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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Bretton Fund returned 11.58% in 2025, underperforming the S&P 500 as it maintained a disciplined avoidance of speculative AI tech names and suffered from UnitedHealth's margin compression, while holding strong conviction in housing and core financial leaders."
In its 2025 letter, Bretton Fund reported a 4th Quarter return of 1.44% and a full-year return of 11.58%, lagging the S&P 500 Index's 2.66% and 17.88% returns. The underperformance was primarily driven by its avoidance of speculative AI stocks and a major decline in UnitedHealth Group (-1.1% portfolio impact), which suffered from unexpectedly high medical costs. Top performing contributors included Alphabet (+65% return), American Express (+26%), and JPMorgan Chase (+37%). The fund exited its positions in Revvity (-5.90% IRR) and Union Pacific (+13.0% IRR). Housing-related investments (NVR, Dream Finders, Eagle Materials) struggled due to high interest rates, but the fund maintains conviction due to historic pent-up demand and lack of inventory.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The Bretton Fund returned 11.58% in 2025, underperforming the S&P 500 as it maintained a disciplined avoidance of speculative AI tech names and suffered from UnitedHealth's margin ...
Growth Outlook
Market outlook remains above average conviction: The Bretton Fund returned 11.58% in 2025, underperforming the S&P 500 as it maintained a disciplined avoidance of speculative AI tech names and suffered from UnitedHealth's margin ...
Risk Appetite
Risk appetite posture is moderate conviction: The Bretton Fund returned 11.58% in 2025, underperforming the S&P 500 as it maintained a disciplined avoidance of speculative AI tech names and suffered from UnitedHealth's margin ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Bretton Fund returned 11.58% in 2025, underperforming the S&P 500 as it maintained a disciplined avoidance of speculative AI tech names and suffered from UnitedHealth's margin ...
Forward Guidance
Forward guidance signal: The Bretton Fund returned 11.58% in 2025, underperforming the S&P 500 as it maintained a disciplined avoidance of speculative AI tech names and suffered from UnitedHealth's margin ...
Language Signal
Tone analysis indicates above average conviction language: The Bretton Fund returned 11.58% in 2025, underperforming the S&P 500 as it maintained a disciplined avoidance of speculative AI tech names and suffered from UnitedHealth's margin ...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Bretton Fund returned 11.58% in 2025, underperforming the S&P 500 as it maintained a disciplined avoidance of speculative AI tech names and suffered from UnitedHealth's margin ...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Bretton Fund returned 11.58% in 2025, underperforming the S&P 500 as it maintained a disciplined avoidance of speculative AI tech names and suffered from UnitedHealth's margin ...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Bretton Fund returned 11.58% in 2025, underperforming the S&P 500 as it maintained a disciplined avoidance of speculative AI tech names and suffered from UnitedHealth's margin ...
