Growth Fund

Overall Morningstar™ rating out of 1,315
Large Growth 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).


  • Market capitalization greater than $5 billion or median market cap of Russell 1000 Growth Index
  • Focus on U.S. based firms that we believe are benefiting from secular trends and international expansion/diversification
  • Long-term, disciplined approach to growth stock selection
  • Not benchmark-driven


The Fund's investment strategy is based on the identification of a broad range of companies in a diversified group of industries that may benefit from long-term secular growth trends, as well as incremental growth and/or diversification from international expansion. The management team selects stocks based on fundamental analysis of industries and the economic cycle, company-specific analysis such as product cycles and the quality of management, rigorous valuation analysis, and a long-term perspective.

Investment Team

Clay Brethour  

Clay Brethour, CFA

Portfolio Manager

  • Investment professional since 1992
  • President, Buffalo Mutual Funds
  • Joined KCM in 2000
  • Prior experience - Security Benefit Group and Dain Rauscher Wessels
  • B.S. - Kansas State University
Dave Carlsen  

Dave Carlsen, CFA

Portfolio Manager

  • Investment professional since 1992
  • Joined KCM in 2004
  • Prior experience - Strong Capital Management, Inc. and Northern Capital Management, Inc.
  • B.S. - University of Wisconsin - Madison
Chris Carter  

Chris Carter, CFA

Portfolio Manager

  • Investment professional since 2009
  • Joined KCM in 2011
  • Prior experience – Nakoma Capital Management
  • B.S. - Santa Clara University
  • M.B.A. - University of Wisconsin - Madison


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 Growth Fund received 3 stars among 1,315 for the three-year, 3 stars among 1,161 for the five-year, and 3 stars among 805 Large Growth funds for the ten-year period ending 2/28/2017.

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