Bretton Fund’s Views on NVR (NVR)

Group 1: Fund Performance - Bretton Fund returned 1.44% in Q4 2025 compared to 2.66% for the S&P 500 Index [1] - For the full year 2025, the Fund returned 11.58% versus 17.88% for the Index [1] - The firm views the overall market as modestly elevated but not in bubble territory [1] Group 2: NVR, Inc. Overview - NVR, Inc. (NYSE:NVR) is a home builder with a market capitalization of $20.589 billion [2] - As of March 04, 2026, NVR, Inc. stock closed at $7,251.27 per share, with a one-month return of -9.86% and a 52-week loss of 3.25% [2] Group 3: Market Conditions Impacting NVR, Inc. - High interest rates since 2022 have led to a weak year for housing, with existing home sales at one of the lowest percentages on record [3] - Initially, NVR, Inc. held up well as fewer existing homeowners wanted to move due to low locked-in rates, but demand eventually waned [3] Group 4: Hedge Fund Interest - NVR, Inc. is not among the 40 Most Popular Stocks Among Hedge Funds, with 50 hedge fund portfolios holding the stock at the end of Q4, up from 46 in the previous quarter [4] - While NVR, Inc. has investment potential, certain AI stocks are viewed as offering greater upside potential and less downside risk [4]