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 8/31/2025 among 515 Small Growth funds
| Ticker | BUFSX Investor | BUISX Institutional |
|---|---|---|
| Inception | 4/14/1998 | 7/1/2019 |
| Expense Ratio | 0.89% | 0.87% |
| Net Assets | $320.89 mil | $163.06 mil |
| Cusip | 119804102 | 119530814 |
| *as of 9/29/2025 | ||
Daily Prices as of 9/29/2025
| Ticker |
BUFSX Investor |
BUISX Institutional |
|---|---|---|
| NAV | $14.80 | $14.92 |
| $Chg | $-0.01 | $-0.01 |
| %Chg | -0.07% | -0.07% |
| YTD % | -0.54% | -0.47% |
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 08/31/2025 | TICKER | MO | YTD | 1YR | 3YR | 5YR | 10YR | 15YR | 20YR | SI* |
| SMALL CAP GROWTH | ||||||||||
| Investor Shares | BUFSX | 3.24 | 0.54 | -0.40 | 0.45 | 1.48 | 9.19 | 10.55 | 7.94 | 10.58 |
| Institutional Shares | BUISX | 3.29 | 0.60 | -0.33 | 0.54 | 1.59 | 9.33 | 10.70 | 8.09 | 10.74 |
| Russell 2000® Growth Index | - | 5.91 | 7.20 | 10.48 | 11.55 | 7.07 | 8.75 | 11.69 | 8.60 | 6.55 |
| Lipper Small Cap Growth Funds Index | - | 2.96 | 3.39 | 5.85 | 10.10 | 6.75 | 10.02 | 11.97 | 8.56 | 7.46 |
*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 06/30/2025 | TICKER | QTR | YTD | 1YR | 3YR | 5YR | 10YR | 15YR | 20YR | SI* |
| SMALL CAP GROWTH | ||||||||||
| Investor Shares | BUFSX | 8.43 | -2.28 | 3.71 | 3.75 | 2.84 | 8.13 | 9.97 | 7.98 | 10.53 |
| Institutional Shares | BUISX | 8.44 | -2.27 | 3.68 | 3.82 | 2.94 | 8.27 | 10.12 | 8.13 | 10.69 |
| Russell 2000® Growth Index | - | 11.97 | -0.48 | 9.73 | 12.38 | 7.42 | 7.14 | 11.06 | 8.49 | 6.30 |
| Lipper Small Cap Growth Funds Index | - | 9.60 | -0.83 | 8.24 | 11.03 | 8.00 | 8.83 | 11.63 | 8.56 | 7.35 |
*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 8/31/2025 | TICKER | CATEGORY | OVERALL | 3YR | 5YR | 10YR |
|---|---|---|---|---|---|---|
| SMALL CAP GROWTH | BUFSX | Small Growth |
_
|
100% of 515 funds
|
92% of 500 funds
|
58% of 392 funds
|
Ratings & Rankings may vary for other share classes.
PORTFOLIO CHARACTERISTICS
3-YEAR RISK METRICS
As of 6/30/2025
| BUFSX vs. Russell 2000® Growth Index | |
|---|---|
| Upside Capture | 74.87 |
| Downside Capture | 104.10 |
| Alpha | -7.12 |
| Beta | 0.94 |
| Sharpe Ratio | -0.05 |
CHARACTERISTICS
As of 6/30/2025
| Portfolio | Value |
|---|---|
| Number of Holdings | 73 |
| 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 6/30/2025
|
Micro Cap (<1.5B)
|
9.57% | |
|
Small Cap ($1.5B-$4.5B)
|
28.01% | |
|
Mid Cap ($4.5B-$30B)
|
62.42% |
May not equal 100% due to rounding.
SECTOR WEIGHTS
As of 6/30/2025
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 03/31/2025
| Holding | Ticker | Sector | % of Net Assets |
|---|---|---|---|
| Champion Homes Inc | SKY | Consumer Discretionary | 2.91% |
| Palomar Holdings Inc | PLMR | Financials | 2.91% |
| Hamilton Lane Inc | HLNE | Financials | 2.86% |
| Ligand Pharmaceuticals Inc | LGND | Health Care | 2.82% |
| Option Care Health Inc | OPCH | Health Care | 2.73% |
| Shift4 Payments Inc | FOUR | Financials | 2.52% |
| JBT Marel Corp | JBTM | Industrials | 2.45% |
| BellRing Brands Inc | BRBR | Consumer Staples | 2.31% |
| Halozyme Therapeutics Inc | HALO | Health Care | 2.23% |
| Vertex Inc | VERX | Information Technology | 2.18% |
| TOP 10 HOLDINGS TOTAL | 25.91% | ||
| Clearwater Analytics Holdings Inc | CWAN | Information Technology | 2.13% |
| Baldwin Insurance Group Inc/The | BWIN | Financials | 2.10% |
| NV5 Global Inc | NVEE | Industrials | 1.92% |
| Chart Industries Inc | GTLS | Industrials | 1.86% |
| Advanced Drainage Systems Inc | WMS | Industrials | 1.80% |
| ICF International Inc | ICFI | Industrials | 1.66% |
| Pegasystems Inc | PEGA | Information Technology | 1.64% |
| Varonis Systems Inc | VRNS | Information Technology | 1.60% |
| AZEK Co Inc/The | AZEK | Industrials | 1.59% |
| Sterling Infrastructure Inc | STRL | Industrials | 1.57% |
| Lantheus Holdings Inc | LNTH | Health Care | 1.53% |
| Novanta Inc | NOVT | Information Technology | 1.50% |
| Establishment Labs Holdings Inc | ESTA | Health Care | 1.49% |
| WisdomTree Inc | WT | Financials | 1.48% |
| Kinsale Capital Group Inc | KNSL | Financials | 1.46% |
| Cactus Inc | WHD | Energy | 1.43% |
| Universal Display Corp | OLED | Information Technology | 1.42% |
| Inspire Medical Systems Inc | INSP | Health Care | 1.40% |
| Silicon Laboratories Inc | SLAB | Information Technology | 1.39% |
| FTI Consulting Inc | FCN | Industrials | 1.36% |
| SiteOne Landscape Supply Inc | SITE | Industrials | 1.33% |
| HealthEquity Inc | HQY | Health Care | 1.31% |
| Ollie's Bargain Outlet Holdings Inc | OLLI | Consumer Discretionary | 1.29% |
| Tenable Holdings Inc | TENB | Information Technology | 1.28% |
| Natera Inc | NTRA | Health Care | 1.27% |
| QuidelOrtho Corp | QDEL | Health Care | 1.25% |
| Kornit Digital Ltd | KRNT | Industrials | 1.23% |
| Matador Resources Co | MTDR | Energy | 1.22% |
| Intapp Inc | INTA | Information Technology | 1.22% |
| Portillo's Inc | PTLO | Consumer Discretionary | 1.20% |
| DoubleVerify Holdings Inc | DV | Information Technology | 1.10% |
| Napco Security Technologies Inc | NSSC | Information Technology | 1.09% |
| Endava PLC | DAVA | Information Technology | 1.08% |
| PagerDuty Inc | PD | Information Technology | 1.07% |
| elf Beauty Inc | ELF | Consumer Staples | 1.06% |
| Installed Building Products Inc | IBP | Consumer Discretionary | 1.03% |
| SiTime Corp | SITM | Information Technology | 1.00% |
| Boot Barn Holdings Inc | BOOT | Consumer Discretionary | 0.99% |
| First Watch Restaurant Group Inc | FWRG | Consumer Discretionary | 0.98% |
| ESCO Technologies Inc | ESE | Industrials | 0.97% |
| Privia Health Group Inc | PRVA | Health Care | 0.97% |
| Madrigal Pharmaceuticals Inc | MDGL | Health Care | 0.97% |
| Patterson-UTI Energy Inc | PTEN | Energy | 0.96% |
| Castle Biosciences Inc | CSTL | Health Care | 0.95% |
| Lovesac Co/The | LOVE | Consumer Discretionary | 0.90% |
| Onto Innovation Inc | ONTO | Information Technology | 0.85% |
| Ciena Corp | CIEN | Information Technology | 0.81% |
| MYR Group Inc | MYRG | Industrials | 0.71% |
| AeroVironment Inc | AVAV | Industrials | 0.66% |
| Steven Madden Ltd | SHOO | Consumer Discretionary | 0.61% |
| WESCO International Inc | WCC | Industrials | 0.61% |
| Treace Medical Concepts Inc | TMCI | Health Care | 0.61% |
| Transcat Inc | TRNS | Industrials | 0.59% |
| Medpace Holdings Inc | MEDP | Health Care | 0.52% |
| Credo Technology Group Holding Ltd | CRDO | Information Technology | 0.38% |
| Arrowhead Pharmaceuticals Inc | ARWR | Health Care | 0.32% |
| Wingstop Inc | WING | Consumer Discretionary | 0.31% |
| OmniAb Operations Inc | 2200963D | 0.00% | |
| 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 $ | |
|---|---|---|---|---|---|---|---|---|
| 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 | - | - | - | - | - | - |
| SMALL CAP GROWTH | BUFSX | 12/18/2023 | - | - | - | - | - | - |
| SMALL CAP GROWTH | BUISX | 12/18/2023 | - | - | - | - | - | - |
| SMALL CAP GROWTH | BUFSX | 12/04/2023 | - | - | - | - | - | - |
| SMALL CAP GROWTH | BUISX | 12/04/2023 | - | - | - | - | - | - |
| TICKER | RECORD DATE | EX DATE | TYPE | |
|---|---|---|---|---|
| SMALL CAP GROWTH | BUFSX | 12/17/2025 | 12/18/2025 | NII |
| SMALL CAP GROWTH | BUISX | 12/17/2025 | 12/18/2025 | NII |
| SMALL CAP GROWTH | BUFSX | 12/4/2025 | 12/5/2025 | Cap Gains (if any) |
| SMALL CAP GROWTH | BUISX | 12/4/2025 | 12/5/2025 | Cap Gains (if any) |
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
