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 6/30/2026 among 522 Small Growth funds
| Ticker | BUFOX Investor | BUIOX Institutional |
|---|---|---|
| Inception | 5/21/2004 | 7/1/2019 |
| Expense Ratio | 1.48% | 1.35% |
| Net Assets | $28.35 mil | $40.57 mil |
| Cusip | 119530301 | 119530889 |
| *as of 8/31/2026 | ||
Daily Prices as of 8/31/2026
| Ticker |
BUFOX Investor |
BUIOX Institutional |
|---|---|---|
| NAV | $18.33 | $18.52 |
| $Chg | $-0.04 | $-0.04 |
| %Chg | -0.22% | -0.22% |
| YTD % | 12.80% | 12.86% |
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 07/31/2026 | TICKER | MO | YTD | 1YR | 3YR | 5YR | 10YR | 15YR | 20YR | SI* |
| EARLY STAGE GROWTH | ||||||||||
| Investor Shares | BUFOX | -7.28 | 12.06 | 16.26 | 5.47 | -2.16 | 10.24 | 10.50 | 8.29 | 8.32 |
| Institutional Shares | BUIOX | -7.26 | 12.13 | 16.36 | 5.56 | -2.05 | 10.38 | 10.65 | 8.44 | 8.47 |
| Russell 2000® Growth Index | - | -5.86 | 15.02 | 28.42 | 14.32 | 5.07 | 10.59 | 10.66 | 9.49 | 9.49 |
| Lipper Small Cap Growth Funds Index | - | -7.28 | 14.18 | 20.54 | 12.05 | 3.84 | 11.40 | 10.84 | 9.35 | 9.29 |
*Since inception.
| Investor Inception | Investor Expense Ratio | Institutional Inception | Institutional Expense Ratio | |
|---|---|---|---|---|
| EARLY STAGE GROWTH | 5/21/2004 | 1.48% | 7/1/2019 | 1.35% |
QUARTER-END PERFORMANCE
| TOTAL RETURNS % | AVERAGE ANNUALIZED TOTAL RETURNS % | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| As of 06/30/2026 | TICKER | QTR | YTD | 1YR | 3YR | 5YR | 10YR | 15YR | 20YR | SI* |
| EARLY STAGE GROWTH | ||||||||||
| Investor Shares | BUFOX | 27.37 | 20.86 | 29.89 | 8.92 | -1.01 | 11.69 | 10.94 | 8.50 | 8.72 |
| Institutional Shares | BUIOX | 27.42 | 20.90 | 30.00 | 9.00 | -0.90 | 11.84 | 11.09 | 8.65 | 8.87 |
| Russell 2000® Growth Index | - | 25.71 | 22.18 | 38.74 | 18.44 | 5.57 | 11.97 | 10.81 | 9.53 | 9.83 |
| Lipper Small Cap Growth Funds Index | - | 25.53 | 23.14 | 31.64 | 16.26 | 5.37 | 12.86 | 11.07 | 9.46 | 9.70 |
*Since inception.
CALENDAR YEAR %
| TICKER | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EARLY STAGE GROWTH | |||||||||||
| Investor Shares | BUFOX | 11.05 | 27.18 | -3.95 | 34.03 | 47.69 | 7.79 | -30.76 | 9.83 | 7.52 | 3.12 |
| Institutional Shares | BUIOX | 11.22 | 27.37 | -3.81 | 34.20 | 47.96 | 7.94 | -30.66 | 9.98 | 7.53 | 3.28 |
| Russell 2000® Growth Index | - | 11.32 | 22.17 | -9.31 | 28.48 | 34.63 | 2.83 | -26.36 | 18.66 | 15.15 | 13.01 |
| 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 6/30/2026 | TICKER | CATEGORY | OVERALL | 3YR | 5YR | 10YR |
|---|---|---|---|---|---|---|
| EARLY STAGE GROWTH | BUFOX | Small Growth |
_
|
84% of 522 funds
|
90% of 499 funds
|
59% of 401 funds
|
Ratings & Rankings may vary for other share classes.
PORTFOLIO CHARACTERISTICS
3-YEAR RISK METRICS
As of 6/30/2026
| BUFOX vs. Russell 2000® Growth Index | |
|---|---|
| Upside Capture | 70.40 |
| Downside Capture | 102.31 |
| Alpha | -5.89 |
| Beta | 0.86 |
| Sharpe Ratio | 0.21 |
CHARACTERISTICS
As of 6/30/2026
| Portfolio | Value |
|---|---|
| Number of Holdings | 75 |
| 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 6/30/2026
|
Micro Cap (<1.5B)
|
43.44% | |
| Small Cap ($1.5B-$4.5B) | 47.28% | |
|
Mid Cap ($4.5B-$30B)
|
9.28% |
May not equal 100% due to rounding.
SECTOR WEIGHTS
As of 6/30/2026
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 06/30/2026
| Holding | Ticker | Sector | % of Net Assets |
|---|---|---|---|
| Cardinal Infrastructure Group Inc | CDNL | Industrials | 3.06% |
| Ouster Inc | OUST | Information Technology | 2.94% |
| Ambiq Micro Inc | AMBQ | Information Technology | 2.56% |
| OneSpaWorld Holdings Ltd | OSW | Consumer Discretionary | 2.42% |
| WisdomTree Inc | WT | Financials | 2.36% |
| Guardian Pharmacy Services Inc | GRDN | Health Care | 2.23% |
| ACM Research Inc | ACMR | Information Technology | 2.21% |
| Transcat Inc | TRNS | Industrials | 2.15% |
| HealthStream Inc | HSTM | Health Care | 1.95% |
| Impinj Inc | PI | Information Technology | 1.87% |
| TOP 10 HOLDINGS TOTAL | 23.75% | ||
| Champion Homes Inc | SKY | Consumer Discretionary | 1.86% |
| TAT Technologies Ltd | TATT | Industrials | 1.82% |
| UFP Technologies Inc | UFPT | Health Care | 1.81% |
| Kiniksa Pharmaceuticals International Plc | KNSA | Health Care | 1.74% |
| nLight Inc | LASR | Information Technology | 1.73% |
| Suncrete Inc | RMIX | Materials | 1.72% |
| American Superconductor Corp | AMSC | Industrials | 1.68% |
| Ategrity Specialty Holdings LLC | ASIC | Financials | 1.67% |
| Mama's Creations Inc | MAMA | Consumer Staples | 1.66% |
| Establishment Labs Holdings Inc | ESTA | Health Care | 1.65% |
| Frequency Electronics Inc | FEIM | Information Technology | 1.64% |
| LeMaitre Vascular Inc | LMAT | Health Care | 1.56% |
| Flotek Industries Inc | FTK | Materials | 1.55% |
| BioLife Solutions Inc | BLFS | Health Care | 1.54% |
| GCM Grosvenor Inc | GCMG | Financials | 1.52% |
| Willdan Group Inc | WLDN | Industrials | 1.50% |
| Bowman Consulting Group Ltd | BWMN | Industrials | 1.48% |
| Red Cat Holdings Inc | RCAT | Industrials | 1.47% |
| Harrow Inc | HROW | Health Care | 1.47% |
| Mayville Engineering Co Inc | MEC | Industrials | 1.46% |
| Accel Entertainment Inc | ACEL | Consumer Discretionary | 1.46% |
| Vericel Corp | VCEL | Health Care | 1.42% |
| CECO Environmental Corp | CECO | Industrials | 1.39% |
| Varonis Systems Inc | VRNS | Information Technology | 1.38% |
| Napco Security Technologies Inc | NSSC | Information Technology | 1.37% |
| Hillman Solutions Corp | HLMN | Industrials | 1.36% |
| Omnicell Inc | OMCL | Health Care | 1.34% |
| Patrick Industries Inc | PATK | Consumer Discretionary | 1.29% |
| Once Upon a Farm PBC | OFRM | Consumer Staples | 1.28% |
| I3 Verticals Inc | IIIV | Information Technology | 1.28% |
| Allient Inc | ALNT | Industrials | 1.23% |
| Aevex Corp | AVEX | Industrials | 1.21% |
| Hayward Holdings Inc | HAYW | Industrials | 1.18% |
| LSI Industries Inc | LYTS | Industrials | 1.17% |
| Cadre Holdings Inc | CDRE | Industrials | 1.17% |
| Simulations Plus Inc | SLP | Health Care | 1.17% |
| Catalyst Pharmaceuticals Inc | CPRX | Health Care | 1.16% |
| Nuvation Bio Inc | NUVB | Health Care | 1.07% |
| Knowles Corp | KN | Information Technology | 1.07% |
| Powerfleet Inc NJ | AIOT | Information Technology | 1.01% |
| Community Healthcare Trust Inc | CHCT | Real Estate | 1.01% |
| Crexendo Inc | CXDO | Information Technology | 0.99% |
| Calix Inc | CALX | Information Technology | 0.93% |
| Cactus Inc | WHD | Energy | 0.91% |
| CPI Card Group Inc | PMTS | Information Technology | 0.90% |
| Arcutis Biotherapeutics Inc | ARQT | Health Care | 0.87% |
| VAALCO Energy Inc | EGY | Energy | 0.86% |
| Shift4 Payments Inc | FOUR | Financials | 0.85% |
| Progyny Inc | PGNY | Health Care | 0.84% |
| Kornit Digital Ltd | KRNT | Industrials | 0.81% |
| Element Solutions Inc | ESI | Materials | 0.77% |
| Option Care Health Inc | OPCH | Health Care | 0.76% |
| Castle Biosciences Inc | CSTL | Health Care | 0.75% |
| Lovesac Co/The | LOVE | Consumer Discretionary | 0.73% |
| HMH Holding Inc | HMH | Energy | 0.72% |
| Carlsmed Inc | CARL | Health Care | 0.71% |
| Grid Dynamics Holdings Inc | GDYN | Information Technology | 0.65% |
| Hamilton Lane Inc | HLNE | Financials | 0.63% |
| OrthoPediatrics Corp | KIDS | Health Care | 0.63% |
| Ardelyx Inc | ARDX | Health Care | 0.59% |
| Vertex Inc | VERX | Information Technology | 0.56% |
| Rare Earths Americas Inc | REA | Materials | 0.50% |
| nCino Inc | NCNO | Information Technology | 0.49% |
| Public Policy Holding Co Inc | PPHC | Industrials | 0.46% |
| First American Government Obligations Fund | FGXXX | 0.43% | |
| Applied Optoelectronics Inc | AAOI | Information Technology | 0.43% |
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 | |
|---|---|---|---|---|
| EARLY STAGE GROWTH | BUFOX | 12/17/2026 | 12/18/2026 | NII |
| EARLY STAGE GROWTH | BUIOX | 12/17/2026 | 12/18/2026 | NII |
| EARLY STAGE GROWTH | BUFOX | 12/4/2026 | 12/7/2026 | Cap Gains |
| EARLY STAGE GROWTH | BUIOX | 12/4/2026 | 12/7/2026 | Cap Gains |
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
