Now Available — 2018 Year-End Capital Gains Distribution Estimates (updated 11/29/18)

Managing Expectations in a Bear Market

It’s a conversation no one – client or advisor – wants to have.

Various factors, including increasing volatility, a softening housing market, risks of a trade war, and the sheer length of this nearly decade-long bull market, suggest a major correction or recession could be near.

Why Invest Internationally Now?

In this updated report, we discuss current trends in the global economy and identify new opportunities for potentially increasing international equity allocations in investor portfolios.

Discover why we believe now is the time for investors to rethink their international equity exposure.

Better Days Ahead for Active Management

“How Active Strategies Can Potentially Deliver Over a Full Market Cycle”

Much has been made about the death of active strategies. The reality is: active investing has evolved. Many financial advisors today are using active strategies, seeking to add incremental return while reducing downside risk.

3 Conversations During Market Volatility

After a long and fairly peaceful run, the stock market has been on a roller-coaster ride thus far in 2018.

This new white paper will help guide investors through 3 very important conversations during these volatile times.

As of December 14, 2018
FUNDTICKERNAVCNG ($) CNG (%)YTD (%)
DISCOVERYBUFTX$23.16$-0.36-1.53%-4.38%
DIVIDEND FOCUSBUFDX$16.28$-0.27-1.63%-1.39%
EMERGING OPPORTUNITIESBUFOX$15.09$-0.17-1.11%-3.39%
FLEXIBLE INCOMEBUFBX$14.61$-0.28-1.88%-4.05%
GROWTHBUFGX$29.98$-0.62-2.03%2.92%
HIGH YIELDBUFHX$10.69$-0.01-0.09%-0.63%
INTERNATIONALBUFIX$13.76$-0.23-1.64%-7.71%
LARGE CAPBUFEX$29.36$-0.52-1.74%1.14%
MID CAPBUFMX$13.01$-0.23-1.74%-4.41%
SMALL CAPBUFSX$14.52$-0.33-2.22%-0.95%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted, quarter-end performance can be obtained here, and month-end performance can be obtained here.

Featured Articles


Diversification does not assure a profit, nor does it protect against a loss in a declining market.

Active investing has higher management fees because of the manager’s increased level of involvement while passive investing has lower management and operating fees. Investing in both actively and passively managed mutual funds involves risk and principal loss is possible. Both actively and passively managed mutual funds generally have daily liquidity. There are no guarantees regarding the performance of actively and passively managed mutual funds. Actively managed mutual funds may have higher portfolio turnover than passively managed funds. Excessive turnover can limit returns and can incur capital gains.

Featured Funds


Discovery Fund

Total Assets $2.14 Billion  (9/30/18)
Expense Ratio 1.02%
Benchmark Morningstar U.S. Mid Growth

International Fund

Total Assets $295.98 Million  (9/30/18)
Expense Ratio 1.05%
Benchmark Morningstar Global Markets ex-US

Small Cap Fund

Total Assets $598.49 Million  (9/30/18)
Expense Ratio 1.01%
Benchmark Morningstar U.S. Small Growth

A Note From Our Founder

We believe active portfolio management leads to superior wealth creation and better risk-adjusted results over time. Our investment approach combines top-down trend analysis with bottom-up fundamental company research and then applies a strict valuation discipline to security selection.

The core of our organization is driven by a working philosophy which stresses a team-based investment management structure, independent thinking, in-depth and in-house research, and a long-term focus.

We invest alongside our clients and mutual fund shareholders and have a pride of independent ownership.

~ John C. Kornitzer, Founder Buffalo Funds

About Us

Learn more about the Buffalo Funds…

10 no-load mutual funds
representing a full range of capitalization size
and growth and income options

The Buffalo Funds are a family of 10 actively-managed mutual funds, which provide a variety of long-term investment options for our shareholders. We believe patient investing, backed by solid, intelligent research, can be the best way to achieve long-term financial rewards. Whether your investment goal is to grow your wealth, preserve wealth, or generate income, we believe there’s a Buffalo fund to help get you there.

While the funds are no-load, management and other expenses still apply. Please refer to the prospectus for further details.

Discovery Fund

Total Assets $2.14 Billion  (9/30/18)
Expense Ratio 1.02%
Benchmark Morningstar U.S. Mid Growth

Dividend Focus Fund

Total Assets $61.34 Million  (9/30/18)
Expense Ratio 0.95%
Benchmark Morningstar U.S. Large-Mid Cap

Flexible Income Fund

Total Assets $702.26 Million  (9/30/18)
Expense Ratio 1.01%
Benchmark 60% Morningstar U.S. Large Cap / 40% ICE BofAML U.S. High Yield

Growth Fund

Total Assets $209.33 Million  (9/30/18)
Expense Ratio 0.91%
Benchmark Morningstar U.S. Growth

High Yield Fund

Total Assets $206.94 Million  (9/30/18)
Expense Ratio 1.03%
Benchmark ICE BofAML U.S. High Yield

International Fund

Total Assets $295.98 Million  (9/30/18)
Expense Ratio 1.05%
Benchmark Morningstar Global Markets ex-US

Large Cap Fund

Total Assets $71.23 Million  (9/30/18)
Expense Ratio 0.94%
Benchmark Morningstar U.S. Large Growth

Mid Cap Fund

Total Assets $151.84 Million  (9/30/18)
Expense Ratio 1.02%
Benchmark Morningstar U.S. Mid Growth

Small Cap Fund

Total Assets $598.49 Million  (9/30/18)
Expense Ratio 1.01%
Benchmark Morningstar U.S. Small Growth

Fundamental Approach

We get to know the companies we invest in and learn how they run their business.

Top-Down & Bottom-Up

We identify Top-Down broad, secular growth trends and search for companies from the Bottom-Up.

Proprietary Philosophy

We construct our portfolios based on our own proprietary investment strategy.

Disciplined Investing

Sticking to our disciplined investment strategy ensures we maintain a consistent, balanced approach.