Growth Fund
BUFGX | BIIGX
CAPITALIZING ON SECULAR GROWTH TRENDS
“The Buffalo Growth Fund invests in industry leaders: attractively-priced, financially-strong, well-managed companies that we believe are favorably positioned to harvest the lion’s share of big secular growth trends.
We target premier companies with strong competitive advantages and the capacity to expand into new markets, unlocking high-growth, high-return opportunities that drive long-term shareholder value.”
— Dave Carlsen, CFA, Co-Portfolio Manager
Objective
Long-term growth of capital
Morningstar CategoryLarge Cap Growth
Benchmark IndexRussell 3000® Growth
Dividend DistributionAnnual
Overall Morningstar Rating™
BUFGX based on risk-adjusted
returns as of 6/30/2025 among 1033 Large Growth funds
| Ticker | BUFGX Investor | BIIGX Institutional |
|---|---|---|
| Inception | 5/19/1995 | 7/1/2019 |
| Expense Ratio | 0.87% | 0.77% |
| Net Assets | $83.49 mil | $100.45 mil |
| Cusip | 119826105 | 119530863 |
| *as of 6/25/2025 | ||
Daily Prices as of 7/10/2025
| Ticker |
BUFGX Investor |
BIIGX Institutional |
|---|---|---|
| NAV | $36.72 | $37.04 |
| $Chg | $-0.05 | $-0.04 |
| %Chg | -0.14% | -0.11% |
| YTD % | 5.37% | 5.44% |
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 06/30/2025 | TICKER | MO | YTD | 1YR | 3YR | 5YR | 10YR | 15YR | 20YR | SI* |
| GROWTH | ||||||||||
| Investor Shares | BUFGX | 5.97 | 4.33 | 13.14 | 21.42 | 13.89 | 12.91 | 14.31 | 11.12 | 10.99 |
| Institutional Shares | BIIGX | 5.98 | 4.38 | 13.26 | 21.55 | 14.03 | 13.06 | 14.47 | 11.28 | 11.15 |
| Russell 3000® Growth Index | - | 6.29 | 5.80 | 16.89 | 25.07 | 17.55 | 16.38 | 17.13 | 12.72 | 11.05 |
| Lipper Large Cap Growth Fund Index | - | 6.82 | 6.80 | 15.61 | 24.97 | 15.56 | 15.08 | 15.79 | 11.47 | 10.01 |
*Since inception.
| Investor Inception | Investor Expense Ratio | Institutional Inception | Institutional Expense Ratio | |
|---|---|---|---|---|
| GROWTH | 5/19/1995 | 0.87% | 7/1/2019 | 0.77% |
QUARTER-END PERFORMANCE
| TOTAL RETURNS % | AVERAGE ANNUALIZED TOTAL RETURNS % | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| As of 06/30/2025 | TICKER | QTR | YTD | 1YR | 3YR | 5YR | 10YR | 15YR | 20YR | SI* |
| GROWTH | ||||||||||
| Investor Shares | BUFGX | 14.56 | 4.33 | 13.14 | 21.42 | 13.89 | 12.91 | 14.31 | 11.12 | 10.99 |
| Institutional Shares | BIIGX | 14.59 | 4.38 | 13.26 | 21.55 | 14.03 | 13.06 | 14.47 | 11.28 | 11.15 |
| Russell 3000® Growth Index | - | 17.55 | 5.80 | 16.89 | 25.07 | 17.55 | 16.38 | 17.13 | 12.72 | 11.05 |
| Lipper Large Cap Growth Fund Index | - | 17.93 | 6.80 | 15.61 | 24.97 | 15.56 | 15.08 | 15.79 | 11.47 | 10.01 |
*Since inception.
CALENDAR YEAR %
| TICKER | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GROWTH | |||||||||||
| Investor Shares | BUFGX | 2.64 | 4.86 | 22.81 | 0.51 | 31.91 | 28.29 | 21.69 | -31.13 | 42.64 | 25.19 |
| Institutional Shares | BIIGX | 2.80 | 05.02 | 22.99 | 0.66 | 32.11 | 28.49 | 21.85 | -31.03 | 42.79 | 25.33 |
| Russell 3000® Growth Index | - | 05.09 | 7.39 | 29.59 | -2.12 | 35.85 | 38.26 | 25.85 | -28.97 | 41.21 | 23.81 |
| Lipper Large Cap Growth Funds Index | - | 5.61 | 0.54 | 31.85 | -0.47 | 33.56 | 38.60 | 22.36 | -32.03 | 42.03 | 30.73 |
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 6/30/2025 | TICKER | CATEGORY | OVERALL | 3YR | 5YR | 10YR |
|---|---|---|---|---|---|---|
| GROWTH | BUFGX | Large Growth |
_
|
71% of 1033 funds
|
67% of 954 funds
|
77% of 754 funds
|
Ratings & Rankings may vary for other share classes.
PORTFOLIO CHARACTERISTICS
3-YEAR RISK METRICS
As of 3/31/2025
| BUFGX vs. Russell 3000® Growth Index | |
|---|---|
| Upside Capture | 97.14 |
| Downside Capture | 104.17 |
| Alpha | -2.11 |
| Beta | 1.00 |
| Sharpe Ratio | 0.14 |
CHARACTERISTICS
As of 3/31/2025
| Portfolio | Value |
|---|---|
| Number of Holdings | 40 |
| Median Market Cap (B) | $ 151.78 |
| Weighted Average Market Cap (B) | $ 1,342.53 |
| 3-Year Annualized Turnover Ratio | 8.01% |
| Holdings with Free Cash Flow | 90.24% |
| Active Share | 45.16% |
MARKET CAPITALIZATION
As of 3/31/2025
| Large Cap (>$30B) | 90.97% | |
| Mid Cap ($4.5B-$30B) | 6.53% | |
| Small Cap ($1.5B-$4.5B) | 2.50% |
Market Cap percentages may not equal 100% due to rounding.
SECTOR WEIGHTS
As of 3/31/2025
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 03/31/2025
| Holding | Ticker | Sector | % of Net Assets |
|---|---|---|---|
| Microsoft Corp | MSFT | Information Technology | 10.72% |
| Apple Inc | AAPL | Information Technology | 9.68% |
| Amazon.com Inc | AMZN | Consumer Discretionary | 8.54% |
| NVIDIA Corp | NVDA | Information Technology | 8.35% |
| Meta Platforms Inc | META | Communication Services | 5.62% |
| Alphabet Inc | GOOGL | Communication Services | 5.62% |
| Visa Inc | V | Financials | 3.19% |
| Mastercard Inc | MA | Financials | 2.88% |
| Alphabet Inc | GOOG | Communication Services | 2.72% |
| Uber Technologies Inc | UBER | Industrials | 2.57% |
| TOP 10 HOLDINGS TOTAL | 59.88% | ||
| TransUnion | TRU | Industrials | 2.11% |
| Booking Holdings Inc | BKNG | Consumer Discretionary | 2.04% |
| CBRE Group Inc | CBRE | Real Estate | 1.95% |
| Salesforce Inc | CRM | Information Technology | 1.82% |
| Liberty Media Corp-Liberty Live | LLYVK | Communication Services | 1.47% |
| Veeva Systems Inc | VEEV | Health Care | 1.46% |
| Thermo Fisher Scientific Inc | TMO | Health Care | 1.46% |
| UnitedHealth Group Inc | UNH | Health Care | 1.45% |
| Adobe Inc | ADBE | Information Technology | 1.43% |
| Shift4 Payments Inc | FOUR | Financials | 1.39% |
| Broadcom Inc | AVGO | Information Technology | 1.37% |
| MSCI Inc | MSCI | Financials | 1.26% |
| ServiceNow Inc | NOW | Information Technology | 1.24% |
| Edwards Lifesciences Corp | EW | Health Care | 1.23% |
| MercadoLibre Inc | MELI | Consumer Discretionary | 1.20% |
| Schlumberger NV | SLB | Energy | 1.20% |
| Copart Inc | CPRT | Industrials | 1.19% |
| CoStar Group Inc | CSGP | Real Estate | 1.17% |
| Intuitive Surgical Inc | ISRG | Health Care | 1.10% |
| Verisk Analytics Inc | VRSK | Industrials | 1.10% |
| Linde PLC | LIN | Materials | 1.05% |
| Intuit Inc | INTU | Information Technology | 1.03% |
| S&P Global Inc | SPGI | Financials | 1.03% |
| Progyny Inc | PGNY | Health Care | 1.02% |
| Palo Alto Networks Inc | PANW | Information Technology | 1.01% |
| Establishment Labs Holdings Inc | ESTA | Health Care | 0.87% |
| Global Payments Inc | GPN | Financials | 0.79% |
| Danaher Corp | DHR | Health Care | 0.77% |
| DoubleVerify Holdings Inc | DV | Information Technology | 0.75% |
| IDEXX Laboratories Inc | IDXX | Health Care | 0.74% |
| Bio-Rad Laboratories Inc | BIO | Health Care | 0.65% |
| Total Cash or Equivalent | - | 6.52% |
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 $ | |
|---|---|---|---|---|---|---|---|---|
| GROWTH | BUFGX | 12/17/2024 | - | - | - | - | - | - |
| GROWTH | BIIGX | 12/17/2024 | - | - | - | - | - | - |
| GROWTH | BUFGX | 12/04/2024 | 12/05/2024 | 35.5600 | - | - | 2.98029 | 2.98029 |
| GROWTH | BIIGX | 12/04/2024 | 12/05/2024 | 35.8400 | - | - | 2.98029 | 2.98029 |
| GROWTH | BUFGX | 12/18/2023 | - | - | - | - | - | - |
| GROWTH | BIIGX | 12/18/2023 | - | - | - | - | - | - |
| GROWTH | BUFGX | 12/04/2023 | 12/05/2023 | 28.8100 | - | - | 1.67451 | 1.67451 |
| GROWTH | BIIGX | 12/04/2023 | 12/05/2023 | 29.0000 | - | - | 1.67451 | 1.67451 |
| TICKER | RECORD DATE | EX DATE | TYPE | |
|---|---|---|---|---|
| GROWTH | BUFGX | 12/17/2025 | 12/18/2025 | NII (if any) |
| GROWTH | BIIGX | 12/17/2025 | 12/18/2025 | NII (if any) |
| GROWTH | BUFGX | 12/4/2025 | 12/5/2025 | Cap Gains (if any) |
| GROWTH | BIIGX | 12/4/2025 | 12/5/2025 | Cap Gains (if any) |
If you need historical distribution information, please contact us.
There is no guarantee the fund will pay distributions in the future and distributions, if any, may be less than the current distribution.
PORTFOLIO MANAGEMENT
DOCUMENTS
SPECIFIC FUND MATERIALS
APPLICATIONS & FORMS
BUFFALO FUNDS IS PROUD to be the OFFICIAL INVESTMENT SERVICES PARTNER OF SPORTING KANSAS CITY
