Mid Cap Fund
Quick Facts
| Investor | Institutional | |
| Ticker: | BUFMX | BUIMX |
| Daily Pricing: | ||
| As of 7/1/2024 | ||
| NAV: | $15.83 | $15.96 |
| $ Change: | $-0.15 | $-0.16 |
| % Change: |
-0.94% | -0.99% |
| YTD: |
-2.70% | -2.68% |
| Inception Date: | 12/17/2001 | 7/1/2019 |
| Expense Ratio: | 1.03% | 0.88% |
| Total Net Assets: | $157.09 Million (3/31/24) | |
| Morningstar Category: | Mid Cap Growth | |
| Benchmark Index: | Russell Midcap Growth | |
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Related Material: Fund Fact Sheet Q1 2024 PM Commentary Q1 2024 |
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Fund Objective & Investment Strategy
The investment objective of the Buffalo Mid Cap Fund is long-term growth of capital. The Fund normally invests at least 80% of its net assets in equity securities, consisting of common stocks, preferred stocks, convertible preferred stocks, warrants and rights of medium capitalization (“mid-cap”) companies. The Fund defines mid-cap companies as those companies that, at the time of purchase, have market capitalizations within the range of the Russell Midcap Growth Index.
The Fund managers seek to identify companies for the Mid Cap Fund’s portfolio that are expected to experience growth based on the identification of long-term, measurable secular trends, and which, as a result, the managers believe may have potential revenue growth in excess of the gross domestic product growth rate. Companies are screened using in-depth, in-house research to identify those which the managers believe have favorable attributes, including attractive valuation, strong management, conservative debt, free cash flow, scalable business models, and competitive advantages.
Our focus has always been on investing in secular growth companies we believe are attractively-priced with strong balance sheets. We remain convinced the inefficiencies inherent in the small and mid-cap market spectrum, in addition to where we are in the economic cycle, are best suited for disciplined, active management of the portfolio.
Josh West, Portfolio Manager
Morningstar Ratings
Overall Morningstar Rating™ of BUFMX based on risk-adjusted returns among 510 Mid-Cap Growth funds as of 5/31/24.
Performance (%)
| As of 5/31/24 | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | 15 YR | 20 YR | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| BUFFALO MID CAP FUND - Investor | -6.34 | -2.83 | 12.87 | -1.88 | 9.28 | 8.26 | 11.07 | 8.28 | 8.29 |
| BUFFALO MID CAP FUND - Institutional | -6.35 | -2.80 | 12.99 | -1.76 | 9.43 | 8.41 | 11.24 | 8.44 | 8.45 |
| Russell Midcap Growth Index | -2.53 | 4.24 | 21.91 | 1.57 | 11.06 | 10.67 | 13.86 | 10.17 | 9.47 |
| Lipper Mid Cap Growth Index | -2.92 | 2.34 | 16.70 | -2.34 | 8.39 | 9.28 | 12.24 | 9.25 | 8.27 |
| As of 3/31/24 | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | 15 YR | 20 YR | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| BUFFALO MID CAP FUND - Investor | 6.02 | 6.02 | 23.74 | 2.12 | 11.40 | 8.98 | 12.85 | 8.64 | 8.78 |
| BUFFALO MID CAP FUND - Institutional | 6.04 | 6.04 | 23.85 | 2.27 | 11.56 | 9.13 | 13.02 | 8.80 | 8.94 |
| Russell Midcap Growth Index | 9.50 | 9.50 | 26.28 | 4.62 | 11.82 | 11.35 | 15.64 | 10.41 | 9.77 |
| Lipper Mid Cap Growth Index | 8.34 | 8.34 | 21.20 | 0.33 | 9.50 | 9.78 | 13.94 | 9.50 | 8.61 |
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BUFFALO MID CAP FUND - Investor | 29.25 | 5.85 | -0.52 | 5.93 | 13.66 | -7.30 | 37.98 | 34.18 | 14.61 | -27.80 | 26.97 |
| BUFFALO MID CAP FUND - Institutional | 29.45 | 6.00 | -0.37 | 6.08 | 13.82 | -7.16 | 38.16 | 34.42 | 14.73 | -27.69 | 27.18 |
| Russell Midcap Growth Index | 35.74 | 11.90 | -0.20 | 7.33 | 25.27 | -4.75 | 35.47 | 35.59 | 12.73 | -26.72 | 25.87 |
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 of higher than the performance quoted and 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.
3 Year Risk Metrics
| BUFMX vs Russell Midcap Growth Index (As of 3/31/24) | |
|---|---|
| Upside Capture | 87.93 |
| Downside Capture | 99.55 |
| Alpha | -2.01 |
| Beta | 0.90 |
| Sharpe Ratio | -0.03 |
Hypothetical Growth of $10,000
Portfolio
Portfolio Characteristics
| (As of 3/31/24) | |
|---|---|
| # of Holdings | 56 |
| Median Market Cap | $16.96 B |
| Weighted Average Market Cap | $31.91 B |
| 3-Yr Annualized Turnover Ratio | 19.50% |
| % of Holdings with Free Cash Flow | 92.86% |
| Active Share | 83.76% |
Top 10 Holdings
| Name of Holding | Ticker | Sector | % of Net Assets |
|---|---|---|---|
| Gartner, Inc. | IT | Information Technology | 3.93 |
| MSCI Inc. | MSCI | Financials | 3.85 |
| CBRE Group, Inc. | CBRE | Real Estate | 3.49 |
| IQVIA Holdings Inc | IQV | Health Care | 3.31 |
| Kinsale Capital Group, Inc. | KNSL | Financials | 3.30 |
| Copart, Inc. | CPRT | Industrials | 3.09 |
| Veeva Systems Inc | VEEV | Health Care | 2.92 |
| Verisk Analytics Inc | VRSK | Industrials | 2.85 |
| CrowdStrike Holdings, Inc | CRWD | Information Technology | 2.71 |
| AMETEK, Inc. | AME | Industrials | 2.70 |
| TOP 10 HOLDINGS TOTAL | 32.15% | ||
Sector Weighting
As of 3/31/24. 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.
Market Capitalization
As of 3/31/24. Market Cap percentages may not equal 100% due to rounding.
Management
Commentary
Literature
| BUFMX Documents | Last Updated |
|---|---|
| Fact Sheet | 3/31/24 |
| Quarterly Commentary | 3/31/24 |
| Full Fund Holdings | 3/31/24 |
| Prospectus | 7/28/23 |
| Statement of Additional Information | 7/28/23 |
| Annual Report | 3/31/24 |
| Semi-Annual Report | 9/30/23 |
| Tax Guide - 2023 | 1/8/24 |
Fundamental Approach
We get to know the companies we invest in and learn how they run their business.
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
Sticking to our disciplined investment strategy ensures we maintain a consistent, balanced approach.
Morningstar Rating™
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
©2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
The Buffalo Mid Cap Fund (BUFMX) received 3 stars among 510 for the 3-year, 3 stars among 476 for the 5-year, and 2 stars among 382 Mid-Cap Growth funds for the 10-year period ending 5/31/24. Other share classes may have different performance characteristics.