Board of Trustees

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Fund Oversight

The Board of Trustees’ role is one of oversight rather than day-to-day management of the Funds. The Audit Committee assists with this oversight function. The Board of Trustees’ oversight extends to the Fund’s risk management processes. Those processes are overseen by officers, including the President and Treasurer, Secretary and Chief Compliance Officer, who regularly report to the Board of Trustees on a variety of matters at Board meetings.

Structure
The Board of Trustees is currently comprised of three Independent Trustees – Mr. Philip Kennedy, Ms. Rachel Lupardus, and Mr. Jeffrey Yowell – and one Interested Trustee – Mr. Clay Brethour. Mr. Brethour is an interested person of the Trust by the virtue of the fact that he is a board member and an employee of the Advisor. The Trust has appointed Mr. Yowell as Chairman and lead Independent Trustee.

Committees
The Board of Trustees has established four standing committees – the Audit Committee, the Marketing and Distribution Committee, the Nominating Committee and the Valuation Committee. All Independent Trustees are members of the Audit Committee and the Nominating Committee. Inclusion of all Independent Trustees as members of the Audit Committee and the Nominating Committee allows all such Trustees to participate in the full range of the Board of Trustees’ oversight duties, including oversight of risk management processes. In accordance with the fund governance standards prescribed by the SEC under the 1940 Act, the Independent Trustees on the Nominating Committee select and nominate all candidates for Independent Trustee positions. The Valuation Committee consists of one Interested Trustee and employees of the Advisor. The Marketing and Distribution Committee consists of one Independent Trustee and one Interested Trustee.

Members
Each Trustee was appointed to serve on the Board of Trustees because of his or her experience, qualifications, attributes and/or skills. The Board of Trustees reviews its leadership structure regularly. The Board of Trustees believes its leadership structure is appropriate and effective in light of the size of the Trust, the nature of its business, and industry practices.

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.

Midwest Values

Our Midwest headquarters are far from the noise and distraction of coastal markets.

Recent Buffalo Funds News

Learn from the top thought leaders in the industry.

“Industry Perspectives” 1Q 2019

Equity markets produced a significant reversal in the 1st quarter of 2019 following one of the worst periods of performance to close out 2018. Much of the reversal in market sentiment was a result of the change in the Federal Reserve’s (the Fed) policies, providing a more growth-friendly backdrop, combined with the anticipation that a U.S. – China trade deal is imminent.

International Equities – The New Market Leaders?

Even though international equity markets posted another disappointing year in both absolute and relative terms compared to the U.S. market, they actually outperformed the U.S. over the last half of 2018.

Market Sentiment vs Fundamentals

Above-average GDP growth, a robust job market, and double-digit earnings growth are some of the fundamentals that indicate current economic conditions are still fairly strong. However, the biggest threat to the economy is arguably investor confidence itself.