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 11/30/2025 among 524 Small Growth funds
| Ticker | BUFOX Investor | BUIOX Institutional |
|---|---|---|
| Inception | 5/21/2004 | 7/1/2019 |
| Expense Ratio | 1.39% | 1.36% |
| Net Assets | $29.51 mil | $37.18 mil |
| Cusip | 119530301 | 119530889 |
| *as of 12/31/2025 | ||
Daily Prices as of 12/31/2025
| Ticker |
BUFOX Investor |
BUIOX Institutional |
|---|---|---|
| NAV | $16.25 | $16.41 |
| $Chg | $-0.22 | $-0.22 |
| %Chg | -1.34% | -1.32% |
| YTD % | 3.12% | 3.28% |
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 11/30/2025 | TICKER | MO | YTD | 1YR | 3YR | 5YR | 10YR | 15YR | 20YR | SI* |
| EARLY STAGE GROWTH | ||||||||||
| Investor Shares | BUFOX | -3.19 | 0.72 | -5.49 | 3.76 | 0.36 | 8.64 | 10.96 | 7.57 | 7.89 |
| Institutional Shares | BUIOX | -3.22 | 0.84 | -5.44 | 3.84 | 0.48 | 8.79 | 11.12 | 7.72 | 8.05 |
| Russell 2000® Growth Index | - | -0.68 | 14.48 | 5.11 | 13.54 | 5.31 | 9.18 | 10.57 | 8.82 | 9.15 |
| Lipper Small Cap Growth Funds Index | - | 0.91 | 7.21 | -0.84 | 10.76 | 4.86 | 10.17 | 10.77 | 8.63 | 8.97 |
*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 11/30/2025 | TICKER | CATEGORY | OVERALL | 3YR | 5YR | 10YR |
|---|---|---|---|---|---|---|
| EARLY STAGE GROWTH | BUFOX | Small Growth |
_
|
96% of 524 funds
|
88% of 502 funds
|
75% of 394 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 09/30/2025
| Holding | Ticker | Sector | % of Net Assets |
|---|---|---|---|
| Bowman Consulting Group Ltd | BWMN | Industrials | 3.04% |
| American Superconductor Corp | AMSC | Industrials | 2.89% |
| Willdan Group Inc | WLDN | Industrials | 2.63% |
| WisdomTree Inc | WT | Financials | 2.57% |
| HealthStream Inc | HSTM | Health Care | 2.55% |
| TAT Technologies Ltd | TATT | Industrials | 2.52% |
| Impinj Inc | PI | Information Technology | 2.33% |
| OneSpaWorld Holdings Ltd | OSW | Consumer Discretionary | 2.28% |
| I3 Verticals Inc | IIIV | Information Technology | 2.24% |
| Applied Optoelectronics Inc | AAOI | Information Technology | 2.24% |
| TOP 10 HOLDINGS TOTAL | 25.30% | ||
| Varonis Systems Inc | VRNS | Information Technology | 2.18% |
| Cadre Holdings Inc | CDRE | Industrials | 2.14% |
| SunOpta Inc | STKL | Consumer Staples | 2.12% |
| Kratos Defense & Security Solutions Inc | KTOS | Industrials | 2.09% |
| Harrow Inc | HROW | Health Care | 2.07% |
| Napco Security Technologies Inc | NSSC | Information Technology | 1.99% |
| Champion Homes Inc | SKY | Consumer Discretionary | 1.98% |
| Guardian Pharmacy Services Inc | GRDN | Consumer Staples | 1.88% |
| Patrick Industries Inc | PATK | Consumer Discretionary | 1.87% |
| BioLife Solutions Inc | BLFS | Health Care | 1.79% |
| Transcat Inc | TRNS | Industrials | 1.75% |
| GCM Grosvenor Inc | GCMG | Financials | 1.73% |
| Hillman Solutions Corp | HLMN | Industrials | 1.71% |
| Accel Entertainment Inc | ACEL | Consumer Discretionary | 1.67% |
| LeMaitre Vascular Inc | LMAT | Health Care | 1.64% |
| ICF International Inc | ICFI | Industrials | 1.61% |
| Element Solutions Inc | ESI | Materials | 1.60% |
| Shift4 Payments Inc | FOUR | Financials | 1.56% |
| Powerfleet Inc NJ | AIOT | Information Technology | 1.45% |
| Ategrity Specialty Holdings LLC | ASIC | Financials | 1.42% |
| Vertex Inc | VERX | Information Technology | 1.40% |
| Verra Mobility Corp | VRRM | Industrials | 1.37% |
| UFP Technologies Inc | UFPT | Health Care | 1.37% |
| Establishment Labs Holdings Inc | ESTA | Health Care | 1.36% |
| Phreesia Inc | PHR | Health Care | 1.35% |
| ADMA Biologics Inc | ADMA | Health Care | 1.31% |
| Castle Biosciences Inc | CSTL | Health Care | 1.26% |
| Red Cat Holdings Inc | RCAT | Information Technology | 1.26% |
| Hamilton Lane Inc | HLNE | Financials | 1.25% |
| Omnicell Inc | OMCL | Health Care | 1.23% |
| Evolent Health Inc | EVH | Health Care | 1.22% |
| AeroVironment Inc | AVAV | Industrials | 1.22% |
| Cactus Inc | WHD | Energy | 1.21% |
| Hayward Holdings Inc | HAYW | Industrials | 1.19% |
| Calix Inc | CALX | Information Technology | 1.17% |
| Vericel Corp | VCEL | Health Care | 1.16% |
| Option Care Health Inc | OPCH | Health Care | 1.16% |
| Catalyst Pharmaceuticals Inc | CPRX | Health Care | 1.13% |
| Simulations Plus Inc | SLP | Health Care | 1.10% |
| Carlsmed Inc | CARL | Health Care | 1.06% |
| QuidelOrtho Corp | QDEL | Health Care | 1.04% |
| United States Antimony Corp | UAMY | Materials | 1.02% |
| Community Healthcare Trust Inc | CHCT | Real Estate | 0.98% |
| nCino Inc | NCNO | Information Technology | 0.93% |
| Teradata Corp | TDC | Information Technology | 0.89% |
| Lovesac Co/The | LOVE | Consumer Discretionary | 0.86% |
| Grid Dynamics Holdings Inc | GDYN | Information Technology | 0.85% |
| nLight Inc | LASR | Information Technology | 0.85% |
| Kornit Digital Ltd | KRNT | Industrials | 0.78% |
| CPI Card Group Inc | PMTS | Information Technology | 0.76% |
| Ambiq Micro Inc | AMBQ | Information Technology | 0.73% |
| Progyny Inc | PGNY | Health Care | 0.72% |
| OrthoPediatrics Corp | KIDS | Health Care | 0.71% |
| Inspire Medical Systems Inc | INSP | Health Care | 0.62% |
| Portillo's Inc | PTLO | Consumer Discretionary | 0.60% |
| Sterling Infrastructure Inc | STRL | Industrials | 0.58% |
| Federal Signal Corp | FSS | Industrials | 0.43% |
| Commerce.com Inc | CMRC | Information Technology | 0.38% |
| Total Cash or Equivalent | - | 0.02% |
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 | 12/17/2025 | - | - | - | - | - | - |
| EARLY STAGE GROWTH | BUIOX | 12/17/2025 | - | - | - | - | - | - |
| EARLY STAGE GROWTH | BUFOX | 12/04/2025 | 12/05/2025 | 15.89 | - | - | 0.82911 | 0.82911 |
| EARLY STAGE GROWTH | BUIOX | 12/04/2025 | 12/05/2025 | 16.04 | - | - | 0.82911 | 0.82911 |
| 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 | - | - | - | - | - | - |
| TICKER | RECORD DATE | EX DATE | TYPE |
|---|
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
