Growth & Income Fund
Quick Facts
| Investor | Institutional | |
| Ticker: | BUFDX | BUIDX |
| Daily Pricing: | ||
| As of 11/20/2024 | ||
| NAV: | $33.13 | $33.15 |
| $ Change: | $0.09 | $0.09 |
| % Change: |
0.27% | 0.27% |
| YTD: |
22.61% | 22.81% |
| Inception Date: | 12/3/2012 | 7/1/2019 |
| Expense Ratio: | 0.94% | 0.79% |
| Total Net Assets: | $164.79 Million (9/30/24) | |
| Morningstar Category: | Large Cap Blend | |
| Benchmark Index: | Russell 1000 | |
| Dividend Distribution: | Quarterly | |
|
Related Material: Fund Fact Sheet Q3 2024 PM Commentary Q3 2024 Portfolio Manager Q&A |
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FUND OBJECTIVE & INVESTMENT PROCESS
The investment objective of the Buffalo Growth & Income Fund is primarily current income, with long-term growth of capital as a secondary objective.
To pursue its investment objective, the Fund invests in dividend-paying equity securities, consisting of domestic common stocks, preferred stocks, and convertible securities. During normal market conditions, at least 80% of the Fund’s assets will be invested in dividend-paying equity securities, companies that declare and pay cash dividends on at least an annual basis.
While the Fund may invest in securities of companies of any size, the Fund managers expect the majority of common stocks purchased will be of large-cap companies, those with market capitalizations in excess of $10 billion at the time of initial purchase.
We are focused on buying dividend-paying companies that can have sustainable competitive advantages, generate strong return on capital and free cash flow, have conservative balance sheets, and have great management teams.
We seek to buy these companies at reasonable valuations and believe that holding them for the long-term will generate favorable risk adjusted returns.
Paul Dlugosch, Portfolio Manager
Morningstar Rating
Overall Morningstar Rating™ of BUFDX based on risk-adjusted returns among 1,288 Large Blend funds as of 10/31/24.
Performance (%)
| As of 10/31/24 | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Inception |
|---|---|---|---|---|---|---|---|
| BUFFALO GROWTH & INCOME FUND - Investor | 3.83 | 17.47 | 32.36 | 9.29 | 14.09 | 11.46 | 13.18 |
| BUFFALO GROWTH & INCOME FUND - Institutional | 3.83 | 17.63 | 32.53 | 9.44 | 14.25 | 11.63 | 13.35 |
| Russell 1000 Index | 3.83 | 20.33 | 38.07 | 8.12 | 15.00 | 12.75 | 14.40 |
| S&P 500 Index | 3.66 | 20.97 | 38.02 | 9.08 | 15.27 | 13.00 | 14.58 |
| As of 9/30/24 | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Inception |
|---|---|---|---|---|---|---|---|
| BUFFALO GROWTH & INCOME FUND - Investor | 7.14 | 17.61 | 30.71 | 11.23 | 14.42 | 11.98 | 13.29 |
| BUFFALO GROWTH & INCOME FUND - Institutional | 7.18 | 17.77 | 30.88 | 11.39 | 14.59 | 12.14 | 13.46 |
| Russell 1000 Index | 6.08 | 21.18 | 35.68 | 10.83 | 15.64 | 13.10 | 14.58 |
| S&P 500 Index | 5.89 | 22.08 | 36.35 | 11.91 | 15.98 | 13.38 | 14.78 |
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BUFFALO GROWTH & INCOME FUND - Investor | 23.93 | 20.81 | 0.13 | 12.06 | 18.02 | -5.05 | 27.66 | 16.64 | 20.97 | -8.75 | 20.06 |
| BUFFALO GROWTH & INCOME FUND - Institutional | 24.12 | 20.98 | 0.28 | 12.23 | 18.20 | -4.91 | 27.85 | 16.83 | 21.15 | -8.62 | 20.21 |
| Russell 1000 Index | 33.11 | 13.24 | 0.92 | 12.05 | 21.69 | -4.78 | 31.43 | 20.96 | 26.45 | -19.13 | 26.53 |
3 Year Risk Metrics
| BUFDX vs Russell 1000 Index (As of 9/30/24) | |
|---|---|
| Upside Capture | 77.40 |
| Downside Capture | 80.55 |
| Alpha | 2.31 |
| Beta | 0.80 |
| Sharpe Ratio | 0.53 |
Hypothetical Growth of $10,000
Distributions
Record 12/4/2024 Payable 12/5/2024 Cap Gains (if any)
Record 12/17/2024 Payable 12/18/2024
| Record Date | Payable Date | Distribution NAV | Net Investment Income | Short-Term Capital Gains | Long-Term Capital Gains | Distribution Total |
|---|---|---|---|---|---|---|
| 9/17/24 | 9/18/24 | $31.28 (Inv) $31.29 (Inst) | $0.08147743 $0.09380152 | - - | $0.08147743 $0.09380152 |
|
| 6/17/24 | 6/18/24 | $29.69 (Inv) $29.70 (Inst) | $0.26054635 $0.27020187 | - - | $0.26054635 $0.27020187 |
|
| 3/18/24 | 3/19/24 | $29.50 (Inv) $29.51 (Inst) | $0.05519288 $0.06513191 | - - | $0.05519288 $0.06513191 |
|
| 12/18/23 | 12/19/23 | $27.20 (Inv) $27.20 (Inst) | $0.15591721 $0.16483955 | - - | $0.15591721 $0.16483955 |
|
| 12/4/23 | 12/5/23 | $26.40 (Inv) $26.41 (Inst) | - - | - - | 0.12045 0.12045 | $0.12045 $0.12045 |
| 9/18/23 | 9/19/23 | $25.69 (Inv) $25.70 (Inst) | $0.05988226 $0.06325017 | - - | - - | $0.05988226 $0.06325017 |
| 6/20/23 | 6/21/23 | $24.99 (Inv) $24.99 (Inst) | $0.13682440 $0.14679972 | - - | - - | $0.13682440 $0.14679972 |
| 3/21/23 | 3/20/23 | $23.12 (Inv) $23.12 (Inst) | $0.05969832 $0.06839440 | - - | - - | $0.05969832 $0.06839440 |
| 12/19/22 | 12/20/22 | $23.08 (Inv) $23.08 (Inst) | $0.05908577 $0.06777300 | - - | - - | $0.05908577 $0.06777300 |
| 12/4/22 | 12/5/22 | $23.89 (Inv) $23.90 (Inst) | - - | - - | $0.38214 $0.38214 | $0.38214 $0.38214 |
| 9/19/22 | 9/20/22 | $23.27 (Inv) $23.27 (Inst) | $0.05162443 $0.06073302 | - - | - - | $0.05162443 $0.06073302 |
| 6/20/22 | 6/21/22 | $22.72 (Inv) $22.72 (Inst) | $0.06141577 $0.06934834 | - - | - - | $0.06141577 $0.06934834 |
| 3/19/22 | 3/18/22 | $25.56 (Inv) $25.56 (Inst) | $0.05379801 $0.06334236 | - - | - - | $0.05379801 $0.06334236 |
| 12/19/21 | 12/20/21 | $25.24 (Inv) $25.24 (Inst) | $0.02757485 $0.03722365 | - - | - - | $0.02757485 $0.03722365 |
| 12/3/21 | $24.99 (Inv) $24.99 (Inst) | - - | $0.10327 $0.10327 | $0.20964 $0.20964 | $0.31291 $0.31291 |
|
| 9/20/21 | $24.79 (Inv) $24.79 (Inst) | $0.03057741 $0.04007525 | - - | - - | $0.03057741 $0.04007525 |
|
| 6/18/21 | $24.27 (Inv) $24.26 (Inst) | $0.02933960 $0.03839857 | - - | - - | $0.02933960 $0.03839857 |
|
| 3/18/21 | $23.16 (Inv) $23.16 (Inst) | $0.05098388 $0.05942821 | - - | - - | $0.05098388 $0.05942821 |
|
| 12/18/20 | $21.72 (Inv) $21.72 (Inst) | $0.00905139 $0.01801390 | - - | - - | $0.00905139 $0.01801390 |
|
| 9/18/20 | $19.13 (Inv) $19.13 (Inst) | $0.03170945 $0.03903915 | - - | - - | $0.03170945 $0.03903915 |
|
| 6/18/20 | $18.26 (Inv) $18.26 (Inst) | $0.03034499 $0.03590278 | - - | - - | $0.03034499 $0.03590278 |
|
| 3/18/20 | $14.07 (Inv) $14.07 (Inst) | $0.03107063 $0.03831320 | - - | - - | $0.03107063 $0.03831320 |
|
| 12/18/19 | $18.82 (Inv) $18.82 (Inst) | $0.04196909 $0.04964262 | - - | - - | $0.04196909 $0.04964262 |
|
| 9/18/19 | $17.80 (Inv) $17.80 (Inst) | $0.04731858 $0.05327159 | - - | - - | $0.04731858 $0.05327159 |
|
| 6/18/19 | $17.20 | $0.06566509 | - | - | $0.06566509 | |
| 3/19/19 | $16.72 | $0.05232873 | - | - | $0.05232873 | |
| 12/18/18 | $15.33 | $0.08791977 | $0.02500 | $0.51339 | $0.62630977 | |
| 9/18/18 | $17.96 | $0.05499230 | - | - | $0.05499230 | |
| 6/19/18 | $16.99 | $0.05791680 | - | - | $0.05791680 | |
| 3/20/18 | $16.72 | $0.04369471 | - | - | $0.04369471 | |
| 12/19/17 | $16.73 | $0.05315489 | $0.15204 | - | $0.20519489 | |
| 9/19/17 | $15.79 | $0.05107348 | - | - | $0.05107348 | |
| 6/20/17 | $15.53 | $0.04405814 | - | - | $0.04405814 | |
| 3/20/17 | $15.37 | $0.04662158 | - | - | $0.04662158 | |
| 12/20/16 | $14.58 | $0.04502534 | $0.06489 | $0.03508 | $0.14499534 | |
| 9/20/16 | $13.78 | $0.04538819 | - | - | $0.04538819 | |
| 6/20/16 | $13.34 | $0.04391608 | - | - | $0.04391608 | |
| 3/18/16 | $13.15 | $0.04845082 | - | - | $0.04845082 | |
| 12/18/15 | $12.88 | $0.04061333 | $0.14263 | $0.11942 | $0.30266333 | |
| 9/18/15 | $12.94 | $0.03816853 | - | - | $0.03816853 | |
| 6/18/15 | $14.29 | $0.04120635 | - | - | $0.04120635 | |
| 3/18/15 | $13.89 | $0.04200730 | - | - | $0.04200730 | |
| 12/18/14 | $13.53 | $0.03066401 | $0.54808 | $0.10086 | $0.67960401 | |
| 9/18/14 | $13.50 | $0.02424009 | - | - | $0.02424009 | |
| 6/18/14 | $13.05 | $0.03496855 | - | - | $0.03496855 | |
| 3/18/14 | $12.11 | $0.03702784 | - | - | $0.03702784 | |
| 12/18/13 | $11.56 | $0.04725764 | $0.38271 | - | $0.42996764 | |
| 9/18/13 | $11.47 | $0.03960545 | - | - | $0.03960545 | |
| 6/18/13 | $11.13 | $0.03967611 | - | - | $0.03967611 | |
| 3/19/13 | $10.36 | $0.01492578 | - | - | $0.01492578 |
Portfolio
Portfolio Characteristics
| (As of 9/30/24) | |
|---|---|
| # of Holdings | 93 |
| Median Market Cap | $68.26 B |
| Weighted Average Market Cap | $604.32 B |
| 3-Yr Annualized Turnover Ratio | 4.49% |
| % of Holdings with Free Cash Flow | 68.60% |
| 30-day SEC Yield | 1.27% |
Top 10 Holdings
| Holding | Ticker / Maturity | Sector | % of Net Assets |
|---|---|---|---|
| Microsoft Corporation | MSFT | Information Technology | 5.11 |
| Meta Platforms, Inc. | META | Communication Services | 4.11 |
| Apple, Inc. | AAPL | Information Technology | 4.01 |
| Viper Energy, Inc. | VNOM | Energy | 3.45 |
| Visa, Inc. | V | Financials | 2.08 |
| Royal Caribbean Group 6.0% 15-aug-2025 | Consumer Discretionary | 1.99 | |
| S&P Global, Inc. | SPGI | Financials | 1.95 |
| Arthur J. Gallagher & Co. | AJG | Financials | 1.84 |
| Eli Lilly and Company | LLY | Health Care | 1.75 |
| UnitedHealth Group, Inc. | UNH | Health Care | 1.75 |
| TOP 10 HOLDINGS TOTAL | 28.05% | ||
Sector Weighting
As of 9/30/24. Security weightings are subject to change and are not recommendations to buy or sell any securities. Sector Allocation may not equal 100% due to rounding.
Market Capitalization
As of 9/30/24. Market Cap percentages may not equal 100% due to rounding.
Management
Commentary
Literature
| Buffalo Growth & Income Fund Documents | Last Updated |
|---|---|
| Fact Sheet | 9/30/24 |
| Quarterly Q&A | 9/30/24 |
| Full Fund Holdings | 6/30/24 |
| Prospectus | 7/29/24 |
| Statement of Additional Information | 7/29/24 |
| Annual Report | 3/31/24 |
| Semi-Annual Report | 9/30/23 |
| Tax Guide - 2023 | 1/8/24 |
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.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
The Buffalo Growth & Income Fund (BUFDX) received 5 stars among 1,288 for the 3-year period, 3 stars among 1,186 for the 5-year period, and 3 stars among 892 Large Blend funds for the 10-year period ending 10/31/24.