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Kiplinger recognized the Buffalo Small Cap and the Buffalo International Funds as “Top-Performing Mutual Funds” in their recent fund analysis for the period ending October 31, 2019.
The Buffalo Small Cap Fund (BUFSX) ranked #3 in the Small-Company Stock Funds category for 20-year annualized returns, and the Buffalo International Fund (NASDAQ: BUFIX) ranked #10 in the International Diversified Large-Company Funds category for 5-year annualized returns.
Management Teams:
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Stay up-to-date with the most recent media coverage and press releases about the Buffalo Funds.
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:
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 YR | 3 YR | 5 YR | 10 YR |
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Buffalo Small Cap Fund | 9.60 | 12.75 | 5.50 | 14.78 |
Russell 2000 Price Return Index | 2.73 | 9.73 | 6.48 | 12.84 |
Russell 2000 Total Return Index | 4.06 | 11.26 | 7.93 | 14.41 |
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
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.
Joel Crampton
Director of Marketing
(913) 647-9881
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:
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.
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.
Joel Crampton
Director of Marketing
(913) 647-9881
Stay up-to-date with the most recent media coverage and press releases about the Buffalo Funds.
Home > Insights & News > Fund Communications > BUFSX – A Small Cap Fund with Potential Positive Momentum
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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.
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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*
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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. |
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Performance Matters – the Buffalo Small Cap 1-year total return is beating the Russell 2000 Growth Index by 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 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. |
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Battle Tested – the Fund was launched in April 1998 and has a 19-year track record, weathering all types of markets. |
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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. |
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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.
Stay up-to-date with the most recent media coverage and press releases about the Buffalo Funds.