CP - Bretton Fund's Semi-Annual Report H1 2021 To Shareholders

• The Bretton Fund is a mutual fund following a concentrated, value strategy. We seek to invest in securities for considerably less than they’re worth, focusing only on our best ideas, and maintain a long-time horizon to realize gains.
• Bretton Fund generated 17.04% during first half of 2021, compared to 15.25% return for S&P 500 Index during the same period.
• While valuations are a bit stretched and there are still some pockets of ill-advised euphoria, we are modestly optimistic and are still finding some compelling areas of the market. We initiated an investment in homebuilder Dream Finders Homes.
• As investors became more optimistic about a recovery, American Express shares increased 17% and contributed 0.8% to the fund. S&P Global and Microsoft each contributed 0.7%.

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