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 11/30/2025 among 524 Small Growth funds
| Ticker | BUFSX Investor | BUISX Institutional |
|---|---|---|
| Inception | 4/14/1998 | 7/1/2019 |
| Expense Ratio | 0.89% | 0.87% |
| Net Assets | $293.34 mil | $155.62 mil |
| Cusip | 119804102 | 119530814 |
| *as of 12/31/2025 | ||
Daily Prices as of 12/31/2025
| Ticker |
BUFSX Investor |
BUISX Institutional |
|---|---|---|
| NAV | $14.86 | $14.98 |
| $Chg | $-0.17 | $-0.17 |
| %Chg | -1.13% | -1.12% |
| YTD % | -0.13% | -0.07% |
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* |
| SMALL CAP GROWTH | ||||||||||
| Investor Shares | BUFSX | 1.48 | 1.48 | -5.39 | 1.55 | -1.08 | 9.01 | 9.54 | 7.92 | 10.52 |
| Institutional Shares | BUISX | 1.53 | 1.60 | -5.29 | 1.65 | -0.97 | 9.15 | 9.69 | 8.07 | 10.67 |
| Russell 2000® Growth Index | - | -0.68 | 14.48 | 5.11 | 13.54 | 5.31 | 9.18 | 10.57 | 8.82 | 6.74 |
| Lipper Small Cap Growth Funds Index | - | 0.91 | 7.21 | -0.84 | 10.76 | 4.86 | 10.17 | 10.77 | 8.63 | 7.53 |
*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 11/30/2025 | TICKER | CATEGORY | OVERALL | 3YR | 5YR | 10YR |
|---|---|---|---|---|---|---|
| SMALL CAP GROWTH | BUFSX | Small Growth |
_
|
99% of 524 funds
|
93% of 502 funds
|
65% of 394 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 09/30/2025
| Holding | Ticker | Sector | % of Net Assets |
|---|---|---|---|
| Ligand Pharmaceuticals Inc | LGND | Health Care | 3.33% |
| Varonis Systems Inc | VRNS | Information Technology | 2.63% |
| AeroVironment Inc | AVAV | Industrials | 2.49% |
| WisdomTree Inc | WT | Financials | 2.42% |
| Option Care Health Inc | OPCH | Health Care | 2.27% |
| JBT Marel Corp | JBTM | Industrials | 2.18% |
| Ciena Corp | CIEN | Information Technology | 2.03% |
| Champion Homes Inc | SKY | Consumer Discretionary | 2.01% |
| Shift4 Payments Inc | FOUR | Financials | 1.87% |
| Sterling Infrastructure Inc | STRL | Industrials | 1.85% |
| TOP 10 HOLDINGS TOTAL | 23.08% | ||
| Halozyme Therapeutics Inc | HALO | Health Care | 1.69% |
| Silicon Laboratories Inc | SLAB | Information Technology | 1.69% |
| Modine Manufacturing Co | MOD | Consumer Discretionary | 1.66% |
| Clearwater Analytics Holdings Inc | CWAN | Information Technology | 1.58% |
| Advanced Drainage Systems Inc | WMS | Industrials | 1.57% |
| Palomar Holdings Inc | PLMR | Financials | 1.54% |
| Universal Display Corp | OLED | Information Technology | 1.53% |
| Commvault Systems Inc | CVLT | Information Technology | 1.53% |
| Natera Inc | NTRA | Health Care | 1.52% |
| HealthEquity Inc | HQY | Health Care | 1.47% |
| Everus Construction Group Inc | ECG | Industrials | 1.46% |
| elf Beauty Inc | ELF | Consumer Staples | 1.45% |
| Credo Technology Group Holding Ltd | CRDO | Information Technology | 1.44% |
| Boot Barn Holdings Inc | BOOT | Consumer Discretionary | 1.44% |
| Chart Industries Inc | GTLS | Industrials | 1.41% |
| FTI Consulting Inc | FCN | Industrials | 1.40% |
| MYR Group Inc | MYRG | Industrials | 1.37% |
| Celsius Holdings Inc | CELH | Consumer Staples | 1.35% |
| ESCO Technologies Inc | ESE | Industrials | 1.35% |
| Repligen Corp | RGEN | Health Care | 1.33% |
| Waystar Holding Corp | WAY | Health Care | 1.33% |
| Kinsale Capital Group Inc | KNSL | Financials | 1.33% |
| Medpace Holdings Inc | MEDP | Health Care | 1.32% |
| Cactus Inc | WHD | Energy | 1.29% |
| Dorman Products Inc | DORM | Consumer Discretionary | 1.29% |
| Napco Security Technologies Inc | NSSC | Information Technology | 1.23% |
| Novanta Inc | NOVT | Information Technology | 1.23% |
| Vertex Inc | VERX | Information Technology | 1.17% |
| Trex Co Inc | TREX | Industrials | 1.14% |
| Pegasystems Inc | PEGA | Information Technology | 1.13% |
| Castle Biosciences Inc | CSTL | Health Care | 1.13% |
| SiTime Corp | SITM | Information Technology | 1.10% |
| QuidelOrtho Corp | QDEL | Health Care | 1.10% |
| Intapp Inc | INTA | Information Technology | 1.08% |
| Willdan Group Inc | WLDN | Industrials | 1.08% |
| Valvoline Inc | VVV | Consumer Discretionary | 1.03% |
| Baldwin Insurance Group Inc/The | BWIN | Financials | 1.03% |
| DoubleVerify Holdings Inc | DV | Communication Services | 1.03% |
| First Watch Restaurant Group Inc | FWRG | Consumer Discretionary | 1.00% |
| PJT Partners Inc | PJT | Financials | 1.00% |
| SiteOne Landscape Supply Inc | SITE | Industrials | 0.99% |
| Establishment Labs Holdings Inc | ESTA | Health Care | 0.99% |
| Hamilton Lane Inc | HLNE | Financials | 0.96% |
| Onto Innovation Inc | ONTO | Information Technology | 0.95% |
| Onestream Inc | OS | Information Technology | 0.93% |
| Paymentus Holdings Inc | PAY | Financials | 0.92% |
| Kornit Digital Ltd | KRNT | Industrials | 0.91% |
| Kadant Inc | KAI | Industrials | 0.89% |
| ADMA Biologics Inc | ADMA | Health Care | 0.89% |
| IonQ Inc | IONQ | Information Technology | 0.87% |
| WESCO International Inc | WCC | Industrials | 0.87% |
| Lantheus Holdings Inc | LNTH | Health Care | 0.84% |
| Tenable Holdings Inc | TENB | Information Technology | 0.84% |
| SkyWater Technology Inc | SKYT | Information Technology | 0.83% |
| Acuren Corp | TIC | Industrials | 0.80% |
| Matador Resources Co | MTDR | Energy | 0.79% |
| Warby Parker Inc | WRBY | Consumer Discretionary | 0.75% |
| Privia Health Group Inc | PRVA | Health Care | 0.64% |
| Patterson-UTI Energy Inc | PTEN | Energy | 0.63% |
| Dutch Bros Inc | BROS | Consumer Discretionary | 0.63% |
| Transcat Inc | TRNS | Industrials | 0.60% |
| ICF International Inc | ICFI | Industrials | 0.60% |
| Vericel Corp | VCEL | Health Care | 0.58% |
| Argan Inc | AGX | Industrials | 0.53% |
| Endava PLC | DAVA | Information Technology | 0.53% |
| Ollie's Bargain Outlet Holdings Inc | OLLI | Consumer Discretionary | 0.51% |
| PROCEPT BioRobotics Corp | PRCT | Health Care | 0.31% |
| Solaris Energy Infrastructure Inc | SEI | Energy | 0.26% |
| OmniAb Inc | 2200963D | Health Care | 0.00% |
| 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 $ | |
|---|---|---|---|---|---|---|---|---|
| SMALL CAP GROWTH | BUFSX | 12/17/2025 | - | - | - | - | - | - |
| SMALL CAP GROWTH | BUISX | 12/17/2025 | - | - | - | - | - | - |
| SMALL CAP GROWTH | BUFSX | 12/04/2025 | - | - | - | - | - | - |
| SMALL CAP GROWTH | BUISX | 12/04/2025 | - | - | - | - | - | - |
| SMALL CAP GROWTH | BUFSX | 12/17/2024 | - | - | - | - | - | - |
| SMALL CAP GROWTH | BUISX | 12/17/2024 | - | - | - | - | - | - |
| SMALL CAP GROWTH | BUFSX | 12/04/2024 | - | - | - | - | - | - |
| SMALL CAP GROWTH | BUISX | 12/04/2024 | - | - | - | - | - | - |
| 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
