Bretton Capital Management, an investment management company, has issued a fourth quarter 2025 investor letter for the ‘Bretton Fund’. A copy of the letter can be downloaded here. Britton’s 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 about a possible bubble in artificial intelligence, the company as a whole market is not in the bubble area at this stage but modestly high. Given the fund’s long-term perspective, it is acceptable to reduce the other speculative elements of the AI boom, which may resemble a bubble, even if it leads to a temporary pause during a strong market phase. The fund focuses on value sectors that will provide good returns over the long term. Please review the fund’s top five holdings for 2025 to gain insight into their key picks.
In a 2025 Q4 investor letter, Britton Fund highlighted stocks like UnitedHealth Group Inc. (NYSE: UNH ). UnitedHealth Group Incorporated (NYSE: UNH) is a multinational health benefits company based in Eden Prairie, Minnesota. On March 03, 2026, UnitedHealth Group Inc. (NYSE:UNH) stock closed at $289.21 per share. UnitedHealth Group Inc. (NYSE:UNH)’s one-month return was 4.82%, and its shares lost 39.24% over the past 52 weeks. UnitedHealth Group Inc. (NYSE: UNH ) has a market capitalization of $261.978 billion.
Britton Fund said the following about UnitedHealth Group Inc. (NYSE: UNH ) in its fourth quarter 2025 investor letter:
“There was a real loss to the fund this year United Health Group Incorporated (NYSE: UNH ), impacted performance by -1.1%, when health care costs unexpectedly rose for enrollees. UnitedHealth 2025 was a disaster. The year began in February with a letter that the Justice Department launched an investigation into the company’s Medicare Advantage (MA) coding practices. In March, it actually won a MA encryption case involving the Obama administration, but it was a good reminder that investigations are easier to start than to win.
