(800) 49-BUFFALO | buffalofunds.com Buffalo Discovery Fund QUARTERLY FACT SHEET December 31, 2019 Performance (%) AVERAGE ANNUAL RETURNS 3 MO YTD 1 YR 3 YR 5 YR 10 YR 15 YR Since Inception Investor Class - BUFTX 4.36 31.63 31.63 15.56 11.47 14.30 10.89 9.70 Institutional Class - BUITX 1 4.39 31.82 31.82 15.73 11.63 14.47 11.06 9.53 Morningstar U.S. Mid Growth Index 8.31 36.01 36.01 18.29 11.84 14.04 10.27 8.36 Portfolio Characteristics # of Holdings: 90 Median Market Cap: $15.52 B Weighted Average Market Cap: $19.44 B 3-Year Annualized Turnover Ratio: 66.42% % of Holdings with Free Cash Flow: 90.00% Active Share: 64.39% 3-Year Risk Metrics (BUFTX vs. Morningstar U.S. Mid Growth Index) Upside Capture: 84.08 Downside Capture: 93.71 Alpha: -0.62 Beta: 0.89 Sharpe Ratio: 1.08 Morningstar Rating Overall Morningstar Rating TM of BUFTX based on risk-adjusted returns among 565 Midcap Growth funds as of 12/31/19. Investment Strategy • Utilize long-term, measurable secular growth trends we anticipate to continue for 3-5 years. • Identify premier growth companies with innovative products, services, or intellectual property. • Focus on companies with strong management teams, free cash flow, scalable business models with a competitive advantage, a history of high and increasing margins, and attractive valuations. • 65-85 positions across various market caps. Average annual total return represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate and redemption value may be more or less than original cost. Fund performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by visiting buffalofunds.com. 1 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. Investment Style HISTORICAL RETURNS 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Buffalo Discovery Fund - BUFTX 22.96 -0.69 19.73 36.61 10.68 5.64 5.56 25.44 -6.54 31.63 Morningstar U.S. Mid Growth Index 27.67 -2.29 15.81 34.07 9.77 -0.71 6.46 25.67 -3.16 36.01 Market Capitalization Small Cap ($1.5B - $4.5B) 1.94% Mid Cap ($4.5B - $30B) 85.42% Large Cap (>$30B) 12.64% Growth of $10,000 This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund on the Inception Date through 12/31/19. Assumes reinvestment of dividends and capital gains. This chart does not imply future performance. Buffalo Discovery Fund - Investor Class | $54,979 Morningstar U.S. Mid Growth Index | $46,827 Value Blend Growth Large Mid Small Fund Facts Investor Institutional Ticker: BUFTX BUITX Inception Date: 4/16/01 7/1/19 Expense Ratio: 1.02% 0.87% Fund Assets: $1.80 Billion Category: Mid Cap Growth Benchmark: Morningstar U.S. Mid Growth
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QUARTERLY Ut3Wv3w FACT SHEET - Buffalo Funds · Sharpe Ratio: 1.08 Morningstar Rating ... Mutual fund investing involves risk. Principal loss is possible. The Fund invests in small
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(800) 49-BUFFALO | buffalofunds.com
Buffalo Discovery FundQUARTERLY
FACT SHEET
December 31, 2019
Performance (%)AVERAGE ANNUAL RETURNS 3 MO YTD 1 YR 3 YR 5 YR 10 YR 15 YR Since Inception
Morningstar U.S. Mid Growth Index 8.31 36.01 36.01 18.29 11.84 14.04 10.27 8.36
Portfolio Characteristics# of Holdings: 90
Median Market Cap: $15.52 B
Weighted Average Market Cap: $19.44 B
3-Year Annualized Turnover Ratio: 66.42%
% of Holdings with Free Cash Flow: 90.00%
Active Share: 64.39%
3-Year Risk Metrics(BUFTX vs. Morningstar U.S. Mid Growth Index)
Upside Capture: 84.08
Downside Capture: 93.71
Alpha: -0.62
Beta: 0.89
Sharpe Ratio: 1.08
Morningstar Rating
Overall Morningstar RatingTM of BUFTX based on risk-adjusted returns among 565 Midcap Growth funds as of 12/31/19.
Investment Strategy
• Utilize long-term, measurable secular growth trends we anticipate to continue for 3-5 years.
• Identify premier growth companies with innovative products, services, or intellectual property.
• Focus on companies with strong management teams, free cash flow, scalable business models with a competitive advantage, a history of high and increasing margins, and attractive valuations.
• 65-85 positions across various market caps.
Average annual total return represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate and redemption value may be more or less than original cost. Fund performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by visiting buffalofunds.com. 1For 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.
Morningstar U.S. Mid Growth Index 27.67 -2.29 15.81 34.07 9.77 -0.71 6.46 25.67 -3.16 36.01
Market Capitalization
Small Cap ($1.5B - $4.5B) 1.94%
Mid Cap ($4.5B - $30B) 85.42%
Large Cap (>$30B) 12.64%
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund on the Inception Date through 12/31/19. Assumes reinvestment of dividends and capital gains. This chart does not imply future performance.