Growth Fund

Overall Morningstar™ rating out of 1,308
Large Growth funds as of 11-30-2016 (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.

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


For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ (based on a Morningstar Risk Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Buffalo Growth Fund received 3 stars among 1,308 for the three-year, 3 stars among 1,129 for the five-year, and 3 stars among 797 Large Growth funds for the ten-year period ending 11/30/2016.

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Diversification does not assure a profit or protect against loss in a declining market.