Opinions expressed are those of the author or Funds as of 1/21/22 and are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice. A full listing of the Buffalo Large Cap Fund portfolio holdings can be found here. Past performance does not guarantee future results.

Earnings per share (EPS) is the portion of a company’s profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company’s profitability. Cash flow is a measure of the cash produced by the firm in a given period on behalf of equity holders. The true measure of the value of a firm’s equity is considered to be the present value of all free cash flows. A basis point is one hundredth of a percentage point (0.01%). GDP stands for Gross Domestic Product. EBITDA stands for earnings before interest, taxes, depreciation and amortization. EBITDA is one indicator of a company’s financial performance and is used as a proxy for a company’s current operating profitability. The S&P 500 is a capitalization weighted index of 500 large capitalization stocks which is designed to measure broad domestic securities markets. The Russell 1000 Growth Index is an unmanaged index that measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. It is not possible to invest directly in an index. The Russell 1000 Index is an unmanaged capitalization-weighted index of approximately 1,000 of the largest companies in the U.S. equity markets. Enterprise value is a measure of a company’s total value, often used as a more comprehensive alternative to equity market capitalization.

As of 9/30/21 the Buffalo Large Cap Fund top 10 equity holdings were Microsoft 8.58%, Amazon 6.68%, Alphabet (A) 6.22%, Apple 6.01%, Facebook 4.29%, Visa 2.21%, PayPal 2.03%, Intuit 2.00%, Adobe Systems 1.65%, S&P Global 1.49%. Top 10 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.