Bretton fund
Our archive holds 8 letters from Bretton fund, behind 3 investment theses and positions in 9 companies. Every quote below is copied verbatim from the letter it came from.
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Performance
as of Jun 30, 2026 · net of fees · USD
- 1Y+10.5%index +22.3%
- 3Y · /yr+15.2%index +20.6%
- 5Y · /yr+10.7%index +13.4%
- 10Y · /yr+13.8%index +15.5%
- Inception · /yr+12.4%index +14.8%
Index: S&P 500 Index
| 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|
| Bretton Fund | +10.5% | +15.2% | +10.7% | +13.8% | +12.4% |
| S&P 500 Index | +22.3% | +20.6% | +13.4% | +15.5% | +14.8% |
These figures are copied from the manager’s latest letter, as of Jun 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What they bought and sold · 3 moves
- New positionSAP SEJune 2026
“The indiscriminate selling allowed us to add two new positions this quarter: SAP and Constellation Software.”
Read the letter - New positionConstellation Software, IncJune 2026
“The indiscriminate selling allowed us to add two new positions this quarter: SAP and Constellation Software.”
Read the letter - June 2026
“We bought more after the stock tanked, and it has since rebounded, returning 37% over the past year and 80% off its lows.”
Read the letter
Companies held · 9
Every company Bretton fund has disclosed a position in across our archive, with the letter that last mentioned it.
- Alphabet Inc.Jun 2026
- American Express CompanyJun 2026
- AutoZone Inc.Jun 2026
- Berkshire Hathaway Inc.Jun 2026
- Berkshire Hathaway Inc.Jun 2026
- Constellation Software, IncJun 2026
- SAP SEJun 2026
- TJX Companies Inc.Jun 2026
- UnitedHealth Group IncorporatedJun 2026
Theses · 3
- June 2026
SAP SE is the largest enterprise software company, viewed as durable in mission-critical systems, with AI helping productivity, margin expansion, and an attractive valuation.
Read the full thesis - June 2026
Constellation Software, Inc. buys niche software businesses at low prices and compounds cash flow, and the fund sees it as relatively insulated from AI with attractive valuation and growth.
Read the full thesis - June 2025
UnitedHealth Group is a strong investment opportunity with a solid track record and attractive valuation, despite current challenges and risks.
Read the full thesis
Letter archive · 8
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