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 3/31/2026 among 1212 US Fund Large Blend funds
| Ticker | BUFDX Investor | BUIDX Institutional |
|---|---|---|
| Inception | 12/3/2012 | 7/1/2019 |
| Expense Ratio | 0.92% | 0.79% |
| Net Assets | $45.37 mil | $133.01 mil |
| Cusip | 119530608 | 119530806 |
| *as of 6/1/2026 | ||
Daily Prices as of 6/1/2026
| Ticker |
BUFDX Investor |
BUIDX Institutional |
|---|---|---|
| NAV | $36.83 | $36.86 |
| $Chg | $-0.15 | $-0.14 |
| %Chg | -0.41% | -0.38% |
| YTD % | 6.96% | 7.02% |
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 05/31/2026 | TICKER | MO | YTD | 1YR | 3YR | 5YR | 10YR | 15YR | 20YR | SI* |
| GROWTH & INCOME | ||||||||||
| Investor Shares | BUFDX | 1.01 | 7.39 | 17.42 | 17.15 | 10.58 | 12.93 | - | - | 13.00 |
| Institutional Shares | BUIDX | 1.01 | 7.43 | 17.57 | 17.30 | 10.74 | 13.09 | - | - | 13.17 |
| Russell 1000® Index | - | 5.10 | 10.88 | 28.85 | 23.33 | 13.33 | 15.38 | - | - | 15.12 |
| Lipper Equity Income Funds Index | - | 1.25 | 8.24 | 21.32 | 16.70 | 9.85 | 11.17 | - | - | 11.34 |
*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 3/31/2026 | TICKER | CATEGORY | OVERALL | 3YR | 5YR | 10YR |
|---|---|---|---|---|---|---|
| GROWTH & INCOME | BUFDX | US Fund Large Blend |
_
|
74% of 1212 funds
|
60% of 1122 funds
|
69% of 886 funds
|
Ratings & Rankings may vary for other share classes.
PORTFOLIO CHARACTERISTICS
3-YEAR RISK METRICS
As of 3/31/2026
| BUFDX vs. Russell 1000® Index | |
|---|---|
| Upside Capture | 77.39 |
| Downside Capture | 90.02 |
| Alpha | -0.67 |
| Beta | 0.84 |
| Sharpe Ratio | 0.83 |
CHARACTERISTICS
As of 3/31/2026
| Portfolio | Value |
|---|---|
| Number of Holdings | 82 |
| 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 3/31/2026
|
Small Cap ($1.5B-$4.5B)
|
3.04% | |
|
Mid Cap ($4.5B-$30B)
|
11.35% | |
|
Large Cap (>$30B)
|
83.10% |
May not equal 100% due to rounding.
SECTOR WEIGHTS
As of 3/31/2026
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 03/31/2026
| Holding | Ticker/Maturity Date | Sector | % of Net Assets |
|---|---|---|---|
| Apple Inc | AAPL | Information Technology | 4.73% |
| Meta Platforms Inc | META | Communication Services | 4.56% |
| Alphabet Inc | GOOG | Communication Services | 4.41% |
| Microsoft Corp | MSFT | Information Technology | 4.14% |
| Royal Caribbean Cruises Ltd | RCL | Consumer Discretionary | 2.83% |
| Lumentum Holdings Inc | 12/15/2026 | Information Technology | 2.76% |
| Viper Energy Inc | VNOM | Energy | 2.54% |
| JPMORGAN CHASE & CO. | JPM | Financials | 2.47% |
| Visa Inc | V | Financials | 2.34% |
| HCA Healthcare Inc | HCA | Health Care | 2.30% |
| TOP 10 HOLDINGS TOTAL | 33.08% | ||
| Parker-Hannifin Corp | PH | Industrials | 2.12% |
| Energy Transfer LP | ET | Energy | 1.88% |
| Bank of America Corp | BAC | Financials | 1.84% |
| S&P Global Inc | SPGI | Financials | 1.82% |
| Marathon Petroleum Corp | MPC | Energy | 1.78% |
| Vistra Corp | VST | Utilities | 1.74% |
| Eli Lilly & Co | LLY | Health Care | 1.74% |
| Citigroup Inc | C | Financials | 1.66% |
| CRH PLC | CRH | Materials | 1.61% |
| Arthur J Gallagher & Co | AJG | Financials | 1.50% |
| Citizens Financial Group Inc | CFG | Financials | 1.47% |
| Amazon.com Inc | AMZN | Consumer Discretionary | 1.37% |
| Edison International | EIX | Utilities | 1.34% |
| Mastercard Inc | MA | Financials | 1.32% |
| McKesson Corp | MCK | Health Care | 1.30% |
| PG&E Corp | PCG | Utilities | 1.26% |
| Chevron Corp | CVX | Energy | 1.26% |
| American Electric Power Co Inc | AEP | Utilities | 1.23% |
| Crescent Energy Co | CRGY | Energy | 1.21% |
| Valero Energy Corp | VLO | Energy | 1.17% |
| Boeing Co/The | BA | Industrials | 1.14% |
| Cintas Corp | CTAS | Industrials | 1.14% |
| International Business Machines Corp | IBM | Information Technology | 1.12% |
| Northern Oil & Gas Inc | NOG | Energy | 1.11% |
| SS&C Technologies Holdings Inc | SSNC | Industrials | 1.08% |
| Enterprise Products Partners LP | EPD | Energy | 1.06% |
| Intercontinental Exchange Inc | ICE | Financials | 1.05% |
| Johnson & Johnson | JNJ | Health Care | 1.04% |
| Primo Brands Corp | PRMB | Consumer Staples | 1.00% |
| Welltower Inc | WELL | Real Estate | 0.94% |
| UnitedHealth Group Inc | UNH | Health Care | 0.91% |
| Home Depot Inc/The | HD | Consumer Discretionary | 0.83% |
| Cisco Systems Inc | CSCO | Information Technology | 0.83% |
| Public Storage | PSA | Real Estate | 0.81% |
| TRUIST FINANCIAL CORP | TFC | Financials | 0.79% |
| Walmart Inc | WMT | Consumer Staples | 0.77% |
| Lamar Advertising Co | LAMR | Real Estate | 0.76% |
| NVIDIA Corp | NVDA | Information Technology | 0.74% |
| CME Group Inc | CME | Financials | 0.71% |
| Sempra | SRE | Utilities | 0.71% |
| Merck & Co Inc | MRK | Health Care | 0.71% |
| QUALCOMM Inc | QCOM | Information Technology | 0.70% |
| Pebblebrook Hotel Trust | PEB | Real Estate | 0.68% |
| Equinix Inc | EQIX | Real Estate | 0.65% |
| Blackrock Inc | BLK | Financials | 0.63% |
| Abbott Laboratories | ABT | Health Care | 0.62% |
| Postal Realty Trust Inc | PSTL | Real Estate | 0.61% |
| MARVELL TECHNOLOGY INC | MRVL | Information Technology | 0.60% |
| ELEVANCE HEALTH INC | ELV | Health Care | 0.59% |
| Fastenal Co | FAST | Industrials | 0.57% |
| Macerich Co/The | MAC | Real Estate | 0.57% |
| NETSTREIT Corp | NTST | Real Estate | 0.56% |
| Realty Income Corp | O | Real Estate | 0.55% |
| Digital Realty Trust Inc | DLR | Real Estate | 0.54% |
| Martin Marietta Materials Inc | MLM | Materials | 0.53% |
| PepsiCo Inc | PEP | Consumer Staples | 0.52% |
| Starbucks Corp | SBUX | Consumer Discretionary | 0.51% |
| Procter & Gamble Co/The | PG | Consumer Staples | 0.50% |
| Burford Capital Ltd | BUR | Financials | 0.49% |
| Honeywell International Inc | HON | Industrials | 0.47% |
| Lamb Weston Holdings Inc | LW | Consumer Staples | 0.47% |
| Tyson Foods Inc | TSN | Consumer Staples | 0.46% |
| Walt Disney Co/The | DIS | Communication Services | 0.44% |
| Comcast Corp | CMCSA | Communication Services | 0.39% |
| Medtronic PLC | MDT | Health Care | 0.38% |
| Equifax Inc | EFX | Industrials | 0.35% |
| Texas Instruments Inc | TXN | Information Technology | 0.34% |
| AMERICAN TOWER CORP | AMT | Real Estate | 0.33% |
| AMETEK Inc | AME | Industrials | 0.32% |
| Verizon Communications Inc | VZ | Communication Services | 0.32% |
| Array Technologies Inc | 12/01/2028 | Industrials | 0.27% |
| NET Lease Office Properties | NLOP | Real Estate | 0.22% |
| Total Cash or Equivalent | - | 1.88% |
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
