Small Cap Fund

Overall Morningstar™ rating out of 590
Small Growth funds as of 11-30-2016 (derived from a weighted average of the fund's three-, five-, and ten-year risk adjusted return measure, if applicable).


  • Market capitalization range of the Russell 2000 Growth Index at the time of purchase
  • Not benchmark-driven
  • Purchase stocks when negatively affected by short-term events and/or underappreciated


This Fund employs the same strategy as other Buffalo growth equity funds, based on the identification of long-term, measurable secular growth trends (e.g., demographics, global market growth, increasing bandwidth). The Fund's managers identify companies that they believe should benefit from these trends, which we feel may have potential revenue growth in excess of GDP. Companies are screened using in-depth, in-house research to identify those which we feel are attractively valued, demonstrate strong management, have little or no debt, free cash flow, scalable business models, and competitive advantage. Our buy/sell discipline is based on valuation targets derived using our proprietary scoring methodology.

Investment Team

Jamie Cuellar  

Jamie Cuellar, CFA

Portfolio Manager

  • Investment professional since 1992
  • Joined KCM in 2015
  • Prior experience - Brazos Capital Management, Inc. (formerly PineBridge Investments and McStay Investment Counsel) and Northern Trust
  • B.B.A. – University of San Diego
  • M.B.A. – Southern Methodist University
Robert Male  

Robert Male, CFA

Portfolio Manager

  • Investment professional since 1986
  • Joined KCM in 1997
  • Prior experience - USAA and Waddell & Reed
  • B.S. - University of Kansas
  • M.B.A. - Southern Methodist University


For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ (based on a Morningstar Risk Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Buffalo Small Cap Fund received 1 star among 590 for the three-year, 2 stars among 529 for the five-year, and 2 stars among 383 Small Growth funds for the ten-year period ending 11/30/2016.

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