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I believe that next month will mark three years since BRTNX launched. Looking at the risk/return numbers through August, unless we get surprised, I predict it will be an MFO Great Owl when the ratings get updated through 3Q2013. Here are the numbers against other notables in (and out of) its current category over same period:Stephen recently posted his most recent letter to his shareholders. He does a nice job of walking folks through the core of his investing discipline with some current illustrations. The short version is that he’s looking for firms with durable competitive advantages in healthy industries whose stocks are selling at a substantial discount.
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Regards,
Ted
Brokerage Availability
BRTNX
DailyAccess Corporation Matrix TD Ameritrade Trust Company
DailyAccess Corporation RTC Vanguard TF
Pershing FundCenter
I like the combination of all-cap scope, concentrated portfolio and relatively low turnover. It seems like a similar strategy to Beck Mack & Oliver Partners BMPEX, which is profiled by David this month.
What makes me a little wary of Bretton are the relatively high expense ratio (1.50%) and very small asset size ($6.7 million) -- the latter of which makes me wonder if the fund will be sustainable. BMPEX, on the other hand, charges 1.00% on assets of $144 million.
http://screencast.com/t/BzHRABWANv
Hopefully 3 year record will drive some publicity and asset growth making fund sustainable, only after which I will put it on my watchlist.
Regards,
Ted
Lipper Snapshot BRTNX: http://www.marketwatch.com/investing/fund/brtnx
Regards,
Ted
One Year : http://finance.yahoo.com/echarts?s=BRTNX+Interactive#symbol=brtnx;range=1y;compare=^gspc+^mid+^w5000;indicator=volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;
YTD: http://finance.yahoo.com/echarts?s=BRTNX+Interactive#symbol=brtnx;range=ytd;compare=^gspc+^mid+^w5000;indicator=volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;
BRTNX beats its benchmark(s) over the past 35 months. And, come next month, I expect it will beat over past three years. In its current category, it should to be in top 20% based on risk adjusted return, specifically Martin ratio, earning Great Owl designation.
Fingers-crossed, it will receive high number of stars from M* next month as well, bringing the fund more well-deserved attention.
Here's M* performance plot from its inception:
And, MFO ratings updated through 3Q2013 puts it in the top risk adjusted group for all Mid-Cap Blend funds, earning it a 3 year Great Owl designation, as expected.
mid cap blend catagory:
Year To Date 82 %
1-Month 86 %
3-Month 100 %
6-Month 37 %
1-Year 96 %
3-Year 48 %
Annualized return is 16.6%. Ulcer Index only 2.8. Sharpe 1.4 and Martin an eye-watering 5.8.
Come on. At the 3 year milestone, its numbers look great.
Sure, no big drop in market 'cept late 2011 (thanks goodness), but I like Vintage's put: Hats off to Bretton at the milestone.