Small Cap Growth Fund

BUFSX | BUISX

LOOKING FOR TOMORROW’S LEADERS AMONG TODAY’S SMALL, RAPIDLY GROWING COMPANIES

“We believe an actively managed portfolio of small-cap growth companies that are beneficiaries of long-term secular growth trends remains an excellent way to exploit an inefficient market.

We target high quality growth companies that meet our criteria, including strong management teams, scalable business models, and sustainable competitive advantages. We believe that such companies are better positioned to weather economic headwinds and deliver attractive returns. This approach positions the portfolio to perform over full market cycles while being mindful of risk.”

— Bob Male, CFA, Co-Portfolio Manager

Objective
Long-term growth of capital

Morningstar CategorySmall Cap Growth

Benchmark IndexRussell 2000® Growth Index

Dividend DistributionAnnual

Overall Morningstar Rating™

BUFSX based on risk-adjusted
returns as of 9/30/2025 among 512 Small Growth funds

Ticker BUFSX Investor BUISX Institutional
Inception 4/14/1998 7/1/2019
Expense Ratio 0.89% 0.87%
Net Assets $317.93 mil $162.18 mil
Cusip 119804102 119530814
*as of 10/22/2025

Daily Prices as of 10/22/2025

Ticker BUFSX
Investor
BUISX
Institutional
NAV $14.96 $15.08
$Chg $-0.22 $-0.23
%Chg -1.45% -1.50%
YTD % 0.54% 0.60%
Past performance does not guarantee future results.

 

HIGHLIGHTS & COMMENTARIES

Our managers share their insights on the Fund and the markets

Q2 2025 Each quarter, the Small Cap Growth Fund managers answer questions for investors like notable market trends, illustrative holdings, and more.

Q2 2025 Learn more about how the managers positioned the Fund in the current quarter. We discuss top contributors/detractors, performance, and our outlook going forward.

Q2 2025 Learn more about how Buffalo Funds may fit in your portfolio. Investment Ideas highlight distinctive characteristic of each Fund.

Q2 2025 For a more in-depth look at the cornerstones of Buffalo’s approach, the Strategy Profile reviews our investment process and current supporting statistics.

Q3 2034 The Small Cap Growth Fund Fact Sheet provides a quick reference of the Fund’s philosophy, key facts, Morningstar Ratings, and performance.

PERFORMANCE

Month-end

TOTAL RETURNS % AVERAGE ANNUALIZED TOTAL RETURNS %
As of 09/30/2025 TICKER MO YTD 1YR 3YR 5YR 10YR 15YR 20YR SI*
SMALL CAP GROWTH
Investor Shares BUFSX -0.94 -0.40 -2.18 3.21 1.30 9.75 9.56 8.00 10.51
Institutional Shares BUISX -0.93 -0.33 -2.10 3.28 1.41 9.89 9.71 8.15 10.66
Russell 2000® Growth Index - 4.15 11.65 13.56 16.68 8.41 9.91 11.01 8.78 6.69
Lipper Small Cap Growth Funds Index - 1.24 4.67 5.32 13.98 7.41 10.73 11.15 8.60 7.49

*Since inception.

Investor Inception Investor Expense Ratio Institutional Inception Institutional Expense Ratio
SMALL CAP GROWTH 4/14/1998 0.89% 7/1/2019 0.87%

QUARTER-END PERFORMANCE

TOTAL RETURNS % AVERAGE ANNUALIZED TOTAL RETURNS %
As of 09/30/2025 TICKER QTR YTD 1YR 3YR 5YR 10YR 15YR 20YR SI*
SMALL CAP GROWTH
Investor Shares BUFSX 1.93 -0.40 -2.18 3.21 1.30 9.75 9.56 8.00 10.51
Institutional Shares BUISX 1.98 -0.33 -2.10 3.28 1.41 9.89 9.71 8.15 10.66
Russell 2000® Growth Index - 12.19 11.65 13.56 16.68 8.41 9.91 11.01 8.78 6.69
Lipper Small Cap Growth Funds Index - 5.55 4.67 5.32 13.98 7.41 10.73 11.15 8.60 7.49

*Since inception.

CALENDAR YEAR %

TICKER 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
SMALL CAP GROWTH
Investor Shares BUFSX -4.46 6.22 27.07 -5.78 40.97 66.36 4.85 -30.01 5.45 5.38
Institutional Shares BUISX -4.32 6.37 27.26 -5.64 41.17 66.60 4.97 -29.88 5.57 5.41
Russell 2000® Growth Index - -1.38 11.32 22.17 -9.31 28.48 34.63 2.83 -26.36 18.66 15.15
Lipper Small Cap Growth Funds Index - -1.15 8.19 24.77 -3.93 30.65 37.36 11.22 -26.54 18.36 13.62

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 9/30/2025 TICKER CATEGORY OVERALL 3YR 5YR 10YR
SMALL CAP GROWTH BUFSX Small Growth
_
100% of 512 funds
94% of 496 funds
61% of 390 funds

Ratings & Rankings may vary for other share classes.

PORTFOLIO CHARACTERISTICS

3-YEAR RISK METRICS

As of 9/30/2025

BUFSX vs. Russell 2000® Growth Index
Upside Capture 62.12
Downside Capture 106.47
Alpha -10.46
Beta 0.91
Sharpe Ratio -0.09

CHARACTERISTICS

As of 9/30/2025

Portfolio Value
Number of Holdings 78
Median Market Cap (B) $ 4.36
Weighted Average Market Cap (B) $ 4.88
3-Year Annualized Turnover Ratio 31.22%
Holdings with Free Cash Flow 83.58%
Active Share 89.96%

MARKET CAPITALIZATION

As of 9/30/2025

Micro Cap (<1.5B)
8.11%
Small Cap ($1.5B-$4.5B)
38.77%
Mid Cap ($4.5B-$30B)
53.12%

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 06/30/2025

Holding Ticker Sector % of Net
Assets
Shift4 Payments Inc FOUR Financials 3.01%
Palomar Holdings Inc PLMR Financials 2.61%
Option Care Health Inc OPCH Health Care 2.50%
Sterling Infrastructure Inc STRL Industrials 2.46%
JBT Marel Corp JBTM Industrials 2.37%
NV5 Global Inc NVEE Industrials 2.26%
Varonis Systems Inc VRNS Information Technology 2.19%
AeroVironment Inc AVAV Industrials 2.12%
Chart Industries Inc GTLS Industrials 2.09%
elf Beauty Inc ELF Consumer Staples 2.06%
TOP 10 HOLDINGS TOTAL     23.68%
Ligand Pharmaceuticals Inc LGND Health Care 2.02%
WisdomTree Inc WT Financials 1.89%
Advanced Drainage Systems Inc WMS Industrials 1.88%
Clearwater Analytics Holdings Inc CWAN Information Technology 1.81%
Hamilton Lane Inc HLNE Financials 1.79%
Silicon Laboratories Inc SLAB Information Technology 1.79%
AZEK Co Inc/The AZEK Industrials 1.74%
ICF International Inc ICFI Industrials 1.63%
Boot Barn Holdings Inc BOOT Consumer Discretionary 1.63%
Vertex Inc VERX Information Technology 1.58%
Champion Homes Inc SKY Consumer Discretionary 1.56%
Universal Display Corp OLED Information Technology 1.55%
Establishment Labs Holdings Inc ESTA Health Care 1.54%
HealthEquity Inc HQY Health Care 1.53%
Natera Inc NTRA Health Care 1.50%
Novanta Inc NOVT Information Technology 1.49%
Baldwin Insurance Group Inc/The BWIN Financials 1.47%
Kinsale Capital Group Inc KNSL Financials 1.43%
SiTime Corp SITM Information Technology 1.37%
Cactus Inc WHD Energy 1.35%
FTI Consulting Inc FCN Industrials 1.32%
SiteOne Landscape Supply Inc SITE Industrials 1.31%
BellRing Brands Inc BRBR Consumer Staples 1.29%
Celsius Holdings Inc CELH Consumer Staples 1.27%
Kornit Digital Ltd KRNT Industrials 1.26%
Lantheus Holdings Inc LNTH Health Care 1.26%
Pegasystems Inc PEGA Information Technology 1.26%
DoubleVerify Holdings Inc DV Communication Services 1.21%
ESCO Technologies Inc ESE Industrials 1.15%
Halozyme Therapeutics Inc HALO Health Care 1.13%
Ollie's Bargain Outlet Holdings Inc OLLI Consumer Discretionary 1.13%
MYR Group Inc MYRG Industrials 1.13%
Inspire Medical Systems Inc INSP Health Care 1.12%
Ciena Corp CIEN Information Technology 1.07%
Installed Building Products Inc IBP Consumer Discretionary 1.07%
Intapp Inc INTA Information Technology 1.06%
Valvoline Inc VVV Consumer Discretionary 1.02%
QuidelOrtho Corp QDEL Health Care 1.01%
Privia Health Group Inc PRVA Health Care 0.98%
First Watch Restaurant Group Inc FWRG Consumer Discretionary 0.97%
Castle Biosciences Inc CSTL Health Care 0.95%
Tenable Holdings Inc TENB Information Technology 0.91%
PagerDuty Inc PD Information Technology 0.88%
Madrigal Pharmaceuticals Inc MDGL Health Care 0.87%
Credo Technology Group Holding Ltd CRDO Information Technology 0.87%
Endava PLC DAVA Information Technology 0.83%
Waystar Holding Corp WAY Health Care 0.83%
Napco Security Technologies Inc NSSC Information Technology 0.80%
Matador Resources Co MTDR Energy 0.79%
Dutch Bros Inc BROS Consumer Discretionary 0.78%
Medpace Holdings Inc MEDP Health Care 0.76%
Vericel Corp VCEL Health Care 0.74%
WESCO International Inc WCC Industrials 0.72%
Onto Innovation Inc ONTO Information Technology 0.70%
Patterson-UTI Energy Inc PTEN Energy 0.68%
Transcat Inc TRNS Industrials 0.67%
Warby Parker Inc WRBY Consumer Discretionary 0.56%
Portillo's Inc PTLO Consumer Discretionary 0.54%
PROCEPT BioRobotics Corp PRCT Health Care 0.48%
Treace Medical Concepts Inc TMCI Health Care 0.42%
Arrowhead Pharmaceuticals Inc ARWR Health Care 0.39%
OmniAb Inc 2200963D Health Care 0.00%
Total Cash or Equivalent - 1.01%

 

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

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. 

HOW TO INVEST

Buffalo Funds are available at all major brokerages such as Schwab, Fidelity, E*TRADE and more. Or you can invest through your financial advisor or directly with us.

PORTFOLIO MANAGEMENT

Bob Male

Bob Male, CFA®

Portfolio Manager
Industry Experience since 1989
Joined Buffalo 1997
BIO

Craig Richard

Craig Richard, CFA®

Portfolio Manager
Industry Experience since 2002
Joined Buffalo 2008
BIO

DOCUMENTS

BUFFALO FUNDS IS PROUD to be the OFFICIAL INVESTMENT SERVICES PARTNER OF SPORTING KANSAS CITY