Growth Fund
Quick Facts
| Investor | Institutional | |
| Ticker: | BUFGX | BIIGX |
| Daily Pricing: | ||
| As of 12/24/2024 | ||
| NAV: | $35.84 | $36.12 |
| $ Change: | $0.34 | $0.34 |
| % Change: |
0.96% | 0.95% |
| YTD: |
28.75% | 28.87% |
| Inception Date: | 5/19/1995 | 7/1/2019 |
| Expense Ratio: | 0.87% | 0.77% |
| Total Net Assets: | $178.41 Million (9/30/24) | |
| Morningstar Category: | Large Cap Growth | |
| Benchmark Index: | Russell 3000 Growth | |
|
Related Material: Fund Fact Sheet Q3 2024 PM Commentary Q3 2024 |
||
Fund Objective & Investment Philosophy
The investment objective of the Buffalo Growth Fund is long-term growth of capital. The Fund invests in common stocks and other equity securities, including preferred stock, convertible securities, warrants and rights, with a goal of maintaining at least 75% of the Fund’s portfolio in companies with market capitalizations greater than the median of the Russell 3000 Growth Index at the time of purchase or $5 billion, whichever is lower. The median market capitalization of the Russell 3000 Growth Index changes due to market conditions and also changes with the composition of the index.
With respect to the remaining 25% of the equity weighting of the Fund’s portfolio, the Fund may invest in companies of any size, including, but not limited to, those with market capitalizations less than the lower of the median of the Russell 3000 Growth Index or $5 billion, whichever is lower.
The Fund managers seek to identify companies that are expected to experience growth based on the identification of long-term, measurable secular trends, and which, as a result, the managers believe may have potential revenue growth in excess of the gross domestic product growth rate. Companies are screened using in-depth, in-house research to identify those which the managers believe have favorable attributes, including attractive valuation, strong management, conservative debt, free cash flow, scalable business models, and competitive advantages.
The Growth Fund invest in secular trend leaders: attractively-priced, financially-strong, well-managed companies across all market cap segments, which we believe are favorably positioned to harvest the lion’s share of big secular growth trends.
Dave Carlsen, CFA, Co-Portfolio Manager
Morningstar Ratings
Overall Morningstar Rating™ of BUFGX based on risk-adjusted returns among 1,020 Large Growth funds as of 11/30/24
Performance (%)
| As of 11/30/24 | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | 15 YR | 20 YR | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| BUFFALO GROWTH FUND - Investor | 7.52 | 25.59 | 31.49 | 8.55 | 14.56 | 12.84 | 13.93 | 11.05 | 11.07 |
| BUFFALO GROWTH FUND - Institutional | 7.55 | 25.72 | 31.60 | 8.67 | 14.71 | 13.00 | 14.09 | 11.21 | 11.23 |
| Russell 3000 Growth Index | 8.06 | 27.71 | 34.49 | 10.54 | 15.23 | 12.89 | 14.01 | 10.58 | 10.64 |
| Lipper Large Cap Growth Fund Index | 9.29 | 31.87 | 38.16 | 10.50 | 18.84 | 16.08 | 16.34 | 12.48 | 11.05 |
| As of 9/30/24 | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | 15 YR | 20 YR | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| BUFFALO GROWTH FUND - Investor | 3.24 | 19.19 | 34.83 | 8.06 | 14.44 | 12.81 | 13.50 | 10.90 | 10.94 |
| BUFFALO GROWTH FUND - Institutional | 3.28 | 19.30 | 34.99 | 8.19 | 14.59 | 12.97 | 13.66 | 11.06 | 11.10 |
| Russell 3000 Growth Index | 6.23 | 20.63 | 35.19 | 10.29 | 15.26 | 12.83 | 13.80 | 10.61 | 10.49 |
| Lipper Large Cap Growth Fund Index | 2.59 | 23.89 | 41.53 | 8.65 | 17.46 | 14.71 | 14.71 | 11.26 | 9.83 |
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BUFFALO GROWTH FUND - Investor | 35.40 | 8.88 | 2.64 | 4.86 | 22.81 | 0.51 | 31.91 | 28.29 | 21.69 | -31.13 | 42.64 |
| BUFFALO GROWTH FUND - Institutional | 35.60 | 9.05 | 2.80 | 5.02 | 22.99 | 0.66 | 32.11 | 28.49 | 21.85 | -31.03 | 42.79 |
| Russell 3000 Growth Index | 34.23 | 12.44 | 5.09 | 7.39 | 29.59 | -2.12 | 35.85 | 38.26 | 25.85 | -28.97 | 41.21 |
3 Year Risk Metrics
| BUFGX vs Russell 3000 Growth Index (As of 9/30/24) | |
|---|---|
| Upside Capture | 94.30 |
| Downside Capture | 104.44 |
| Alpha | -2.82 |
| Beta | 0.99 |
| Sharpe Ratio | 0.21 |
Hypothetical Growth of $10,000
Portfolio
Portfolio Characteristics
| (As of 9/30/24) | |
|---|---|
| # of Holdings | 42 |
| Median Market Cap | $144.88 B |
| Weighted Average Market Cap | $1455.03 B |
| 3-Yr Annualized Turnover Ratio | 9.26% |
| % of Holdings with Free Cash Flow | 93.02% |
| Active Share | 43.43% |
Top 10 Holdings
| Name of Holding | Ticker | Sector | % of Net Assets |
|---|---|---|---|
| Microsoft Corporation | MSFT | Information Technology | 12.62 |
| Alphabet, Inc. | GOOG | Communication Services | 9.90 |
| Apple, Inc. | AAPL | Information Technology | 9.19 |
| NVIDIA Corporation | NVDA | Information Technology | 8.67 |
| Amazon.com, Inc. | AMZN | Consumer Discretionary | 7.90 |
| Meta Platforms, Inc. | META | Communication Services | 4.48 |
| Mastercard, Inc. | MA | Financials | 2.60 |
| Adobe, Inc. | ADBE | Information Technology | 2.38 |
| Uber Technologies, Inc. | UBER | Industrials | 2.34 |
| Visa, Inc. | V | Financials | 2.17 |
| TOP 10 HOLDINGS TOTAL | 62.25% | ||
Sector Weighting
As of 9/30/24. 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 9/30/24. Market Cap percentages may not equal 100% due to rounding.
Management
Commentary
Literature
| Buffalo Growth Fund Documents | Last Updated |
|---|---|
| Fact Sheet | 9/30/24 |
| Quarterly Commentary | 9/30/24 |
| Full Fund Holdings | 6/30/24 |
| Prospectus | 7/29/24 |
| Statement of Additional Information | 7/29/24 |
| Annual Report | 3/31/24 |
| Semi-Annual Report | 9/30/23 |
| Tax Guide - 2023 | 1/8/24 |
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.
Morningstar Rating™
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 Morningstar Rating does not include any adjustment for sales loads. 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.
©2024 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.
The Buffalo Growth Fund (BUFGX) received 3 stars among 1,020 for the 3-year, 2 stars among 955 for the 5-year, and 2 stars among 751 Large Growth funds for the 10-year period ending 11/30/24. Other share classes may have different performance characteristics.