Fund Evaluator:
Buffalo Mid Cap Discovery (BUFTX)
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Best Performing in Mid-Cap Growth Over the Last Year
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Fund Details
Buffalo Mid Cap Discovery Overview
Buffalo Mid Cap Discovery (BUFTX) is an actively managed U.S. Equity Mid-Cap Growth fund. Buffalo launched the fund in 2001.
The investment seeks long-term growth of capital. The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities, consisting of common stocks, preferred stocks, convertible securities, warrants, and rights of “mid-cap discovery companies.” In addition to the fund's investments in domestic securities, it may invest up to 20% of its net assets in sponsored or unsponsored ADRs and securities of foreign companies that are traded on U.S. stock exchanges.
About Buffalo Mid Cap Discovery (BUFTX)
There are 2 members of the management team with an average tenure of 0.29 years: Alan Norton (2026), Thomas Norton (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell Mid Cap Growth TR USD index with a weighting of 100%. Buffalo Mid Cap Discovery has 61 securities in its portfolio. The top 10 holdings constitute 26.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Buffalo Mid Cap Discovery is part of the Equity global asset class and is within the U.S. Equity fund group. Buffalo Mid Cap Discovery has 1.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 94.8%. There is 1.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Buffalo Mid Cap Discovery has 3.8% of the portfolio in cash.
Assets Under Management
The fund has $228 million in total assets, which is below the $672 million average for the Mid-Cap Growth category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BUFTX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Buffalo Mid Cap Discovery expense ratio is high compared to funds in the Mid-Cap Growth category. Buffalo Mid Cap Discovery has an expense ratio of 1.02%, which is 7% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Buffalo Mid Cap Discovery has a portfolio turnover rate of 74%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 78% for the Mid-Cap Growth category.
Recently, in the month of August 2026, Buffalo Mid Cap Discovery returned 4.1%, which earned it a grade of A, as the Mid-Cap Growth category had an average return of 1.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Buffalo Mid Cap Discovery has a trailing yield of 0.00%, which is below the 0.03% category average. The fund normally distributes its income annually and its capital gains semi-annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Buffalo Mid Cap Discovery Grades
Year to date, the fund has returned -1.3%, 8.5 percentage points worse than the category, which translates into a grade of F. The fund has returned -6.0% over the past year (grade of F), 3.4% over the past three years (grade of F) and -1.9% per year over the past five years (grade of F) and 7.7% per year over the past 10 years (grade of F).
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BUFTX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BUFTX Return (NAV) | 4.1% | 1.8% | -6.0% | 3.4% | -1.9% | 7.7% |
| BUFTX Grade | A | B | F | F | F | F |
| +/- Category | 2.7% | 2.4% | -11.9% | -8.7% | -4.3% | -3.4% |
| Mid-Cap Growth Avg | 1.4% | -0.6% | 5.9% | 12.1% | 2.3% | 11.1% |
| BUFTX Tax Cost Ratio | na | na | 4.1% | 2.1% | 2.4% | 2.2% |
BUFTX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BUFTX Return (NAV) | -1.3% | -1.8% | 5.4% | 24.3% | -28.7% | 11.9% | 33.8% | 31.6% | -6.5% | 25.4% | 5.6% |
| BUFTX Grade | F | F | F | B | C | C | C | D | D | C | C |
| +/- Category | -8.5% | -7.9% | -11.9% | 3.6% | -0.7% | -0.7% | -6.5% | -2.4% | -1.9% | -0.0% | 0.2% |
| Mid-Cap Growth Avg | 7.1% | 6.1% | 17.3% | 20.7% | -27.9% | 12.6% | 40.3% | 34.1% | -4.6% | 25.5% | 5.3% |
| Risk Measures | |
| Standard Deviation: | 17.1% |
| Total Risk Index: | 1.40 - High |
| Category Risk Index: | 0.90 - Below Average |
| Category Risk Grade: | B (29% Rank) |
| Beta: | 1.14 |
| R-Squared: | 76% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $303 Mil |
| Fund Total Assets: | $ 229 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 74% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.3 years | |||
| Average Tenure: 0.3 years | |||
| Managers (Year): Norton Alan (2026), Norton Thomas (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 61 |
| % in Top 10 Holdings: | 26.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.4% |
Portfolio Allocation |
|
| Domestic Stock: | 94.8% |
| Foreign Stock: | 1.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.8% |
Purchase Information
| Fund Family: | Buffalo |
| Phone Number: | 800-492-8332 |
| Website: | www.buffalofunds.com |
| Status: | Open |
| Inception Date: | April 16, 2001 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.02% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.09% |
| Share Class: | Buffalo Mid Cap Discovery |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
