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
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
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