Flexible Income Fund
Overall Morningstar™ rating out of 354 allocation - 70%-85% Equity funds as of 2-28-2017 (derived from a weighted average of the fund's three-, five-, and ten-year risk adjusted return measure, if applicable).
- Income and growth strategy
- Seeking primarily income oriented equities
- Bonds are primarily high yield corporates and convertibles
This Fund invests primarily for income, but it also maintains a growth component in an attempt to offset inflation. Managers seek growth by investing in high-yield corporate bonds, dividend-paying stocks, and other investment asset classes. To reinforce the income objective, the Fund makes distributions on a monthly basis.
Paul Dlugosch, CFA
President, KCM and Portfolio Manager
The Morningstar RatingTM 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 RatingTM 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 RatingTM 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 Flexible Income Fund received 3 stars among 354 for the three-year, 2 stars among 290 for the five-year, and 5 stars among 219 allocation - 70%-85% Equity funds for the ten-year period ending 2/28/2017.
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