John Kornitzer explains why the Buffalo Flexible Income Fund has held up so well during the bear market.
By now even the most ardent tech and growth-stock enthusiasts realize the bull market is over. John Kornitzer’s approach to selecting high-quality stocks for the Buffalo Flexible Income Fund is one that has worked well during the bear market.
High inflation, uncertainty in so many industries amid supply-chain issues and labor shortages, the Federal Reserve’s tighter monetary policy and the end of pandemic-period federal stimulus mean investors had better focus on quality and safety. Kornitzer Capital Management was founded in 1989, is based in Mission, Kansas, and has between $7 billion and $8 billion in assets under management, including the 10 Buffalo funds and private and institutional clients.
Dividends and growth at a reasonable price “I like companies that pay a dividend,” Kornitzer said. “If I hold a stock paying 3% for 10 years and the stock remains flat, I have gotten 45% of my money back.”When asked whether companies’ cash flows were especially important, Kornitzer emphasized “cash flow for the shareholder.” He prefers companies with relatively low debt, growing profit “and everything that goes with it.
This year’s success Kornitzer cited the fund’s 20% concentration in energy stocks as one reason for the outperformance, although he said he had “sold a bunch this year already.” One example was Hess Corp. HES , which he sold around $130 a share. Hess closed at $107.74 on June 21. Kornitzer believes the energy sector can perform well from here, even as oil prices have pulled back a bit from their peaks. West Texas Intermediate crude oil for July delivery CL.1 was trading for $104.48 a barrel early on June 22, down from an intraday peak front-month price of $130.50 on March 7, according to continuous front-month contract CL00 quotes.
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