers, benefiting from continued strength in in-person discount shopping. The managers remain confident in their payment processor holdings, arguing that AI will likely utilize existing card infrastructure rather than replace it, given the networks' superior fraud prevention and exception handling capabilities. Despite near-term volatility, the fund maintains its concentrated approach focused on companies with strong fundamentals that continue growing revenue and earnings while returning capital to shareholders. The managers believe the market will eventually reward these businesses, though timing remains uncertain in current jittery market conditions.
Focus on fundamentals of businesses owned and prices paid, maintaining concentrated portfolio of companies that grow revenue and earnings, reinvest at attractive rates, and return capital to shareholders.
Manager expects the market to eventually reward businesses that continue to grow revenue and earnings, reinvest at attractive rates, and return capital to shareholders, though acknowledges this can be a bumpy process in jittery markets.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 21 2026 | 2026 Q1 | AXP, AZO, BAC, BRK/B, DFH, EXP, GOOGL, MA, MCO, MSFT, NVR, ROST, SPGI, TJX, UNH, V | AI, Concentration, infrastructure, payments, technology, value | AXP | Bretton Fund's concentrated portfolio lagged in Q1 2026 as AI concerns pressured payment stocks despite strong underlying fundamentals. Managers defend payment processors' network effects and fraud prevention moats against AI disruption. Old economy retailers outperformed while tech cooled. Fund maintains conviction in concentrated approach targeting quality businesses with strong earnings growth and capital returns. |
| Feb 12 2026 | 2025 Q4 | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | AI, Banking, consumer, financials, Housing, technology, value |
UNH GOOG RVTY |
Bretton Fund returned 11.58% in 2025, underperforming the S&P 500 due to avoiding speculative AI investments and housing market weakness. Alphabet's 65% return from AI success and strong financial sector performance were offset by UnitedHealth's actuarial disasters and frozen housing demand. The fund maintains its value-focused approach, positioning for eventual housing recovery while finding selective long-term opportunities. |
| Oct 22 2025 | 2025 Q3 | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | Antitrust, consumer, financials, healthcare, retail, technology |
GOOGL UNH |
Bretton Fund matched market returns at 8.21% in Q3, driven by Alphabet's favorable antitrust ruling adding 3.1%. UnitedHealth rebounded while Progressive declined on rate concerns. Managers sold 15-year Union Pacific holding over dilutive acquisition concerns, demonstrating disciplined capital allocation focused on quality companies with sustainable competitive advantages. |
| Jul 25 2025 | 2025 Q2 | AXP, AZO, BAC, BRK.A, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | fundamentals, healthcare, insurance, technology, value | UNH | Bretton Fund underperformed in Q2 as UnitedHealth Group collapsed 55% due to higher healthcare utilization and management changes, costing the fund 2%. Technology stocks Microsoft and Alphabet were strong contributors. The managers maintain conviction in fundamentals-driven investing and view UNH as attractively valued at 10 times earnings despite current challenges. |
| Apr 23 2025 | 2025 Q1 | AXP, AZO, BAC, BRK-A, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | durability, Franchises, Pricing Power, tariffs, Trade Policy, value | - | Bretton Fund outperformed in Q1 despite trade policy volatility affecting technology holdings. The fund owns durable franchises like Progressive and AutoZone that demonstrated resilience during market turbulence. Management views current tariff policies as unsustainable wealth destroyers that will eventually end, creating opportunities to invest in quality companies at attractive prices. |
| Feb 6 2025 | 2024 Q4 | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | consumer, financials, healthcare, technology, value |
PGR AXP GOOGL AZO NVR DFH UNH |
Bretton Fund's concentrated portfolio of 20 quality companies delivered 20% returns in 2024 despite Q4 homebuilder weakness from rising rates. Alphabet faces AI competition but maintains strong fundamentals, Progressive demonstrates pricing superiority in auto insurance, and American Express benefits from premium card growth. Managers emphasize long-term positioning over market timing expectations. |
| Oct 24 2024 | 2024 Q3 | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | financials, growth, Homebuilders, insurance, materials, technology, value |
PGR GOOGL |
Bretton Fund hit new highs with 9.99% quarterly returns led by Progressive's data-driven insurance growth and homebuilders benefiting from rate cuts. Despite acknowledging frothy market conditions with S&P 500 at elevated 22x earnings, managers maintain concentrated portfolio of 20 quality businesses trading below intrinsic value, positioned for long-term earnings compounding. |
| Jul 24 2024 | 2024 Q2 | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | Building Materials, financials, Homebuilders, large cap, Quality, technology, value | EXP | Bretton Fund lagged in Q2 due to avoiding Nvidia's surge, with Alphabet leading gains and Dream Finders Homes the main detractor. The fund sold microcap Armanino after an 11-year 579% return and highlighted Eagle Materials as positioned for building materials demand from housing shortages and infrastructure spending. |
| May 7 2024 | 2024 Q1 | AMNF, AXP, AZO, BAC, BRK-B, DFH, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | healthcare, insurance, large cap, Quality, value | UNH | Bretton Fund posted 11.41% Q1 returns driven by Progressive's pricing success and AutoZone's margin expansion. UnitedHealth faced cyberattack and Medicare rate pressures but remains well-positioned for healthcare industry evolution. The concentrated 20-stock portfolio emphasizes quality large-caps with competitive moats and pricing power across diverse sectors. |
| Sep 2 2024 | 2023 Q4 | AXP, GOOGL, JPM, MA, MSFT, PGR, SPGI, TJX, UNH | concentrated, large cap, Quality, technology, US, value | - | Bretton Fund's concentrated 20-stock strategy delivered -1.38% in Q3 but maintained strong 12.26% YTD returns. Alphabet led gains as AI fears subsided, while American Express declined on credit concerns despite strong fundamentals. No portfolio changes reflect disciplined approach targeting fairly-priced quality businesses. Management confident in current holdings' risk-reward despite acknowledging they won't pick perfect performers. |
| Oct 20 2023 | 2023 Q3 | AXP, GOOGL, JPM, MA, MSFT, PGR, SPGI, TJX, UNH | Concentration, large cap, Quality, technology, US, value | - | Bretton Fund's concentrated 20-stock strategy delivered -1.38% in Q3 but maintained 12.26% YTD returns. Alphabet led gains as AI fears subsided, while American Express declined on credit concerns despite strong fundamentals. No portfolio changes reflect disciplined approach to high-quality businesses fairly priced for cash generation ability. |
| Aug 15 2023 | 2023 Q2 | AMNF, AXP, AZO, BAC, BRK-B, DFH, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, PKI, ROST, SPGI, TJX, UNH, UNP, V | AI, consumer discretionary, financials, Homebuilders, insurance, technology | - | Bretton Fund returned 13.80% in H1 2023, led by homebuilder Dream Finders' recovery and AI-driven gains in Alphabet and Microsoft. Progressive faced transitory auto insurance headwinds while Revvity declined on pharma spending concerns. Managers remain optimistic on the US economy long-term but cautious on market valuations, maintaining concentrated portfolio of quality companies. |
| Apr 21 2023 | 2023 Q1 | AMNF, AXP, AZO, BAC, BRK-B, DFH, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, PKI, ROST, SPGI, TJX, UNH, UNP, V | Banking, healthcare, Housing, technology, value |
AAPL|MSFT|NFLX|NVDA|UNH CNVRG PM JPM ABAC |
Bretton Fund returned 4.52% in Q1 as technology rebounded but banking turmoil created headwinds. The fund's megabank holdings JPMorgan and Bank of America weathered regional banking crisis well and should benefit from consolidation. Strong housing demand despite high rates supports homebuilder NVR. Portfolio remains concentrated in quality companies positioned for long-term outperformance. |
| Feb 14 2023 | 2022 Q4 | AXP, BRK/A, GOOG, JPM, MSFT, TJX, UNH | - | - | |
| Oct 21 2022 | 2022 Q3 | AMNF, AXP, AZO, BRK/A, DFH, GOOG, JPM, MA, MCO, MSFT, NVR, PGR, PKI, PRK, ROST, SPGI, TJX, UNH, UNP, V | - | - | |
| Aug 25 2022 | 2022 Q2 | GOOG | - | - | |
| Apr 20 2022 | 2022 Q1 | CP | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIManager discusses AI disruption concerns in payments sector but remains skeptical that AI will replace traditional card networks. Views AI as likely to use existing payment infrastructure rather than circumvent it. |
Artificial Intelligence Payments Disruption Infrastructure |
PaymentsExtensive analysis of payment networks as digital infrastructure companies with strong network effects. Manager believes card companies are well-positioned against AI disruption due to fraud prevention capabilities and ecosystem complexity. |
Credit Cards Digital Infrastructure Network Effects Fraud Prevention | |
| 2025 Q4 |
Defense SpendingManager maintains exposure to global armaments companies, noting the entire world is rapidly rearming off an extremely low base of defense spending. The position materially outperformed for the year despite Q4 underperformance, with top contributors including Rheinmetall, Palantir Technologies, and RTX. |
Defense Armaments Military Geopolitical Security |
GoldManager holds both physical gold bullion and a leveraged gold exposure called 'Gresham's Wrath' that combines 1.5x gold exposure with option income generation. Gold demand from global central banks is accelerating while US Treasuries are being reduced, with growing mistrust evidenced by physical deliveries. |
Gold Precious Metals Monetary Central Banks Inflation | |
Managed FuturesStrategy uses multiple models across price trend, fundamental reversion, carry, and risk-flow to capture different market dynamics. Manager notes asymmetric value given ultra-low starting point of armament spending which could lead to failed deterrence, resurgent armament spending disrupting bond markets, and kinetic conflict disrupting commodity markets. |
Alternatives Commodities Systematic Trend Following Risk Management | |
Capital MarketsManager maintains exposure to exchanges as essential high-margin toll roads for the economy with immense operating leverage. These exposures materially outperformed for the year, benefiting from trading volumes and having natural inflation hedges through transaction-based revenue. |
Exchanges Trading Financial Infrastructure Technology Data | |
EnergyManager holds West Texas real estate with associated oil, gas, and water rights, describing it as a capital-light compounding machine with perpetual royalty income. However, the position underperformed both quarterly and annually as quantitative signals indicated unfavorable conditions. |
Oil Gas Royalties Real Estate Permian Basin | |
| 2025 Q3 |
Capital MarketsThe fund benefited from favorable antitrust ruling for Alphabet's Google, where the judge mandated only limited sharing of search data rather than implementing harsher penalties like divesting Chrome browser or Android operating system. This left Google's core search business essentially intact, driving significant outperformance. |
Antitrust Regulation Search Monopoly Competition |
| 2025 Q2 |
Managed CareUnitedHealth Group faced severe challenges with Medicare Advantage patients consuming far more healthcare than expected, particularly public employee retirees, and OptumHealth division enrollees from exited plans requiring more care than anticipated. The company revised earnings guidance down significantly and management was replaced, but the stock now trades at attractive valuations around 10 times earnings. |
Medicare Healthcare Insurance Utilization Margins |
ValueThe fund focuses on fundamentals rather than shifting with market sentiment, holding positions like Berkshire Hathaway and AutoZone that declined due to perception as safe stocks rather than operational issues. UnitedHealth now trades at compelling valuations despite challenges, with the raw math being attractive at current prices. |
Fundamentals Valuation Undervalued Earnings Multiple | |
| 2025 Q1 |
Trade PolicyThe fund discusses the current administration's frequent U-turns on tariff policy, attempting to balance imposing high tariffs while preventing market crashes. They view trade wars as wealth-destructive and believe the current policies will eventually end. |
Tariffs NAFTA China Trade War Global Trade |
| 2024 Q4 |
AIDozens of new AI companies like OpenAI, Anthropic, and DeepSeek offer compelling alternatives to Google's search monopoly. Google has created Gemini AI app that is on par with competitors, but it's not the dominant platform like Google search. Microsoft has become the go-to provider of computing services for emerging AI companies, benefiting from the AI arms race. |
Search Cloud Competition Platforms Computing |
Auto InsuranceProgressive is the savviest auto insurer, able to tweak policies faster than competition in response to industry changes and shifting driver behavior. When it recognized rates were too low for increasing crashes and higher repair costs post-pandemic, it was first to raise rates significantly. Now that industry rates have caught up, Progressive's prices are again low by comparison. |
Pricing Competition Claims Marketing Growth | |
HomebuildersThirty-year mortgage rates were over 6% for all of 2024, highest since 2008 financial crisis. Existing house sales hit lowest levels since 1995, new housing starts down 4%. NVR continues grinding with basic business model despite market trends. Dream Finders focuses on growth and acquisition but faces more volatility. |
Rates Housing Construction Growth Volatility | |
PaymentsVisa and Mastercard kept doing their thing, increasing earnings per share by 15% and 12% respectively. The fund continues to closely watch the evolving payments space as everyone's always trying to displace the card networks. For now, they don't see anything gaining much traction. |
Networks Competition Disruption Growth Earnings | |
| 2024 Q3 |
Auto InsuranceProgressive is highlighted as the most sophisticated auto insurer, leveraging vast driver data to recognize shifts in driver behavior and collision costs. The company was early to raise rates in 2021 to offset higher post-Covid costs, temporarily losing customers but now benefiting from comparatively attractive rates and highly profitable growth with premiums up 20% year-over-year. |
Insurance Data Pricing Growth |
HomebuildersHome builders NVR and Dream Finders benefited from Federal Reserve rate cuts this quarter, as investors became more enthusiastic about the outlook for new home construction. Both companies were significant contributors to fund performance. |
Construction Rates Housing | |
Building MaterialsEagle Materials, a manufacturer of cement and wallboard, was added as a new investment. While unlikely to match the earnings growth of technology companies, it trades at a lower multiple and represents the fund's optimism in the building materials sector. |
Materials Construction Value | |
| 2024 Q2 |
Building MaterialsThe fund sees long-term demand for wallboard and cement driven by structural housing shortage and infrastructure spending. Eagle Materials benefits from competitive advantages including low-cost gypsum sources, transportation barriers creating regional oligopolies, and locations in fast-growing Sun Belt markets. |
Wallboard Cement Infrastructure Housing Construction |
Infrastructure SpendingThe 2021 federal infrastructure law will drive years of spending on construction and maintenance of bridges, highways, and public transportation. Cement is a critical component in all these projects, creating sustained demand for materials companies. |
Infrastructure Construction Cement Transportation Government | |
| 2024 Q1 |
Auto InsuranceProgressive demonstrated strong performance by increasing prices and adding customers as accident rates rose. The company was early to raise prices and now finds its rates competitive again as competitors follow suit, leading to 19% revenue growth from premiums. |
Progressive Pricing Premiums Underwriting Customers |
HealthcareUnitedHealth faced challenges from a cyberattack on Change Healthcare and lower Medicare reimbursement rates. However, the company's size, diverse business lines, and positioning for the shift to capitated care models provide competitive advantages despite near-term headwinds. |
UnitedHealth Medicare Optum Capitated Cybersecurity | |
| 2023 Q4 |
AIAlphabet continued its rebound from concerns that AI platforms like ChatGPT would disrupt Google's advertising business model. While these large language models are incredible, their commercial risk to Google's core advertising business remains unclear. Google launched its own ChatGPT competitor called Bard, which works well, and investors have become increasingly optimistic about the company's AI prospects. |
Artificial Intelligence Large Language Models ChatGPT Bard Google |
| 2023 Q3 |
AIAlphabet continued its rebound from concerns that AI platforms like ChatGPT would disrupt Google's advertising business model. While these large language models are incredible, their commercial risk to Google's core advertising business remains unclear. Google launched its own ChatGPT competitor called Bard, which works well, and investors have become increasingly optimistic about the company's AI prospects. |
Artificial Intelligence Large Language Models ChatGPT Bard Google |
| 2023 Q2 |
AIArtificial intelligence appears promising and drove strong performance for tech holdings Alphabet and Microsoft. AI offers promise for drug discovery and development, with potential to sort molecules for therapeutic promise more effectively than ever. |
Artificial Intelligence Technology Drug Discovery |
HomebuildersDream Finders Homes was the largest positive contributor after falling 65% below average cost. Housing shortage and existing homeowners' reluctance to give up low-rate mortgages kept demand for newly built homes strong despite higher rates. |
Housing Construction Interest Rates | |
Auto InsuranceFirst quarter 2023 was worst for auto insurance losses since 2001 due to high used car prices, labor costs, parts costs, natural disasters, and continued driver inattention. Problems viewed as transitory with Progressive gaining market share. |
Insurance Auto Claims | |
| 2023 Q1 |
Community BanksRegional banking crisis emerged with Silicon Valley Bank and First Republic facing deposit flight and liquidity issues. Megabanks like JPMorgan and Bank of America expected to benefit from flight to quality and increased regulation of community banks. |
Banking Deposits Liquidity Regulation Crisis |
HomebuildersHousing demand remains strong despite high mortgage rates. Existing homeowners reluctant to sell due to low mortgage rates, restricting supply and benefiting new home construction. NVR performed well in the quarter. |
Housing Mortgages Supply Construction Rates |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 21, 2026 | Fund Letters | Bretton Fund | AXP | American Express Company | Credit Services | Consumer Finance | Bull | New York Stock Exchange | AI disruption, consumer finance, credit cards, digital infrastructure, financial services, Fraud prevention, network effects, payment processing | Login |
| Feb 12, 2026 | Fund Letters | Stephen Dodson | UNH | UnitedHealth Group Incorporated | Health Care | Managed Health Care | Bull | New York Stock Exchange | cashflow, healthcare, Insurance, Integration, Managedcare | Login |
| Feb 12, 2026 | Fund Letters | Stephen Dodson | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, Autonomy, cloud, datacenter, monetization, Search | Login |
| Feb 12, 2026 | Fund Letters | Stephen Dodson | RVTY | Revvity, Inc. | Health Care | Life Sciences Tools & Services | Bear | New York Stock Exchange | Acquisitions, Biotech, Consumables, diagnostics, divestiture, research, spending | Login |
| Oct 22, 2025 | Fund Letters | Stephen Dodson | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, antitrust, cloud, Margins, Regulation, resilience | Login |
| Oct 22, 2025 | Fund Letters | Stephen Dodson | UNH | UnitedHealth Group | Health Care | Managed Health Care | Bull | NASDAQ | growth, healthcare, Insurance, management, Margins, Optum, recovery | Login |
| Jul 25, 2025 | Fund Letters | Bretton Fund | UNH | UnitedHealth Group Incorporated | Health Care | Health Care Plans | Bull | NYSE | DOJ investigation, health insurance, Leadership Change, Medicaid, Medicare Advantage, Repricing Strategy, turnaround, Value | Login |
| Feb 6, 2025 | Fund Letters | Bretton Fund | PGR | The Progressive Corporation | Financials | Property & Casualty Insurance | Bull | NYSE | Auto Insurance, market share, marketing strategy, Operational Agility, Post-Pandemic Recovery, Pricing power, Property & Casualty | Login |
| Feb 6, 2025 | Fund Letters | Bretton Fund | DFH | Dream Finders Homes, Inc. | Consumer Discretionary | Homebuilding | Bear | NASDAQ | Acquisitions, asset-light model, growth strategy, homebuilding, return on equity, Southeast Markets, Volatility Risk | Login |
| Feb 6, 2025 | Fund Letters | Bretton Fund | GOOGL | Alphabet, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI competition, digital advertising, information services, Revenue Growth, search engine, Streaming Video, valuation discount, YouTube | Login |
| Feb 6, 2025 | Fund Letters | Bretton Fund | AXP | American Express Co. | Financials | Consumer Finance | Bull | NYSE | Affluent Demographics, Brand Premium, consumer finance, Expense Control, Premium credit cards, Revenue Growth, Younger Cardholders | Login |
| Feb 6, 2025 | Fund Letters | Bretton Fund | UNH | UnitedHealth Group Incorporated | Health Care | Health Care Plans | Bull | NYSE | earnings growth, health insurance, Healthcare Management, Medicare Advantage, Regulatory risk, Structural positioning, valuation discount | Login |
| Feb 6, 2025 | Fund Letters | Bretton Fund | AZO | AutoZone, Inc. | Consumer Discretionary | Automotive Retail | Bull | NYSE | Automotive Aftermarket, Competitive Moats, international expansion, inventory management, retail, Return on capital, shareholder returns | Login |
| Feb 6, 2025 | Fund Letters | Bretton Fund | NVR | NVR, Inc. | Consumer Discretionary | Homebuilding | Bull | NYSE | capital efficiency, homebuilding, Interest Rate Resilience, margin expansion, market share, operating leverage, Share Buybacks | Login |
| Oct 24, 2024 | Fund Letters | Bretton Fund | PGR | The Progressive Corporation | Financials | Property & Casualty Insurance | Bull | NYSE | Auto Insurance, Data Analytics, financials, premium growth, Pricing power, Property & Casualty | Login |
| Oct 24, 2024 | Fund Letters | Bretton Fund | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Communication Services, compounding, earnings growth, High Multiple, Interactive Media, technology | Login |
| Jul 24, 2024 | Fund Letters | Bretton Fund | EXP | Eagle Materials, Inc. | Materials | Construction Materials | Bull | NYSE | Building Products, Cement, commodity, construction materials, Gypsum, Housing shortage, infrastructure, materials, Sun Belt, Wallboard | Login |
| Apr 23, 2024 | Fund Letters | Bretton Fund | UNH | UnitedHealth Group Incorporated | Health Care | Health Care Plans | Bull | NYSE | Capitated Model, cybersecurity, Defensive Moat, Health Care Plans, Healthcare services, Integrated Healthcare, market share gains, Medicare, Optum, Pharmacy Benefits | Login |
| Apr 21, 2023 | Fund Letters | Bretton Fund | AAPL|MSFT|NFLX|NVDA|UNH | UnitedHealth Group Incorporated | Health Care | Health Care Plans | Bull | NYSE | Aging demographics, Government Reimbursement, health insurance, Healthcare services, managed care, Medicare Advantage, Regulatory | Login |
| Apr 21, 2023 | Fund Letters | Bretton Fund | CNVRG PM | NVR, Inc. | Consumer Discretionary | Homebuilding | Bull | NYSE | homebuilder, Housing supply, mortgage rates, New Construction, Rate Lock-in, Real Estate, Supply Constraint | Login |
| Apr 21, 2023 | Fund Letters | Bretton Fund | JPM | JPMorgan Chase & Co. | Financials | Diversified Banks | Bull | NYSE | Banking Crisis, Deposit Flight, financial stability, market share gains, Megabank, Regulatory advantage, Systemically Important | Login |
| Apr 21, 2023 | Fund Letters | Bretton Fund | ABAC | Bank of America Corp. | Financials | Diversified Banks | Bull | NYSE | Banking Consolidation, Deposit Migration, interest rate risk, Megabank, Systemically Important, Unrealized Losses, well-capitalized | Login |
| TICKER | COMMENTARY |
|---|---|
| AXP | The largest detractor from performance this quarter was American Express, taking 1.4% off the fund, as it, along with fellow payment processors Visa and Mastercard, fell in value due to the perception that artificial intelligence would somehow replace them. American Express was our biggest detractor in the quarter due to concerns about AI replacing payment systems. American Express acts as both the payment system and the bank for their cardholders who carry balances. Other major contributors to performance in the quarter were American Express (+0.7%). |
| V | American Express, taking 1.4% off the fund, as it, along with fellow payment processors Visa and Mastercard, fell in value due to the perception that artificial intelligence would somehow replace them. Visa and Mastercard leave the customer credit function to their partner banks. |
| MA | American Express, taking 1.4% off the fund, as it, along with fellow payment processors Visa and Mastercard, fell in value due to the perception that artificial intelligence would somehow replace them. Visa and Mastercard leave the customer credit function to their partner banks. |
| GOOGL | Other underperformers this quarter were Alphabet (-1.4%) and Microsoft (-1.3%), as their stocks, along with much of the technology sector, cooled after a long run of outperformance. Alphabet's stock continued its surge in the fourth quarter when it released its latest version of its AI chatbot Gemini. Unlike its clumsy earlier attempts, Gemini exceeded expectations and was on par with leading AI models. |
| MSFT | Other underperformers this quarter were Alphabet (-1.4%) and Microsoft (-1.3%), as their stocks, along with much of the technology sector, cooled after a long run of outperformance. |
| ROST | On the plus side, our two best performers were old economy businesses selling goods in physical stores: Ross Stores (+1.1%) and TJX (+0.3%). In-person shopping for highly discounted, name-brand clothes continues to thrive. Other major contributors to performance in the quarter were Ross Stores (+0.8%). |
| TJX | On the plus side, our two best performers were old economy businesses selling goods in physical stores: Ross Stores (+1.1%) and TJX (+0.3%). In-person shopping for highly discounted, name-brand clothes continues to thrive. |
| AZO | The largest detractor was AutoZone, which reported disappointing margins from higher product costs, taking 1.5% from the fund. |
| DFH | Our housing investments also had a tough quarter: Dream Finders Homes took off 1.2% and Eagle Materials 0.5%. |
| EXP | Our housing investments also had a tough quarter: Dream Finders Homes took off 1.2% and Eagle Materials 0.5%. |
| BAC | Other major contributors to performance in the quarter were Bank of America (+0.4%). |
| UNH | With the exception of UnitedHealth, which we've discussed in recent letters, not much about our companies' economics has changed in the past year. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
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