High Yield Fund
Quick Facts
| Investor | Institutional | |
| Ticker: | BUFHX | BUIHX |
| Daily Pricing: | ||
| As of 7/1/2024 | ||
| NAV: | $10.59 | $10.58 |
| $ Change: | $-0.01 | $-0.01 |
| % Change: |
-0.09% | -0.09% |
| YTD: |
4.22% | 4.30% |
| Inception Date: | 5/19/1995 | 7/1/2019 |
| Expense Ratio: | 1.03% | 0.87% |
| Total Net Assets: | $447.54 Million (3/31/24) | |
| Morningstar Category: | High Yield Bond | |
| Benchmark Index: | ICE BofA U.S. High Yield | |
| Dividend Distribution: | Monthly | |
|
Related Material: Fund Fact Sheet Q1 2024 PM Commentary Q1 2024 Portfolio Manager Q&A |
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Fund Objective & Investment Process
While the Fund maintains flexibility to invest in bonds of varying maturities, the Fund generally holds bonds with intermediate-term maturities. With respect to the remaining 20% of the Fund’s net assets, the Fund may invest in investment grade debt securities, U.S. Treasury Securities (typically with maturities of 60 days or less), money market funds, and equity investments, including dividend paying stocks and convertible preferred stocks.
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Jeff Sitzmann, Portfolio Manager
Morningstar Rating
Overall Morningstar Rating™ of BUFHX based on risk-adjusted returns among 595 High Yield Bond funds as of 5/31/24.
Performance (%)
| As of 5/31/24 | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | 15 YR | 20 YR | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| BUFFALO HIGH YIELD FUND - Investor | 2.31 | 3.72 | 12.39 | 3.81 | 5.89 | 4.80 | 6.88 | 5.81 | 6.75 |
| BUFFALO HIGH YIELD FUND - Institutional | 2.34 | 3.79 | 12.57 | 3.96 | 6.03 | 4.95 | 7.03 | 5.96 | 6.91 |
| ICE BofA U.S. High Yield Index | 1.34 | 1.66 | 11.25 | 1.83 | 4.07 | 4.22 | 7.52 | 6.57 | 6.60 |
| Lipper High Yield Bond Funds Index | 1.60 | 2.22 | 11.17 | 1.95 | 3.95 | 3.82 | 7.04 | 5.71 | 5.54 |
| As of 3/31/24 | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | 15 YR | 20 YR | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| BUFFALO HIGH YIELD FUND - Investor | 2.72 | 2.72 | 12.07 | 3.98 | 5.92 | 4.76 | 7.75 | 5.74 | 6.75 |
| BUFFALO HIGH YIELD FUND - Institutional | 2.76 | 2.76 | 12.24 | 4.13 | 6.06 | 4.90 | 7.91 | 5.89 | 6.91 |
| ICE BofA U.S. High Yield Index | 1.52 | 1.52 | 11.12 | 2.25 | 4.06 | 4.38 | 8.79 | 6.44 | 6.63 |
| Lipper High Yield Bond Funds Index | 1.82 | 1.82 | 10.69 | 2.30 | 3.99 | 3.93 | 8.08 | 5.59 | 5.56 |
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BUFFALO HIGH YIELD FUND - Investor | 9.40 | 1.96 | 1.80 | 6.65 | 5.98 | -2.26 | 12.32 | 9.27 | 5.53 | -5.53 | 11.68 |
| BUFFALO HIGH YIELD FUND - Institutional | 9.56 | 2.11 | 1.95 | 6.81 | 6.14 | -2.12 | 12.40 | 9.43 | 5.69 | -5.39 | 11.85 |
| ICE BofAML U.S. High Yield Index | 7.42 | 2.50 | -4.64 | 17.49 | 7.48 | -2.26 | 14.41 | 6.17 | 5.36 | -11.17 | 13.54 |
3 Year Risk Metrics
| BUFHX vs ICE BofA U.S. High Yield Index (As of 3/31/24) | |
|---|---|
| Upside Capture | 67.86 |
| Downside Capture | 50.49 |
| Alpha | 2.54 |
| Beta | 0.61 |
| Sharpe Ratio | 0.24 |
Hypothetical Growth of $10,000
Distributions
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 |
|---|---|---|---|---|---|---|
| 6/17/2024 | 6/18/2024 | $10.58 (Inv) $10.57 (Inst) | 0.06115125 0.06248291 | - - | - - | 0.06115125 0.06248291 |
| 5/17/2024 | 5/20/2024 | $10.61 (Inv) $10.60 (Inst) | 0.10765190 0.10893026 | - - | - - | 0.10765190 0.10893026 |
| 4/17/2024 | 4/18/2024 | $10.54 (Inv) $10.53 (Inst) | 0.03574674 0.03705502 | - - | - - | 0.03574674 0.03705502 |
| 3/18/2024 | 3/19/2024 | $10.57 (Inv) $10.56 (Inst) | 0.05863558 0.05979454 | - - | - - | 0.05863558 0.05979454 |
| 2/20/2024 | 2/21/2024 | $10.53 (Inv) $10.52 (Inst) | 0.07077710 0.07208359 | - - | - - | 0.07077710 0.07208359 |
| 1/17/2024 | 1/18/2024 | $10.52 (Inv) $10.51 (Inst) | 0.05439384 0.05564364 | - - | - - | 0.05439384 0.05564364 |
Portfolio
Portfolio Characteristics
| (As of 3/31/24) | |
|---|---|
| # of Holdings | 142 |
| 3-Yr Annualized Turnover Ratio | 32.55% |
| Average Duration | 2.49 years |
| Average Maturity | 4.27 years |
| 30-day SEC Yield | 6.97% |
Top 10 Holdings
| Name of Holding | Maturity Date | % of Net Assets |
|---|---|---|
| Amneal Pharmaceuticals Llc Term Loan | 5/4/2028 | 2.91 |
| Uniti Group Lp 10.5% | 2/15/2028 | 2.69 |
| Northern Oil And Gas, Inc. 8.125% | 3/1/2028 | 2.09 |
| Geo Group, Inc. Term Loan | 3/23/2027 | 2.03 |
| Directv Financing Llc Term Loan | 8/2/2029 | 1.93 |
| Burford Capital Global Finance Llc 9.25% | 7/1/2031 | 1.82 |
| Martin Midstream Partners L.p. 11.5% | 2/15/2028 | 1.70 |
| Trulite Holding Corp. Term Loan | 3/1/2030 | 1.69 |
| Energy Transfer Lp 7.125% | Perpetual | 1.66 |
| Consensus Cloud Solutions, Inc. 6.0% | 10/15/2026 | 1.65 |
| TOP 10 HOLDINGS TOTAL | 20.16% |
Asset Allocation
Sector Weighting
Duration
| Duration Breakout (%)* | |
|---|---|
| 10+ Years | 0.00 |
| 7-10 Years | 0.00 |
| 5-7 Years | 0.82 |
| 3-5 Years | 26.70 |
| 1-3 Years | 31.73 |
| 0-1 Years | 12.44 |
Credit Quality
| Quality Breakout (%) | |
|---|---|
| Baa | 1.40 |
| Ba | 23.89 |
| B | 64.91 |
| Caa | 7.42 |
| Unassigned | 2.38 |
Management
Commentary
Literature
| Buffalo High Yield Fund Documents | Last Updated |
|---|---|
| Fact Sheet | 3/31/24 |
| Quarterly Commentary | 3/31/24 |
| Full Fund Holdings | 3/31/24 |
| Prospectus | 7/28/23 |
| Statement of Additional Information | 7/28/23 |
| 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.
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 High Yield Fund (BUFHX) received 5 stars among 595 for the 3-year, 5 stars among 564 for the 5-year, and 5 stars among 428 High Yield Bond funds for the 10-year period ending 5/31/24.