Bretton Fund Expects Dream Finders Homes (DFH) to be Poised to Deliver Good Returns

Fund Performance - Bretton Fund returned 1.44% in Q4 2025, underperforming the S&P 500 Index which returned 2.66% [1] - For the full year 2025, the Fund achieved a return of 11.58%, compared to 17.88% for the S&P 500 Index [1] Market Outlook - The firm does not view the overall market as being in bubble territory but considers it to be modestly elevated [1] - The Fund is willing to reduce speculative elements of the AI boom, even if it results in temporary underperformance during strong market phases [1] Company Focus - The Fund highlighted Dream Finders Homes, Inc. (NYSE:DFH) as a key stock, which focuses on designing and selling single-family homes and custom homes [2] - As of March 04, 2026, Dream Finders Homes, Inc. had a stock price of $17.57, with a one-month return of -7.53% and a 52-week loss of 29.52% [2] - Dream Finders Homes, Inc. has a market capitalization of $1.63 billion [2] Housing Market Analysis - Initially, home builders like Dream Finders Homes, Inc. performed well despite rising interest rates in 2022 due to reduced competition from existing homeowners [3] - However, sustained high interest rates and expectations for lower rates led to a weak housing market, with existing home sales at one of the lowest percentages on record [3]