Our Team


B.B.A. – University of Wisconsin – Madison (Finance, Investment & Banking)


Strong Capital Management
Northern Capital Management

Dave Carlsen, CFA

Portfolio Manager

Dave joined the Buffalo Funds in 2004 as a portfolio manager and has 31 years of professional investment experience. From 2000 to 2004, Dave worked at Strong Capital Management as a Senior Equity Research Analyst. From 1992 to 2000, he worked at Northern Capital Management as an Investment Analyst.

At the Buffalo Funds, Dave works with growth equity portfolios, and his focus is on companies in all market sectors, with competitive advantages and durable growth opportunities derived from innovation.

Dave received a B.B.A. with a Major in Finance, Investment & Banking from the University of Wisconsin – Madison. He also holds the Chartered Financial Analyst designation.

Years of Experience

Years at Buffalo Funds


Discovery Fund

Discovery Fund

Total Assets $1.76 Billion  (12/31/21)
Expense Ratio 1.01% / 0.86%
Benchmark Morningstar U.S. Mid Growth

Manager since 2004
Growth Fund

Growth Fund

Total Assets $221.35 Million  (12/31/21)
Expense Ratio 0.92% / 0.77%
Benchmark Morningstar U.S. Growth

Manager since 2007
Mid Cap Fund

Mid Cap Fund

Total Assets $201.82 Million  (12/31/21)
Expense Ratio 1.03% / 0.88%
Benchmark Morningstar U.S. Mid Growth

Manager since 2024

Fundamental Approach

We get to know the companies we invest in and learn how they run their business.

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

Sticking to our disciplined investment strategy ensures we maintain a consistent, balanced approach.