Opinions expressed are those of the author or Funds as of 8/17/21 and are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice. A full listing of the Buffalo Early Stage Growth Fund portfolio holdings can be found here. Past performance does not guarantee future results.

EBITDA stands for earnings before interest, taxes, depreciation and amortization. EBITDA is one indicator of a company’s financial performance and is used as a proxy for a company’s current operating profitability. Cashflow is a measure of the cash produced by the firm in a given period on behalf of equity holders. The true measure of the value of a firm’s equity is considered to be the present value of all free cash flows. The S&P 500 is a capitalization weighted index of 500 large capitalization stocks which is designed to measure broad domestic securities markets. The Russell 2000 Growth Index, also referred to as the small cap growth index, is an unmanaged index that measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. It is not possible to invest directly in an index.

As of 3/31/21 the Buffalo Early Stage Growth Fund top 10 equity holdings were 8×8 2.94%, Open Lending Corp 2.59%, NV5 Global 2.50%, Shutterstock 2.33%, Omnicell 2.31%, Mimecast 2.25%, EverQuote 2.06%, Patrick Industries 1.94%, Compass Diversified 1.87%, Absolute Software Corp 1.86%. Top 10 holdings for the quarter are not disclosed until 60 days after quarter end. Fund holdings are subject to change and are not recommendations to buy or sell any securities.