Growth & Income Fund
BUFDX | BUIDX
STRONG COMPANIES, SMART VALUATIONS, SUSTAINABLE RETURN POTENTIAL
“We are focused on buying dividend-paying companies that have sustainable competitive advantages, strong return on capital and free cash flow, conservative balance sheets, and 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 in the Buffalo Growth & Income Fund.”
— Paul Dlugosch, CFA, Co-Portfolio Manager
Objective
Current income & long-term growth of capital
Morningstar CategoryLarge Cap Blend
Benchmark IndexRussell 1000® Index
Dividend DistributionQuarterly
Overall Morningstar Rating™
BUFDX based on risk-adjusted
returns as of 2/28/2026 among 1208 Large Blend funds
| Ticker | BUFDX Investor | BUIDX Institutional |
|---|---|---|
| Inception | 12/3/2012 | 7/1/2019 |
| Expense Ratio | 0.92% | 0.79% |
| Net Assets | $43.29 mil | $125.32 mil |
| Cusip | 119530608 | 119530806 |
| *as of 4/2/2026 | ||
Daily Prices as of 4/2/2026
| Ticker |
BUFDX Investor |
BUIDX Institutional |
|---|---|---|
| NAV | $34.49 | $34.50 |
| $Chg | $0.18 | $0.18 |
| %Chg | 0.52% | 0.52% |
| YTD % | 0.16% | 0.17% |
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 03/31/2026 | TICKER | MO | YTD | 1YR | 3YR | 5YR | 10YR | 15YR | 20YR | SI* |
| GROWTH & INCOME | ||||||||||
| Investor Shares | BUFDX | -5.12 | -0.94 | 9.54 | 14.32 | 10.16 | 12.22 | - | - | 12.49 |
| Institutional Shares | BUIDX | -5.11 | -0.93 | 9.68 | 14.47 | 10.32 | 12.39 | - | - | 12.65 |
| Russell 1000® Index | - | -4.97 | -4.18 | 17.74 | 18.14 | 11.34 | 13.97 | - | - | 14.07 |
| Lipper Equity Income Funds Index | - | -5.15 | 0.18 | 13.51 | 13.11 | 9.53 | 10.60 | - | - | 10.84 |
*Since inception.
| Investor Inception | Investor Expense Ratio | Institutional Inception | Institutional Expense Ratio | |
|---|---|---|---|---|
| GROWTH & INCOME | 12/3/2012 | 0.92% | 7/1/2019 | 0.79% |
QUARTER-END PERFORMANCE
| TOTAL RETURNS % | AVERAGE ANNUALIZED TOTAL RETURNS % | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| As of 03/31/2026 | TICKER | QTR | YTD | 1YR | 3YR | 5YR | 10YR | 15YR | 20YR | SI* |
| GROWTH & INCOME | ||||||||||
| Investor Shares | BUFDX | -0.94 | -0.94 | 9.54 | 14.32 | 10.16 | 12.22 | - | - | 12.49 |
| Institutional Shares | BUIDX | -0.93 | -0.93 | 9.68 | 14.47 | 10.32 | 12.39 | - | - | 12.65 |
| Russell 1000® Index | - | -4.18 | -4.18 | 17.74 | 18.14 | 11.34 | 13.97 | - | - | 14.07 |
| Lipper Equity Income Funds Index | - | 0.18 | 0.18 | 13.51 | 13.11 | 9.53 | 10.60 | - | - | 10.84 |
*Since inception.
CALENDAR YEAR %
| TICKER | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GROWTH & INCOME | |||||||||||
| Investor Shares | BUFDX | 12.06 | 18.02 | -5.05 | 27.66 | 16.64 | 20.97 | -8.75 | 20.06 | 20.13 | 8.40 |
| Institutional Shares | BUIDX | 12.23 | 18.20 | -4.91 | 27.85 | 16.83 | 21.15 | -8.62 | 20.21 | 20.34 | 8.54 |
| Russell 1000® Index | - | 12.05 | 21.69 | -4.78 | 31.43 | 20.96 | 26.45 | -19.13 | 26.53 | 24.51 | 17.37 |
| Lipper Equity Income Funds Index | - | -2.96 | 14.34 | 16.43 | -6.61 | 26.38 | 4.72 | 24.57 | -5.58 | 10.12 | 14.12 |
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 2/28/2026 | TICKER | CATEGORY | OVERALL | 3YR | 5YR | 10YR |
|---|---|---|---|---|---|---|
| GROWTH & INCOME | BUFDX | Large Blend |
_
|
77% of 1208 funds
|
65% of 1120 funds
|
72% of 880 funds
|
Ratings & Rankings may vary for other share classes.
PORTFOLIO CHARACTERISTICS
3-YEAR RISK METRICS
As of 9/30/2025
| BUFDX vs. Russell 1000® Index | |
|---|---|
| Upside Capture | 76.44 |
| Downside Capture | 94.97 |
| Alpha | -1.73 |
| Beta | 0.86 |
| Sharpe Ratio | 1.13 |
CHARACTERISTICS
As of 9/30/2025
| Portfolio | Value |
|---|---|
| Number of Holdings | 90 |
| Median Market Cap (B) | $ 82.97 |
| Weighted Average Market Cap (B) | $ 568.67 |
| 3-Year Annualized Turnover Ratio | 3.22% |
| Holdings with Free Cash Flow | 61.45% |
| 30-day SEC Yield | 1.39% |
MARKET CAPITALIZATION
As of 9/30/2025
|
Small Cap ($1.5B-$4.5B)
|
4.54% | |
|
Mid Cap ($4.5B-$30B)
|
11.39% | |
|
Large Cap (>$30B)
|
82.99% |
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 12/31/2025
| Holding | Ticker/Maturity Date | Sector | % of Net Assets |
|---|---|---|---|
| Microsoft Corp | MSFT | Information Technology | 5.12% |
| Meta Platforms Inc | META | Communication Services | 4.98% |
| Apple Inc | AAPL | Information Technology | 4.79% |
| Alphabet Inc | GOOG | Communication Services | 4.55% |
| Viper Energy Inc | VNOM | Energy | 2.74% |
| Royal Caribbean Cruises Ltd | RCL | Consumer Discretionary | 2.71% |
| Visa Inc | V | Financials | 2.57% |
| JPMORGAN CHASE & CO. | JPM | Financials | 2.56% |
| HCA Healthcare Inc | HCA | Health Care | 2.15% |
| S&P Global Inc | SPGI | Financials | 2.12% |
| TOP 10 HOLDINGS TOTAL | 34.29% | ||
| Parker-Hannifin Corp | PH | Industrials | 1.97% |
| Bank of America Corp | BAC | Financials | 1.97% |
| Eli Lilly & Co | LLY | Health Care | 1.92% |
| CRH PLC | CRH | Materials | 1.81% |
| Vistra Corp | VST | Utilities | 1.77% |
| Arthur J Gallagher & Co | AJG | Financials | 1.70% |
| Citigroup Inc | C | Financials | 1.61% |
| Lumentum Holdings Inc | 12/15/2026 | Information Technology | 1.58% |
| Energy Transfer LP | ET | Energy | 1.52% |
| Amazon.com Inc | AMZN | Consumer Discretionary | 1.44% |
| Mastercard Inc | MA | Financials | 1.43% |
| Citizens Financial Group Inc | CFG | Financials | 1.35% |
| SS&C Technologies Holdings Inc | SSNC | Industrials | 1.32% |
| International Business Machines Corp | IBM | Information Technology | 1.29% |
| Cintas Corp | CTAS | Industrials | 1.20% |
| McKesson Corp | MCK | Health Care | 1.16% |
| Boeing Co/The | BA | Industrials | 1.16% |
| Marathon Petroleum Corp | MPC | Energy | 1.12% |
| PG&E Corp | PCG | Utilities | 1.10% |
| UnitedHealth Group Inc | UNH | Health Care | 1.05% |
| Edison International | EIX | Utilities | 1.04% |
| American Electric Power Co Inc | AEP | Utilities | 1.03% |
| Intercontinental Exchange Inc | ICE | Financials | 1.02% |
| Burford Capital Ltd | BUR | Financials | 0.92% |
| QUALCOMM Inc | QCOM | Information Technology | 0.88% |
| Chevron Corp | CVX | Energy | 0.88% |
| Enterprise Products Partners LP | EPD | Energy | 0.85% |
| Johnson & Johnson | JNJ | Health Care | 0.84% |
| Welltower Inc | WELL | Real Estate | 0.83% |
| Home Depot Inc/The | HD | Consumer Discretionary | 0.82% |
| Primo Brands Corp | PRMB | Consumer Staples | 0.82% |
| TRUIST FINANCIAL CORP | TFC | Financials | 0.80% |
| Cisco Systems Inc | CSCO | Information Technology | 0.78% |
| Northern Oil & Gas Inc | NOG | Energy | 0.77% |
| NVIDIA Corp | NVDA | Information Technology | 0.75% |
| Public Storage | PSA | Real Estate | 0.74% |
| Valero Energy Corp | VLO | Energy | 0.73% |
| Lamar Advertising Co | LAMR | Real Estate | 0.72% |
| Crescent Energy Co | CRGY | Energy | 0.71% |
| Abbott Laboratories | ABT | Health Care | 0.71% |
| ELEVANCE HEALTH INC | ELV | Health Care | 0.67% |
| Blackrock Inc | BLK | Financials | 0.67% |
| Walmart Inc | WMT | Consumer Staples | 0.65% |
| CME Group Inc | CME | Financials | 0.62% |
| Sempra | SRE | Utilities | 0.61% |
| Merck & Co Inc | MRK | Health Care | 0.59% |
| Pebblebrook Hotel Trust | PEB | Real Estate | 0.58% |
| Martin Marietta Materials Inc | MLM | Materials | 0.53% |
| Macerich Co/The | MAC | Real Estate | 0.52% |
| PTC Therapeutics Inc | 09/15/2026 | Health Care | 0.51% |
| Postal Realty Trust Inc | PSTL | Real Estate | 0.50% |
| NETSTREIT Corp | NTST | Real Estate | 0.50% |
| Walt Disney Co/The | DIS | Communication Services | 0.49% |
| MARVELL TECHNOLOGY INC | MRVL | Information Technology | 0.49% |
| Realty Income Corp | O | Real Estate | 0.48% |
| Equinix Inc | EQIX | Real Estate | 0.48% |
| Fastenal Co | FAST | Industrials | 0.47% |
| Procter & Gamble Co/The | PG | Consumer Staples | 0.47% |
| NET Lease Office Properties | NLOP | Real Estate | 0.46% |
| Starbucks Corp | SBUX | Consumer Discretionary | 0.45% |
| PepsiCo Inc | PEP | Consumer Staples | 0.45% |
| Digital Realty Trust Inc | DLR | Real Estate | 0.44% |
| Lamb Weston Holdings Inc | LW | Consumer Staples | 0.44% |
| Medtronic PLC | MDT | Health Care | 0.40% |
| Tyson Foods Inc | TSN | Consumer Staples | 0.40% |
| Equifax Inc | EFX | Industrials | 0.39% |
| Otis Worldwide Corp | OTIS | Industrials | 0.39% |
| Honeywell International Inc | HON | Industrials | 0.38% |
| Comcast Corp | CMCSA | Communication Services | 0.38% |
| Graphic Packaging Holding Co | GPK | Materials | 0.37% |
| AMERICAN TOWER CORP | AMT | Real Estate | 0.32% |
| AMETEK Inc | AME | Industrials | 0.29% |
| Texas Instruments Inc | TXN | Information Technology | 0.29% |
| BioMarin Pharmaceutical Inc | 05/15/2027 | Health Care | 0.27% |
| Kenvue Inc | KVUE | Consumer Staples | 0.26% |
| Array Technologies Inc | 12/01/2028 | Industrials | 0.26% |
| Verizon Communications Inc | VZ | Communication Services | 0.25% |
| Apellis Pharmaceuticals Inc | 09/15/2026 | Health Care | 0.18% |
| Total Cash or Equivalent | - | 0.32% |
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 $ | |
|---|---|---|---|---|---|---|---|---|
| GROWTH & INCOME | BUFDX | 03/17/2026 | 03/18/2026 | 34.53 | 0.28585788 | - | - | 0.28585788 |
| GROWTH & INCOME | BUIDX | 03/17/2026 | 03/18/2026 | 34.54 | 0.31024849 | - | - | 0.31024849 |
| GROWTH & INCOME | BUFDX | 12/17/2025 | - | - | - | - | - | - |
| GROWTH & INCOME | BUIDX | 12/17/2025 | - | - | - | - | - | - |
| GROWTH & INCOME | BUFDX | 12/04/2025 | 12/05/2025 | 34.76 | - | - | 0.08374 | 0.08374 |
| GROWTH & INCOME | BUIDX | 12/04/2025 | 12/05/2025 | 34.79 | - | - | 0.08374 | 0.08374 |
| GROWTH & INCOME | BUFDX | 09/17/2025 | 09/18/2025 | 34.38 | 0.09475612 | - | - | 0.09475612 |
| GROWTH & INCOME | BUIDX | 09/17/2025 | 09/18/2025 | 34.39 | 0.10716102 | - | - | 0.10716102 |
| GROWTH & INCOME | BUFDX | 06/17/2025 | 06/18/2025 | 32.09 | 0.08068423 | - | - | 0.08068423 |
| GROWTH & INCOME | BUIDX | 06/17/2025 | 06/18/2025 | 32.11 | 0.09026958 | - | - | 0.09026958 |
| GROWTH & INCOME | BUFDX | 03/17/2025 | 03/18/2025 | 31.40 | 0.16777325 | - | - | 0.16777325 |
| GROWTH & INCOME | BUIDX | 03/17/2025 | 03/18/2025 | 31.41 | 0.1722548 | - | - | 0.1722548 |
| GROWTH & INCOME | BUFDX | 12/17/2024 | 12/18/2024 | 32.31 | 0.01039457 | - | - | 0.01039457 |
| GROWTH & INCOME | BUIDX | 12/17/2024 | 12/18/2024 | 32.32 | 0.02285468 | - | - | 0.02285468 |
| GROWTH & INCOME | BUFDX | 12/04/2024 | - | - | - | - | - | - |
| GROWTH & INCOME | BUIDX | 12/04/2024 | - | - | - | - | - | - |
| GROWTH & INCOME | BUFDX | 09/17/2024 | 09/18/2024 | 31.28 | 0.08147743 | - | - | 0.08147743 |
| GROWTH & INCOME | BUIDX | 09/17/2024 | 09/18/2024 | 31.29 | 0.09380152 | - | - | 0.09380152 |
| GROWTH & INCOME | BUFDX | 06/17/2024 | 06/18/2024 | 29.69 | 0.26054635 | - | - | 0.26054635 |
| GROWTH & INCOME | BUIDX | 06/17/2024 | 06/18/2024 | 29.70 | 0.27020187 | - | - | 0.27020187 |
| TICKER | RECORD DATE | EX DATE | TYPE | |
|---|---|---|---|---|
| GROWTH & INCOME | BUFDX | 12/17/2026 | 12/18/2026 | NII |
| GROWTH & INCOME | BUIDX | 12/17/2026 | 12/18/2026 | NII |
| GROWTH & INCOME | BUFDX | 12/4/2026 | 12/7/2026 | Cap Gains |
| GROWTH & INCOME | BUIDX | 12/4/2026 | 12/7/2026 | Cap Gains |
| GROWTH & INCOME | BUFDX | 9/17/2026 | 9/18/2026 | NII |
| GROWTH & INCOME | BUIDX | 9/17/2026 | 9/18/2026 | NII |
| GROWTH & INCOME | BUFDX | 6/17/2026 | 6/18/2026 | NII |
| GROWTH & INCOME | BUIDX | 6/17/2026 | 6/18/2026 | 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
