Overall Morningstar™ rating out of 1,315
Large Growth funds as of 12-31-2016 (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.
Clay Brethour, CFA
Dave Carlsen, CFA
Chris Carter, CFA
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 1,154 for the five-year, and 3 stars among 809 Large Growth funds for the ten-year period ending 12/31/2016.
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