Mid Cap Fund

Overall Morningstar™ rating out of 583
Mid-Cap Growth funds as of 2-28-2017 (derived from a weighted average of the fund's three-, five-, and ten-year risk adjusted return measure, if applicable).


  • Market capitalization range of the Russell Midcap Growth Index at the time of purchase
  • 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 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

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 - Madison
Robert Male  

Robert Male, CFA

Portfolio Manager

  • Investment professional since 1986
  • Joined KCM in 1997
  • Prior experience - USAA and Waddell & Reed
  • B.S. - University of Kansas
  • M.B.A. - Southern Methodist University
Scott Moore  

Scott Moore, CFA

Portfolio Manager

  • Investment professional since 1997
  • Joined KCM in 2005
  • Prior experience - Montana Board of Investments, Aquila, Waddell & Reed, American Century
  • B.S. - University of Missouri, Columbia
  • M.B.A. - University of Missouri, Kansas City


The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history, without adjustment for sales loads. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar RatingTM for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar RatingTM metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The Buffalo Mid Cap Fund received 3 stars among 583 for the three-year, 2 stars among 507 Mid-Cap Growth funds for the five-year, and 3 stars among 370 for the ten-year period ending 2/28/2017.

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