Seeking Alphaยท2025-10-23 02:00Core Insights - The favorable antitrust ruling for Alphabet's Google has allowed the company to maintain its core search business, positively impacting its stock performance and contributing 3.1% to the fund this quarter [3] - UnitedHealth's stock rebounded after a significant decline earlier in the year, adding 0.9% to the fund, driven by optimistic comments from the new CEO and investment interest from Berkshire Hathaway [4] - Progressive was the largest detractor in the quarter, reducing performance by 0.5% due to concerns over lower interest rates affecting investment income [5] Performance Summary - The Bretton Fund achieved a return of 8.21% for the third quarter, outperforming the S&P 500 Index, which returned 8.12% [7] - Over the past year, the fund's return was 8.92%, while the S&P 500 Index returned 17.60% [7] - The fund's inception date was September 30, 2010, and it has delivered a 12.89% return since inception [7] Portfolio Composition - As of September 30, 2025, Alphabet Inc. constituted 11.51% of the fund's net assets, making it the largest holding [11] - Other significant holdings included AutoZone Inc. at 7.11% and The Progressive Corporation at 6.84% [11] - The fund also held positions in major companies like American Express, JPMorgan Chase, and UnitedHealth, each contributing to the overall portfolio diversity [11] Investment Actions - The fund sold its position in Union Pacific Corp after nearly 15 years, achieving a 13% annualized internal rate of return [14] - The decision to sell was influenced by concerns over a pending acquisition that could dilute shareholder value and distract management from core operations [15]