Ticker
  BUFBX

Inception Date
  August 12, 1994

Total Fund Assets
  $757.54 Million  (12/31/17)

Expense Ratio
  1.01%

Benchmark Index
  ICE BofA ML Combined Index

MORNINGSTAR RATING

Overall Morningstar™ rating out of 316 Allocation–70% to 85% Equity funds as of 12/31/17 (derived from a weighted average of the fund’s three-, five-, and ten-year risk adjusted return measure).

INVESTMENT STYLE

The Morningstar Style Box™ reveals a fund’s investment strategy by showing its investment style and market capitalization based on the fund’s portfolio holdings.

RISK VS CATEGORY

 

LowHigh

The Morningstar™ Risk vs Category rating is an assessment of the variations in a fund’s monthly returns, with an emphasis on downside variations, in comparison to the 316 funds in the Allocation–-70% to 85% Equity category, as of 12/31/17.

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Investment Strategy

The investment objective of the Buffalo Flexible Income Fund is primarily the generation of high current income and, as a secondary objective, the long-term growth of capital.

To pursue its investment objectives, the Flexible Income Fund invests in both debt and equity securities.

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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.

~ John Kornitzer, Portfolio Manager

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Performance (%)

As of 12/31/173 MOYTD1 YR3 YR5 YR10 YR15 YRSince Inception
(8/12/94)
Buffalo Flexible Income Fund5.5013.2113.216.848.076.298.847.44
  ICE BofA ML Combined Index
    S&P 500 Index (60%)
    ICE BofA ML HY Master II Index (40%)
4.15
6.64
0.41
16.09
21.83
7.48
16.09
21.83
7.48
9.40
11.41
6.39
11.79
15.79
5.80
8.26
8.50
7.89
9.49
9.92
8.84
9.00
9.90
7.66
  Lipper Mixed-Asset Target Allocation Moderate Funds Index3.1713.3713.376.247.895.176.817.09
  Morningstar Allocation--70% to 85% Equity4.0615.8015.806.569.225.387.797.28
As of July 27, 2017 the Bank of America Merrill Combined Index (60% S&P 500 Index / 40% Bank of America Merrill Lynch High Yield Master II Index) has replaced the S&P 500 Index as the Fund’s primary benchmark. The Advisor believes the new index is more appropriate given the Fund’s holdings.
As of 12/31/173 MOYTD1 YR3 YR5 YR10 YR15 YRSince Inception
(8/12/94)
Buffalo Flexible Income Fund5.5013.2113.216.848.076.298.847.44
  ICE BofA ML Combined Index
    S&P 500 Index (60%)
    ICE BofA ML HY Master II Index (40%)
4.15
6.64
0.41
16.09
21.83
7.48
16.09
21.83
7.48
9.40
11.41
6.39
11.79
15.79
5.80
8.26
8.50
7.89
9.49
9.92
8.84
9.00
9.90
7.66
  Lipper Mixed-Asset Target Allocation Moderate Funds Index3.1713.3713.376.247.895.176.817.09
  Morningstar Allocation--70% to 85% Equity4.0615.8015.806.569.225.387.797.28
As of July 27, 2017 the Bank of America Merrill Combined Index (60% S&P 500 Index / 40% Bank of America Merrill Lynch High Yield Master II Index) has replaced the S&P 500 Index as the Fund’s primary benchmark. The Advisor believes the new index is more appropriate given the Fund’s holdings.
YearBuffalo Flexible IncomeICE BofA ML Combined IndexS&P 500 Index (60%)ICE BofA ML HY Master II Index (40%)Morningstar Allocation -- 70% to 85% Equity
201713.2116.0921.837.4816.21
20169.9014.1711.9617.496.03
2015-1.97-1.031.38-4.64-0.95
20143.599.2113.692.507.00
201316.6822.4032.397.4234.93
201210.3115.8316.0015.5814.07
20119.633.022.114.38-3.96
201011.6815.1115.0615.1924.61
200931.0738.8826.4657.5139.11
2008-29.47-32.76-37.00-26.39-43.77

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.

Growth of $10k

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.

Portfolio

(As of 12/31/17)

# of Equity Holdings55
# of Fixed Holdings17
Median Market Cap$65.62 B
Weighted Average Market Cap$142.46 B
3-Yr Annualized Turnover Ratio4.36%
Average Duration2.19 years
Average Maturity4.24 years
30-day SEC Yield0.85%
HoldingTickerSector% of Portfolio
Lions Gate Entmt Cv (1.25% 4/15/2018)--4.48%
AT&TTCommunications3.07%
BoeingBAIndustrials3.05%
Bankrate Inc Del 144A (6.125% 8/15/2018)--2.94%
HollyFrontierHFCEnergy2.88%
IntelINTCTechnology2.79%
MicrosoftMSFTTechnology2.78%
Exxon MobilXOMEnergy2.73%
General ElectricGEIndustrials2.64%
VerizonPGConsumer Staples2.61%
TOP 10 HOLDINGS TOTAL29.97%
View Full Holdings

As of 9/30/17. Top 10 Holdings for the quarter are not disclosed until 60 days after quarter end. Those listed are for the previous quarter. Fund holdings are subject to change and are not recommendations to buy or sell any securities.

Buffalo publishes this listing of securities held as of the most recent calendar-quarter end, with a 30 or 60 day lag depending on the portfolio. Buffalo may exclude any portion of holdings from publication when deemed in the best interest of the portfolio.

The portfolio data and its presentation here may differ from the complete schedules of investments in regulatory filings due to differing accounting and reporting requirements.

As of 9/30/17. 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.

As of 9/30/17. Allocation percentages may not equal 100% due to rounding.

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. Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Earnings growth is not representative of the fund’s future performance.

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.

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FOR FINANCIAL PROFESSIONALS

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FOR INDIVIDUAL INVESTORS

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 Flexible Income Fund received 3 stars among 316 for the three-year, 2 stars among 279 for the five-year, and 5 stars among 201 Allocation--70% to 85% Equity funds for the ten-year period ending 12/31/17.

In each Morningstar Category, the 10% of funds with the lowest measured risk are described as Low Risk, the next 22.5% Below Average, the middle 35% Average, the next 22.5% Above Average, and the top 10% High. Morningstar Risk is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the fund. Funds with less than three years of performance history are not rated.

©2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Bond ratings are grades given to bonds that indicates their credit quality as determined by a private independent rating service such as [Standard & Poor's or Moody’s, etc.]. The firm evaluates a bond issuer's financial strength, or its ability to pay a bond's principal and interest in a timely fashion. Ratings are expressed as letters ranging from 'AAA', which is the highest grade, to 'D', which is the lowest grade. Not Rated category includes holdings that are not rated by any rating agencies.