Science & Technology Fund


Overall Morningstar™ rating out of 186
Technology funds as of 12-31-2011 (derived from a weighted average of the fund's three-, five-, and ten-year risk adjusted return measure, if applicable).

Characteristics

  • Multiple market capitalizations
  • Invests in companies which involve development, advancement and/or use of science and technology
  • Purchase stocks when negatively affected by short-term events and/or underappreciated
  • Not benchmark-driven

Strategy

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 managers 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 Team

Clay Brethour  

Clay Brethour, CFA

Portfolio Manager

  • Investment professional since 1992
  • 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
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 Science and Technology Fund received 3 stars among 186 for the three-year, 4 stars among 169 for the five-year, and 4 stars among 133 Technology funds for the ten-year period ending 12/31/2011.

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