Early Stage Growth Fund
BUFOX | BUIOX
Investing in Early-Stage Innovation
“We aim to find and invest in promising small-cap companies before the broader market recognizes their full potential. This approach provides our investors with unique opportunities for long-term capital appreciation.
With high active share and a lower turnover strategy with 50-70 holdings, the Fund aims to continue to offer a distinct offering from the Index and category peers.”
— Tim Miller, CFA, Portfolio Manager
Objective
Long-term growth of capital
Morningstar CategorySmall Cap Growth
Benchmark IndexRussell 2000® Growth Index
Dividend DistributionAnnual
Overall Morningstar Rating™
BUFOX based on risk-adjusted
returns as of 9/30/2025 among 512 Small Growth funds
| Ticker | BUFOX Investor | BUIOX Institutional |
|---|---|---|
| Inception | 5/21/2004 | 7/1/2019 |
| Expense Ratio | 1.39% | 1.36% |
| Net Assets | $31.76 mil | $38.74 mil |
| Cusip | 119530301 | 119530889 |
| *as of 10/22/2025 | ||
Daily Prices as of 10/22/2025
| Ticker |
BUFOX Investor |
BUIOX Institutional |
|---|---|---|
| NAV | $17.46 | $17.62 |
| $Chg | $-0.20 | $-0.20 |
| %Chg | -1.13% | -1.12% |
| YTD % | 5.31% | 5.45% |
Past performance does not guarantee future results.
HIGHLIGHTS & COMMENTARIES
Our managers share their insights on the Fund and the markets
PERFORMANCE
Month-end
| TOTAL RETURNS % | AVERAGE ANNUALIZED TOTAL RETURNS % | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| As of 09/30/2025 | TICKER | MO | YTD | 1YR | 3YR | 5YR | 10YR | 15YR | 20YR | SI* |
| EARLY STAGE GROWTH | ||||||||||
| Investor Shares | BUFOX | -1.20 | 4.16 | 2.19 | 8.20 | 3.69 | 9.74 | 11.56 | 7.82 | 8.13 |
| Institutional Shares | BUIOX | -1.19 | 4.25 | 2.29 | 8.28 | 3.80 | 9.88 | 11.71 | 7.97 | 8.28 |
| Russell 2000® Growth Index | - | 4.15 | 11.65 | 13.56 | 16.68 | 8.41 | 9.91 | 11.01 | 8.78 | 9.10 |
| Lipper Small Cap Growth Funds Index | - | 1.24 | 4.67 | 5.32 | 13.98 | 7.41 | 10.73 | 11.15 | 8.60 | 8.93 |
*Since inception.
| Investor Inception | Investor Expense Ratio | Institutional Inception | Institutional Expense Ratio | |
|---|---|---|---|---|
| EARLY STAGE GROWTH | 5/21/2004 | 1.39% | 7/1/2019 | 1.36% |
QUARTER-END PERFORMANCE
| TOTAL RETURNS % | AVERAGE ANNUALIZED TOTAL RETURNS % | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| As of 09/30/2025 | TICKER | QTR | YTD | 1YR | 3YR | 5YR | 10YR | 15YR | 20YR | SI* |
| EARLY STAGE GROWTH | ||||||||||
| Investor Shares | BUFOX | 8.55 | 4.16 | 2.19 | 8.20 | 3.69 | 9.74 | 11.56 | 7.82 | 8.13 |
| Institutional Shares | BUIOX | 8.54 | 4.25 | 2.29 | 8.28 | 3.80 | 9.88 | 11.71 | 7.97 | 8.28 |
| Russell 2000® Growth Index | - | 12.19 | 11.65 | 13.56 | 16.68 | 8.41 | 9.91 | 11.01 | 8.78 | 9.10 |
| Lipper Small Cap Growth Funds Index | - | 5.55 | 4.67 | 5.32 | 13.98 | 7.41 | 10.73 | 11.15 | 8.60 | 8.93 |
*Since inception.
CALENDAR YEAR %
| TICKER | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EARLY STAGE GROWTH | |||||||||||
| Investor Shares | BUFOX | -9.41 | 11.05 | 27.18 | -3.95 | 34.03 | 47.69 | 7.79 | -30.76 | 9.83 | 7.52 |
| Institutional Shares | BUIOX | -9.28 | 11.22 | 27.37 | -3.81 | 34.20 | 47.96 | 7.94 | -30.66 | 9.98 | 7.53 |
| Russell 2000® Growth Index | - | -1.38 | 11.32 | 22.17 | -9.31 | 28.48 | 34.63 | 2.83 | -26.36 | 18.66 | 15.15 |
| Lipper Small Cap Growth Funds Index | - | -1.15 | 8.19 | 24.77 | -3.93 | 30.65 | 37.36 | 11.22 | -26.54 | 18.36 | 13.62 |
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 or higher than the performance quoted and can be obtained above. Performance is annualized for periods greater than 1 year.
HOW WE INVEST
FUNDAMENTAL
APPROACH
We get to know the
companies we invest in
and learn how they run
their businesses.
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
We maintain a
consistent, balanced
approach by sticking
to our disciplined
investment strategy
MORNINGSTAR RATINGS & PERCENTILE RANKINGS
| As of 9/30/2025 | TICKER | CATEGORY | OVERALL | 3YR | 5YR | 10YR |
|---|---|---|---|---|---|---|
| EARLY STAGE GROWTH | BUFOX | Small Growth |
_
|
93% of 512 funds
|
87% of 496 funds
|
62% of 390 funds
|
Ratings & Rankings may vary for other share classes.
PORTFOLIO CHARACTERISTICS
3-YEAR RISK METRICS
As of 9/30/2025
| BUFOX vs. Russell 2000® Growth Index | |
|---|---|
| Upside Capture | 76.50 |
| Downside Capture | 104.91 |
| Alpha | -6.06 |
| Beta | 0.09 |
| Sharpe Ratio | 0.16 |
CHARACTERISTICS
As of 9/30/2025
| Portfolio | Value |
|---|---|
| Number of Holdings | 68 |
| Median Market Cap (B) | $ 1.68 |
| Weighted Average Market Cap (B) | $ 2.90 |
| 3-Year Annualized Turnover Ratio | 15.86% |
| Holdings with Free Cash Flow | 83.93% |
| Active Share | 94.19% |
MARKET CAPITALIZATION
As of 9/30/2025
|
Micro Cap (<1.5B)
|
46.04% | |
| Small Cap ($1.5B-$4.5B) | 39.87% | |
|
Mid Cap ($4.5B-$30B)
|
14.09% |
May not equal 100% due to rounding.
SECTOR WEIGHTS
As of 9/30/2025
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.
HOLDINGS
As of 06/30/2025
| Holding | Ticker | Sector | % of Net Assets |
|---|---|---|---|
| Willdan Group Inc | WLDN | Industrials | 2.81% |
| HealthStream Inc | HSTM | Health Care | 2.80% |
| Bowman Consulting Group Ltd | BWMN | Industrials | 2.70% |
| Applied Optoelectronics Inc | AAOI | Information Technology | 2.48% |
| OneSpaWorld Holdings Ltd | OSW | Consumer Discretionary | 2.46% |
| WisdomTree Inc | WT | Financials | 2.38% |
| SunOpta Inc | STKL | Consumer Staples | 2.35% |
| Transcat Inc | TRNS | Industrials | 2.30% |
| Shift4 Payments Inc | FOUR | Financials | 2.24% |
| American Superconductor Corp | AMSC | Industrials | 2.16% |
| TOP 10 HOLDINGS TOTAL | 24.67% | ||
| Varonis Systems Inc | VRNS | Information Technology | 2.16% |
| I3 Verticals Inc | IIIV | Information Technology | 2.12% |
| Cadre Holdings Inc | CDRE | Industrials | 2.08% |
| Accel Entertainment Inc | ACEL | Consumer Discretionary | 1.98% |
| TAT Technologies Ltd | TATT | Industrials | 1.96% |
| NV5 Global Inc | NVEE | Industrials | 1.93% |
| Patrick Industries Inc | PATK | Consumer Discretionary | 1.86% |
| GCM Grosvenor Inc | GCMG | Financials | 1.85% |
| Vertex Inc | VERX | Information Technology | 1.84% |
| Hillman Solutions Corp | HLMN | Industrials | 1.83% |
| Evolent Health Inc | EVH | Health Care | 1.82% |
| Champion Homes Inc | SKY | Consumer Discretionary | 1.81% |
| Ategrity Specialty Holdings LLC | ASIC | Financials | 1.72% |
| Guardian Pharmacy Services Inc | GRDN | Consumer Staples | 1.71% |
| ICF International Inc | ICFI | Industrials | 1.64% |
| Element Solutions Inc | ESI | Materials | 1.61% |
| Establishment Labs Holdings Inc | ESTA | Health Care | 1.58% |
| Verra Mobility Corp | VRRM | Industrials | 1.58% |
| Napco Security Technologies Inc | NSSC | Information Technology | 1.54% |
| Option Care Health Inc | OPCH | Health Care | 1.52% |
| BioLife Solutions Inc | BLFS | Health Care | 1.52% |
| Cactus Inc | WHD | Energy | 1.49% |
| UFP Technologies Inc | UFPT | Health Care | 1.48% |
| Hamilton Lane Inc | HLNE | Financials | 1.48% |
| LeMaitre Vascular Inc | LMAT | Health Care | 1.48% |
| Harrow Inc | HROW | Health Care | 1.47% |
| Vericel Corp | VCEL | Health Care | 1.42% |
| AeroVironment Inc | AVAV | Industrials | 1.41% |
| ADMA Biologics Inc | ADMA | Health Care | 1.40% |
| Kratos Defense & Security Solutions Inc | KTOS | Industrials | 1.34% |
| CPI Card Group Inc | PMTS | Information Technology | 1.33% |
| Kornit Digital Ltd | KRNT | Industrials | 1.29% |
| Castle Biosciences Inc | CSTL | Health Care | 1.27% |
| Hayward Holdings Inc | HAYW | Industrials | 1.22% |
| Portillo's Inc | PTLO | Consumer Discretionary | 1.21% |
| Inspire Medical Systems Inc | INSP | Health Care | 1.21% |
| Community Healthcare Trust Inc | CHCT | Real Estate | 1.19% |
| QuidelOrtho Corp | QDEL | Health Care | 1.14% |
| Calix Inc | CALX | Information Technology | 1.13% |
| Powerfleet Inc NJ | AIOT | Information Technology | 1.13% |
| Grid Dynamics Holdings Inc | GDYN | Information Technology | 1.09% |
| nCino Inc | NCNO | Information Technology | 1.08% |
| Teradata Corp | TDC | Information Technology | 1.04% |
| Lovesac Co/The | LOVE | Consumer Discretionary | 1.03% |
| Halozyme Therapeutics Inc | HALO | Health Care | 0.99% |
| OrthoPediatrics Corp | KIDS | Health Care | 0.92% |
| Sterling Infrastructure Inc | STRL | Industrials | 0.89% |
| Federal Signal Corp | FSS | Industrials | 0.85% |
| Progyny Inc | PGNY | Health Care | 0.83% |
| Omnicell Inc | OMCL | Health Care | 0.69% |
| Simulations Plus Inc | SLP | Health Care | 0.64% |
| nLight Inc | LASR | Information Technology | 0.63% |
| Apogee Enterprises Inc | APOG | Industrials | 0.55% |
| BigCommerce Holdings Inc | BIGC | Information Technology | 0.43% |
| Total Cash or Equivalent | - | 1.01% |
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.
DIVIDENDS & DISTRIBUTIONS
| TICKER | RECORD DATE | PAYABLE DATE | DISTRIBUTION NAV $ | NET INVESTMENT INCOME $ | SHORT-TERM CAPITAL GAIN $ | LONG-TERM CAPITAL GAIN $ | DISTRIBUTION TOTAL $ | |
|---|---|---|---|---|---|---|---|---|
| EARLY STAGE GROWTH | BUFOX | 12/17/2024 | - | - | - | - | - | - |
| EARLY STAGE GROWTH | BUIOX | 12/17/2024 | - | - | - | - | - | - |
| EARLY STAGE GROWTH | BUFOX | 12/04/2024 | - | - | - | - | - | - |
| EARLY STAGE GROWTH | BUIOX | 12/04/2024 | - | - | - | - | - | - |
| EARLY STAGE GROWTH | BUFOX | 12/18/2023 | - | - | - | - | - | - |
| EARLY STAGE GROWTH | BUIOX | 12/18/2023 | - | - | - | - | - | - |
| EARLY STAGE GROWTH | BUFOX | 12/04/2023 | - | - | - | - | - | - |
| EARLY STAGE GROWTH | BUIOX | 12/04/2023 | - | - | - | - | - | - |
| TICKER | RECORD DATE | EX DATE | TYPE | |
|---|---|---|---|---|
| EARLY STAGE GROWTH | BUFOX | 12/17/2025 | 12/18/2025 | NII |
| EARLY STAGE GROWTH | BUIOX | 12/17/2025 | 12/18/2025 | NII |
| EARLY STAGE GROWTH | BUFOX | 12/4/2025 | 12/5/2025 | Cap Gains (if any) |
| EARLY STAGE GROWTH | BUIOX | 12/4/2025 | 12/5/2025 | Cap Gains (if any) |
Please note, the table will display information for the past rolling 2 years. If you need historical distribution information, please contact us.
There is no guarantee the Funds will pay distributions in the future and distributions, if any, may be less than the current distribution.
PORTFOLIO MANAGEMENT
DOCUMENTS
APPLICATIONS & FORMS
BUFFALO FUNDS IS PROUD to be the OFFICIAL INVESTMENT SERVICES PARTNER OF SPORTING KANSAS CITY
