High Yield Fund
Overall Morningstar™ rating out of 518
High Yield Bond funds as of 3-31-2013 (derived from a weighted average of the fund’s three-, five-, and ten-year risk adjusted return measure, if applicable).
Characteristics
- Invests in high-yielding corporate and convertible bonds
- Core holdings established in industries with favorable long-term trends
- Long-term focus
Strategy
The Fund's management team seeks securities with what they believe are attractive yields and valuations, with a focus on bonds rated below investment grade. Our proprietary in-house research identifies companies which, in our opinion, are able to sustain or grow their profit margins, have solid management teams, and have the financial strength to weather difficult economic environments. Core bond holdings include industries with favorable long-term trends (e.g., demographic, technological, etc.), supplemented with holdings of companies that have fallen deeply out of favor. Managers also have the discretion to include convertible bonds and dividend-paying equities as appropriate to support income goals.
Investment Team
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Paul Dlugosch, CFAPortfolio Manager
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Alexander Hancock, CFAPortfolio Manager
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Jeffrey Sitzmann, CFAPortfolio Manager
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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 High Yield Fund received 2 stars among 518 for the three-year, 3 stars among 462 for the five-year, and 3 stars among 324 High Yield Bond funds for the ten-year period ending 3/31/2013.
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