Buffalo Discovery Fund
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- Buffalo Mid Cap Discovery Fund (BUFTX) is an actively managed open-end mutual fund that seeks long-term capital growth by investing primarily in equity securities of mid-cap companies demonstrating innovative potential for sustained shareholder value creation. The fund normally allocates at least 80% of its assets to common stocks, preferred stocks, and other equity securities of mid-cap companies, defined as those with market capitalizations similar to the Russell Midcap Growth Index, as well as small-cap and large-cap stocks exhibiting strong management, conservative debt levels, free cash flow generation, and scalable business models; it employs a top-down trend identification and bottom-up fundamental research approach to select 65-85 high-quality holdings across sectors such as financials, industrials, information technology, health care, and consumer discretionary. Investor class shares (BUFTX) and institutional class shares (BUITX) are offered, with expense ratios of 1.01% and 0.87%, respectively, and the fund maintains a portfolio turnover ratio of approximately 34%, an active share of 79%, and net assets exceeding $550 million as of mid-2025. The fund, formerly known as Buffalo Discovery Fund, underwent a name change effective July 29, 2024, to better reflect its mid-cap growth focus, accompanied by a prospectus update explicitly requiring at least 80% investment in mid-cap equities; this rebranding did not alter its core strategy of targeting under-appreciated innovation-driven companies. Managed by a team of portfolio managers including Dave Carlsen, Josh West, and Doug Cartwright at Kornitzer Capital Management, Inc., the fund has operated since its investor class inception on April 16, 2001, with institutional shares launched July 1, 2019. Headquartered in Mission, Kansas, as part of the Buffalo Funds family founded in 1994 by Kornitzer Capital Management, Inc., an independent boutique adviser, the fund serves U.S. investors through major brokerages, financial advisors, and direct channels with no-load share classes and annual dividend distributions, primarily from long-term capital gains. It benchmarks performance against the Russell Midcap Growth Index and competes within the Morningstar Mid-Cap Growth category, emphasizing secular growth trends like demographic shifts, bandwidth demand, and healthcare efficiencies across domestic public markets. As of Q2 2025, quarterly commentaries highlight portfolio positioning amid market volatility, with top holdings including MSCI Inc., TransUnion, CoStar Group, Veeva Systems, and Copart.