Mid Cap Growth Fund
BUFMX | BUIMX
SEEKING VALUE THROUGH MID CAP MARKET INEFFICIENCIES
“The mid-cap spectrum of the market includes many companies with proven business models that still have substantial room to grow.
We believe our focus on growing businesses with strong balance sheets, scalable business models, wide competitive moats, and reasonable valuations should compound value over time.”
— Josh West, CFA, Co-Portfolio Manager
Objective
Long-term growth of capital
Morningstar CategoryMid Cap Growth
Benchmark IndexRussell Midcap® Growth
Dividend DistributionAnnual
Overall Morningstar Rating™
BUFMX based on risk-adjusted
returns as of 6/30/2025 among 479 Mid-Cap Growth funds
| Ticker | BUFMX Investor | BUIMX Institutional |
|---|---|---|
| Inception | 12/17/2001 | 7/1/2019 |
| Expense Ratio | 0.97% | 0.87% |
| Net Assets | $68.37 mil | $76.88 mil |
| Cusip | 119530202 | 119530822 |
| *as of 7/10/2025 | ||
Daily Prices as of 7/10/2025
| Ticker |
BUFMX Investor |
BUIMX Institutional |
|---|---|---|
| NAV | $17.18 | $17.36 |
| $Chg | $-0.08 | $-0.08 |
| %Chg | -0.46% | -0.46% |
| YTD % | 5.33% | 5.47% |
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* |
| MID CAP GROWTH | ||||||||||
| Investor Shares | BUFMX | 4.33 | 4.84 | 14.00 | 13.40 | 8.75 | 8.38 | 10.51 | 8.58 | 8.54 |
| Institutional Shares | BUIMX | 4.41 | 4.98 | 14.13 | 13.56 | 8.91 | 8.53 | 10.68 | 8.74 | 8.70 |
| Russell Midcap® Growth Index | - | 4.36 | 9.79 | 26.49 | 21.46 | 12.65 | 12.13 | 14.27 | 10.90 | 10.17 |
| Lipper Mid Cap Growth Funds Index | - | 4.61 | 3.26 | 11.69 | 12.28 | 7.01 | 9.10 | 11.59 | 9.34 | 8.39 |
*Since inception.
| Investor Inception | Investor Expense Ratio | Institutional Inception | Institutional Expense Ratio | |
|---|---|---|---|---|
| MID CAP GROWTH | 12/17/2001 | 0.97% | 7/1/2019 | 0.87% |
QUARTER-END PERFORMANCE
| TOTAL RETURNS % | AVERAGE ANNUALIZED TOTAL RETURNS % | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| As of 06/30/2025 | TICKER | QTR | YTD | 1YR | 3YR | 5YR | 10YR | 15YR | 20YR | SI* |
| MID CAP GROWTH | ||||||||||
| Investor Shares | BUFMX | 9.69 | 4.84 | 14.00 | 13.40 | 8.75 | 8.38 | 10.51 | 8.58 | 8.54 |
| Institutional Shares | BUIMX | 9.71 | 4.98 | 14.13 | 13.56 | 8.91 | 8.53 | 10.68 | 8.74 | 8.70 |
| Russell Midcap® Growth Index | - | 18.20 | 9.79 | 26.49 | 21.46 | 12.65 | 12.13 | 14.27 | 10.90 | 10.17 |
| Lipper Mid Cap Growth Funds Index | - | 12.26 | 3.26 | 11.69 | 12.28 | 7.01 | 9.10 | 11.59 | 9.34 | 8.39 |
*Since inception.
CALENDAR YEAR %
| TICKER | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MID CAP GROWTH | |||||||||||
| Investor Shares | BUFMX | -0.52 | 5.93 | 13.66 | -7.30 | 37.98 | 34.18 | 14.61 | -27.80 | 26.97 | 6.79 |
| Institutional Shares | BUIMX | -0.37 | 06.08 | 13.82 | -7.16 | 38.16 | 34.42 | 14.73 | -27.69 | 27.18 | 6.86 |
| 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 6/30/2025 | TICKER | CATEGORY | OVERALL | 3YR | 5YR | 10YR |
|---|---|---|---|---|---|---|
| MID CAP GROWTH | BUFMX | Mid-Cap Growth |
_
|
59% of 479 funds
|
57% of 446 funds
|
81% of 367 funds
|
Ratings & Rankings may vary for other share classes.
PORTFOLIO CHARACTERISTICS
3-YEAR RISK METRICS
As of 3/31/2025
| BUFMX vs. Russell Midcap® Growth Index | YTD |
|---|---|
| Upside Capture | 84.43 |
| Downside Capture | 102.48 |
| Alpha | -4.00 |
| Beta | 0.91 |
| Sharpe Ratio | -0.15 |
CHARACTERISTICS
As of 3/31/2025
| Portfolio | Value |
|---|---|
| Number of Holdings | 50 |
| Median Market Cap (B) | $ 22.65 |
| Weighted Average Market Cap (B) | $ 29.59 |
| 3-Year Annualized Turnover Ratio | 17.61% |
| Holdings with Free Cash Flow | 92.00% |
| Active Share | 88.18% |
MARKET CAPITALIZATION
As of 3/31/2025
| Large Cap (>$30B) | 48.43% | |
| Mid Cap ($4.5B-$30B) | 48.37% | |
| Small Cap ($1.5B-$4.5B) | 3.20% |
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 |
|---|---|---|---|
| MSCI Inc | MSCI | Financials | 4.54% |
| CBRE Group Inc | CBRE | Real Estate | 4.27% |
| Verisk Analytics Inc | VRSK | Industrials | 4.21% |
| Kinsale Capital Group Inc | KNSL | Financials | 3.58% |
| Copart Inc | CPRT | Industrials | 3.53% |
| Veeva Systems Inc | VEEV | Health Care | 3.41% |
| Gartner Inc | IT | Information Technology | 3.37% |
| TransUnion | TRU | Industrials | 3.02% |
| AMETEK Inc | AME | Industrials | 2.97% |
| IQVIA Holdings Inc | IQV | Health Care | 2.70% |
| TOP 10 HOLDINGS TOTAL | 35.60% | ||
| CoStar Group Inc | CSGP | Real Estate | 2.59% |
| TransDigm Group Inc | TDG | Industrials | 2.36% |
| Mettler-Toledo International Inc | MTD | Health Care | 2.24% |
| Live Nation Entertainment Inc | LYV | Communication Services | 2.23% |
| Liberty Media Corp-Liberty Formula One | FWONA | Communication Services | 2.21% |
| Procore Technologies Inc | PCOR | Information Technology | 2.15% |
| SS&C Technologies Holdings Inc | SSNC | Industrials | 2.13% |
| Welltower Inc | WELL | Real Estate | 2.10% |
| RB Global Inc | RBA | Industrials | 2.06% |
| Guidewire Software Inc | GWRE | Information Technology | 1.98% |
| ENCOMPASS HEALTH CORP | EHC | Health Care | 1.85% |
| PTC Inc | PTC | Information Technology | 1.84% |
| Martin Marietta Materials Inc | MLM | Materials | 1.78% |
| Tyler Technologies Inc | TYL | Information Technology | 1.77% |
| Varonis Systems Inc | VRNS | Information Technology | 1.76% |
| Global Payments Inc | GPN | Financials | 1.70% |
| Equifax Inc | EFX | Industrials | 1.65% |
| Vertiv Holdings Co | VRT | Industrials | 1.58% |
| Vistra Corp | VST | Utilities | 1.55% |
| Bio-Techne Corp | TECH | Health Care | 1.52% |
| AECOM | ACM | Industrials | 1.50% |
| Ferguson Enterprises Inc | FERG | Industrials | 1.46% |
| Cooper Cos Inc/The | COO | Health Care | 1.42% |
| CyberArk Software Ltd | CYBR | Information Technology | 1.37% |
| Pinterest Inc | PINS | Communication Services | 1.34% |
| ON Semiconductor Corp | ON | Information Technology | 1.31% |
| Vail Resorts Inc | MTN | Consumer Discretionary | 1.28% |
| Progyny Inc | PGNY | Health Care | 1.23% |
| Take-Two Interactive Software Inc | TTWO | Communication Services | 1.23% |
| Moody's Corp | MCO | Financials | 1.21% |
| Bio-Rad Laboratories Inc | BIO | Health Care | 1.11% |
| Birkenstock Holding Plc | BIRK | Consumer Discretionary | 1.02% |
| Lululemon Athletica Inc | LULU | Consumer Discretionary | 1.02% |
| elf Beauty Inc | ELF | Consumer Staples | 1.00% |
| MarketAxess Holdings Inc | MKTX | Financials | 1.00% |
| Snowflake Inc | SNOW | Information Technology | 0.98% |
| Element Solutions Inc | ESI | Materials | 0.88% |
| DoubleVerify Holdings Inc | DV | Information Technology | 0.81% |
| Wingstop Inc | WING | Consumer Discretionary | 0.42% |
| Dexcom Inc | DXCM | Health Care | 0.23% |
| 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 $ | |
|---|---|---|---|---|---|---|---|---|
| MID CAP GROWTH | BUFMX | 12/17/2024 | - | - | - | - | - | - |
| MID CAP GROWTH | BUIMX | 12/17/2024 | - | - | - | - | - | - |
| MID CAP GROWTH | BUFMX | 12/04/2024 | 12/05/2024 | 17.3100 | - | 0.01717 | 1.11367 | 1.13084 |
| MID CAP GROWTH | BUIMX | 12/04/2024 | 12/05/2024 | 17.4700 | - | 0.01717 | 1.11367 | 1.13084 |
| MID CAP GROWTH | BUFMX | 12/18/2023 | - | - | - | - | - | - |
| MID CAP GROWTH | BUIMX | 12/18/2023 | - | - | - | - | - | - |
| MID CAP GROWTH | BUFMX | 12/04/2023 | 12/05/2023 | 15.1600 | - | - | 0.84707 | 0.84707 |
| MID CAP GROWTH | BUIMX | 12/04/2023 | 12/05/2023 | 15.2800 | - | - | 0.84707 | 0.84707 |
| TICKER | RECORD DATE | EX DATE | TYPE | |
|---|---|---|---|---|
| MID CAP GROWTH | BUFMX | 12/17/2025 | 12/18/2025 | NII |
| MID CAP GROWTH | BUIMX | 12/17/2025 | 12/18/2025 | NII |
| MID CAP GROWTH | BUFMX | 12/4/2025 | 12/5/2025 | Cap Gains (if any) |
| MID CAP GROWTH | BUIMX | 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
