Fund Evaluator:
Bretton Fund (BRTNX)
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Best Performing in Large Blend Over the Last Year
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Fund Details
Bretton Fund Overview
Bretton Fund (BRTNX) is an actively managed U.S. Equity Large Blend fund. Bretton Fund launched the fund in 2010.
The investment seeks long-term capital appreciation. The fund seeks to achieve long-term capital appreciation by investing in a small number of undervalued securities. It invests primarily in common stocks of companies of all sizes. The fund may also invest in other types of equity securities, as well as fixed income securities. It will normally hold a core position of between 15 to 20 securities. The fund may invest a significant portion of its assets in a particular sector. It is non-diversified.
About Bretton Fund (BRTNX)
There are 2 members of the management team with an average tenure of 13.47 years: Stephen Dodson (2010), Raphael de Balmann (2015). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Bretton Fund has 19 securities in its portfolio. The top 10 holdings constitute 68.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Bretton Fund is part of the Equity global asset class and is within the U.S. Equity fund group. Bretton Fund has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.6%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Bretton Fund has 2.4% of the portfolio in cash.
Assets Under Management
The fund has $126 million in total assets, which is below the $6 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BRTNX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Bretton Fund expense ratio is high compared to funds in the Large Blend category. Bretton Fund has an expense ratio of 1.35%, which is 67% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Bretton Fund has a portfolio turnover rate of 3%, indicating that holds its assets around 0.3 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.
Recently, in the month of June 2026, Bretton Fund returned 1.8%, which earned it a grade of A, as the Large Blend category had an average return of -0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Bretton Fund has a trailing yield of 0.00%, which is below the 0.56% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Bretton Fund Grades
Year to date, the fund has returned 0.6%, 8.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 10.5% over the past year (grade of F), 15.2% over the past three years (grade of F) and 10.7% per year over the past five years (grade of D) and 13.8% per year over the past 10 years (grade of D).
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BRTNX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BRTNX Return (NAV) | 1.8% | 10.7% | 10.5% | 15.2% | 10.7% | 13.8% |
| BRTNX Grade | A | F | F | F | D | D |
| +/- Category | 2.0% | -3.1% | -9.0% | -3.3% | -0.9% | -0.3% |
| Large Blend Avg | -0.2% | 13.8% | 19.5% | 18.5% | 11.6% | 14.1% |
| BRTNX Tax Cost Ratio | na | na | 0.4% | 0.2% | 0.3% | 0.2% |
BRTNX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BRTNX Return (NAV) | 0.6% | 11.6% | 20.3% | 28.9% | -12.6% | 27.8% | 8.4% | 35.4% | -1.9% | 18.2% | 10.7% |
| BRTNX Grade | F | F | D | A | A | B | F | A | A | F | C |
| +/- Category | -8.4% | -4.3% | -1.9% | 5.2% | 4.7% | 1.2% | -9.1% | 5.6% | 4.0% | -3.1% | 0.4% |
| Large Blend Avg | 9.0% | 15.9% | 22.1% | 23.7% | -17.3% | 26.5% | 17.5% | 29.8% | -5.9% | 21.3% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 13.9% |
| Total Risk Index: | 1.14 - Above Average |
| Category Risk Index: | 1.05 - High |
| Category Risk Grade: | F (80% Rank) |
| Beta: | 0.85 |
| R-Squared: | 64% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $126 Mil |
| Fund Total Assets: | $ 127 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 4% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 15.8 years | |||
| Average Tenure: 13.5 years | |||
| Managers (Year): Dodson Stephen (2010), de Balmann Raphael (2015) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 19 |
| % in Top 10 Holdings: | 68.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 97.6% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.4% |
Purchase Information
| Fund Family: | Bretton Fund |
| Phone Number: | 800-231-2901 |
| Website: | www.brettonfund.com |
| Status: | Open |
| Inception Date: | September 30, 2010 |
| Min. Initial Purchase: | $2,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.35% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.81% |
| Share Class: | Bretton Fund |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
