Flexible Allocation Fund
BUFBX | BUIBX
BALANCING GROWTH, INCOME, & RISK
“Our investment strategy seeks to generate yield for any investor needing monthly income with capital appreciation, and we use many methods to address potential downside risks.”
The Buffalo Flexible Allocation Fund can invest in both debt and equity securities with the expectation that the mix changes over time based on the Fund manager’s view of economic conditions and the value of the securities the Fund holds. It is designed to reduce the potential volatility of returns.”
— John Kornitzer, Co-Portfolio Manager
Objective
High current income and long-term growth of capital
Morningstar CategoryLarge Value
Benchmark IndexRussell 3000® Index
Dividend DistributionMonthly
Overall Morningstar Rating™
BUFBX based on risk-adjusted
returns as of 9/30/2025 among 1086 Large Value funds
| Ticker | BUFBX Investor | BUIBX Institutional |
|---|---|---|
| Inception | 8/12/1994 | 7/1/2019 |
| Expense Ratio | 1.00% | 0.86% |
| Net Assets | $258.87 mil | $188.36 mil |
| Cusip | 119428100 | 119530871 |
| *as of 10/31/2025 | ||
Daily Prices as of 10/31/2025
| Ticker |
BUFBX Investor |
BUIBX Institutional |
|---|---|---|
| NAV | $21.57 | $21.56 |
| $Chg | $0.01 | $0.01 |
| %Chg | 0.05% | 0.05% |
| YTD % | 7.99% | 8.13% |
Past performance does not guarantee future results.
HIGHLIGHTS & COMMENTARIES
Our managers share their insights on the Fund and the markets
PERFORMANCE
Month-end
| TOTAL RETURNS % | AVERAGE ANNUALIZED TOTAL RETURNS % | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| As of 09/30/2025 | TICKER | MO | YTD | 1YR | 3YR | 5YR | 10YR | 15YR | 20YR | SI* |
| FLEXIBLE ALLOCATION | ||||||||||
| Investor Shares | BUFBX | 1.26 | 8.73 | 5.25 | 13.54 | 13.93 | 9.34 | 8.85 | 7.69 | 7.70 |
| Institutional Shares | BUIBX | 1.28 | 8.86 | 5.42 | 13.71 | 14.10 | 9.50 | 9.01 | 7.85 | 7.86 |
| Russell 3000® Index | - | 3.45 | 14.40 | 17.41 | 24.12 | 15.74 | 14.71 | 14.23 | 10.75 | 10.90 |
| Lipper Mixed-Asset Target Allocation Moderate Funds Index | - | 1.97 | 11.16 | 9.64 | 14.05 | 8.17 | 7.83 | 7.47 | 6.26 | 7.09 |
*Since inception.
| Investor Inception | Investor Expense Ratio | Institutional Inception | Institutional Expense Ratio | |
|---|---|---|---|---|
| FLEXIBLE ALLOCATION | 8/12/1994 | 1.00% | 7/1/2019 | 0.86% |
QUARTER-END PERFORMANCE
| TOTAL RETURNS % | AVERAGE ANNUALIZED TOTAL RETURNS % | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| As of 09/30/2025 | TICKER | QTR | YTD | 1YR | 3YR | 5YR | 10YR | 15YR | 20YR | SI* |
| FLEXIBLE ALLOCATION | ||||||||||
| Investor Shares | BUFBX | 3.38 | 8.73 | 5.25 | 13.54 | 13.93 | 9.34 | 8.85 | 7.69 | 7.70 |
| Institutional Shares | BUIBX | 3.42 | 8.86 | 5.42 | 13.71 | 14.10 | 9.50 | 9.01 | 7.85 | 7.86 |
| Russell 3000® Index | - | 8.18 | 14.40 | 17.41 | 24.12 | 15.74 | 14.71 | 14.23 | 10.75 | 10.90 |
| Lipper Mixed-Asset Target Allocation Moderate Funds Index | - | 4.62 | 11.16 | 9.64 | 14.05 | 8.17 | 7.83 | 7.47 | 6.26 | 7.09 |
*Since inception.
CALENDAR YEAR %
| TICKER | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FLEXIBLE ALLOCATION | |||||||||||
| Investor Shares | BUFBX | -1.97 | 9.90 | 13.21 | -7.00 | 18.76 | -2.24 | 30.00 | 4.01 | 7.43 | 10.26 |
| Institutional Shares | BUIBX | -1.83 | 10.07 | 13.38 | -6.86 | 18.87 | -2.10 | 30.21 | 4.22 | 7.53 | 10.43 |
| Russell 3000® Index | - | 0.48 | 12.74 | 21.13 | -5.24 | 31.02 | 20.89 | 25.66 | -19.21 | 25.96 | 23.81 |
| Lipper Mixed-Asset Target Allocation Moderate Funds Index | - | -1.60 | 7.48 | 13.37 | -5.15 | 18.08 | 12.47 | 12.44 | -13.73 | 13.34 | 10.57 |
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 or higher than the performance quoted and can be obtained above. Performance is annualized for periods greater than 1 year.
HOW WE INVEST
FUNDAMENTAL
APPROACH
We get to know the
companies we invest in
and learn how they run
their businesses.
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
We maintain a
consistent, balanced
approach by sticking
to our disciplined
investment strategy
MORNINGSTAR RATINGS & PERCENTILE RANKINGS
| As of 9/30/2025 | TICKER | CATEGORY | OVERALL | 3YR | 5YR | 10YR |
|---|---|---|---|---|---|---|
| FLEXIBLE ALLOCATION | BUFBX | Large Value |
_
|
88% of 1086 funds
|
56% of 1025 funds
|
87% of 842 funds
|
Ratings & Rankings may vary for other share classes.
PORTFOLIO CHARACTERISTICS
3-YEAR Risk metrics
As of 9/30/2025
| BUFBX vs. Russell 3000® Index | |
|---|---|
| Upside Capture | 51.07 |
| Downside Capture | 74.28 |
| Alpha | -1.43 |
| Beta | 0.07 |
| Sharpe Ratio | 0.72 |
CHARACTERISTICS
As of 9/30/2025
| Portfolio | Value |
|---|---|
| Number of Holdings | 42 |
| Median Market Cap (B) | $ 97.94 |
| Weighted Average Market Cap (B) | $ 614.38 |
| 3-Year Annualized Turnover Ratio | |
| 30-Day SEC Yield | 1.83% |
ASSET ALLOCATION
As of 9/30/2025
| Common Stock | 96.5% | |
| REIT | 3.2% | |
| Cash | 0.3% |
May not equal 100% due to rounding.
SECTOR WEIGHTS
As of 9/30/2025
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.
HOLDINGS
As of 06/30/2025
| Holding | Ticker/Maturity Date | Sector | % of Net Assets |
|---|---|---|---|
| Microsoft Corp | MSFT | Information Technology | 10.92% |
| Eli Lilly & Co | LLY | Health Care | 5.99% |
| International Business Machines Corp | IBM | Information Technology | 4.53% |
| Costco Wholesale Corp | COST | Consumer Staples | 4.34% |
| Arthur J Gallagher & Co | AJG | Financials | 4.22% |
| Chevron Corp | CVX | Energy | 3.93% |
| Exxon Mobil Corp | XOM | Energy | 3.90% |
| Kinder Morgan Inc | KMI | Energy | 3.61% |
| Allstate Corp/The | ALL | Financials | 3.53% |
| Digital Realty Trust Inc | DLR | Real Estate | 3.26% |
| TOP 10 HOLDINGS TOTAL | 48.23% | ||
| Hess Corp | HES | Energy | 3.04% |
| QUALCOMM Inc | QCOM | Information Technology | 2.97% |
| ConocoPhillips | COP | Energy | 2.95% |
| Cisco Systems Inc | CSCO | Information Technology | 2.66% |
| Waste Management Inc | WM | Industrials | 2.61% |
| Johnson & Johnson | JNJ | Health Care | 2.51% |
| Procter & Gamble Co/The | PG | Consumer Staples | 2.27% |
| Abbott Laboratories | ABT | Health Care | 2.24% |
| Gilead Sciences Inc | GILD | Health Care | 2.19% |
| Verizon Communications Inc | VZ | Communication Services | 2.18% |
| Coca-Cola Co/The | KO | Consumer Staples | 2.17% |
| PepsiCo Inc | PEP | Consumer Staples | 2.17% |
| Kimberly-Clark Corp | KMB | Consumer Staples | 1.98% |
| TRUIST FINANCIAL CORP | TFC | Financials | 1.89% |
| Marathon Petroleum Corp | MPC | Energy | 1.82% |
| General Mills Inc | GIS | Consumer Staples | 1.71% |
| APA Corp | APA | Energy | 1.61% |
| Pfizer Inc | PFE | Health Care | 1.44% |
| Merck & Co Inc | MRK | Health Care | 1.39% |
| Schlumberger NV | SLB | Energy | 1.34% |
| Delek Logistics Partners LP | DKL | Energy | 1.32% |
| Clorox Co/The | CLX | Consumer Staples | 1.32% |
| HF Sinclair Corp | DINO | Energy | 0.65% |
| Rio Tinto PLC | RIO | Materials | 0.64% |
| Lionsgate Studios Corp | LION | Communication Services | 0.64% |
| AT&T Inc | T | Communication Services | 0.64% |
| ABB Ltd | ABBNY | Industrials | 0.59% |
| Pitney Bowes Inc | PBI | Industrials | 0.57% |
| Colgate-Palmolive Co | CL | Consumer Staples | 0.50% |
| CONAGRA BRANDS INC | CAG | Consumer Staples | 0.45% |
| Kellanova | K | Consumer Staples | 0.35% |
| Dow Inc | DOW | Materials | 0.29% |
| BP PLC | BP | Energy | 0.16% |
| Starz Entertainment Corp | STRZ | Communication Services | 0.12% |
| Bristol-Myers Squibb Co | BMY | Health Care | 0.08% |
| LLY US 07/18/25 C920 | 07/18/2025 | Health Care | 0.00% |
| COST US 07/18/25 C1080 | 07/18/2025 | Consumer Staples | 0.00% |
| MSFT US 08/15/25 C530 | 08/15/2025 | Information Technology | -0.01% |
| Total Cash or Equivalent | - | 1.01% |
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.
DIVIDENDS & DISTRIBUTIONS
| TICKER | RECORD DATE | PAYABLE DATE | DISTRIBUTION NAV $ | NET INVESTMENT INCOME $ | SHORT-TERM CAPITAL GAIN $ | LONG-TERM CAPITAL GAIN $ | DISTRIBUTION TOTAL $ | |
|---|---|---|---|---|---|---|---|---|
| FLEXIBLE ALLOCATION | BUFBX | 10/17/2025 | 10/20/2025 | 21.52 | 0.00145336 | - | - | 0.00145336 |
| FLEXIBLE ALLOCATION | BUIBX | 10/17/2025 | 10/20/2025 | 21.51 | 0.00403174 | - | - | 0.00403174 |
| FLEXIBLE ALLOCATION | BUFBX | 09/17/2025 | 09/18/2025 | 21.55 | 0.05104803 | - | - | 0.05104803 |
| FLEXIBLE ALLOCATION | BUIBX | 09/17/2025 | 09/18/2025 | 21.54 | 0.0537025 | - | - | 0.0537025 |
| FLEXIBLE ALLOCATION | BUFBX | 08/18/2025 | 08/19/2025 | 21.17 | 0.03915979 | - | - | 0.03915979 |
| FLEXIBLE ALLOCATION | BUIBX | 08/18/2025 | 08/19/2025 | 21.16 | 0.04198171 | - | - | 0.04198171 |
| FLEXIBLE ALLOCATION | BUFBX | 07/17/2025 | 07/18/2025 | 21.18 | 0.00094544 | - | - | 0.00094544 |
| FLEXIBLE ALLOCATION | BUIBX | 07/17/2025 | 07/18/2025 | 21.17 | 0.00356841 | - | - | 0.00356841 |
| FLEXIBLE ALLOCATION | BUFBX | 06/17/2025 | 06/18/2025 | 20.94 | 0.03146515 | - | - | 0.03146515 |
| FLEXIBLE ALLOCATION | BUIBX | 06/17/2025 | 06/18/2025 | 20.93 | 0.03395714 | - | - | 0.03395714 |
| FLEXIBLE ALLOCATION | BUFBX | 05/19/2025 | 05/20/2025 | 20.78 | 0.05073508 | - | - | 0.05073508 |
| FLEXIBLE ALLOCATION | BUIBX | 05/19/2025 | 05/20/2025 | 20.77 | 0.05341724 | - | - | 0.05341724 |
| FLEXIBLE ALLOCATION | BUFBX | 04/17/2025 | 04/21/2025 | 19.47 | 0.01776442 | - | - | 0.01776442 |
| FLEXIBLE ALLOCATION | BUIBX | 04/17/2025 | 04/21/2025 | 19.46 | 0.02037985 | - | - | 0.02037985 |
| FLEXIBLE ALLOCATION | BUFBX | 03/17/2025 | 03/18/2025 | 20.88 | 0.01731871 | - | - | 0.01731871 |
| FLEXIBLE ALLOCATION | BUIBX | 03/17/2025 | 03/18/2025 | 20.87 | 0.0196816 | - | - | 0.0196816 |
| FLEXIBLE ALLOCATION | BUFBX | 02/18/2025 | 02/19/2025 | 21.43 | 0.00837813 | - | - | 0.00837813 |
| FLEXIBLE ALLOCATION | BUIBX | 02/18/2025 | 02/19/2025 | 21.42 | 0.01339827 | - | - | 0.01339827 |
| FLEXIBLE ALLOCATION | BUFBX | 01/17/2025 | 01/21/2025 | 20.76 | 0.0275284 | - | - | 0.0275284 |
| FLEXIBLE ALLOCATION | BUIBX | 01/17/2025 | 01/21/2025 | 20.75 | 0.02839554 | - | - | 0.02839554 |
| FLEXIBLE ALLOCATION | BUFBX | 12/17/2024 | 12/18/2024 | 20.12 | 0.06759021 | - | - | 0.06759021 |
| FLEXIBLE ALLOCATION | BUIBX | 12/17/2024 | 12/18/2024 | 20.11 | 0.06984328 | - | - | 0.06984328 |
| FLEXIBLE ALLOCATION | BUFBX | 12/04/2024 | 12/05/2024 | 21.32 | - | 0.01365 | 0.43488 | 0.44853 |
| FLEXIBLE ALLOCATION | BUIBX | 12/04/2024 | 12/05/2024 | 21.31 | - | 0.01365 | 0.43488 | 0.44853 |
| FLEXIBLE ALLOCATION | BUFBX | 11/18/2024 | 11/19/2024 | 21.24 | 0.02720661 | - | - | 0.02720661 |
| FLEXIBLE ALLOCATION | BUIBX | 11/18/2024 | 11/19/2024 | 21.23 | 0.03003258 | - | - | 0.03003258 |
| FLEXIBLE ALLOCATION | BUFBX | 10/17/2024 | 10/18/2024 | 21.63 | 0.0141176 | - | - | 0.0141176 |
| FLEXIBLE ALLOCATION | BUIBX | 10/17/2024 | 10/18/2024 | 21.63 | 0.01678565 | - | - | 0.01678565 |
| FLEXIBLE ALLOCATION | BUFBX | 09/17/2024 | 09/18/2024 | 21.41 | 0.03360563 | - | - | 0.03360563 |
| FLEXIBLE ALLOCATION | BUIBX | 09/17/2024 | 09/18/2024 | 21.40 | 0.03615119 | - | - | 0.03615119 |
| FLEXIBLE ALLOCATION | BUFBX | 08/19/2024 | 08/20/2024 | 21.18 | 0.04875717 | - | - | 0.04875717 |
| FLEXIBLE ALLOCATION | BUIBX | 08/19/2024 | 08/20/2024 | 21.17 | 0.05161794 | - | - | 0.05161794 |
| FLEXIBLE ALLOCATION | BUFBX | 07/17/2024 | 07/18/2024 | 21.31 | 0.00001602 | - | - | 0.00001602 |
| FLEXIBLE ALLOCATION | BUIBX | 07/17/2024 | 07/18/2024 | 21.30 | 0.00260696 | - | - | 0.00260696 |
| FLEXIBLE ALLOCATION | BUFBX | 06/17/2024 | 06/18/2024 | 20.75 | 0.0288841 | - | - | 0.0288841 |
| FLEXIBLE ALLOCATION | BUIBX | 06/17/2024 | 06/18/2024 | 20.74 | 0.03152106 | - | - | 0.03152106 |
| FLEXIBLE ALLOCATION | BUFBX | 05/17/2024 | 05/20/2024 | 20.87 | 0.0486037 | - | - | 0.0486037 |
| FLEXIBLE ALLOCATION | BUIBX | 05/17/2024 | 05/20/2024 | 20.87 | 0.05114302 | - | - | 0.05114302 |
| FLEXIBLE ALLOCATION | BUFBX | 04/17/2024 | 04/18/2024 | 20.15 | 0.00702538 | - | - | 0.00702538 |
| FLEXIBLE ALLOCATION | BUIBX | 04/17/2024 | 04/18/2024 | 20.14 | 0.00958157 | - | - | 0.00958157 |
| FLEXIBLE ALLOCATION | BUFBX | 03/18/2024 | 03/19/2024 | 20.52 | 0.00271906 | - | - | 0.00271906 |
| FLEXIBLE ALLOCATION | BUIBX | 03/18/2024 | 03/19/2024 | 20.51 | 0.00495243 | - | - | 0.00495243 |
| FLEXIBLE ALLOCATION | BUFBX | 02/20/2024 | 02/21/2024 | 19.85 | 0.0119841 | - | - | 0.0119841 |
| FLEXIBLE ALLOCATION | BUIBX | 02/20/2024 | 02/21/2024 | 19.85 | 0.01472364 | - | - | 0.01472364 |
| FLEXIBLE ALLOCATION | BUFBX | 01/17/2024 | 01/18/2024 | 19.02 | 0.02220238 | - | - | 0.02220238 |
| FLEXIBLE ALLOCATION | BUIBX | 01/17/2024 | 01/18/2024 | 19.02 | 0.02456864 | - | - | 0.02456864 |
| FLEXIBLE ALLOCATION | BUFBX | 12/18/2023 | 12/19/2023 | 19.01 | 0.08034668 | - | - | 0.08034668 |
| FLEXIBLE ALLOCATION | BUIBX | 12/18/2023 | 12/19/2023 | 19.00 | 0.08274205 | - | - | 0.08274205 |
| FLEXIBLE ALLOCATION | BUFBX | 12/04/2023 | 12/05/2023 | 18.71 | - | 0.01326 | 0.29396 | 0.30722 |
| FLEXIBLE ALLOCATION | BUIBX | 12/04/2023 | 12/05/2023 | 18.71 | - | 0.01326 | 0.29396 | 0.30722 |
| FLEXIBLE ALLOCATION | BUFBX | 11/17/2023 | 11/20/2023 | 18.95 | 0.0486044 | - | - | 0.0486044 |
| FLEXIBLE ALLOCATION | BUIBX | 11/17/2023 | 11/20/2023 | 18.95 | 0.05098797 | - | - | 0.05098797 |
| TICKER | RECORD DATE | EX DATE | TYPE | |
|---|---|---|---|---|
| FLEXIBLE ALLOCATION | BUFBX | 12/17/2025 | 12/18/2025 | NII |
| FLEXIBLE ALLOCATION | BUIBX | 12/17/2025 | 12/18/2025 | NII |
| FLEXIBLE ALLOCATION | BUFBX | 12/4/2025 | 12/5/2025 | Cap Gains (if any) |
| FLEXIBLE ALLOCATION | BUIBX | 12/4/2025 | 12/5/2025 | Cap Gains (if any) |
| FLEXIBLE ALLOCATION | BUFBX | 11/17/2025 | 11/18/2025 | NII |
| FLEXIBLE ALLOCATION | BUIBX | 11/17/2025 | 11/18/2025 | NII |
Please note, the table will display information for the past rolling 2 years. If you need historical distribution information, please contact us.
There is no guarantee the Funds will pay distributions in the future and distributions, if any, may be less than the current distribution.
PORTFOLIO MANAGEMENT
DOCUMENTS
APPLICATIONS & FORMS
BUFFALO FUNDS IS PROUD to be the OFFICIAL INVESTMENT SERVICES PARTNER OF SPORTING KANSAS CITY
