Quick Facts
Investor Institutional
Daily Pricing:  
As of 6/8/2023  
NAV: $15.24 $15.35
$ Change: $0.02 $0.02
% Change:
0.13% 0.13%
12.64% 12.78%
Inception Date: 12/17/2001 7/1/2019
Expense Ratio: 1.02% 0.87%
Total Net Assets: $138.85 Million  (3/31/23)
Morningstar Category: Mid Cap Growth
Benchmark Index: Russell Midcap Growth
Related Material:
   Fund Fact Sheet Q1 2023
   PM Commentary Q1 2023
   Summary Prospectus
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 527 Mid-Cap Growth funds as of 4/30/23.

Morningstar Sustainability Rating™ of BUFMX out of 1,577 US Equity Mid Cap funds as of 3/31/23, based on 98% of AUM

Carbon Metric Rating of BUFMX as of 3/31/23 in the Mid Cap Growth category, based on 98% of AUM; long positions only


Historical Sustainability Score Rank of BUFMX

Performance (%)

As of 4/30/233 MOYTD1 YR3 YR5 YR10 YR15 YR20 YRSince Inception
BUFFALO MID CAP FUND - Investor-1.567.39-4.317.518.238.898.199.578.02
BUFFALO MID CAP FUND - Institutional-1.557.42-4.237.658.389.048.359.738.18
  Russell Midcap Growth Index-1.087.561.609.218.9610.849.4810.908.93
  Morningstar U.S. Mid Growth Index-3.046.42-2.337.809.1610.798.91--
  Lipper Mid Cap Growth Index-2.665.88-3.106.977.389.808.259.957.94
  Morningstar Mid-Cap Growth Category-2.665.88-2.768.977.8410.118.609.987.36
As of 3/31/233 MOYTD1 YR3 YR5 YR10 YR15 YR20 YRSince Inception
BUFFALO MID CAP FUND - Investor8.808.80-12.5812.618.499.138.9510.218.12
BUFFALO MID CAP FUND - Institutional8.898.89-12.4612.808.669.299.1210.378.28
  Russell Midcap Growth Index9.149.14-8.5215.209.0711.1710.1011.359.05
  Morningstar U.S. Mid Growth Index9.719.71-11.6614.539.7011.229.80--
  Lipper Mid Cap Growth Index7.567.56-12.7312.837.5810.038.8910.418.06
  Morningstar Mid-Cap Growth Category7.657.65-11.9514.858.1210.349.2510.457.47

BUFFALO MID CAP FUND - Investor29.255.85-0.525.9313.66-7.3037.9834.1814.61-27.80
BUFFALO MID CAP FUND - Institutional29.456.00-0.376.0813.82-7.1638.1634.4214.73-27.69
  Russell Midcap Growth Index35.7411.90-0.207.3325.27-4.7535.4735.5912.73-26.72
  Morningstar U.S. Mid Growth Index34.079.77-0.716.4625.67-3.1636.0146.1714.97-32.37
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 3/31/23)
Upside Capture87.90
Downside Capture98.29
Sharpe Ratio0.55
Hypothetical Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund on the Inception Date. Assumes reinvestment of dividends and capital gains. This chart does not imply future performance.


Portfolio Characteristics
(As of 3/31/23) 
# of Holdings60
Median Market Cap$14.85 B
Weighted Average Market Cap$23.27 B
3-Yr Annualized Turnover Ratio27.70%
% of Holdings with Free Cash Flow83.33%
Active Share87.17%
Top 10 Holdings
Name of HoldingTickerSector% of Net
CoStar GroupCSGPReal Estate3.35%
CBRE GroupCBREReal Estate3.32%
Verisk AnalyticsVRSKIndustrials3.05%
Palo Alto NetworksPANWTechnology2.57%
CopartCPRTConsumer Discretionary2.33%
Global PaymentsGPNIndustrials2.33%
Bio-TecheTECHHealth Care2.20%
As of 12/31/22. Top 10 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.
Sector Weighting
As of 3/31/23. 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 3/31/23. Market Cap percentages may not equal 100% due to rounding.


For information on the recent portfolio management team changes, click here.
Josh West, CFA
Portfolio Manager

18 Years of Experience

 View full bio

Craig Richard, CFA
Portfolio Manager

21 Years of Experience

 View full bio

Doug Cartwright, CFA
Portfolio Manager

17 Years of Experience

 View full bio



(As of 3/31/23) — Capital markets moved higher in the first quarter of 2023 as the S&P 500 Index gained 7.50% and the Bloomberg Aggregate Bond Index advanced 3.0%. Big swings in expectations for the Federal Reserve’s monetary policy drove market volatility during the period. Initially investors were concerned with data showing stubbornly high inflation and the prospect of additional interest rate hikes. However, during the final days of the quarter bank failures from Silicon Valley Bank, Signature Bank, and Credit Suisse, dramatically changed market expectations towards monetary policy and the impact that a banking crisis could have on the broader economy. As a result, shorter term Treasury yields fell, and large cap growth stocks rallied in a flight to quality. The view was that growth companies would be the biggest beneficiaries of lower rates, a reversal of the headwinds faced throughout 2022. Technology stocks were by far the leading contributors to broad market performance during the quarter while value stocks and dividend payers lagged. Excluding the technology sector, the S&P 500 Index return would have only been 2.70% during the period.

Recapping quarterly results, the broad-based Russell 3000 Index advanced 7.18%. Growth stocks significantly outperformed value stocks to start out the year, as the Russell 3000 Value Index returned just 0.91% versus a return of 13.85% for the Russell 3000 Growth Index. Relative performance improved going up in market capitalization (size) as large caps advanced more than small caps in the quarter. Larger cap stocks returned 7.46%, as measured by the Russell 1000 Index, compared to the smaller cap Russell 2000 Index return of 2.74%, while the Russell Microcap Index returned -2.83% in the quarter.


(As of 3/31/23) — The Buffalo Mid Cap Fund increased 8.80% in the first quarter, slightly behind the Russell Midcap Growth Index’s increase of 9.14%. Strong stock selection in the financial sector was offset by weaker stock selection in health care, information technology, and industrials. Overall, portfolio allocation had a minor negative impact on results. Markets got off to a fast start, with the index up 8.73% in January, likely due to investor excitement about the possibility that inflation might be easing. Since then, investor sobriety has returned. Focus shifted to what lower inflation may be symptomatic of, such as a potential recession, and markets have since cooled.


Top contributors for the quarter included Palo Alto Networks, Inc. and MSCI Inc. Palo Alto’s next generation security software products performed extremely well. The company reported strong financial results for its 2nd fiscal quarter, with revenue, billings, margins, and free cash flow all exceeding investor expectations. The company also increased its guidance for billings, earnings, and free cash flow. Additionally, the company announced that it believes it now meets the criteria for inclusion in the S&P 500 Index. This led to double digit performance on the day of the earnings report.

MSCI also reported a strong quarter, with revenue, EBITDA, and earnings all exceeding investor expectations. Recurring subscription growth, Environmental, Social and Governance (ESG) products, and Index sales all performed well, but were slightly offset by a decline in customer retention, which tends to happen in periods when markets are weaker. The strong start for equity markets in 2023 likely helped sentiment as well.


The fund’s top detractors were Azenta, Inc. and CoStar Group, Inc. For Azenta, weakness in Life Sciences Products due, in part, to a less than expected contribution from recently acquired B Medical, led to a revenue miss for its first fiscal quarter of 2023. As a result, growth declined sequentially from 12% to 7%. Operating margin declined compared with the same quarter last year related to higher sales, general, and administrative expenses, leading to investor disappointment in margins.

CoStar’s stock performance was impacted by feared weakness in commercial real estate, the potential of a Move Inc. acquisition from News Corp. (since ruled out), and conservative guidance calling for a significant reduction in profitability as the company continues to invest for long-term growth.


(As of 3/31/23) — Financial conditions have continued to tighten this year. The Fed Funds target rate has risen from 4.25-4.50% to 4.75-5.00% this year, though only one more raise is anticipated at this point. 10-year Treasury yields decreased 33 bps in the quarter and the yield curve inversion (short-term yields are greater than long-term yields) signals greater expectations of declining economic growth.

While these are undoubtedly challenging economic times, our mandate remains unchanged. We continue to look for attractively valued businesses with solid growth opportunities, durable competitive advantages, scalable business models, and exceptional management teams. Thank you for your continued support.

The opinions expressed are those of the Portfolio Manager(s) and are subject to change, are not guaranteed and should not be considered recommendations to buy or sell any security. Earnings growth is not representative of the fund’s future performance.


General Account
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  Coverdell ESA Application
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Retirement Information
  Retirement Savings Options for Individuals

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.

©2022 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 527 for the 3-year, 4 stars among 497 for the 5-year, and 3 stars among 386 Mid-Cap Growth funds for the 10-year period ending 4/30/23. Other share classes may have different performance characteristics.
Morningstar Sustainability Rating™

The Morningstar Sustainability Rating™ is intended to measure how well the issuing companies of the securities within a fund’s portfolio holdings are managing their financially material environmental, social and governance, or ESG, risks relative to the fund’s Morningstar Global Category peers. The Morningstar Sustainability Rating calculation is a five -step process. First, each fund with at least 67% of assets covered by a company-level ESG Risk Score from Sustainalytics receives a Morningstar Portfolio Sustainability Score. The Morningstar Portfolio Sustainability Score is an asset weighted average of company-level ESG Risk Scores. The Portfolio Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk. Second, the Historical Sustainability Score is an exponential weighted moving average of the Portfolio Sustainability Scores over the past 12 months. The process rescales the current Portfolio Sustainability Score to reflect the consistency of the scores. The Historical Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk, on a consistent historical basis. Third, the Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Global Categories in which at least thirty (30) funds receive a Historical Sustainability Score and is determined by each fund’s Morningstar Sustainability Rating Score rank within the following distribution: High (highest 10%), Above Average (next 22.5%), Average (next 35%), Below Average (next 22.5%), and Low (lowest 10%). Fourth, Morningstar applies a 1% rating buffer from the previous month to increase rating stability. This means a fund must move 1% beyond the rating breakpoint to change ratings. Fifth, they adjust downward positive Sustainability Ratings to funds with high ESG Risk scores. The logic is as follows: If Portfolio Sustainability score is above 40, then the fund receives a Low Sustainability Rating. If Portfolio Sustainability score is above 35 and preliminary rating is Average or better, then the fund is downgraded to Below Average. If the Portfolio Sustainability score is above 30 and preliminary rating is Above Average, then the fund is downgraded to Average. If the Portfolio Sustainability score is below 30, then no adjustment is made. The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe. Since a Sustainability Rating is assigned to all funds that meet the above criteria, the rating it is not limited to funds with explicit sustainable or responsible investment mandates. Morningstar updates its Sustainability Ratings monthly. The Portfolio Sustainability Score is calculated when Morningstar receives a new portfolio. Then, the Historical Sustainability Score and the Sustainability Rating is calculated one month and six business days after the reported as-of date of the most recent portfolio. As part of the evaluation process, Morningstar uses Sustainalytics’ ESG scores from the same month as the portfolio as-of date. Please click on http://corporate1.morningstar.com/SustainableInvesting/ for more detailed information about the Morningstar Sustainability Rating methodology and calculation frequency. Sustainalytics is an independent ESG and corporate governance research, ratings, and analysis firm. Morningstar, Inc. holds a non-controlling ownership interest in Sustainalytics.

Morningstar Low Carbon Designation™

The Morningstar® Low Carbon Designation™ is intended to allow investors to easily identify low-carbon funds across the global universe. The designation is an indicator that the companies held in a portfolio are in general alignment with the transition to a low-carbon economy. The designation is given to portfolios that have low carbon-risk scores and low levels of exposure to fossil fuels. To determine carbon-risk scores and fossil fuel involvement, Morningstar uses Sustainalytics' company-level data. The Morningstar® Portfolio Carbon Risk Score™ measures the risk that companies in a portfolio face from the transition to a low-carbon economy. The Morningstar® Portfolio Fossil Fuel Involvement™ percentage assesses the degree to which a portfolio is exposed to thermal coal extraction and power generation as well as oil and gas production, power generation, and products & services. To receive a Morningstar Portfolio Carbon Risk Score, at least 67% of portfolio assets must have a carbon-risk rating from Sustainalytics. The percentage of assets covered is rescaled to 100% before calculating the score. To receive the designation, a portfolio must meet two criteria: 1) a 12-month trailing average Morningstar Portfolio Carbon Risk Score below 10 and 2) a 12-month trailing average exposure to fossil fuels less than 7% of assets, which is approximately a 33% underweighting to the global equity universe. Funds receive the Low Carbon designation based on the most recent quarterly calculations of their 12- month trailing average Morningstar Portfolio Carbon Risk Scores and Morningstar Portfolio Fossil Fuel Involvement. Funds holding the Low Carbon designation that no longer meet the criteria will not receive the designation for the subsequent quarter. All Morningstar Portfolio Carbon Metrics, including the Morningstar Portfolio Carbon Risk Score, Morningstar Portfolio Fossil Fuel Involvement, and the Morningstar Low Carbon Designation, are calculated quarterly. Please visit http://corporate1.morningstar.com/SustainableInvesting/ for more detail information about the Morningstar Low Carbon Designation and its calculation. Sustainalytics is an independent ESG and corporate governance research, ratings, and analysis firm. Morningstar, Inc. holds a non-controlling ownership interest in Sustainalytics.