FOR IMMEDIATE RELEASE:

MISSION, Kan. – Kornitzer Capital Management, Inc. (KCM), investment adviser to the Buffalo Funds, and the Buffalo Funds (the “Trust”) are pleased to announce the following appointment, new hire, and management changes to its investment product lineup.

Effective May 1, 2020, Kent Gasaway, former President of the Buffalo Funds, will re-assume the role of President of the Trust. Mr. Gasaway has over 38 years of investment experience, 29 of which has been with KCM and the Buffalo Funds. Since 1991, Kent has played an integral part in the firm through his leadership and investment management expertise. Additionally, Robert Male, CFA, is named as an additional Trustee to the Buffalo Funds. Mr. Male has been with KCM for 25 years as a portfolio manager.

The firm is also pleased to announce that Ken Laudan joined KCM on May 1, 2020 as an equity Portfolio Manager serving on the Buffalo Discovery Fund (BUFTX/BUITX) and as a lead healthcare analyst for the Buffalo Funds. Mr. Laudan brings nearly 30 years of investment experience, with an emphasis in the healthcare sector. Prior to joining the firm, Ken was managing director of Cottonwood Investment Group and served as a healthcare research analyst for the Friess Associates mutual fund family. “We are delighted to have Ken join our team,” said Kent Gasaway, President of Buffalo Funds. “His addition adds depth to our growth equity research team and coverage of the healthcare sector in particular.“

Concurrently, Jamie Cuellar, CFA, co-Portfolio Manager of the Buffalo Small Cap Fund (BUFSX/BUISX), is joining Dave Carlsen, CFA, and Ken Laudan as a co-manager of the Buffalo Discovery Fund. “Jamie will be expanding his role with the firm and is bringing his expertise of the information technology and healthcare areas within the small and mid cap space as a Portfolio Manager of the Buffalo Discovery Fund,” stated Gasaway.

Additionally, Josh West, CFA, current co-Portfolio Manager of the Buffalo Mid Cap Fund (BUFMX/BUIMX), is joining Dave Carlsen, CFA, as a co-manager of the Buffalo Growth Fund (BUFGX). “We are confident Josh will excel with the added responsibility as a co-manager of the Growth Fund,” commented Gasaway.

“We view these changes as exciting times at the Buffalo Funds, as our portfolio manager teams are stronger than ever. Our time-tested, research-based approach, along with these high quality investment managers, will ensure we have another successful 30+ years of money management,” said John Kornitzer, President of KCM.

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The Buffalo Funds are a family of 10 actively-managed mutual funds offering a variety of domestic equity, international equity, and income-generating investment strategies. We believe that patient investing backed by solid, intelligent research is the best way to achieve potential long-term financial rewards. Disciplined investment decisions are made using a distinct, time-tested investment approach guided by trend analysis, rigorous fundamental company research, and strict security valuation parameters.

About Kornitzer Capital Management

KCM is a privately-held, employee-owned corporation, founded in 1989 by John C. Kornitzer. The firm was created to manage customized portfolios for private clients and institutions. We continue to provide client-focused, personalized money management through our Kornitzer Private Client Services (KPCS) group, and pension, corporate, and foundation separate account management through our institutional services group. With our approach to lifetime asset management, KCM helps clients achieve their long-term financial goals throughout the various investment stages including accumulation, preservation, and retirement. Over the years, based on client request or need, we formed companies and alliances to better serve specific niches.