Fund Evaluator:
Buffalo Flexible Allocation (BUFBX)
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Fund Details
Buffalo Flexible Allocation Overview
Buffalo Flexible Allocation (BUFBX) is an actively managed U.S. Equity Large Value fund. Buffalo launched the fund in 1994.
The investment seeks to generate high current income and, as a secondary objective, the long-term growth of capital. The fund invests in both debt and equity securities. The allocation of assets invested in each type of security is designed to primarily achieve high current income, with a secondary objective of long-term capital appreciation. The fund retains the right to invest up to 100% of its net assets in equity securities or up to 100% of its net assets in debt securities.
About Buffalo Flexible Allocation (BUFBX)
There are 2 members of the management team with an average tenure of 19.39 years: Paul Dlugosch (2011), John Kornitzer (2003). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Russell 3000 TR USD index with a weighting of 100%. Buffalo Flexible Allocation has 45 securities in its portfolio. The top 10 holdings constitute 51.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Buffalo Flexible Allocation is part of the Equity global asset class and is within the U.S. Equity fund group. Buffalo Flexible Allocation has 2.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.0%. There is 2.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Buffalo Flexible Allocation has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $274 million in total assets, which is below the $1 billion average for the Large Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BUFBX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Buffalo Flexible Allocation expense ratio is high compared to funds in the Large Value category. Buffalo Flexible Allocation has an expense ratio of 1.00%, which is 8% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. A portfolio turnover rate cannot be currently calculated for Buffalo Flexible Allocation. By way of comparison, the average portfolio turnover is 62% for the Large Value category.
Recently, in the month of July 2026, Buffalo Flexible Allocation returned 5.7%, which earned it a grade of A, as the Large Value category had an average return of 2.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Buffalo Flexible Allocation has a trailing yield of 1.44%, which is above the 1.20% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Buffalo Flexible Allocation Grades
Year to date, the fund has returned 14.7%, 0.5 percentage points better than the category, which translates into a grade of C. The fund has returned 20.6% over the past year (grade of D), 12.8% over the past three years (grade of F) and 11.6% per year over the past five years (grade of B) and 9.9% per year over the past 10 years (grade of F).
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BUFBX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BUFBX Return (NAV) | 5.7% | 5.0% | 20.6% | 12.8% | 11.6% | 9.9% |
| BUFBX Grade | A | D | D | F | B | F |
| +/- Category | 2.8% | -1.2% | -3.2% | -2.9% | 0.8% | -1.4% |
| Large Value Avg | 2.9% | 6.2% | 23.8% | 15.7% | 10.9% | 11.3% |
| BUFBX Tax Cost Ratio | na | na | 2.3% | 1.5% | 1.5% | 1.4% |
BUFBX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BUFBX Return (NAV) | 14.7% | 10.4% | 10.3% | 7.4% | 4.0% | 30.0% | -2.2% | 18.8% | -7.0% | 13.2% | 9.9% |
| BUFBX Grade | C | F | F | F | A | A | F | F | B | F | F |
| +/- Category | 0.5% | -4.8% | -3.8% | -4.4% | 10.1% | 4.2% | -6.1% | -6.9% | 1.5% | -3.2% | -4.6% |
| Large Value Avg | 14.3% | 15.2% | 14.1% | 11.8% | -6.0% | 25.8% | 3.8% | 25.6% | -8.5% | 16.4% | 14.6% |
| Risk Measures | |
| Standard Deviation: | 9.4% |
| Total Risk Index: | 0.77 - Below Average |
| Category Risk Index: | 0.78 - Low |
| Category Risk Grade: | A (1% Rank) |
| Beta: | 0.40 |
| R-Squared: | 31% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $483 Mil |
| Fund Total Assets: | $ 274 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 0% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 23.6 years | |||
| Average Tenure: 19.4 years | |||
| Managers (Year): Kornitzer John (2003), Dlugosch Paul (2011) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 45 |
| % in Top 10 Holdings: | 51.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.8% |
Portfolio Allocation |
|
| Domestic Stock: | 97.0% |
| Foreign Stock: | 2.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.2% |
Purchase Information
| Fund Family: | Buffalo |
| Phone Number: | 800-492-8332 |
| Website: | www.buffalofunds.com |
| Status: | Open |
| Inception Date: | August 12, 1994 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.00% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.93% |
| Share Class: | Buffalo Flexible Allocation |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
