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Buffalo funds

Mar 2026 → Sep 2026 · 17 funds

Our archive holds 24 letters from Buffalo funds, behind 16 investment theses and positions in 167 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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24
Letters
167
Companies
26
Moves
16
Theses

17 strategies

Buffalo funds publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 26 moves

  • TrimmedSK hynix, Inc.
    September 2026
    “SK hynix, the Korean memory semiconductor company, suffered disproportionally in July due to the unwinding of leveraged ETF trades that amplified the stock’s decline.”
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  • TrimmedThermo Fisher Scientific Inc.
    September 2026
    “We trimmed the investment position following the strong run, but plan to continue to hold the balance as we see the setup improving from here.”
    Read the letter
  • TrimmedRenesas Electronics Corp.
    September 2026
    “The decline for Renesas was also overwhelmingly an industry-wide move, as the Global X Japan Semiconductor ETF pullback nearly 20% over the same period, as a broad AI-boom-to-bust rotation hammered Japanese chip companies.”
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  • TrimmedDisco
    September 2026
    “Disco’s decline in the quarter was also primarily a sector-wide move.”
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  • TrimmedStevanato Group SpA
    September 2026
    “As with Everpure, we trimmed the position on the outperformance, but the investment remains a top idea in the portfolio.”
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  • ExitedSandisk Corporation
    September 2026
    “We decided to take losses on Sandisk and move on from a space that has historically been incredibly cyclical.”
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  • TrimmedKLA Corporation
    September 2026
    “Underweight positioning to KLA Corporation and Caterpillar (CAT) benefited relative results as those benchmark constituents lagged during the quarter.”
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  • TrimmedCloudflare, Inc.
    September 2026
    “we reduced investment exposure to the group, including CrowdStrike and Cloudflare, selling into strength as we manage the risk reward opportunity in the portfolio.”
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  • TrimmedCrowdStrike Holdings, Inc.
    September 2026
    “we reduced investment exposure to the group, including CrowdStrike and Cloudflare, selling into strength as we manage the risk reward opportunity in the portfolio.”
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  • ExitedDye & Durham
    September 2026
    “The Fund no longer owns the Dye & Durham term loan.”
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  • TrimmedMicrosoft Corporation
    June 2026
    “Although we have trimmed shares back a bit, the fund remains significantly overweight those four positions.”
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  • ExitedDye & Durham
    June 2026
    “The fund no longer holds the Embecta or Dye & Durham corporate bonds.”
    Read the letter
  • TrimmedEquifax Inc.
    June 2026
    “This incremental regulatory risk caused us to moderate the investment position size, but we retained exposure to the company.”
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  • New positionSpotify Technology S.A.
    June 2026
    “We initiated an investment position in Spotify during the quarter following the company’s investor day in late May.”
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  • TrimmedPalo Alto Networks, Inc.
    June 2026
    “We trimmed the investment slightly after the close of the quarter but continued to maintain a large position in Palo Alto Networks.”
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  • TrimmedAmazon.com, Inc.
    June 2026
    “Although we have trimmed shares back a bit, the fund remains significantly overweight those four positions.”
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  • ExitedON Semiconductor Corporation
    June 2026
    “We eliminated the investment in the quarter as the stock exceeded our view of fair value and believe better risk-reward opportunities exist within Semiconductors.”
    Read the letter
  • ExitedEmbecta
    June 2026
    “The fund no longer holds the Embecta or Dye & Durham corporate bonds.”
    Read the letter
  • ExitedOption Care Health, Inc.
    June 2026
    “We have since exited the position.”
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  • ExitedProcore Technologies
    June 2026
    “We chose to close our position in the quarter and continued the process of repositioning software weight to the most durable competitive positions and clearest AI beneficiaries we can identify.”
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  • TrimmedMeta Platforms, Inc.
    June 2026
    “Although we have trimmed shares back a bit, the fund remains significantly overweight those four positions.”
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  • TrimmedSLB Limited
    March 2026
    “We realized partial gains in the position, believing the supply shock in the energy market is transitory.”
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  • TrimmedCostco Wholesale Corporation
    March 2026
    “Relative results were partially offset by Lam Research, KLA, and Costco Wholesale.”
    Read the letter
  • TrimmedLam Research Corporation
    March 2026
    “Relative results were partially offset by Lam Research, KLA, and Costco Wholesale.”
    Read the letter
  • ExitedGartner Inc.
    March 2026
    “We exited the position, drawing a clear line between businesses where AI genuinely threatens the revenue model and those we see as unfairly punished by indiscriminate selling.”
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  • TrimmedKLA Corporation
    March 2026
    “Relative results were partially offset by Lam Research, KLA, and Costco Wholesale.”
    Read the letter

Companies held · 167

Every company Buffalo funds has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 16

  • WisdomTree, Inc.
    September 2026

    WisdomTree is an asset manager with differentiated alternative-investment offerings, benefiting from asset growth, inflows, and margin expansion.

    Read the full thesis
  • Everpure, Inc.
    September 2026

    Everpure provides enterprise data storage and data management solutions with AI-driven long-term growth potential.

    Read the full thesis
  • Renesas
    September 2026

    Renesas is a Japanese semiconductor company with strong results and exposure to automotive and industrial end markets, despite industry-wide AI rotation pressures.

    Read the full thesis
  • Snowflake Inc.
    September 2026

    Snowflake is a cloud infrastructure software provider whose AI coding agent CoCo reaccelerated revenue growth to 35%, with growth expected to accelerate to 40%+ as enterprises adopt AI.

    Read the full thesis
  • Thermo Fisher Scientific Inc.
    September 2026

    Thermo Fisher Scientific, a life sciences tools provider, has turned a corner with stabilizing China and academic/government markets and improving pharma and biotech spending.

    Read the full thesis
  • Broadcom Inc.
    September 2026

    Broadcom, a custom ASIC chip design house, offers favorable risk/reward with potential FY28 EPS of $40 versus a $30 base case, backed by good management.

    Read the full thesis
  • WisdomTree, Inc.
    September 2026

    WisdomTree is a global asset manager with strong organic growth, expanding operating leverage, and a promising tokenization and digital asset platform.

    Read the full thesis
  • Argan, Inc.
    September 2026

    Argan provides EPC services for natural gas-fired power plants benefiting from rising data center electricity demand, though backlog concerns drove a sharp stock decline.

    Read the full thesis
  • SK hynix Inc
    June 2026

    SK hynix Inc is a memory-chip maker benefiting from AI-driven demand, especially its leadership in customized HBM.

    Read the full thesis
  • Disco Corporation
    June 2026

    Disco Corporation is a semiconductor equipment company held for secular growth, competitive advantages, and strong free cash flow.

    Read the full thesis
  • Progyny Inc.
    June 2026

    Progyny provides fertility benefits management for employers and is supported by best-in-class outcomes, an asset-light model, cash generation, and repurchases.

    Read the full thesis
  • Palo Alto Networks
    June 2026

    Palo Alto Networks benefits from higher attach rates driven by AI, with incumbents favored over costly AI-native security entrants.

    Read the full thesis

Letter archive · 24

2026

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