Mid Cap Discovery Fund
BUFTX | BUITX
DISCOVERING THE FUTURE OF INNOVATION
“To us, innovation means to discover and transform new ideas into meaningful commercial value. The greater the economic impact and the longer the staying power, the better.
For the Buffalo Mid Cap Discovery Fund, we seek under-appreciated stock opportunities in companies where thoughtful management teams are in a favorable position to use innovation for market advantage and sustained shareholder value creation.”
— Dave Carlsen, CFA, Co-Portfolio Manager
Objective
Long-term growth of capital
Morningstar CategoryMid Cap Growth
Benchmark IndexRussell Midcap® Growth Index
Dividend DistributionAnnual
Overall Morningstar Rating™
BUFTX based on risk-adjusted
returns as of 11/30/2025 among 470 Mid-Cap Growth funds
| Ticker | BUFTX Investor | BUITX Institutional |
|---|---|---|
| Inception | 4/16/2001 | 7/1/2019 |
| Expense Ratio | 0.99% | 0.86% |
| Net Assets | $331.44 mil | $105.72 mil |
| Cusip | 119530103 | 119530707 |
| *as of 12/31/2025 | ||
Daily Prices as of 12/31/2025
| Ticker |
BUFTX Investor |
BUITX Institutional |
|---|---|---|
| NAV | $18.78 | $19.05 |
| $Chg | $-0.19 | $-0.19 |
| %Chg | -1.00% | -0.99% |
| YTD % | -1.80% | -1.65% |
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* |
| MID CAP DISCOVERY | ||||||||||
| Investor Shares | BUFTX | -1.07 | 0.22 | -5.52 | 7.59 | 2.57 | 8.44 | 10.71 | 9.59 | 8.65 |
| Institutional Shares | BUITX | -1.06 | 0.39 | -5.34 | 7.76 | 2.72 | 8.60 | 10.88 | 9.75 | 8.81 |
| Russell Midcap® Growth Index | - | -2.12 | 10.13 | 3.29 | 16.74 | 7.94 | 12.39 | 12.73 | 10.44 | 9.79 |
| Lipper Mid Cap Growth Funds Index | - | -0.49 | 4.60 | -1.93 | 9.55 | 3.02 | 9.65 | 10.20 | 8.89 | 7.96 |
*Since inception.
| Investor Inception | Investor Expense Ratio | Institutional Inception | Institutional Expense Ratio | |
|---|---|---|---|---|
| MID CAP DISCOVERY | 4/16/2001 | 0.99% | 7/1/2019 | 0.86% |
QUARTER-END PERFORMANCE
| TOTAL RETURNS % | AVERAGE ANNUALIZED TOTAL RETURNS % | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| As of 09/30/2025 | TICKER | QTR | YTD | 1YR | 3YR | 5YR | 10YR | 15YR | 20YR | SI* |
| MID CAP DISCOVERY | ||||||||||
| Investor Shares | BUFTX | -2.21 | 1.38 | 0.73 | 12.13 | 4.87 | 9.29 | 11.13 | 9.79 | 8.76 |
| Institutional Shares | BUITX | -2.19 | 1.50 | 0.89 | 12.28 | 5.02 | 9.45 | 11.30 | 9.95 | 8.92 |
| Russell Midcap® Growth Index | - | 2.78 | 12.84 | 22.02 | 22.85 | 11.26 | 13.37 | 13.44 | 10.70 | 9.96 |
| Lipper Mid Cap Growth Funds Index | - | 1.89 | 5.21 | 6.93 | 13.77 | 5.58 | 10.37 | 10.76 | 9.06 | 8.04 |
*Since inception.
CALENDAR YEAR %
| TICKER | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MID CAP DISCOVERY | |||||||||||
| Investor Shares | BUFTX | 5.64 | 5.56 | 25.44 | -6.54 | 31.63 | 33.81 | 11.90 | -28.67 | 24.30 | 5.44 |
| Institutional Shares | BUITX | 5.80 | 5.72 | 25.62 | -6.40 | 31.82 | 34.03 | 12.07 | -28.57 | 24.50 | 5.56 |
| Russell Midcap® Growth Index | - | -0.20 | 7.33 | 25.27 | -4.75 | 35.47 | 35.59 | 12.73 | -26.72 | 25.87 | 22.10 |
| Lipper Mid Cap Growth Funds Index | - | -0.96 | 6.27 | 25.90 | -3.53 | 33.83 | 35.98 | 12.22 | -29.79 | 20.33 | 10.73 |
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 11/30/2025 | TICKER | CATEGORY | OVERALL | 3YR | 5YR | 10YR |
|---|---|---|---|---|---|---|
| MID CAP DISCOVERY | BUFTX | Mid-Cap Growth |
_
|
85% of 470 funds
|
79% of 442 funds
|
86% of 367 funds
|
Ratings & Rankings may vary for other share classes.
PORTFOLIO CHARACTERISTICS
3-YEAR RISK METRICS
As of 9/30/2025
| BUFTX vs. Russell Midcap® Growth Index | |
|---|---|
| Upside Capture | 69.55 |
| Downside Capture | 107.10 |
| Alpha | -7.07 |
| Beta | 0.91 |
| Sharpe Ratio | 0.41 |
CHARACTERISTICS
As of 9/30/2025
| Portfolio | Value |
|---|---|
| Number of Holdings | 70 |
| Median Market Cap (B) | $ 25.44 |
| Weighted Average Market Cap (B) | $ 30.18 |
| 3-Year Annualized Turnover Ratio | 33.75% |
| Holdings with Free Cash Flow | 94.03% |
| Active Share | 78.86% |
MARKET CAPITALIZATION
As of 9/30/2025
|
|
Small Cap ($1.5B-$4.5B)
|
1.11% |
|
|
Mid Cap ($4.5B-$30B)
|
34.70% |
|
|
Large Cap (>$30B)
|
64.19% |
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 |
|---|---|---|---|
| Veeva Systems Inc | VEEV | Health Care | 3.40% |
| MSCI Inc | MSCI | Financials | 3.30% |
| Vistra Corp | VST | Utilities | 3.24% |
| Vertiv Holdings Co | VRT | Industrials | 2.41% |
| Cencora Inc | COR | Health Care | 2.34% |
| Verisk Analytics Inc | VRSK | Industrials | 2.26% |
| Hilton Worldwide Holdings Inc | HLT | Consumer Discretionary | 2.14% |
| CoStar Group Inc | CSGP | Real Estate | 2.05% |
| TransUnion | TRU | Industrials | 2.05% |
| Snowflake Inc | SNOW | Information Technology | 2.00% |
| TOP 10 HOLDINGS TOTAL | 25.17% | ||
| Live Nation Entertainment Inc | LYV | Communication Services | 1.93% |
| AMETEK Inc | AME | Industrials | 1.86% |
| Alnylam Pharmaceuticals Inc | ALNY | Health Care | 1.84% |
| Procore Technologies Inc | PCOR | Information Technology | 1.75% |
| Guidewire Software Inc | GWRE | Information Technology | 1.72% |
| Autodesk Inc | ADSK | Information Technology | 1.67% |
| Copart Inc | CPRT | Industrials | 1.66% |
| IDEXX Laboratories Inc | IDXX | Health Care | 1.61% |
| Amphenol Corp | APH | Information Technology | 1.57% |
| Gartner Inc | IT | Information Technology | 1.52% |
| Universal Display Corp | OLED | Information Technology | 1.45% |
| James Hardie Industries PLC | JHX | Materials | 1.45% |
| Martin Marietta Materials Inc | MLM | Materials | 1.44% |
| Datadog Inc | DDOG | Information Technology | 1.44% |
| Equifax Inc | EFX | Industrials | 1.43% |
| Tyler Technologies Inc | TYL | Information Technology | 1.38% |
| Edwards Lifesciences Corp | EW | Health Care | 1.34% |
| Shift4 Payments Inc | FOUR | Financials | 1.32% |
| Comfort Systems USA Inc | FIX | Industrials | 1.32% |
| HEICO Corp | HEI/A | Industrials | 1.27% |
| Natera Inc | NTRA | Health Care | 1.26% |
| Schlumberger NV | SLB | Energy | 1.25% |
| Pinterest Inc | PINS | Communication Services | 1.25% |
| Ross Stores Inc | ROST | Consumer Discretionary | 1.24% |
| Corpay Inc | CPAY | Financials | 1.23% |
| HubSpot Inc | HUBS | Information Technology | 1.23% |
| Nutanix Inc | NTNX | Information Technology | 1.22% |
| Bio-Techne Corp | TECH | Health Care | 1.21% |
| Kinsale Capital Group Inc | KNSL | Financials | 1.19% |
| elf Beauty Inc | ELF | Consumer Staples | 1.18% |
| Manhattan Associates Inc | MANH | Information Technology | 1.18% |
| Howmet Aerospace Inc | HWM | Industrials | 1.14% |
| Expedia Group Inc | EXPE | Consumer Discretionary | 1.12% |
| Agilent Technologies Inc | A | Health Care | 1.12% |
| Carnival Corp | CCL | Consumer Discretionary | 1.11% |
| ROBLOX Corp | RBLX | Communication Services | 1.10% |
| Zscaler Inc | ZS | Information Technology | 1.08% |
| Insulet Corp | PODD | Health Care | 1.07% |
| Fair Isaac Corp | FICO | Information Technology | 1.05% |
| CCC Intelligent Solutions Holdings Inc | CCCS | Information Technology | 1.04% |
| Progyny Inc | PGNY | Health Care | 1.03% |
| DraftKings Inc | DKNG | Consumer Discretionary | 1.00% |
| Synopsys Inc | SNPS | Information Technology | 1.00% |
| Birkenstock Holding Plc | BIRK | Consumer Discretionary | 0.98% |
| Advanced Drainage Systems Inc | WMS | Industrials | 0.97% |
| WW Grainger Inc | GWW | Industrials | 0.97% |
| Dexcom Inc | DXCM | Health Care | 0.93% |
| Ameriprise Financial Inc | AMP | Financials | 0.93% |
| Monolithic Power Systems Inc | MPWR | Information Technology | 0.90% |
| Alcon AG | ALC | Health Care | 0.88% |
| Axon Enterprise Inc | AXON | Industrials | 0.87% |
| Intercontinental Exchange Inc | ICE | Financials | 0.86% |
| Analog Devices Inc | ADI | Information Technology | 0.81% |
| Repligen Corp | RGEN | Health Care | 0.75% |
| IQVIA Holdings Inc | IQV | Health Care | 0.56% |
| Fastenal Co | FAST | Industrials | 0.51% |
| Reddit Inc | RDDT | Communication Services | 0.48% |
| Trade Desk Inc/The | TTD | Communication Services | 0.46% |
| Wingstop Inc | WING | Consumer Discretionary | 0.25% |
| Cava Group Inc | CAVA | Consumer Discretionary | 0.24% |
| 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 $ | |
|---|---|---|---|---|---|---|---|---|
| MID CAP DISCOVERY | BUFTX | 12/17/2025 | - | - | - | - | - | - |
| MID CAP DISCOVERY | BUITX | 12/17/2025 | - | - | - | - | - | - |
| MID CAP DISCOVERY | BUFTX | 12/04/2025 | 12/05/2025 | 19.05 | - | - | 3.9712 | 3.9712 |
| MID CAP DISCOVERY | BUITX | 12/04/2025 | 12/05/2025 | 19.33 | - | - | 3.9712 | 3.9712 |
| MID CAP DISCOVERY | BUFTX | 12/17/2024 | - | - | - | - | - | - |
| MID CAP DISCOVERY | BUITX | 12/17/2024 | - | - | - | - | - | - |
| MID CAP DISCOVERY | BUFTX | 12/04/2024 | 12/05/2024 | 24.44 | - | - | 2.31038 | 2.31038 |
| MID CAP DISCOVERY | BUITX | 12/04/2024 | 12/05/2024 | 24.69 | - | - | 2.31038 | 2.31038 |
| 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
