Small Cap Fund

Small Cap Fund

Quick Facts
InvestorInstitutional
Ticker:BUFSXBUISX
Inception Date:4/14/19987/1/2019
Expense Ratio:1.01%0.86%
Total Net Assets:$496.89 Million  (9/30/19)
Category:Small Cap Growth
Benchmark:Morningstar U.S. Small Growth
Related Material:
   Fund Fact Sheet Q3 2019
   PM Commentary Q3 2019
   Summary Prospectus
For a full transcript of this video, click here.
Finding Premier Growth Companies

Portfolio Managers Jamie Cuellar and Bob Male discuss how their approach to finding companies, that are rapidly growing and benefit from long term trends, is the foundation for the Buffalo Small Cap Fund investment strategy.

“I think what really differentiates us is our process, where we combine the top-down work of looking at trends provided with the bottoms-up fundamental research we do on each company.”
  ~ Jamie Cuellar, CFA

Morningstar Rating

       

Overall Morningstar Rating™ of BUFSX based on risk-adjusted returns among 573 Small Growth funds as of 10/31/19.

Investment Style
Fund Objective & Investment Strategy

The investment objective of the Buffalo Small Cap Fund is long-term growth of capital. The Fund normally invests at least 80% of its net assets in equity securities, consisting of domestic common stocks and preferred stocks, of small capitalization (“small-cap”) companies, that, at the time of purchase, have market capitalizations within the range of the Morningstar U.S. Small Growth Index.

The Fund managers seek to identify companies for the Small Cap Fund’s portfolio that are expected to experience growth based on the identification of long-term, measurable secular trends, and which, as a result, the managers believe may have potential revenue growth in excess of the gross domestic product growth rate.

Companies are screened using in-depth, in-house research to identify those which the managers believe have attractive valuation, strong management, conservative debt, free cash flow, scalable business models, and competitive advantages.

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An actively-managed portfolio of smaller-capitalization, rapidly-growing companies that can benefit from positive, long-term trends remains an excellent way to exploit an inefficient market.

Bob Male, Portfolio Manager

Featured Articles & Reports

Performance (%)

As of 10/31/193 MOYTD1 YR3 YR5 YR10 YR15 YRSince Inception
(4/14/98)
BUFFALO SMALL CAP FUND - Investor-1.3029.4913.3517.989.8111.788.7111.56
BUFFALO SMALL CAP FUND - Institutional-1.2229.6813.5418.169.9811.958.8811.73
  Morningstar U.S. Small Growth Index-4.1619.727.7814.739.2713.919.356.02
  Lipper Small Cap Growth Fund Index-4.0921.849.7815.869.8713.348.836.99
  Morningstar Small Growth Category-3.5218.976.6614.248.8713.129.01
As of 9/30/193 MOYTD1 YR3 YR5 YR10 YR15 YRSince Inception
(4/14/98)
BUFFALO SMALL CAP FUND - Investor-3.7924.76-5.9314.219.7610.538.7911.42
BUFFALO SMALL CAP FUND - Institutional-3.7224.95-5.7514.399.9310.708.9611.59
  Morningstar U.S. Small Growth Index-4.4516.94-8.1311.479.8812.859.425.93
  Lipper Small Cap Growth Fund Index-3.9020.21-4.3813.3010.6912.568.936.95
  Morningstar Small Growth Category-4.1716.80-7.5211.529.6312.299.067.13
For performance prior to 7/1/19 (Inception Date of Institutional Class), performance of the Investor Class shares is used and includes expenses not applicable and lower than those of Investor Class shares.Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower of higher than the performance quoted and can be obtained here. Performance is annualized for periods greater than 1 year. Each Morningstar category average represents a universe of funds with similar objectives.
3 Year Risk Metrics
BUFSX vs Morningstar U.S. Small Growth Index (As of 9/30/19)
Upside Capture114.14
Downside Capture103.14
Alpha1.59
Beta1.10
Sharpe Ratio0.65
Hypothetical Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund on the Inception Date. Assumes reinvestment of dividends and capital gains. This chart does not imply future performance.

Portfolio

Portfolio Characteristics
(As of 9/30/19) 
 
# of Holdings74
Median Market Cap$2.17 B
Weighted Average Market Cap$2.79 B
3-Yr Annualized Turnover Ratio48.55%
% of Holdings with Free Cash Flow60.27%
% of Holdings with No Net Debt49.32%
Active Share88.16%
Top 10 Holdings
Name of HoldingTickerSector% of Net
Assets
PROS HoldingsPROTechnology2.51%
Kornit DigitalKRNTIndustrials2.46%
CatalentCTLTHealth Care2.43%
NateraNTRAHealth Care2.33%
RepligenRGENHealth Care2.33%
PaylocityPCTYTechnology2.29%
BandwidthBANDTechnology2.28%
Bio TechneTECHHealth Care2.17%
Air Transport ServicesATSGIndustrials2.11%
MimecastMIMETechnology2.09%
TOP 10 HOLDINGS TOTAL23.00%
As of 6/30/19. 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.
Sector Weighting
As of 9/30/19. Security weightings are subject to change and are not recommendations to buy or sell any securities. Sector Allocation may not equal 100% due to rounding.
Market Capitalization
As of 9/30/19. Market Cap percentages may not equal 100% due to rounding.

Management

Jamie Cuellar, CFA
Portfolio Manager

27 Years of Experience

 View full bio

Bob Male, CFA
Portfolio Manager

33 Years of Experience

 View full bio

Alex Hancock, CFA
Portfolio Manager

21 Years of Experience

 View full bio

Commentary

CAPITAL MARKET OVERVIEW

(As of 9/30/19) — The U.S. stock market continued to advance in the 3rd quarter, as expectations for accommodative monetary policy appeared to outweigh concerns of slowing economic growth. The S&P 500 Index returned 1.70% in the period, bringing the year-to-date return to 20.55% through quarter-end. Weak economic data led the Federal Reserve to cut interest rates twice in the quarter, driving rates lower and bond prices higher. U.S. markets outperformed international markets on the strength of the U.S. dollar.

The Russell 3000 Index gained 1.16% in the quarter. Value narrowly outperformed growth, with the Russell 3000 Value Index up 1.23% and the Russell 3000 Growth Index advancing 1.10%. Large caps generally outperformed small caps in the quarter. The Russell 1000 Index returned 1.42%, the Russell Midcap Index returned 0.48%, and the Russell 2000 Index posted a loss of 2.40%. Defensive sectors led the way in the period, with Utilities up 9.34%, Real Estate up 7.69%, and Consumer Staples up 6.12%. Energy was the worst performing sector with a total return of -6.61%. Health Care was also weak, returning -2.25% on increasing political concerns.

PERFORMANCE COMMENTARY

(As of 9/30/19) — The Buffalo Small Cap Fund declined by 3.79% during the quarter, a result that outperformed the Morningstar U.S. Small Cap Growth Index, which declined 4.45%. Stock selection in Financials and Industrials were key drivers of outperformance relative to the Index. These strong sources of return were offset, in part, by poor stock selection in Consumer Staples and a portfolio overweight position in Health Care.

TOP CONTRIBUTORS

CyrusOne was the Fund’s top contributor, with the stock increasing 37% during the period. The company is a leading data center operator and has generated strong and consistent operating performance in a favorable demand environment. The stock spiked during the quarter on reports it could be a buyout target at a high premium relative to its then-current share price.

MasTec was another strong contributor to results as the company’s stock increased by 26% for the quarter. Mastec continues to post solid results in its pipeline construction division. Its telecom division, which installs fiber for telecom and cable companies, looks to accelerate growth in 2020 in anticipation of 5G wireless networks that require additional fiber for small cell sites. Furthermore, its power generation and electric transmission businesses seem poised for improved results in coming years, setting up the company for stronger growth than many other players in the engineering and construction space.

Palomar was also among the top contributors in the quarter, increasing 64%. The company is a property and casualty insurer, which completed an initial public offering in April 2019. It has produced solid results with best-in-class underwriting margins, strong premium growth, and improved investment income, and we are optimistic about its long-term growth prospects.

TOP DETRACTORS

CareDx was the worst-performing position during in the quarter. The company is a player in diagnostic solutions for organ transplant patients, and its AlloSure product is a leader in transplant centers with strong growth prospects. The stock has been weak due to investor fears over the potential threat from a competing product.

OUTLOOK

(As of 9/30/19) — Looking forward into the 4th quarter of 2019 and beyond, we remain cautiously optimistic about the long-term outlook for small cap stocks but believe they could be poised for continued volatility. Factors we believe will drive this volatility include the ongoing unresolved trade dispute with China. While there is no obvious end in sight for the trade war, we believe President Trump has a strong incentive to reach an agreement in order to prevent a sinking of the U.S. economy and a decline in the stock market going into the 2020 election year. We continue to see mixed signals about the health of the U.S. economy as the job market has remained relatively strong, but some data has pointed to slowing economic growth. The Federal Reserve cut rates twice in the 3rd quarter, but the timing and direction of more easing is unclear. We expect political concerns to drive market volatility as the Democrat-led House of Representatives explores an impeachment process against President Trump. While small cap names have lagged large cap names year-to-date (the Morningstar U.S. Large Growth Index has advanced nearly 21% year to date versus the Morningstar U.S. Small Growth Index advance of 17%), we believe small cap valuations remain favorable compared to large cap, which could lead to outperformance for small caps in coming quarters, if these valuations converge.

Within this context, we have been managing the Fund actively, seeking to deploy capital into investments we believe have the most favorable risk/reward trade-offs. The portfolio finished the quarter with 73 investment positions (excluding cash), down from 77 at the beginning of the period. We continue to identify investment opportunities in small companies with strong secular growth opportunities with the potential to benefit from long-term growth trends and trade at attractive valuations. As always, we appreciate your continued support and confidence in our investment capabilities over the long haul.

The opinions expressed are those of the Portfolio Manager(s) and are subject to change, are not guaranteed and should not be considered recommendations to buy or sell any security. Earnings growth is not representative of the fund’s future performance.

Literature

General Account
Forms
Investor
Class
Institutional
Class
Both
  New Account Application
  New Account Application - Entity
  Change or Add Account Details
  Cost Basis Method Election
  Power of Attorney
Individual Retirement Account (IRA) Forms
  IRA Account Application
  IRA Beneficiary Addition / Change
  IRA Required Minimum Distribution (RMD)
  IRA / Qualified Plan Distribution Request
  IRA Transfer
Coverdell Education Savings Accounts (ESA) Forms
  Coverdell ESA Application
  Coverdell ESA Distribution Request
  Coverdell ESA Transfer
Retirement Information
  Retirement Savings Options for Individuals

Fundamental Approach

We get to know the companies we invest in and learn how they run their business.

Top-Down & Bottom-Up

We identify Top-Down broad, secular growth trends and search for companies from the Bottom-Up.

Proprietary Philosophy

We construct our portfolios based on our own proprietary investment strategy.

Disciplined Investing

Sticking to our disciplined investment strategy ensures we maintain a consistent, balanced approach.

The Morningstar Rating™ 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. 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 Rating™ 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 Rating™ 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 Small Cap Fund (BUFSX) received 4 stars among 573 for the 3-year, 3 stars among 514 for the 5-year, and 2 stars among 393 Small Growth funds for the 10-year period ending 10/31/19.

In each Morningstar Category, the 10% of funds with the lowest measured risk are described as Low Risk, the next 22.5% Below Average, the middle 35% Average, the next 22.5% Above Average, and the top 10% High. Morningstar Risk is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the fund. Funds with less than three years of performance history are not rated. ©2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The Morningstar Style Box™ reveals a fund’s investment strategy by showing its investment style and market capitalization based on the fund’s portfolio holdings.

Diversification does not assure a profit, nor does it protect against a loss in a declining market.

Active investing has higher management fees because of the manager’s increased level of involvement while passive investing has lower management and operating fees. Investing in both actively and passively managed mutual funds involves risk and principal loss is possible. Both actively and passively managed mutual funds generally have daily liquidity. There are no guarantees regarding the performance of actively and passively managed mutual funds. Actively managed mutual funds may have higher portfolio turnover than passively managed funds. Excessive turnover can limit returns and can incur capital gains.

How a Small-Cap Fund Manager is Handling a Ruthless Period in the Stock Market

How a Small-Cap Fund Manager is Handling a Ruthless Period in the Stock Market

Media Coverage

Small Cap

Overview

Buffalo Small Cap Fund co-portfolio manager Jamie Cuellar, CFA, was recently interviewed by Barron’s about the recent market downturn for small-company stocks. In the article, he describes the team’s approach to picking premier growth stocks based on in-depth analysis of company fundamentals and highlights the BUFSX team’s long-term investment philosophy that focuses less on short-term market movements.

If anything, you’ve just got some better valuations for ideas you may have missed out on in the first place or something you’re really excited about. ~ Jamie Cuellar, CFA, Co-Portfolio Manager, Buffalo Small Cap Fund

In the interview, Jamie reviewed his career path to the Buffalo Funds and the changes he and his co-managers put in place for the portfolio to help improve the Fund’s investment strategy and valuation discipline.

The article also identifies several small-cap stocks in the BUFSX portfolio which illustrate the Fund’s investment process in action:

  • Twilio – TWLO
  • HealthEquity – HQY
  • PROS Holdings – PRO

CLICK HERE to access the Barron’s article.

Diversification does not assure a profit, nor does it protect against a loss in a declining market. Past performance does not guarantee future results. Earnings growth is not representative of the fund’s future performance.

Opinions expressed are those of the author or Funds and are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice. References to other mutual funds should not to be considered an offer to buy or sell these securities. A complete list of the Fund’s holdings can be found here. Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security.

Annualized Performance (%)

(as of 11/16/18)1 YR3 YR5 YR10 YR
Buffalo Small Cap Fund9.6012.755.5014.78
Russell 2000 Price Return Index2.739.736.4812.84
Russell 2000 Total Return Index4.0611.267.9314.41

The Buffalo Small Cap Fund expense ratio is 1.01%. The Barron’s article references Russell 2000 Price Return Index performance as of 11/16/18, instead of the commonly-used Russell 2000 Total Return Index. The price return is the rate of return on an investment portfolio, where the return measure takes into account only the capital appreciation of the portfolio, while the income generated by the assets in the portfolio, in the form of interest and dividends, is ignored. This contrasts with the total return, which does take into account the income generated in the portfolio.

Where the article references the “Buffalo Small Cap has out run the Russell 2000 by an average of two percentage points a year over the past decade,” the percentage difference between the Russell 2000 Price Return Index as of 11/16/18 (the date the article uses as a reference point for returns) was actually 1.68%. However, the 10-year outperformance of the Fund vs the Russell 2000 Price Return Index, averaged out across every day in 2018 up to 11/16/18, is 2.19%.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower of higher than the performance quoted and can be found here; quarter-end performance can be found here. Performance is annualized for periods greater than 1 year.

BUFSX Portfolio Managers – Jamie Cuellar, Alex Hancock, Bob Male

HIGHLIGHT

Jamie Cuellar, BUFSX co-portfolio manager, discusses his team’s trend-spotting and portfolio-building strategies that have helped the Buffalo Small Cap Fund weather the recent market volatility.

MEDIA CONTACT

Joel Crampton
Director of Marketing
(913) 647-9881
Email

Featured Articles


Focusing on Midcaps with Secular Growth Tailwinds

Focusing on Midcaps with Secular Growth Tailwinds

Josh West and Chris Carter, Buffalo Mid Cap co-portfolio managers, discuss a variety of issues affecting their investment strategy, including the current interest rate environment, globalization, the growth of ESG investing, and Millennials.

Diversification does not assure a profit, nor does it protect against a loss in a declining market.

Active investing has higher management fees because of the manager’s increased level of involvement while passive investing has lower management and operating fees. Investing in both actively and passively managed mutual funds involves risk and principal loss is possible. Both actively and passively managed mutual funds generally have daily liquidity. There are no guarantees regarding the performance of actively and passively managed mutual funds. Actively managed mutual funds may have higher portfolio turnover than passively managed funds. Excessive turnover can limit returns and can incur capital gains.

Actively Managing a Diversified Portfolio of Small-Cap Companies

Actively Managing a Diversified Portfolio of Small-Cap Companies

Media Coverage

Small Cap

Overview

Buffalo Funds Small Cap co-portfolio manager Jamie Cuellar, CFA, was recently interviewed by The Wall Street Transcript, where he discussed how his team analyzes small-cap company valuations and why they view the asset class as very inefficient. He also provides several examples of companies within his portfolio that highlight his team’s investment strategy at work:

  • Twilio (NYSE:TWLO)
  • Mimecast (NASDAQ:MIME)
  • CoreCivic (NYSE:CXW)
  • MasTec (NYSE:MTZ)

Jamie also gave his outlook on small-cap companies in the United States in the coming year, including the impact of the current economy, the recent tax cuts, and the repatriation of corporate cash holdings back to the United States.

We believe that by investing in an actively managed and diversified portfolio of companies that benefit from long-term industrial, technological or general market trends, and trading at attractive valuations, are going to lead to superior growth of capital over time. ~ Jamie Cuellar, CFA, Co-Portfolio Manager, Buffalo Small Cap Fund

To access The Wall Street Transcript article click here.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed may be worth more or less than their original value. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained here. Performance data current to the most recent quarter-end may be obtained here.

Diversification does not assure a profit, nor does it protect against a loss in a declining market.

Active investing has higher management fees because of the manager’s increased level of involvement while passive investing has lower management and operating fees. Investing in both actively and passively managed mutual funds involves risk and principal loss is possible. Both actively and passively managed mutual funds generally have daily liquidity. There are no guarantees regarding the performance of actively and passively managed mutual funds. Actively managed mutual funds may have higher portfolio turnover than passively managed funds. Excessive turnover can limit returns and can incur capital gains.

Opinions expressed are those of the author or Funds and are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice.

References to other mutual funds should not to be considered an offer to buy or sell these securities.

A complete list of the Fund’s holdings can be found here. Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security.

Earnings growth is not representative of the fund’s future performance.

AUM stands for Assets Under Management. API stands for Application Programming Interface. ARPU stands for Average Revenue Per User. SMB stands for Small/Medium-size Business. EBITDA stands for Earnings Before Interest, Taxes, Depreciation, Amortization. Cash flow is the total amount of money being transferred into and out of a business. REIT stands for Real Estate Investment Trust. Dividend yield is a dividend expressed as a percentage of a current share price. GDP stands for Gross Domestic Product. M&A stands for Mergers & Acquisitions. P&L stands for Profit & Loss. The Russell 2000 is an unmanaged index that consists of the smallest 2,000 securities in the Russell 3000 Index, representing approximately 10% of the Russell 3000 total market capitalization. It is not possible to invest directly in an index.

HIGHLIGHT

Jamie Cuellar, co-portfolio manager, discusses how his team analyzes small-cap company valuations and why they view the asset class as very inefficient, while providing several examples of companies within his portfolio that highlight his team’s investment strategy at work.

MEDIA CONTACT

Joel Crampton
Director of Marketing
(913) 647-9881
Email

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BUFSX – A Small Cap Fund with Potential Positive Momentum

BUFSX – A Small Cap Fund with Potential Positive Momentum

Fund Communications

Home > Insights & News > Fund Communications > BUFSX – A Small Cap Fund with Potential Positive Momentum

Small Cap Fund

Small Cap Fund

Total Assets $496.89 Million  (9/30/19)
Expense Ratio 1.01% / 0.86%
Benchmark Morningstar U.S. Small Growth

Portfolio Managers

A Small Cap Fund With Potential Positive Momentum

The Buffalo Small Cap Fund has a long history of investing in companies that can benefit from long-term trends while maintaining valuation discipline.

Long-Term Growth Strategy – The Fund seeks high-quality companies poised for sustainable growth with strong, competitive positions and reasonable valuations.

Idea generation has been a key focus for the Fund over the past 2 years, which has broadened the portfolio, reduced single stock risk, and driven recent performance.

We believe a greater domestic focus by most small cap companies aligns well with the focus of the new administration and makes small cap investing very timely.

Top 5 BUFSX Portfolio Holdings*

  • Nevro Corp.
  • Dave & Busters Inc
  • Cyber-Ark Software
  • CoStar Group
  • Interxion Holdings

Open for Business – it is often difficult to find a Small Cap Growth fund open to new investors due to the category’s limited capacity constraints. BUFSX was closed to new investors but is now OPEN… with significant capacity to grow assets.

Performance Matters – the Buffalo Small Cap 1-year total return is beating the Russell 2000 Growth Index by 19%.

As of 10/31/193 MOYTD1 YR3 YR5 YR10 YR15 YRSince Inception
(4/14/98)
BUFFALO SMALL CAP FUND - Investor-1.3029.4913.3517.989.8111.788.7111.56
BUFFALO SMALL CAP FUND - Institutional-1.2229.6813.5418.169.9811.958.8811.73
  Morningstar U.S. Small Growth Index-4.1619.727.7814.739.2713.919.356.02
  Lipper Small Cap Growth Fund Index-4.0921.849.7815.869.8713.348.836.99
  Morningstar Small Growth Category-3.5218.976.6614.248.8713.129.01

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower of higher than the performance quoted and standardized performance information can be obtained here. Performance is annualized for periods greater than 1 year. Each Morningstar category average represents a universe of funds with similar objectives.

Battle Tested – the Fund was launched in April 1998 and has a 19-year track record, weathering all types of markets.

Benefits of Active in Small Cap – we believe small cap stocks are often inefficiently-priced given they receive less attention from Wall Street firms. Because of this, we believe active management is the right choice for the small cap asset class over the long-term.

We seek to generate superior long-term performance with a strategy that offers a broad, diversified portfolio, which may make it less volatile.

Experienced Management – the Fund’s managers have an average of 25 years of professional investment experience.

*As of 12/31/16. Percent of net assets: Nevro 2.46%, Dave & Buster’s 2.26%, CyberArk Software 2.25%, CoStar Group 2.24%, InterXion Holding 2.23%. Holdings are subject to change without notice and are not recommendations to buy or sell any securities.

Diversification does not assure a profit, nor does it protect against a loss in a declining market.

The Russell 2000 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. The Lipper Small Cap Growth Fund Index is an unmanaged, equally weighted performance index of the 30 largest qualifying mutual funds (based on net assets) in the Lipper Small-Cap classification. It is not possible to invest directly in an index.

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Terms of Use – Email lists are created for use by U.S. investment professionals only and are published strictly for informational purposes. Providing access to the content of these emails does not explicitly or implicitly constitute a solicitation of services or products of the Buffalo Funds, Kornitzer Capital Management, or any of their affiliates. The information contained in the emails is not intended for distribution to, or for use by, investment professionals in a jurisdiction where distribution or purchase is not authorized. The information contained in these emails is not appropriate for use by individual investors. By registering for any of these emails, you agree to Buffalo's terms and conditions and that you are qualified as an institutional investor or otherwise member of a registered broker/dealer, registered investment advisor, or investment consulting firm.

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