Bretton Capital Management, an investment management company, released the “Bretton Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. Bretton Fund returned 1.44% in Q4 2025 compared to 2.66% for the S&P 500 Index. In 2025, the Fund returned 11.58% compared to 17.88% for the Index. Although the market fluctuates daily between excitement and concern regarding a potential bubble in artificial intelligence, the firm views the overall market as not in bubble territory at this stage but is modestly elevated. Given the Fund’s long-term perspective, it is acceptable to reduce more speculative elements of the AI boom, which might resemble a bubble, even if this leads to a temporary lag during strong market phases. The Fund is focusing on areas of value that will provide good returns over the long term. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, Bretton Fund highlighted stocks like UnitedHealth Group Incorporated (NYSE:UNH). UnitedHealth Group Incorporated (NYSE:UNH) is a multinational health benefits company based in Eden Prairie, Minnesota. On March 03, 2026, UnitedHealth Group Incorporated (NYSE:UNH) stock closed at $289.21 per share. One-month return of UnitedHealth Group Incorporated (NYSE:UNH) was 4.82%, and its shares lost 39.24% over the past 52 weeks. UnitedHealth Group Incorporated (NYSE:UNH) has a market capitalization of $261.978 billion.
Bretton Fund stated the following regarding UnitedHealth Group Incorporated (NYSE:UNH) in its fourth quarter 2025 investor letter:
“The main hit to the fund this year was UnitedHealth Group Incorporated (NYSE:UNH), impacting performance by -1.1%, when health costs for its enrollees surged unexpectedly. UnitedHealth had a disastrous 2025. The year began with a leak in February that the Department of Justice had launched an investigation into the company’s Medicare Advantage (MA) coding practices. In March, it actually won an MA coding case dating back to the Obama Administration, but it was a good reminder that investigations are easier to start than to win.
