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 6/30/2026 among 522 Small Growth funds
| Ticker | BUFSX Investor | BUISX Institutional |
|---|---|---|
| Inception | 4/14/1998 | 7/1/2019 |
| Expense Ratio | 0.99% | 0.87% |
| Net Assets | $280.60 mil | $144.19 mil |
| Cusip | 119804102 | 119530814 |
| *as of 8/31/2026 | ||
Daily Prices as of 8/31/2026
| Ticker |
BUFSX Investor |
BUISX Institutional |
|---|---|---|
| NAV | $16.95 | $17.11 |
| $Chg | $-0.01 | $0.00 |
| %Chg | -0.06% | 0.00% |
| YTD % | 14.06% | 14.22% |
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 07/31/2026 | TICKER | MO | YTD | 1YR | 3YR | 5YR | 10YR | 15YR | 20YR | SI* |
| SMALL CAP GROWTH | ||||||||||
| Investor Shares | BUFSX | -8.19 | 10.90 | 13.73 | 3.53 | -4.12 | 10.07 | 9.58 | 8.48 | 10.60 |
| Institutional Shares | BUISX | -8.17 | 11.01 | 13.90 | 3.64 | -4.02 | 10.21 | 9.73 | 8.63 | 10.75 |
| Russell 2000® Growth Index | - | -5.86 | 15.02 | 28.42 | 14.32 | 5.07 | 10.59 | 10.66 | 9.49 | 7.06 |
| Lipper Small Cap Growth Funds Index | - | -7.28 | 14.18 | 20.54 | 12.05 | 3.84 | 11.40 | 10.84 | 9.35 | 7.81 |
*Since inception.
| Investor Inception | Investor Expense Ratio | Institutional Inception | Institutional Expense Ratio | |
|---|---|---|---|---|
| SMALL CAP GROWTH | 4/14/1998 | 0.99% | 7/1/2019 | 0.87% |
QUARTER-END PERFORMANCE
| TOTAL RETURNS % | AVERAGE ANNUALIZED TOTAL RETURNS % | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| As of 06/30/2026 | TICKER | QTR | YTD | 1YR | 3YR | 5YR | 10YR | 15YR | 20YR | SI* |
| SMALL CAP GROWTH | ||||||||||
| Investor Shares | BUFSX | 26.14 | 20.79 | 23.45 | 7.32 | -3.12 | 11.79 | 9.96 | 8.79 | 10.97 |
| Institutional Shares | BUISX | 26.20 | 20.89 | 23.62 | 7.42 | -3.02 | 11.93 | 10.11 | 8.94 | 11.12 |
| Russell 2000® Growth Index | - | 25.71 | 22.18 | 38.74 | 18.44 | 5.57 | 11.97 | 10.81 | 9.53 | 7.31 |
| Lipper Small Cap Growth Funds Index | - | 25.53 | 23.14 | 31.64 | 16.26 | 5.37 | 12.86 | 11.07 | 9.46 | 8.13 |
*Since inception.
CALENDAR YEAR %
| TICKER | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SMALL CAP GROWTH | |||||||||||
| Investor Shares | BUFSX | 6.22 | 27.07 | -5.78 | 40.97 | 66.36 | 4.85 | -30.01 | 5.45 | 5.38 | -0.13 |
| Institutional Shares | BUISX | 6.37 | 27.26 | -5.64 | 41.17 | 66.60 | 4.97 | -29.88 | 5.57 | 5.41 | -0.07 |
| Russell 2000® Growth Index | - | 11.32 | 22.17 | -9.31 | 28.48 | 34.63 | 2.83 | -26.36 | 18.66 | 15.15 | 13.01 |
| 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 6/30/2026 | TICKER | CATEGORY | OVERALL | 3YR | 5YR | 10YR |
|---|---|---|---|---|---|---|
| SMALL CAP GROWTH | BUFSX | Small Growth |
_
|
89% of 522 funds
|
95% of 499 funds
|
56% of 401 funds
|
Ratings & Rankings may vary for other share classes.
PORTFOLIO CHARACTERISTICS
3-YEAR RISK METRICS
As of 6/30/2026
| BUFSX vs. Russell 2000® Growth Index | |
|---|---|
| Upside Capture | 65.39 |
| Downside Capture | 102.28 |
| Alpha | -7.76 |
| Beta | 0.89 |
| Sharpe Ratio | 0.13 |
CHARACTERISTICS
As of 6/30/2026
| Portfolio | Value |
|---|---|
| Number of Holdings | 81 |
| 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 6/30/2026
|
Micro Cap (<1.5B)
|
6.15% | |
|
Small Cap ($1.5B-$4.5B)
|
21.25% | |
|
Mid Cap ($4.5B-$30B)
|
68.75% |
May not equal 100% due to rounding.
SECTOR WEIGHTS
As of 6/30/2026
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 06/30/2026
| Holding | Ticker | Sector | % of Net Assets |
|---|---|---|---|
| First American Government Obligations Fund | FGXXX | 3.34% | |
| Silicon Motion Technology Corp | SIMO | Information Technology | 3.02% |
| Ligand Pharmaceuticals Inc | LGND | Health Care | 3.02% |
| MYR Group Inc | MYRG | Industrials | 2.84% |
| WisdomTree Inc | WT | Financials | 2.74% |
| Semtech Corp | SMTC | Information Technology | 2.43% |
| JBT Marel Corp | JBTM | Industrials | 2.34% |
| ESCO Technologies Inc | ESE | Industrials | 2.32% |
| Onto Innovation Inc | ONTO | Information Technology | 2.14% |
| SiTime Corp | SITM | Information Technology | 2.10% |
| TOP 10 HOLDINGS TOTAL | 26.28% | ||
| Novanta Inc | NOVT | Information Technology | 2.06% |
| Silicon Laboratories Inc | SLAB | Information Technology | 1.94% |
| Everus Construction Group Inc | ECG | Industrials | 1.94% |
| Hinge Health Inc | HNGE | Health Care | 1.88% |
| GLOBALFOUNDRIES Inc | GFS | Information Technology | 1.87% |
| Halozyme Therapeutics Inc | HALO | Health Care | 1.87% |
| Credo Technology Group Holding Ltd | CRDO | Information Technology | 1.85% |
| Advanced Drainage Systems Inc | WMS | Industrials | 1.85% |
| Xometry Inc | XMTR | Industrials | 1.76% |
| Solaris Energy Infrastructure Inc | SEI | Energy | 1.67% |
| Argan Inc | AGX | Industrials | 1.64% |
| Viavi Solutions Inc | VIAV | Information Technology | 1.55% |
| BrightSpring Health Services Inc | BTSG | Health Care | 1.48% |
| WESCO International Inc | WCC | Industrials | 1.47% |
| HealthEquity Inc | HQY | Health Care | 1.45% |
| Medpace Holdings Inc | MEDP | Health Care | 1.41% |
| Trex Co Inc | TREX | Industrials | 1.40% |
| Cactus Inc | WHD | Energy | 1.36% |
| Establishment Labs Holdings Inc | ESTA | Health Care | 1.35% |
| PJT Partners Inc | PJT | Financials | 1.31% |
| Casella Waste Systems Inc | CWST | Industrials | 1.28% |
| Castle Biosciences Inc | CSTL | Health Care | 1.22% |
| Valvoline Inc | VVV | Consumer Discretionary | 1.18% |
| Dorman Products Inc | DORM | Consumer Discretionary | 1.17% |
| Construction Partners Inc | ROAD | Industrials | 1.15% |
| Napco Security Technologies Inc | NSSC | Information Technology | 1.13% |
| Palomar Holdings Inc | PLMR | Financials | 1.10% |
| Warby Parker Inc | WRBY | Consumer Discretionary | 1.09% |
| Kinsale Capital Group Inc | KNSL | Financials | 1.07% |
| Karman Holdings Inc | KRMN | Industrials | 1.05% |
| Paymentus Holdings Inc | PAY | Financials | 1.00% |
| Kadant Inc | KAI | Industrials | 0.98% |
| Arcutis Biotherapeutics Inc | ARQT | Health Care | 0.97% |
| Lantheus Holdings Inc | LNTH | Health Care | 0.96% |
| Willdan Group Inc | WLDN | Industrials | 0.92% |
| SiteOne Landscape Supply Inc | SITE | Industrials | 0.91% |
| Dutch Bros Inc | BROS | Consumer Discretionary | 0.90% |
| Repligen Corp | RGEN | Health Care | 0.90% |
| Allient Inc | ALNT | Industrials | 0.90% |
| Shift4 Payments Inc | FOUR | Financials | 0.87% |
| Hims & Hers Health Inc | HIMS | Health Care | 0.86% |
| Varonis Systems Inc | VRNS | Information Technology | 0.86% |
| First Watch Restaurant Group Inc | FWRG | Consumer Discretionary | 0.85% |
| Vericel Corp | VCEL | Health Care | 0.85% |
| elf Beauty Inc | ELF | Consumer Staples | 0.84% |
| Champion Homes Inc | SKY | Consumer Discretionary | 0.84% |
| Transcat Inc | TRNS | Industrials | 0.80% |
| Floor & Decor Holdings Inc | FND | Consumer Discretionary | 0.77% |
| Waystar Holding Corp | WAY | Health Care | 0.75% |
| Modine Manufacturing Co | MOD | Industrials | 0.74% |
| Celsius Holdings Inc | CELH | Consumer Staples | 0.71% |
| Privia Health Group Inc | PRVA | Health Care | 0.69% |
| Matador Resources Co | MTDR | Energy | 0.68% |
| Mirion Technologies Inc | MIR | Information Technology | 0.63% |
| Arrowhead Pharmaceuticals Inc | ARWR | Health Care | 0.62% |
| Pegasystems Inc | PEGA | Information Technology | 0.61% |
| Ollie's Bargain Outlet Holdings Inc | OLLI | Consumer Discretionary | 0.60% |
| Praxis Precision Medicines Inc | PRAX | Health Care | 0.58% |
| Firefly Aerospace Inc | FLY | Industrials | 0.57% |
| Vertex Inc | VERX | Information Technology | 0.56% |
| Patterson-UTI Energy Inc | PTEN | Energy | 0.55% |
| Boot Barn Holdings Inc | BOOT | Consumer Discretionary | 0.53% |
| Kymera Therapeutics Inc | KYMR | Health Care | 0.51% |
| TIC Solutions Inc | TIC | Industrials | 0.51% |
| Zymeworks Inc | ZYME | Health Care | 0.50% |
| Ionis Pharmaceuticals Inc | IONS | Health Care | 0.49% |
| Alkermes PLC | ALKS | Health Care | 0.48% |
| Xencor Inc | XNCR | Health Care | 0.44% |
| Cipher Digital Inc | CIFR | Information Technology | 0.40% |
| Intapp Inc | INTA | Information Technology | 0.37% |
| Terawulf Inc | WULF | Information Technology | 0.37% |
| HUT 8 CORP | HUT | Information Technology | 0.36% |
| OmniAb Inc | 2200963D | Health Care | 0.00% |
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 | |
|---|---|---|---|---|
| SMALL CAP GROWTH | BUFSX | 12/17/2026 | 12/18/2026 | NII |
| SMALL CAP GROWTH | BUISX | 12/17/2026 | 12/18/2026 | NII |
| SMALL CAP GROWTH | BUFSX | 12/4/2026 | 12/7/2026 | Cap Gains |
| SMALL CAP GROWTH | BUISX | 12/4/2026 | 12/7/2026 | Cap Gains |
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
