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Home > Insights & News > White Papers & Research > Industry Perspectives 2Q 2018
OVERVIEW:
Despite vast publicity in the media, many people don’t fully understand exactly what Bitcoin is in nontechnical terms. Many investors also question whether Bitcoin is riding a speculative wave that could soon collapse. We believe the price appreciation of Bitcoin is a temporary situation driven by pure speculation. If trading volume shrinks materially, the price of Bitcoin could drop to near zero.
In this latest Industry Perspectives, we discuss:
None of the Buffalo Funds invests in Bitcoin or any other cryptocurencies. As of 3/31/18 Visa was held by the Buffalo Dividend Focus Fund (2.60%), Growth Fund (2.08%), and Large Cap Fund (2.88%); no Buffalo Funds held Paypal.
We get to know the companies we invest in and learn how they run their business.
We identify Top-Down broad, secular growth trends and search for companies from the Bottom-Up.
We construct our portfolios based on our own proprietary investment strategy.
Sticking to our disciplined investment strategy ensures we maintain a consistent, balanced approach.
Stay up-to-date with the most recent media coverage and press releases about the Buffalo Funds.
The Buffalo Discovery Fund recently received an upgraded Morningstar Analyst RatingTM from Neutral to Bronze. For more information, read the analyst’s report, which includes analysis of the Fund’s Process, Performance, People, Parent, and Pricing.
Morningstar Analyst Report: Buffalo Discovery Fund (BUFTX)
“Solid team with a good record earns an upgrade.”
The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s conviction in a fund’s prospects for outperformance. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months.
For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to global.morningstar.com/managerdisclosures/.
The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause Analyst expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.
BUFTX earns Bronze Morningstar Analyst RatingTM due to the management team’s ability to adapt to the changing focus of the Fund over the past 14 years.
Joel Crampton
Director of Marketing
(913) 647-9881
Stay up-to-date with the most recent media coverage and press releases about the Buffalo Funds.
Home > Insights & News > White Papers & Research > Industry Perspectives 1Q 2018
OVERVIEW:
The U.S. stock market started off January with a bang, rallying to new records daily. However, in February, volatility was reintroduced to investors at a level not seen since 2015. After nearly 9 years since the great financial crisis of 2008, the jitteriness of the aging bull market seemed to be looking for any excuse for a sell off, and the talk of a potential tariff war was enough to send the market down, with wide intra-day swings.
In this latest Industry Perspectives, we discuss:
We get to know the companies we invest in and learn how they run their business.
We identify Top-Down broad, secular growth trends and search for companies from the Bottom-Up.
We construct our portfolios based on our own proprietary investment strategy.
Sticking to our disciplined investment strategy ensures we maintain a consistent, balanced approach.
Stay up-to-date with the most recent media coverage and press releases about the Buffalo Funds.
Home > Insights & News > White Papers & Research > PM Insights
The Buffalo International Fund (BUFIX) portfolio managers, Bill Kornitzer, CFA, and Nicole Kornitzer, CFA, recently held a live Q&A session for investment advisers, who posed questions regarding the current state of the international markets:
What’s your take on the current status of the international market in relation to the U.S. cycle?
Bill Kornitzer (4:20)
What is your opinion on President Trump’s recent announcement regarding tariffs?
Bill Kornitzer (8:10)
Nicole Kornitzer (0:58)
INVESTMENT PHILOSOPHY & PROCESS
The BUFIX portfolio managers also gave more insight into their process and investment philosophy:
Can you give us an example of a company in the portfolio that shows your process at work?
Bill Kornitzer (5:36)
Nicole Kornitzer (3:26)
What differentiates your fund from others?
Bill Kornitzer (2:34)
Nicole Kornitzer (1:08)
If you are a financial professional and would like to set up a call with one of our portfolio managers, please send a request to advisers@buffalofunds.com.
“World markets are relatively inexpensive compared to the U.S., by the widest margin in 10 years. Given the credit backdrop and where we are in the economic cycles and where stocks are priced, the opportunity is really skewed more favorably towards the international scene.“
~ Bill Kornitzer, Co-Portfolio Manager, Buffalo International Fund
BUFIX Q4 Fact Sheet
BUFIX Q4 PM Commentary
Latest Whitepaper – “Why Invest Internationally NOW”
BUFIX Fund Managers
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Annualized Performance (%)
As of 6/30/24 | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Inception |
---|---|---|---|---|---|---|---|
BUFFALO INTERNATIONAL FUND - Investor | -2.56 | 2.74 | 4.79 | 0.29 | 7.59 | 7.06 | 5.54 |
BUFFALO INTERNATIONAL FUND - Institutional | -2.51 | 2.83 | 4.97 | 0.44 | 7.76 | 7.22 | 5.70 |
FTSE All World Ex-US Index | 1.13 | 5.73 | 12.20 | 1.08 | 6.29 | 4.52 | 3.22 |
Lipper International Fund Index | 0.33 | 6.22 | 11.53 | 1.63 | 6.93 | 4.76 | 3.31 |
Annual expense ratio: 1.05%. The Morningstar category average represents a universe of funds with similar objectives. 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 here.
Opinions expressed are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice.
As of 12/31/17, the Buffalo International Fund held CTS Eventim (1.05%) and Sartorius Stedim Biotech (1.50%). Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security.
ECB stands for European Central Bank. “S&P trailing PE” references the S&P 500 price-to-earnings ratio, based on the trailing twelve months. The S&P 500 is a capitalization weighted index of 500 large capitalization stocks which is designed to measure broad domestic securities markets. The Russell Global is an unmanaged index that measures the performance of the global equity market based on all investable equity securities, excluding companies assigned to the United States. It is not possible to invest directly in an index. EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. R&D is research and development. FDA is the Food and Drug Administration. TPP stands for Trans-Pacific Partnership. UK stands for United Kingdom. EU stands for European Union. VAT stands for Value-Added Tax. GDP stands for Gross Domestic Product.
Stay up-to-date with the most recent media coverage and press releases about the Buffalo Funds.
Buffalo Funds Small Cap co-portfolio manager Jamie Cuellar, CFA, was recently interviewed by The Wall Street Transcript, where he discussed how his team analyzes small-cap company valuations and why they view the asset class as very inefficient. He also provides several examples of companies within his portfolio that highlight his team’s investment strategy at work:
Jamie also gave his outlook on small-cap companies in the United States in the coming year, including the impact of the current economy, the recent tax cuts, and the repatriation of corporate cash holdings back to the United States.
“We believe that by investing in an actively managed and diversified portfolio of companies that benefit from long-term industrial, technological or general market trends, and trading at attractive valuations, are going to lead to superior growth of capital over time.“ ~ Jamie Cuellar, CFA, Co-Portfolio Manager, Buffalo Small Cap Fund
To access The Wall Street Transcript article click here.
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed may be worth more or less than their original value. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained here. Performance data current to the most recent quarter-end may be obtained here.
Diversification does not assure a profit, nor does it protect against a loss in a declining market.
Active investing has higher management fees because of the manager’s increased level of involvement while passive investing has lower management and operating fees. Investing in both actively and passively managed mutual funds involves risk and principal loss is possible. Both actively and passively managed mutual funds generally have daily liquidity. There are no guarantees regarding the performance of actively and passively managed mutual funds. Actively managed mutual funds may have higher portfolio turnover than passively managed funds. Excessive turnover can limit returns and can incur capital gains.
Opinions expressed are those of the author or Funds and are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice.
References to other mutual funds should not to be considered an offer to buy or sell these securities.
A complete list of the Fund’s holdings can be found here. Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security.
Earnings growth is not representative of the fund’s future performance.
AUM stands for Assets Under Management. API stands for Application Programming Interface. ARPU stands for Average Revenue Per User. SMB stands for Small/Medium-size Business. EBITDA stands for Earnings Before Interest, Taxes, Depreciation, Amortization. Cash flow is the total amount of money being transferred into and out of a business. REIT stands for Real Estate Investment Trust. Dividend yield is a dividend expressed as a percentage of a current share price. GDP stands for Gross Domestic Product. M&A stands for Mergers & Acquisitions. P&L stands for Profit & Loss. The Russell 2000 is an unmanaged index that consists of the smallest 2,000 securities in the Russell 3000 Index, representing approximately 10% of the Russell 3000 total market capitalization. It is not possible to invest directly in an index.
Jamie Cuellar, co-portfolio manager, discusses how his team analyzes small-cap company valuations and why they view the asset class as very inefficient, while providing several examples of companies within his portfolio that highlight his team’s investment strategy at work.
Joel Crampton
Director of Marketing
(913) 647-9881
Stay up-to-date with the most recent media coverage and press releases about the Buffalo Funds.