Large Cap 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 at least $10 billion or median market cap of S&P 500 Index
  • Not benchmark-driven
  • Purchase stocks when negatively affected by short-term events and/or underappreciated


This Fund employs the same strategy as other Buffalo growth equity funds, based on the identification of long-term, measurable secular growth trends (e.g., demographics, global market growth, increasing bandwidth). The Fund's management identify companies that they believe should benefit from these trends, which we feel may have potential revenue growth in excess of GDP. Companies are screened using in-depth, in-house research to identify those which we feel are attractively valued, demonstrate strong management, have little or no debt, free cash flow, scalable business models, and competitive advantage. Our buy/sell discipline is based on valuation targets derived using our proprietary scoring methodology.

Investment Management

Elizabeth Jones  

Elizabeth Jones, M.D., CFA

Portfolio Manager

  • Investment professional since 2002
  • Practicing M.D. from 1992-2001
  • Joined KCM in 2003
  • Prior experience - Bank of America Capital Management
  • B.S. - Georgetown University
  • M.D. - Vanderbilt University
  • M.B.A. - Arizona State University


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 Large Cap Fund received 5 stars among 1,308 for the three-year, 4 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.

© 2016 Morningstar, Inc. All Rights Reserved. The information contained herein (1) is proprietary to Morningstar (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.