How does WPOPX compare with BRTNX?
They appear to operate in a similar space.
Thanks.
Mona

Reply to @Ted: Come on Brother Ted. You're not allowed to say: "Even though the fund will only be three years old, 9/30/13, it trails it's benchmark..." Then, quote a one-year metric.
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:

Reply to @Charles: I not trying to 'Data Mine' YTD the fund is OK, but 1-year returns indicate the following.
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;

Reply to @andrei: Even though the fund will only be three years old, 9/30/13, it trails it's benchmark, and like VintageFreak it's hard for me to get excited about BRTNX. I have a standard rule, never consider a fund until it's a least three years old.
Regards,
Ted
Lipper Snapshot BRTNX: http://www.marketwatch.com/investing/fund/brtnx

During the same time period, AKRIX beats BRTNX hands down, with smaller volatility.

Reply to @VirtueRunsDeep: BRTNX Availability From M*
Regards,
Ted
Brokerage Availability
BRTNX
DailyAccess Corporation Matrix TD Ameritrade Trust Company
DailyAccess Corporation RTC Vanguard TF
Pershing FundCenter

Steady as she goes, BRTNX.

In the September commentary, David recommended we read Mr. Dodson's latest letter to Bretton Fund BRTNX shareholders:

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.

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:

Similarly, suspect it will receive high number of stars (at least four, maybe five) from Morningstar. Here's how it plots against current 5 star gold-rated fund FMIMX:

BRTNX is one of my favorite young funds. Hopefully, the recognition (and new availability at Vanguard) will help grow AUM enabling Mr. Dobson to reduce ER.
It was first profiled by David in February 2012.

Hi, Bitzer!
If by "defensive" you mean "weakly correlated to the stock market," you might benefit by thinking about how equity-oriented funds minimize their correlation.
Some choose to short individual stocks, which allows them to maintain an effective (called "net") exposure that might be in the 40-60% range. Representative of such funds is ASTON/River Road Long-Short (ARLSX), LS Opportunity (LSOFX), RiverPark Long-Short Opportunities (RLSFX) and Wasatch Long-Short (FMLSX).
Some choose to sell options which generate income and rise in value, generally, when volatility is climbing. Representative of such funds is RiverNorth Dynamic Buy-Write (RNBWX), RiverPark Gargolye Hedged Value (RGHVX) and Bridgeway Managed Volatility (BRBPX).
Some choose to maintain high cash balances when the market does not represent a screaming buy. Representative funds include Bretton Fund (BRTNX), Cook and Bynum (COBYX), Pinnacle Value (PVFIX), all of the F P A funds (including Crescent and International Value), and Tilson Dividend (TILDX).
Some, of course, have hybrid stock/bond portfolios. I'd be cautious there about anything holding a bond portfolio with a maturity of more than five years. You could do worse than a fund like Greenspring (GRSPX) or Osterweis Strategic Investment (OSTVX).
Each approach has its special drawbacks and none are pure magic, but any of the strategies might work to help you find a long-term holding that you might choose to enlarge when your anxiety climbs.
For what it's worth,
David

Since David's focused some attention on Stephen Dodson's concentrated equity fund BRTNX, I thought I'd pass along that it's now available with a TF at Vanguard, minimum $5k taxable and $1k IRA. (As usual, you avoid the horrors of the Vanguard 6-month redemption fee with a TF fund.)

I've followed BRTNX a bit ... kinda like it, but no place in the portfolio for it unless I really got to be a serious collector. Max, I guess you picked up on the family ties between Bretton and the Parnassus gang ... think I recall you're invested with them now (?).

http://portfolios.morningstar.com/fund/holdings?t=BRTNX&region=USA&culture=en-us
17 holdings. Yes, that's all. And THREE are RAILROADS. CSX, Norfolk Southern, Union Pacific. (I read David's thing about this fund and was looking under the hood.) BRTNX.

Not surprised David. I do agree with your two answers. BRTNX, COBYX, GOODX also come to mind.

Reply to @MaxBialystock:
And the manager and family own nearly 70% of the fund.Unfortunately the fund is currently not available at Fidelity, Schwab or TD Amer.Probably why asset base is so small.David did a good job of profiling BRTNX this past week.
From the SAI, dated May 1,2013
CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES
A principal shareholder is any person who owns (either of record or beneficially) 5% or more of the
outstanding shares of the Fund. A control person is one who owns, either directly or indirectly, more than
25% of the voting securities of the Fund or acknowledges the existence of such control. As a controlling
shareholder, each of these persons could control the outcome of any proposal submitted to the
shareholders for approval, including changes to the Fund's fundamental policies or the terms of the
management agreement with the Adviser. As of April 15, 2013, each of the following shareholders was
considered to be either a control person or principal shareholder of the Fund:
Name and Address Shares Percent Ownership Type of Ownership
Stephen Dodson
870 Market St, Suite 417, San
Francisco, CA 94102
110,220.73 40.36% Beneficial
Thao Dodson
338 Spear Street, Suite 39B
San Francisco, California 94105
76,540.23 28.03% Beneficial
As of As of April 15, 2013 the Trustees and Officers as a group did not own any of the outstanding shares
of the Fund.

BRTNX. Just looked at that. Unique, concentrated, as you say. Holding just 16 stocks right now. Holding LOTSA cash. Looks certainly DISCIPLINED, focused.....

After a little digging for funds with more domestic focus, identified three MPGFX peers (multi-cap funds that generally invest in US companies, though they may invest in foreign securities) with comparable long-term results. All currently listed at 0% foreign stocks.
LKEQX - $2k minimum, most holdings of the group, $250M in fund
MXXVX - $10k minimum, non-diversified (22 holdings), bumpier ride, $570M in fund
BUFGX - $2.5k minimum, nearly fully invested, $500M in fund
By the way, BRTNX might fit, too. Multi-cap, all US, but much more concentrated (16 holdings) and a small, young fund - still holding a lot of cash.

Hi, guys.
Thought I'd remind folks that the call with Steve Dodson of Bretton Fund is this evening, from 7:00 - 8:00 Eastern. I'll follow the usual path: I'll say "hi" for a couple minutes, Steve will take 15-20 to walk through the fund's genesis and strategy, I'll ask questions for 15-20 and then we'll open the lines to listener questions.
Tiny fund, quite concentrated, fairly large cash stake, strong absolute returns since launch, variable relative ones. Steve's an interesting guy - bright, articulate, widely-traveled with broad industry experience. You might enjoy the chance to chat.
It is, as always, free and simple: register through Chorus Call then dial-in on at 800-number this evening.
Too, if you have questions for Steve but won't be able to join in, just let me know and I'll pass them along.
As ever,
David

I know.....his age is the ONLY reason why I didn't invest. I wish that the Bretton Fund BRTNX was offered with more online brokers.

I'll just register a vote for the conference call approach to digging into newer, interesting, and innovative funds-- that is, if it's worth David's time considering the number of participants. The board's had a number of mentions of funds like that recently, so there'd be a pretty good menu to draw from. I'm recalling Whitebox, ARLSX, BRTNX, and RWGFX, just off the top of the cabeza here.
If it turns out not to be worth the time to do the calls as a regular feature, the interview approach David used for SFGIX would be great too.

Little fund getting some more favorable recognition.
Nice article in Reuters:
http://www.reuters.com/article/2012/08/09/us-bretton-dodson-idUSBRE87814D20120809
Recall recent post:
http://www.mutualfundobserver.com/discussions-3/#/discussion/3691