Quick Facts
Investor Institutional
Ticker: BUFDX BUIDX
Daily Pricing:  
As of 5/17/2024  
NAV: $30.11 $30.13
$ Change: $0.10 $0.11
% Change:
0.33% 0.37%
YTD:
10.18% 10.29%
Inception Date: 12/3/2012 7/1/2019
Expense Ratio: 0.95% 0.80%
Total Net Assets: $164.56 Million  (3/31/24)
Morningstar Category: Large Cap Blend
Benchmark Index: Russell 1000
Dividend Distribution: Quarterly
Related Material:
   Fund Fact Sheet Q1 2024
   PM Commentary Q1 2024
   Portfolio Manager Q&A
FUND OBJECTIVE & INVESTMENT PROCESS

The investment objective of the Buffalo Dividend Focus 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.

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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 1,294 Large Blend funds as of 4/30/24.

Performance (%)

As of 4/30/243 MOYTD1 YR3 YR5 YR10 YRSince Inception
BUFFALO DIVIDEND FOCUS FUND - Investor4.465.5718.968.0212.4211.6112.74
BUFFALO DIVIDEND FOCUS FUND - Institutional4.495.6419.098.1812.5911.7812.91
  Russell 1000 Index4.155.6022.826.9812.8712.1413.77
  S&P 500 Index4.296.0422.668.0613.1912.4113.95
As of 3/31/243 MOYTD1 YR3 YR5 YR10 YRSince Inception
BUFFALO DIVIDEND FOCUS FUND - Investor9.929.9227.3111.4114.3612.2713.24
BUFFALO DIVIDEND FOCUS FUND - Institutional9.969.9627.4711.5614.5312.4313.41
  Russell 1000 Index10.3010.3029.8710.4514.7612.6814.31
  S&P 500 Index10.5610.5629.8811.4915.0512.9614.48

20132014201520162017201820192020202120222023
BUFFALO DIVIDEND FOCUS FUND - Investor23.9320.810.1312.0618.02-5.0527.6616.6420.97-8.7520.06
BUFFALO DIVIDEND FOCUS FUND - Institutional24.1220.980.2812.2318.20-4.9127.8516.8321.15-8.6220.21
  Russell 1000 Index33.1113.240.9212.0521.69-4.7831.4320.9626.45-19.1326.53
For performance prior to 7/1/19 (Inception Date of Institutional Class), performance of the Investor Class shares is used and includes expenses not applicable and lower than those of Investor Class shares.Performance data quoted represents past performance; past performance 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 of the fund may be lower of higher than the performance quoted and can be obtained here. Performance is annualized for periods greater than 1 year. Each Morningstar category average represents a universe of funds with similar objectives.
3 Year Risk Metrics
BUFDX vs Russell 1000 Index (As of 3/31/24)
Upside Capture77.01
Downside Capture78.44
Alpha2.77
Beta0.79
Sharpe Ratio0.61
Hypothetical Growth of $10,000
 
This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund on the Inception Date. Assumes reinvestment of dividends and capital gains. This chart does not imply future performance.
Distributions
2024 Projected Distribution Dates:

Record 6/17/2024 Payable 6/18/2024

Record 9/17/2024 Payable 9/18/2024

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
3/18/243/19/24$29.50 (Inv)

$29.51 (Inst)
$0.05519288

$0.06513191
-

-
$0.05519288

$0.06513191
12/18/2312/19/23$27.20 (Inv)

$27.20 (Inst)
$0.15591721

$0.16483955
-

-
$0.15591721

$0.16483955
12/4/2312/5/23$26.40 (Inv)

$26.41 (Inst)
-

-
-

-
0.12045

0.12045
$0.12045

$0.12045
9/18/239/19/23$25.69 (Inv)

$25.70 (Inst)
$0.05988226

$0.06325017
-

-
-

-
$0.05988226

$0.06325017
6/20/236/21/23$24.99 (Inv)

$24.99 (Inst)
$0.13682440

$0.14679972
-

-
-

-
$0.13682440

$0.14679972
3/21/233/20/23$23.12 (Inv)

$23.12 (Inst)
$0.05969832

$0.06839440
-

-
-

-
$0.05969832

$0.06839440
12/19/2212/20/22$23.08 (Inv)

$23.08 (Inst)
$0.05908577

$0.06777300
-

-
-

-
$0.05908577

$0.06777300
12/4/2212/5/22$23.89 (Inv)

$23.90 (Inst)
-

-
-

-
$0.38214

$0.38214
$0.38214

$0.38214
9/19/229/20/22$23.27 (Inv)

$23.27 (Inst)
$0.05162443

$0.06073302
-

-
-

-
$0.05162443

$0.06073302
6/20/226/21/22$22.72 (Inv)

$22.72 (Inst)
$0.06141577

$0.06934834
-

-
-

-
$0.06141577

$0.06934834
3/19/223/18/22$25.56 (Inv)

$25.56 (Inst)
$0.05379801

$0.06334236
-

-
-

-
$0.05379801

$0.06334236
12/19/2112/20/21$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 3/31/24) 
 
# of Holdings97
Median Market Cap$70.55 B
Weighted Average Market Cap$511.08 B
3-Yr Annualized Turnover Ratio3.84%
% of Holdings with Free Cash Flow68.24%
30-day SEC Yield1.41%
Top 10 Holdings
HoldingTicker / MaturitySector% of Net
Assets
Microsoft CorporationMSFTInformation Technology4.92
Apple Inc.AAPLInformation Technology4.20
Meta Platforms Inc. Class AMETACommunication Services3.31
Viper Energy, Inc.VNOMEnergy3.30
Visa Inc. Class AVFinancials2.36
S&P Global, Inc.SPGIFinancials2.21
UnitedHealth Group IncorporatedUNHHealth Care2.07
Burford Capital LimitedBURFinancials1.98
Royal Caribbean Group 6.0% 15-aug-2025Consumer Discretionary1.88
Arthur J. Gallagher & Co.AJGFinancials1.83
TOP 10 HOLDINGS TOTAL28.07%
As of 12/31/23. Top 10 Holdings for the quarter are not disclosed until 60 days after quarter end. Fund holdings are subject to change and are not recommendations to buy or sell any securities.
Sector Weighting

As of 3/31/24. 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 3/31/24. Market Cap percentages may not equal 100% due to rounding.

Management

Paul Dlugosch, CFA
Portfolio Manager

26 Years of Experience

 View full bio

Jeff Sitzmann, CFA
Portfolio Manager

36 Years of Experience

 View full bio

Jeff Deardorff, CFA
Portfolio Manager

26 Years of Experience

 View full bio

Commentary

The opinions expressed are those of the Portfolio Manager(s) and are subject to change, are not guaranteed and should not be considered recommendations to buy or sell any security. Earnings growth is not representative of the fund’s future performance.

Literature

Buffalo Dividend Focus Fund
Documents
Last
Updated
  Fact Sheet3/31/24
  Quarterly Q&A3/31/24
  Full Fund Holdings6/30/23
  Prospectus7/28/23
  Statement of Additional Information7/28/23
  Annual Report3/31/23
  Semi-Annual Report9/30/22
  Tax Guide - 20231/8/24
General Account
Forms
Investor
Class
Institutional
Class
Both
  New Account Application
  New Account Application - Entity
  Change or Add Account Details
  Cost Basis Method Election
  Power of Attorney
Individual Retirement Account (IRA) Forms
  IRA Account Application
  IRA Beneficiary Addition / Change
  IRA Required Minimum Distribution (RMD)
  IRA / Qualified Plan Distribution Request
  IRA Transfer
Coverdell Education Savings Accounts (ESA) Forms
  Coverdell ESA Application
  Coverdell ESA Distribution Request
  Coverdell ESA Transfer
Retirement Information
  Retirement Savings Options for Individuals

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 Dividend Focus Fund (BUFDX) received 4 stars among 1,294 for the 3-year period, 4 stars among 1,180 for the 5-year period, and 4 stars among 890 Large Blend funds for the 10-year period ending 4/30/24.