International Fund
Characteristics
- Multi-Cap orientation
- Long-term growth focus
- Benchmark indifference
- Country specific macro analysis
- Utilization of Buffalo Funds' established investment approach:
- Trend / growth driver based strategy
- Fundamental industry and company specific research
- And, rigorous valuation analysis
- Relatively low expected turnover
- 1.00% management fee
Strategy
In establishing the universe for the Fund, the investment team identifies a broad mix of foreign companies that are expected to benefit from longer-term industry, technological, global or other trends. The manager then uses a bottom-up approach in selecting securities based on (1) fundamental analysis of industries and the economic cycle, (2) company-specific analysis such as product cycles and quality of management and (3) rigorous valuation analysis. In making portfolio selections for the Fund, the manager will also consider the economic, political and market conditions of the various countries in which the Fund may invest. Under normal circumstances, the Fund does not expect its investments in emerging markets to exceed 30% of its net assets.
Investment Team
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The Buffalo International Fund is managed by two co-managers, Bill Kornitzer, CFA and Nicole Kornitzer, CFA.
Mr. Kornitzer worked for KCM as a research analyst from 1997-2000 and rejoined the firm in 2004 as a co-portfolio manager of the Buffalo Large Cap and Buffalo Growth Funds. He was previously an executive director and portfolio manager at USAA Investment Management Company from 2000-2004. Mr. Kornitzer received his MBA from Drexel University and his B.S. in Finance from Virginia Tech. Mr. Kornitzer has over 17 years investment experience, with additional corporate finance and valuation experience. He has lived abroad twice in his career (Russia and the U.K.) and worked in over 20 countries. Ms. Kornitzer worked for KCM as a research analyst from 2000-2002 and rejoined the firm in 2004. She has over 7 years of investment experience. Ms. Kornitzer holds a B.A. in Biology from the University of Pennsylvania and a Masters Degree in French Cultural Studies from Columbia University in Paris, France.