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 9/30/2025 among 1226 Large Blend funds
| Ticker | BUFDX Investor | BUIDX Institutional |
|---|---|---|
| Inception | 12/3/2012 | 7/1/2019 |
| Expense Ratio | 0.92% | 0.79% |
| Net Assets | $47.78 mil | $130.13 mil |
| Cusip | 119530608 | 119530806 |
| *as of 10/20/2025 | ||
Daily Prices as of 10/20/2025
| Ticker |
BUFDX Investor |
BUIDX Institutional |
|---|---|---|
| NAV | $34.18 | $34.19 |
| $Chg | $0.33 | $0.32 |
| %Chg | 0.97% | 0.94% |
| YTD % | 6.45% | 6.54% |
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* |
| GROWTH & INCOME | ||||||||||
| Investor Shares | BUFDX | 0.71 | 7.32 | 9.62 | 18.91 | 14.39 | 13.00 | - | - | 13.00 |
| Institutional Shares | BUIDX | 0.75 | 7.44 | 9.78 | 19.09 | 14.56 | 13.17 | - | - | 13.17 |
| Russell 1000® Index | - | 3.47 | 14.60 | 17.75 | 24.64 | 15.99 | 15.04 | - | - | 14.82 |
| Lipper Equity Income Funds Index | - | 1.42 | 11.91 | 9.89 | 16.48 | 13.34 | 11.10 | - | - | 11.02 |
*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 09/30/2025 | TICKER | QTR | YTD | 1YR | 3YR | 5YR | 10YR | 15YR | 20YR | SI* |
| GROWTH & INCOME | ||||||||||
| Investor Shares | BUFDX | 4.55 | 7.32 | 9.62 | 18.91 | 14.39 | 13.00 | - | - | 13.00 |
| Institutional Shares | BUIDX | 4.62 | 7.44 | 9.78 | 19.09 | 14.56 | 13.17 | - | - | 13.17 |
| Russell 1000® Index | - | 7.99 | 14.60 | 17.75 | 24.64 | 15.99 | 15.04 | - | - | 14.82 |
| Lipper Equity Income Funds Index | - | 5.16 | 11.91 | 9.89 | 16.48 | 13.34 | 11.10 | - | - | 11.02 |
*Since inception.
CALENDAR YEAR %
| TICKER | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GROWTH & INCOME | |||||||||||
| Investor Shares | BUFDX | 0.13 | 12.06 | 18.02 | -5.05 | 27.66 | 16.64 | 20.97 | -8.75 | 20.06 | 20.13 |
| Institutional Shares | BUIDX | 0.28 | 12.23 | 18.20 | -4.91 | 27.85 | 16.83 | 21.15 | -8.62 | 20.21 | 20.34 |
| Russell 1000® Index | - | 0.92 | 12.05 | 21.69 | -4.78 | 31.43 | 20.96 | 26.45 | -19.13 | 26.53 | 24.51 |
| 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 9/30/2025 | TICKER | CATEGORY | OVERALL | 3YR | 5YR | 10YR |
|---|---|---|---|---|---|---|
| GROWTH & INCOME | BUFDX | Large Blend |
_
|
82% of 1226 funds
|
65% of 1134 funds
|
71% of 876 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 06/30/2025
| Holding | Ticker/Maturity Date | Sector | % of Net Assets |
|---|---|---|---|
| Meta Platforms Inc | META | Communication Services | 5.61% |
| Microsoft Corp | MSFT | Information Technology | 5.31% |
| Apple Inc | AAPL | Information Technology | 3.65% |
| Royal Caribbean Cruises Ltd | 08/15/2025 | Consumer Discretionary | 3.61% |
| Viper Energy Inc | VNOM | Energy | 2.73% |
| Visa Inc | V | Financials | 2.62% |
| Alphabet Inc | GOOG | Communication Services | 2.59% |
| JPMORGAN CHASE & CO. | JPM | Financials | 2.32% |
| S&P Global Inc | SPGI | Financials | 2.15% |
| Vistra Corp | VST | Utilities | 2.14% |
| TOP 10 HOLDINGS TOTAL | 32.73% | ||
| Arthur J Gallagher & Co | AJG | Financials | 2.12% |
| HCA Healthcare Inc | HCA | Health Care | 1.77% |
| Bank of America Corp | BAC | Financials | 1.71% |
| Energy Transfer LP | ET | Energy | 1.69% |
| Parker-Hannifin Corp | PH | Industrials | 1.58% |
| Primo Brands Corp | PRMB | Consumer Staples | 1.50% |
| Burford Capital Ltd | BUR | Financials | 1.47% |
| Cintas Corp | CTAS | Industrials | 1.43% |
| Mastercard Inc | MA | Financials | 1.41% |
| Eli Lilly & Co | LLY | Health Care | 1.40% |
| Amazon.com Inc | AMZN | Consumer Discretionary | 1.38% |
| CRH PLC | CRH | Materials | 1.34% |
| International Business Machines Corp | IBM | Information Technology | 1.30% |
| SS&C Technologies Holdings Inc | SSNC | Industrials | 1.26% |
| Citigroup Inc | C | Financials | 1.19% |
| Intercontinental Exchange Inc | ICE | Financials | 1.16% |
| Marathon Petroleum Corp | MPC | Energy | 1.15% |
| Boeing Co/The | BA | Industrials | 1.14% |
| McKesson Corp | MCK | Health Care | 1.05% |
| Citizens Financial Group Inc | CFG | Financials | 1.04% |
| Northern Oil & Gas Inc | NOG | Energy | 1.03% |
| UnitedHealth Group Inc | UNH | Health Care | 1.00% |
| PG&E Corp | PCG | Utilities | 0.98% |
| American Electric Power Co Inc | AEP | Utilities | 0.93% |
| Edison International | EIX | Utilities | 0.90% |
| Home Depot Inc/The | HD | Consumer Discretionary | 0.89% |
| Public Storage | PSA | Real Estate | 0.84% |
| Enterprise Products Partners LP | EPD | Energy | 0.83% |
| QUALCOMM Inc | QCOM | Information Technology | 0.83% |
| Hess Corp | HES | Energy | 0.78% |
| Abbott Laboratories | ABT | Health Care | 0.78% |
| ELEVANCE HEALTH INC | ELV | Health Care | 0.75% |
| Crescent Energy Co | CRGY | Energy | 0.74% |
| Cisco Systems Inc | CSCO | Information Technology | 0.70% |
| TRUIST FINANCIAL CORP | TFC | Financials | 0.70% |
| Welltower Inc | WELL | Real Estate | 0.69% |
| Lamar Advertising Co | LAMR | Real Estate | 0.69% |
| Blackrock Inc | BLK | Financials | 0.66% |
| NVIDIA Corp | NVDA | Information Technology | 0.64% |
| CME Group Inc | CME | Financials | 0.63% |
| Johnson & Johnson | JNJ | Health Care | 0.62% |
| Valero Energy Corp | VLO | Energy | 0.61% |
| NET Lease Office Properties | NLOP | Real Estate | 0.58% |
| Walmart Inc | WMT | Consumer Staples | 0.58% |
| Lamb Weston Holdings Inc | LW | Consumer Staples | 0.55% |
| Walt Disney Co/The | DIS | Communication Services | 0.54% |
| Sempra | SRE | Utilities | 0.53% |
| Graphic Packaging Holding Co | GPK | Materials | 0.53% |
| Procter & Gamble Co/The | PG | Consumer Staples | 0.52% |
| Pebblebrook Hotel Trust | PEB | Real Estate | 0.51% |
| Lumentum Holdings Inc | 12/15/2026 | Information Technology | 0.51% |
| Equinix Inc | EQIX | Real Estate | 0.50% |
| Digital Realty Trust Inc | DLR | Real Estate | 0.50% |
| Starbucks Corp | SBUX | Consumer Discretionary | 0.50% |
| Fastenal Co | FAST | Industrials | 0.49% |
| Realty Income Corp | O | Real Estate | 0.49% |
| NETSTREIT Corp | NTST | Real Estate | 0.48% |
| Equifax Inc | EFX | Industrials | 0.47% |
| Martin Marietta Materials Inc | MLM | Materials | 0.47% |
| Postal Realty Trust Inc | PSTL | Real Estate | 0.46% |
| Macerich Co/The | MAC | Real Estate | 0.46% |
| Honeywell International Inc | HON | Industrials | 0.46% |
| Comcast Corp | CMCSA | Communication Services | 0.46% |
| Otis Worldwide Corp | OTIS | Industrials | 0.45% |
| MARVELL TECHNOLOGY INC | MRVL | Information Technology | 0.45% |
| Exact Sciences Corp | 03/15/2027 | Health Care | 0.45% |
| Merck & Co Inc | MRK | Health Care | 0.44% |
| PepsiCo Inc | PEP | Consumer Staples | 0.42% |
| AMERICAN TOWER CORP | AMT | Real Estate | 0.40% |
| PTC Therapeutics Inc | 09/15/2026 | Health Care | 0.40% |
| Tyson Foods Inc | TSN | Consumer Staples | 0.38% |
| Medtronic PLC | MDT | Health Care | 0.37% |
| Texas Instruments Inc | TXN | Information Technology | 0.35% |
| Kenvue Inc | KVUE | Consumer Staples | 0.32% |
| BioMarin Pharmaceutical Inc | 05/15/2027 | Health Care | 0.27% |
| Verizon Communications Inc | VZ | Communication Services | 0.26% |
| AMETEK Inc | AME | Industrials | 0.26% |
| Array Technologies Inc | 12/01/2028 | Industrials | 0.23% |
| Apellis Pharmaceuticals Inc | 09/15/2026 | Health Care | 0.17% |
| 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 $ | |
|---|---|---|---|---|---|---|---|---|
| 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 |
| GROWTH & INCOME | BUFDX | 03/18/2024 | 03/19/2024 | 29.50 | 0.05519288 | - | - | 0.05519288 |
| GROWTH & INCOME | BUIDX | 03/18/2024 | 03/19/2024 | 29.51 | 0.06513191 | - | - | 0.06513191 |
| GROWTH & INCOME | BUFDX | 12/18/2023 | 12/19/2023 | 27.20 | 0.15591721 | - | - | 0.15591721 |
| GROWTH & INCOME | BUIDX | 12/18/2023 | 12/19/2023 | 27.20 | 0.16483955 | - | - | 0.16483955 |
| GROWTH & INCOME | BUFDX | 12/04/2023 | 12/05/2023 | 26.40 | - | - | 0.12045 | 0.12045 |
| GROWTH & INCOME | BUIDX | 12/04/2023 | 12/05/2023 | 26.41 | - | - | 0.12045 | 0.12045 |
| TICKER | RECORD DATE | EX DATE | TYPE | |
|---|---|---|---|---|
| GROWTH & INCOME | BUFDX | 12/17/2025 | 12/18/2025 | NII |
| GROWTH & INCOME | BUIDX | 12/17/2025 | 12/18/2025 | NII |
| GROWTH & INCOME | BUFDX | 12/4/2025 | 12/5/2025 | Cap Gains (if any) |
| GROWTH & INCOME | BUIDX | 12/4/2025 | 12/5/2025 | Cap Gains (if any) |
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
