LongUNHJul 2026
UnitedHealth Group Incorporated
UnitedHealth suffered a severe drawdown after unexpectedly high healthcare usage and a push into unprofitable business damaged results. Management has responded by raising rates…
Bretton Fund / Bretton Capital Management, LLC
Concentrated value-oriented long-only equity investing with a long time horizon and a focus on securities trading below intrinsic value.$127M AUM3 published ideas
Bretton Fund is a non-diversified mutual fund managed by Bretton Capital Management, LLC and focused on long-term capital appreciation. The portfolio is concentrated in the managers' best ideas and is not managed to mimic a benchmark or conventional style box.
Ideas from Bretton Fund / Bretton Capital Management, LLC
LongSAPJul 2026
SAP SE
Bretton believes fears that AI will broadly displace enterprise software have created an attractive entry point in SAP. SAP's software is deeply embedded in complex…
LongCSU.TOJul 2026
Constellation Software Inc.
Constellation Software acquires small vertical-market software businesses at low prices and uses their cash flows to fund additional acquisitions. Bretton believes these niche…
Letters covered
- 2026 Q2 Shareholder LetterJuly 30, 2026
Source PDFs are not republished here; only extracted ideas and quotes.