Bread & Butter Fund

C000033136 Fund Overview

Bread & Butter Fund is a US mutual fund managed by Bread & Butter Fund Inc., categorised as Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Bread & Butter Fund Inc.
• Category: Bond
• Assets under management: $1.23M
• SEC CIK: 0001317119
• SEC series ID: S000012146
• Share class ID: C000033136

C000033136 Investment Objective and Strategy

Bread & Butter Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Bread & Butter Fund Inc..

Investment objective

Bread & Butter Fund, Inc. (The Fund) investment objective is to seek long-term capital appreciation.

Principal investment strategy

The Fund will adhere to a Contrarian/Value Investment Strategy which focuses on investing primarily in small, medium and large capitalization common stocks, both domestic and foreign, which are out of favor and undervalued. In addition, the Fund can invest in undervalued securities across the capital structure in investment and below investment grade corporate and government bonds, preferred stock and REITs. The Fund is non-diversified so it generally may invest in 15 to 40 securities. We believe that the price you pay matters to your long term rate of return. We find the best values are found in securities that are out of favor due to negative sentiment and or controversy which clouds the future outlook of an industry or sector. Simply, the Contrarian Value Investment Strategy is a process with a set of checks and balances which focuses on the best values presented by the market and avoids the hot sectors or bubble stocks of the day.

The Contrarian Value Investment Strategy uses a quantitative and qualitative discipline to determine if a security is an undervalued and an attractive long term investment. The first part of the process is to seek out those investments that trade at a discount to the following characteristic(s): Free-cashflow/cashflow Book Value or replacement cost of assets Current as well as anticipated future levels of earnings Private Market Values/Franchise Value Then the undervalued securities are put through a qualitative four step process to determine the most attractive investments. The process includes: 1. Complete Financial Statement Analysis/Financial Integrity - an in-depth analysis of the financial statements. 2. Industry Dynamics - The Adviser will analyze the current competitive landscape and fundamentals within the Industry.

3. Overall Management Strategy - The Adviser searches for high quality management teams that make prudent operating and capital allocation decisions to grow the underlying value of the business. 4. Analyst Sentiment usually neutral to negative at the time of purchase. Once a position is acquired, constant research and monitoring follow throughout the holding period or until the security is liquidated. We will sell a security for the following reasons: the security becomes fair to overvalued, the initial assumptions regarding a security are invalid or inaccurate and we replace the security with a more attractive one.

C000033136 Costs and Fees

C000033136 costs about $201 per $10,000 invested per year in fund expenses.

• Net expense ratio: 2.01%
• Gross expense ratio: 2.89%
• Portfolio turnover: 17%
• Brokerage commissions: 0.77 bps of average net assets (SEC N-CEN)

C000033136 Cashflows

Over the 12 months to 2020-06, Bread & Butter Fund had net outflows of $93.97K, from monthly SEC N-PORT filings.

C000033136 Debt Constituents

No individual debt constituents are reported in Bread & Butter Fund's latest SEC N-PORT filing.

C000033136 Prospectus and SEC Filings

Official Bread & Butter Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-05-01
• Prospectus (485BPOS) — filed 2019-04-29
• Prospectus (485BPOS) — filed 2018-05-01
• Portfolio holdings (N-PORT) — filed 2020-08-12
• Portfolio holdings (N-PORT) — filed 2020-05-11
• Annual census (N-CEN) — filed 2020-03-05
• Annual census (N-CEN) — filed 2019-03-08

Related Funds

Other Bond funds tracked on ABC INVEST:

• Great-West T. Rowe Price Equity Income Fund (MXTQX)
• Absolute Return Currency Fund (JCUAX)
• ICON Flexible Bond Fund (IOBCX)
• Tributary Growth Opportunities Fund (FOGRX)
• Oakhurst Fixed Income Fund (FWFIX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.