Quick Facts
Investor Institutional
Ticker: BUFBX BUIBX
Daily Pricing:  
As of 6/12/2024  
NAV: $20.62 $20.61
$ Change: $-0.04 $-0.04
% Change:
-0.19% -0.19%
YTD:
9.02% 9.10%
Inception Date: 8/12/1994 7/1/2019
Expense Ratio: 1.01% 0.86%
Total Net Assets: $489.40 Million  (3/31/24)
Morningstar Category: Large Value
Benchmark Index: Russell 3000
Dividend Distribution: Monthly
Related Material:
   Fund Fact Sheet Q1 2024
   PM Commentary Q1 2024
Fund Objective & Investment Process

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.

The allocation of assets invested in each type of security is designed to balance income and long-term capital appreciation with reduced volatility of returns. The Flexible Income Fund expects to change its allocation mix over time based on the Fund managers’ view of economic conditions and underlying security values.

The Fund maintains a flexible investment policy which allows it to invest in debt securities with varying maturities. However, it is anticipated that the dollar-weighted average maturity of debt securities that the Fund purchases will not exceed 15 years.

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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

Morningstar Rating

        

Overall Morningstar Rating™ of BUFBX based on risk-adjusted returns among 1,102 Large Value funds as of 5/31/24.

Investment Style

Performance (%)

As of 5/31/243 MOYTD1 YR3 YR5 YR10 YR15 YR20 YRSince Inception
BUFFALO FLEXIBLE INCOME FUND - Investor4.019.2420.6611.1411.637.629.767.967.72
BUFFALO FLEXIBLE INCOME FUND - Institutional4.059.3120.7811.3111.787.779.928.127.88
  Russell 3000 Index3.3510.1527.587.8315.0012.0914.2910.1110.47
  Lipper Mixed-Asset Target Allocation Moderate Funds Index2.444.9414.702.447.365.917.836.056.85
As of 3/31/243 MOYTD1 YR3 YR5 YR10 YR15 YR20 YRSince Inception
BUFFALO FLEXIBLE INCOME FUND - Investor10.0510.0519.3713.5810.667.9910.778.067.79
BUFFALO FLEXIBLE INCOME FUND - Institutional10.1510.1519.6113.7410.838.1510.948.227.95
  Russell 3000 Index10.0210.0229.299.7814.3412.3315.4410.0710.53
  Lipper Mixed-Asset Target Allocation Moderate Funds Index5.085.0814.513.857.206.168.695.966.90

20132014201520162017201820192020202120222023
BUFFALO FLEXIBLE INCOME FUND - Investor16.683.59-1.979.9013.21-7.0018.76-2.2430.004.017.43
BUFFALO FLEXIBLE INCOME FUND - Institutional16.853.75-1.8310.0713.38-6.8618.87-2.1030.214.227.53
  Russell 3000 Index33.5512.560.4812.7421.13-5.2431.0220.8925.66-19.2125.96
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.
Hypothetical Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund on the Fund’s 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 7/17/2024 Payable 7/18/2024

Record 8/19/2024 Payable 8/20/2024

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

Record 10/17/2024 Payable 10/18/2024

Record 11/18/2024 Payable 11/19/2024

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
5/17/20245/20/2024$20.87(Inv)

$20.87 (Inst)
0.04860370

0.05114302
-

-
-

-
0.04860370

0.05114302
4/17/20244/18/2024$20.15(Inv)

$20.14 (Inst)
0.00702538

0.00958157
-

-
-

-
0.00702538

0.00958157
3/18/20243/19/2024$20.52(Inv)

$20.51 (Inst)
0.00271906

0.00495243
-

-
-

-
0.00271906

0.00495243
2/20/20242/21/2024$19.85(Inv)

$19.85 (Inst)
0.01198410

0.01472364
-

-
-

-
0.01198410

0.01472364
1/17/20241/18/2024$19.02 (Inv)

$19.02 (Inst)
0.02220238

0.02456864
-

-
-

-
0.02220238

0.02456864
For historical distributions, click here.

Portfolio

Portfolio Characteristics
(As of 3/31/24) 
 
# of Holdings45
Median Market Cap$85.64 B
Weighted Average Market Cap$485.11 B
3-Yr Annualized Turnover Ratio2.17%
30-day SEC Yield1.66%
Top 10 Holdings
HoldingTicker / MaturitySector% of Net
Assets
Microsoft CorporationMSFTInformation Technology9.89
Eli Lilly and CompanyLLYHealth Care5.57
Costco Wholesale CorporationCOSTConsumer Staples4.49
ConocoPhillipsCOPEnergy4.29
Chevron CorporationCVXEnergy4.03
Exxon Mobil CorporationXOMEnergy3.92
Hess CorporationHESEnergy3.90
Arthur J. Gallagher & Co.AJGFinancials3.58
Allstate CorporationALLFinancials3.36
QUALCOMM IncorporatedQCOMInformation Technology3.05
TOP 10 HOLDINGS TOTAL46.09%
As of 3/31/24. 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.

Asset Allocation

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

Management

John Kornitzer
Portfolio Manager

55 Years of Experience

 View full bio

Paul Dlugosch, 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 Flexible Income Fund
Documents
Last
Updated
  Fact Sheet3/31/24
  Quarterly Commentary3/31/24
  Full Fund Holdings3/31/24
  Prospectus7/28/23
  Statement of Additional Information7/28/23
  Annual Report3/31/24
  Semi-Annual Report9/30/23
  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 Flexible Income Fund (BUFBX) received 5 stars among 1102 for the 3-year, 4 stars among 1039 for the 5-year, and 3 stars among 808 Large Value funds for the 10-year period ending 5/31/24.

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.