(800) 49-BUFFALO | buffalofunds.com Buffalo Flexible Income Fund QUARTERLY FACT SHEET March 31, 2019 Fund Facts Ticker: BUFBX Inception Date: 8/12/1994 Fund Assets: $625.69 Million Expense Ratio: 1.01% Category: Large-Cap Value Benchmark: 60% Morningstar U.S. Large Cap 40% ICE BofAML U.S. High Yield Performance (%) AVERAGE ANNUAL RETURNS 3 MO YTD 1 YR 3 YR 5 YR 10 YR 15 YR Since Inception Buffalo Flexible Income Fund 11.84 11.84 7.73 8.76 5.38 10.82 7.21 7.22 Morningstar Combined Index Morningstar U.S. Large Cap Index (60%) ICE BofAML U.S. High Yield Index (40%) 10.87 13.18 7.40 10.87 13.18 7.40 8.39 10.02 5.94 11.85 13.95 8.69 8.57 11.15 4.70 13.87 15.63 11.24 8.04 8.57 7.25 8.69 9.50 7.47 BofA ML Combined Index S&P 500 Index (60%) ICE BofAML U.S. High Yield Index (40%) 11.15 13.65 7.40 11.15 13.65 7.40 8.08 9.50 5.94 11.58 13.51 8.69 8.43 10.91 4.70 14.05 15.92 11.24 8.04 8.57 7.25 8.84 9.75 7.47 Portfolio Characteristics # of Equity Holdings: 58 # of Fixed Holdings: 7 Median Market Cap: $52.21 B Weighted Average Market Cap: $168.78 B 3-Year Annualized Turnover Ratio: 3.27% Average Duration: 2.33 years Average Maturity: 5.09 years 30-day SEC Yield: 2.25% Morningstar Rating Overall Morningstar Rating TM based on risk- adjusted returns among 326 Allocation-70% to 85% Equity funds as of 3/31/19. Investment Strategy • Generate yield and capital appreciation from a variety of yield-focused investment strategies. • Find investment opportunities across asset classes and capital structures, including dividend- paying equities, high yield bonds, Master Limited Partnerships, and Real Estate Investment Trusts, among others. • Over time, management will rebalance the portfolio based on the risk/reward profile of each asset class. Average annual total return represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate and redemption value may be more or less than original cost. Fund performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by visiting buffalofunds.com. Investment Style HISTORICAL RETURNS 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Buffalo Flexible Income Fund 31.07 11.68 9.63 10.31 16.68 3.59 -1.97 9.90 13.21 -7.00 Morningstar Combined Index 37.86 14.14 3.32 15.85 22.05 9.13 -0.75 13.70 16.61 -2.97 BofA ML Combined Index 38.88 15.11 3.02 15.83 22.40 9.21 -1.03 14.17 16.09 -3.53 Growth of $10,000 This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund on the Inception Date through 3/31/19. Assumes reinvestment of dividends and capital gains. This chart does not imply future performance. Buffalo Flexible Income Fund | $55,740 Morningstar / ICE BofAML Combined Index | $81,436 S&P / ICE BofAML Combined Index | $84,172 Value Blend Growth Large Mid Small
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UAL Ut3Yxux3vx3Yw · FA P Fund Facts Ticker: BUFBX Inception Date: 8/12/1994 Fund Assets: $625.69 Million Expense Ratio: 1.01% Category: Large-Cap Value Benchmark: 60% Morningstar
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(800) 49-BUFFALO | buffalofunds.com
Buffalo Flexible Income FundQUARTERLY
FACT SHEET
March 31, 2019
Fund FactsTicker: BUFBX
Inception Date: 8/12/1994
Fund Assets: $625.69 Million
Expense Ratio: 1.01%
Category: Large-Cap Value
Benchmark: 60% Morningstar U.S. Large Cap 40% ICE BofAML U.S. High Yield
Performance (%)AVERAGE ANNUAL RETURNS 3 MO YTD 1 YR 3 YR 5 YR 10 YR 15 YR Since Inception
Buffalo Flexible Income Fund 11.84 11.84 7.73 8.76 5.38 10.82 7.21 7.22
Morningstar Combined Index Morningstar U.S. Large Cap Index (60%) ICE BofAML U.S. High Yield Index (40%)
10.8713.18 7.40
10.8713.18 7.40
8.3910.02 5.94
11.8513.95 8.69
8.5711.15 4.70
13.8715.6311.24
8.048.577.25
8.699.507.47
BofA ML Combined Index S&P 500 Index (60%) ICE BofAML U.S. High Yield Index (40%)
11.1513.65 7.40
11.1513.65 7.40
8.08 9.50 5.94
11.5813.51 8.69
8.4310.91 4.70
14.0515.9211.24
8.048.577.25
8.849.757.47
Portfolio Characteristics# of Equity Holdings: 58
# of Fixed Holdings: 7
Median Market Cap: $52.21 B
Weighted Average Market Cap: $168.78 B
3-Year Annualized Turnover Ratio: 3.27%
Average Duration: 2.33 years
Average Maturity: 5.09 years
30-day SEC Yield: 2.25%
Morningstar Rating
Overall Morningstar RatingTM based on risk-adjusted returns among 326 Allocation-70% to 85% Equity funds as of 3/31/19.
Investment Strategy• Generate yield and capital appreciation from a
variety of yield-focused investment strategies.
• Find investment opportunities across asset classes and capital structures, including dividend-paying equities, high yield bonds, Master Limited Partnerships, and Real Estate Investment Trusts, among others.
• Over time, management will rebalance the portfolio based on the risk/reward profile of each asset class.
Average annual total return represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate and redemption value may be more or less than original cost. Fund performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by visiting buffalofunds.com.
BofA ML Combined Index 38.88 15.11 3.02 15.83 22.40 9.21 -1.03 14.17 16.09 -3.53
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund on the Inception Date through 3/31/19. Assumes reinvestment of dividends and capital gains. This chart does not imply future performance.