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.”
— Alan Norton, 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 8/31/2026 among 443 US Fund Mid-Cap Growth funds
| Ticker | BUFTX Investor | BUITX Institutional |
|---|---|---|
| Inception | 4/16/2001 | 7/1/2019 |
| Expense Ratio | 1.02% | 0.87% |
| Net Assets | $220.89 mil | $72.62 mil |
| Cusip | 119530103 | 119530707 |
| *as of 9/11/2026 | ||
Daily Prices as of 9/11/2026
| Ticker |
BUFTX Investor |
BUITX Institutional |
|---|---|---|
| NAV | $18.05 | $18.34 |
| $Chg | $0.14 | $0.15 |
| %Chg | 0.78% | 0.82% |
| YTD % | -3.89% | -3.73% |
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 08/31/2026 | TICKER | MO | YTD | 1YR | 3YR | 5YR | 10YR | 15YR | 20YR | SI* |
| MID CAP DISCOVERY | ||||||||||
| Investor Shares | BUFTX | 4.10 | -1.33 | -5.99 | 3.37 | -1.92 | 7.68 | 10.11 | 9.05 | 8.24 |
| Institutional Shares | BUITX | 4.15 | -1.21 | -5.83 | 3.53 | -1.77 | 7.84 | 10.28 | 9.22 | 8.40 |
| Russell Midcap® Growth Index | - | 2.55 | 2.91 | -1.16 | 14.16 | 4.27 | 12.06 | 12.52 | 10.40 | 9.55 |
| Lipper Mid Cap Growth Funds Index | - | 2.26 | 5.77 | 4.46 | 8.78 | 0.17 | 9.87 | 10.43 | 9.03 | 7.92 |
*Since inception.
| Investor Inception | Investor Expense Ratio | Institutional Inception | Institutional Expense Ratio | |
|---|---|---|---|---|
| MID CAP DISCOVERY | 4/16/2001 | 1.02% | 7/1/2019 | 0.87% |
QUARTER-END PERFORMANCE
| TOTAL RETURNS % | AVERAGE ANNUALIZED TOTAL RETURNS % | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| As of 06/30/2026 | TICKER | QTR | YTD | 1YR | 3YR | 5YR | 10YR | 15YR | 20YR | SI* |
| MID CAP DISCOVERY | ||||||||||
| Investor Shares | BUFTX | 11.34 | -0.64 | -5.89 | 3.50 | -1.18 | 8.38 | 9.39 | 9.30 | 8.32 |
| Institutional Shares | BUITX | 11.41 | -0.52 | -5.72 | 3.66 | -1.03 | 8.54 | 9.56 | 9.47 | 8.49 |
| Russell Midcap® Growth Index | - | 14.55 | 7.27 | 6.17 | 15.61 | 6.03 | 13.04 | 12.01 | 10.55 | 9.80 |
| Lipper Mid Cap Growth Funds Index | - | 15.09 | 9.03 | 9.58 | 9.96 | 1.77 | 10.71 | 9.80 | 9.05 | 8.11 |
*Since inception.
CALENDAR YEAR %
| TICKER | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MID CAP DISCOVERY | |||||||||||
| Investor Shares | BUFTX | 5.56 | 25.44 | -6.54 | 31.63 | 33.81 | 11.90 | -28.67 | 24.30 | 5.44 | -1.80 |
| Institutional Shares | BUITX | 5.72 | 25.62 | -6.40 | 31.82 | 34.03 | 12.07 | -28.57 | 24.50 | 5.56 | -1.65 |
| Russell Midcap® Growth Index | - | 7.33 | 25.27 | -4.75 | 35.47 | 35.59 | 12.73 | -26.72 | 25.87 | 22.10 | 8.66 |
| 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 8/31/2026 | TICKER | CATEGORY | OVERALL | 3YR | 5YR | 10YR |
|---|---|---|---|---|---|---|
| MID CAP DISCOVERY | BUFTX | US Fund Mid-Cap Growth |
_
|
93% of 443 funds
|
88% of 424 funds
|
95% of 361 funds
|
Ratings & Rankings may vary for other share classes.
PORTFOLIO CHARACTERISTICS
3-YEAR RISK METRICS
As of 6/30/2026
| BUFTX vs. Russell Midcap® Growth Index | |
|---|---|
| Upside Capture | 60.87 |
| Downside Capture | 108.29 |
| Alpha | -9.19 |
| Beta | 0.89 |
| Sharpe Ratio | -0.08 |
CHARACTERISTICS
As of 6/30/2026
| Portfolio | Value |
|---|---|
| Number of Holdings | 59 |
| 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 6/30/2026
|
|
Small Cap ($1.5B-$4.5B)
|
4.75% |
|
|
Mid Cap ($4.5B-$30B)
|
46.75% |
|
|
Large Cap (>$30B)
|
48.50% |
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 |
|---|---|---|---|
| Lincoln Electric Holdings Inc | LECO | Industrials | 3.80% |
| First American Government Obligations Fund | FGXXX | 3.76% | |
| Comfort Systems USA Inc | FIX | Industrials | 2.96% |
| Datadog Inc | DDOG | Information Technology | 2.54% |
| AMETEK Inc | AME | Industrials | 2.41% |
| Rocket Lab Corp | RKLB | Industrials | 2.37% |
| Credo Technology Group Holding Ltd | CRDO | Information Technology | 2.31% |
| Corcept Therapeutics Inc | CORT | Health Care | 2.20% |
| Onto Innovation Inc | ONTO | Information Technology | 2.19% |
| Impinj Inc | PI | Information Technology | 2.18% |
| TOP 10 HOLDINGS TOTAL | 26.73% | ||
| Vistra Corp | VST | Utilities | 2.13% |
| Snowflake Inc | SNOW | Information Technology | 2.13% |
| Old National Bancorp/IN | ONB | Financials | 2.11% |
| Monolithic Power Systems Inc | MPWR | Information Technology | 2.11% |
| Cloudflare Inc | NET | Information Technology | 2.10% |
| HEICO Corp | HEI/A | Industrials | 2.09% |
| Natera Inc | NTRA | Health Care | 2.08% |
| BWX Technologies Inc | BWXT | Industrials | 1.96% |
| Live Nation Entertainment Inc | LYV | Communication Services | 1.94% |
| Hilton Worldwide Holdings Inc | HLT | Consumer Discretionary | 1.93% |
| Viking Therapeutics Inc | VKTX | Health Care | 1.85% |
| MasTec Inc | MTZ | Industrials | 1.79% |
| Viking Holdings Ltd | VIK | Consumer Discretionary | 1.75% |
| Samsara Inc | IOT | Information Technology | 1.74% |
| Halozyme Therapeutics Inc | HALO | Health Care | 1.74% |
| Liberty Media Corp-Liberty Formula One | FWONK | Communication Services | 1.72% |
| Guardant Health Inc | GH | Health Care | 1.70% |
| Edwards Lifesciences Corp | EW | Health Care | 1.66% |
| Guidewire Software Inc | GWRE | Information Technology | 1.65% |
| Toll Brothers Inc | TOL | Consumer Discretionary | 1.62% |
| Axos Financial Inc | AX | Financials | 1.60% |
| Alnylam Pharmaceuticals Inc | ALNY | Health Care | 1.55% |
| IDEXX Laboratories Inc | IDXX | Health Care | 1.50% |
| West Pharmaceutical Services Inc | WST | Health Care | 1.50% |
| Modine Manufacturing Co | MOD | Industrials | 1.49% |
| Krystal Biotech Inc | KRYS | Health Care | 1.48% |
| Boot Barn Holdings Inc | BOOT | Consumer Discretionary | 1.47% |
| Zeta Global Holdings Corp | ZETA | Information Technology | 1.46% |
| Newamsterdam Pharma Co NV | NAMS | Health Care | 1.44% |
| Leonardo DRS Inc | DRS | Industrials | 1.36% |
| DraftKings Inc | DKNG | Consumer Discretionary | 1.35% |
| Kratos Defense & Security Solutions Inc | KTOS | Industrials | 1.34% |
| MP Materials Corp | MP | Materials | 1.27% |
| Teledyne Technologies Inc | TDY | Information Technology | 1.27% |
| Ares Management Corp | ARES | Financials | 1.25% |
| Corpay Inc | CPAY | Financials | 1.14% |
| Semtech Corp | SMTC | Information Technology | 1.12% |
| Howmet Aerospace Inc | HWM | Industrials | 1.11% |
| Dexcom Inc | DXCM | Health Care | 1.09% |
| Vertiv Holdings Co | VRT | Industrials | 1.06% |
| Amphenol Corp | APH | Information Technology | 1.03% |
| Kodiak Gas Services Inc | KGS | Energy | 0.98% |
| Revolution Medicines Inc | RVMD | Health Care | 0.97% |
| Powell Industries Inc | POWL | Industrials | 0.96% |
| Hamilton Lane Inc | HLNE | Financials | 0.95% |
| MSCI Inc | MSCI | Financials | 0.93% |
| Lumentum Holdings Inc | LITE | Information Technology | 0.78% |
| Coherent Corp | COHR | Information Technology | 0.77% |
| CoreWeave Inc | CRWV | Information Technology | 0.77% |
| Targa Resources Corp | TRGP | Energy | 0.53% |
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 | |
|---|---|---|---|---|
| MID CAP DISCOVERY | BUFTX | 12/17/2026 | 12/18/2026 | NII |
| MID CAP DISCOVERY | BUITX | 12/17/2026 | 12/18/2026 | NII |
| MID CAP DISCOVERY | BUFTX | 12/4/2026 | 12/7/2026 | Cap Gains |
| MID CAP DISCOVERY | BUITX | 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
