International Fund

International Fund

Quick Facts
InvestorInstitutional
Ticker:BUFIXBUIIX
Inception Date:9/28/20077/1/2019
Expense Ratio:1.06%0.91%
Total Net Assets:$377.09 Million  (9/30/19)
Category:Foreign Large Cap Growth
Benchmark:Morningstar Global Markets ex-US
Related Material:
   Fund Fact Sheet Q3 2019
   PM Commentary Q3 2019
   Summary Prospectus
Fundamental Growth Investors

Portfolio Managers Bill Kornitzer and Nicole Kornitzer discuss how they attempt to find the most appropriate stocks to invest in from the thousands of companies worldwide.

“Unlike many of our peers, we aren’t trying to pick stocks that are going to be the best performers in the next week or the next quarter, but trying to strive for the best long term performance on a risk adjusted basis over time.”
  ~ Bill Kornitzer, CFA

Morningstar Rating

       

Overall Morningstar Rating™ of BUFIX based on risk-adjusted returns among 397 Foreign Large Growth funds as of 10/31/19.

Investment Style
PM Insights
NEW REPORT!


International Equities
— The New Market Leaders?

Access Report >>


The Case for Investing Internationally

Access Report >>

Trump Tariffs & the Current State of International Markets

In a recent Q&A, BUFIX portfolio managers provided insightful answers to questions posed 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?
  • What is your opinion on President Trump’s recent announcement regarding tariffs?

Access Q&A Recordings >>

Fund Objective & Investment Strategy

The investment objective of the Buffalo International Fund is long-term growth of capital.

The International Fund invests primarily in equity securities of established companies that are economically tied to various countries throughout the world (excluding the U.S.).

For purposes of the International Fund’s investments, “foreign securities” means those securities issued by companies:

  • Organized under the laws of, or with a principal office in, a country other than the U.S. and issue securities for which the principal trading market is in a country other than the U.S.; or
  • That derive at least 50% of their revenues or profits from goods produced or sold, investments made, or services provided in a country other than the U.S., or have at least 50% of their assets in a country other than the U.S.
  • Under normal circumstances, the International Fund does not expect its investments in emerging markets to exceed 35% of its net assets.
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When it comes to investing internationally, we believe our approach to stock selection is distinct. We are focused on finding good companies and aren’t constrained by benchmark alignment to countries or industries.

Our approach is based on finding companies with sound business models, exposure to long-term secular growth trends, and attractive risk/return growth and valuation characteristics, which we can own for the long-term.

Nicole Kornitzer, Portfolio Manager

Performance (%)

As of 10/31/193 MOYTD1 YR3 YR5 YR10 YRSince Inception
(9/28/07)
BUFFALO INTERNATIONAL FUND - Investor3.5520.8013.7712.107.988.014.69
BUFFALO INTERNATIONAL FUND - Institutional3.6220.9613.9512.278.158.184.85
  Morningstar Global Markets ex-US Index3.1915.4011.208.114.525.572.03
  Lipper International Fund Index3.8716.9310.857.974.355.811.93
  Morningstar Foreign Large Growth Category2.9620.5314.789.615.566.842.35
As of 9/30/193 MOYTD1 YR3 YR5 YR10 YRSince Inception
(9/28/07)
BUFFALO INTERNATIONAL FUND - Investor-1.7816.731.249.757.237.624.43
BUFFALO INTERNATIONAL FUND - Institutional-1.7116.891.429.937.397.784.58
  Morningstar Global Markets ex-US Index-1.6111.34-1.546.263.555.061.74
  Lipper International Fund Index-1.2813.08-1.806.053.535.171.66
  Morningstar Foreign Large Growth Category-1.2416.790.617.184.946.292.10
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.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 cost. Current performance of the fund may be lower of higher than the performance quoted and can be obtained here. Performance is annualized for periods greater than 1 year. Each Morningstar category average represents a universe of funds with similar objectives.
3 Year Risk Metrics
BUFIX vs Morningstar Global Markets ex-US Index (As of 9/30/19)
Upside Capture103.85
Downside Capture83.00
Alpha3.56
Beta0.97
Sharpe Ratio0.70
Hypothetical Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund on the Inception Date. Assumes reinvestment of dividends and capital gains. This chart does not imply future performance.

Portfolio

Portfolio Characteristics
(As of 9/30/19) 
 
# of Holdings87
Median Market Cap$27.35 B
Weighted Average Market Cap$58.93 B
3-Yr Annualized Turnover Ratio17.07%
Active Share93.71%
Market Capitalization
As of 9/30/19. Market Cap percentages may not equal 100% due to rounding.
Top 10 Holdings
Name of HoldingTickerCountrySector% of Net
Assets
Sartorius Stedim BiotechDIMFranceHealth Care2.44%
SAP SESAPGermanyTechnology2.35%
KeringKERFranceConsumer Discretionary2.27%
AonAONEnglandFinancial Services2.15%
LindeLINIrelandMaterials2.12%
Carl Zeiss MeditecAFXGermanyHealth Care2.08%
Schneider ElectricSUFranceIndustrials2.01%
Tomra SystemsTOMNorwayIndustrials1.99%
LVMH Moet HennessyMCFranceConsumer Discretionary1.98%
ICICI BankIBNIndiaFinancial Services1.84%
TOP 10 HOLDINGS TOTAL21.23%
As of 6/30/19. Top 10 Holdings for the quarter are not disclosed until 60 days after quarter end. Fund holdings are subject to change and are not recommendations to buy or sell any securities.
Sector Weighting
As of 9/30/19. Security weightings are subject to change and are not recommendations to buy or sell any securities. Sector Allocation may not equal 100% due to rounding.
Top 10 Countries
COUNTRY% of Portfolio
Net Assets
Germany21.73%
France19.22%
United Kingdom9.92%
Netherlands7.43%
Switzerland4.82%
Ireland4.67%
Japan4.22%
Hong Kong2.32%
Norway2.30%
Spain2.20%
TOP 10 TOTAL78.83%

Management

Bill Kornitzer, CFA
Portfolio Manager

27 Years of Experience

 View full bio

Nicole Kornitzer, CFA
Portfolio Manager

19 Years of Experience

 View full bio

Commentary

CAPITAL MARKET OVERVIEW
(As of 9/30/19) — Global equity markets were mixed in the 3rd quarter of 2019. Developed markets made minor gains while emerging markets were in decline. The trade dispute continued, and economic data pointed to an ongoing slowdown, while central banks remained accommodative. In the Eurozone, stock indices advanced on the new stimulus measures announced by the European Central Bank, while stocks in the United Kingdom rose, despite uncertainty regarding Britain’s exit from the European Union (Brexit). Japanese shares also gained with election results in the House that were favorable toward Prime Minister Abe’s party. Emerging markets, on the other hand, were negatively affected by the continuing U.S.-China trade dispute and global growth concerns. In the end, the Morningstar Global Markets ex-U.S. Index declined -1.50% versus the S&P 500 Index’s positive return of 1.70% during the period.
PERFORMANCE COMMENTARY

(As of 9/30/19) — The Buffalo International Fund produced a return of -1.67% for the quarter and slightly underperformed the Morningstar Global Markets ex-U.S. Index. The Fund’s relative underperformance was primarily related to stock selection. Overall, both sector and country allocation decisions were fairly neutral to our portfolio, while the portfolio’s allocation to cash was a benefit to relative results given declining international markets.

TOP CONTRIBUTORS

Top contributors in the quarter were Taiwan Semiconductor Manufacturing Company, ASML Holding NV, and Carl Zeiss Meditec AG. Taiwan Semiconductor, widely believed to be the most efficient and technologically-advanced semiconductor manufacturer, saw its stock recover in July after reporting good results and a positive outlook. The shares had declined in May due to trade war related worries. ASML, a supplier of semiconductor manufacturing equipment to Taiwan Semiconductor and others, also saw its stock recover after reporting better-than-expected results in the 2nd quarter despite trade war concerns. Demand for extreme ultraviolet lithography tools is growing as Taiwan Semiconductor is shifting to 7 and 5 nanometer technology. Meanwhile, in the Health Care sector, Carl Zeiss Meditec, a leading global provider of ophthalmic equipment and solutions based in Germany, continued to benefit from demographic trends and strong growth, especially in Asia.

TOP DETRACTORS

Top detractors during the period included Tomra, SAP, and Kering.

Tomra, a Norwegian manufacturer of systems for the collection and sorting of waste, had disappointing 2nd quarter results, as order intake and backlog declined related to weak demand in the food segment in the U.S., because of the U.S.-China trade conflict. Near term results could be volatile, but we continue to believe that the company’s products will be in increasing demand over the mid-to-long term as the world must invest more in the collecting and recycling of the growing amount of global trash, particularly plastic.

SAP, a German multinational software company and a global leader in enterprise management software, declined after reporting 2nd quarter results in July that missed analyst estimates, with weak sales growth in China and a lack of margin expansion. We continue to believe that SAP is on track to meet its full year guidance and that the long-term trends of moving more and more into the cloud will benefit the company, while a recent stronger focus on profitability will keep management focused on improving margins.

Kering, a French luxury brand conglomerate, saw pressure on its stock price due to investor concerns around slowing growth of the Gucci brand and the potential short-term impact on sales from the political unrest in Hong Kong.

OUTLOOK

(As of 9/30/19) — We are in a period of uncertainty with respect to global growth. With the trade war still unresolved, and Brexit uncertainty still weighing, industries such as autos are in decline and businesses are holding back investments, while in emerging markets there are some signs that the consumer is beginning to tighten its purse strings. Global growth has been slowing and some economists are warning that a worsening of the tariff conflict could tip the world into a recession. The million-dollar question has now become what will happen in 2020, but the answer is not yet given.

On the other hand, there also are reasons to be optimistic. Global employment is strong, wages have been increasing, and consumer confidence in much of the world has remained resilient. While global trade has been weakening and manufacturing has been in decline, the services sector has remained strong. Finally, global central banks remain accommodative, and China is willing to inject more fiscal stimulus into its economy. Though, as we have written before, we view further loose monetary policies as more a means of pushing up financial asset prices than as major economic stimulus.

Whatever the economic outcome in the next quarter or the next year, we continue to have confidence in our investment process, and it remains steadfast. It is designed to identify companies that can grow throughout the economic cycle, and we believe that stocks outside the U.S. have become even less expensive relative to their domestic counterparts over the last few years. We hope to take advantage of any significant market movements caused by slowing economic growth or trade concerns by adding to our positions in those companies whose long-term prospects remain unchanged, in our view. Ups and downs in the global economy are inevitable. Yet, we believe that by remaining focused on investing in well-managed and innovative companies, which are benefiting from secular growth trends and are trading at attractive valuations, can lead to superior risk-adjusted returns over the long term.

The opinions expressed are those of the Portfolio Manager(s) and are subject to change, are not guaranteed and should not be considered recommendations to buy or sell any security. Earnings growth is not representative of the fund’s future performance.
International Fund News

International Fund

Total Assets $377.09 Million  (9/30/19)
Expense Ratio 1.06% / 0.91%
Benchmark Morningstar Global Markets ex-US

Literature

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Fundamental Approach

We get to know the companies we invest in and learn how they run their business.

Top-Down & Bottom-Up

We identify Top-Down broad, secular growth trends and search for companies from the Bottom-Up.

Proprietary Philosophy

We construct our portfolios based on our own proprietary investment strategy.

Disciplined Investing

Sticking to our disciplined investment strategy ensures we maintain a consistent, balanced approach.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The Buffalo International Fund (BUFIX) received 4 stars among 397 for the 3-year, 5 stars among 339 for the 5-year, and 4 stars among 247 Foreign Large Growth funds for the 10-year period ending 10/31/19.

In each Morningstar Category, the 10% of funds with the lowest measured risk are described as Low Risk, the next 22.5% Below Average, the middle 35% Average, the next 22.5% Above Average, and the top 10% High. Morningstar Risk is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the fund. Funds with less than three years of performance history are not rated. ©2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The Morningstar Style Box™ reveals a fund’s investment strategy by showing its investment style and market capitalization based on the fund’s portfolio holdings.

“Big Interview” with Buffalo International Fund PM Bill Kornitzer

“Big Interview” with Buffalo International Fund PM Bill Kornitzer

Media Coverage

International Equity Funds

Overview
Buffalo Funds International co-portfolio manager Bill Kornitzer, CFA, recently appeared on the “Money Life with Chuck Jaffe” podcast. During the call, Bill goes in-depth on investing internationally and provides his viewpoints on the current U.S. trade wars, Brexit, and global markets. During the podcast, Bill answers the following questions:
  • If we’re in a “holding” pattern domestically, are we also in a holding pattern internationally?
  • How do you believe the trade wars will be resolved (specifically regarding China)?
  • What impact will Brexit have on investing in European companies?
  • How do low or negative interest rates affect the global bond markets?
  • Is there a specific part of the world investors should look to invest in or avoid?

The U.S. leads the world economy – so goes the U.S., so goes the rest of the globe. Just as the large U.S. companies have extensive exposure to the various international markets, the large multinational firms based in Europe, Japan and Asia have the same kind of exposure to the U.S. Everyone gets affected the same.
~ Bill Kornitzer, CFA, Co-Portfolio Manager, Buffalo International Fund

MORE ABOUT BILL


Bill Kornitzer, CFA
Portfolio Manager
27 Years of Experience
 View full bio

Opinions expressed are those of the author or Funds as of 9/27/19 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. “Dry powder” refers to cash reserves kept on hand by a company (or mutual fund) to cover future obligations, purchase assets, or make acquisitions. Past performance does not guarantee future results. Earnings growth is not representative of the Fund’s future performance.

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Terms of Use – Email lists are created for use by U.S. investment professionals only and are published strictly for informational purposes. Providing access to the content of these emails does not explicitly or implicitly constitute a solicitation of services or products of the Buffalo Funds, Kornitzer Capital Management, or any of their affiliates. The information contained in the emails is not intended for distribution to, or for use by, investment professionals in a jurisdiction where distribution or purchase is not authorized. The information contained in these emails is not appropriate for use by individual investors. By registering for any of these emails, you agree to Buffalo's terms and conditions and that you are qualified as an institutional investor or otherwise member of a registered broker/dealer, registered investment advisor, or investment consulting firm.

FOR INDIVIDUAL INVESTORS

How an International Stock Fund Finds Its Winning Recipe

How an International Stock Fund Finds Its Winning Recipe

International Equity Funds

Overview

Buffalo International Fund co-portfolio manager Nicole Kornitzer, CFA, was recently interviewed by Barron’s about the parallels she finds in gourmet cooking and international investing. In the article, she describes the team’s approach to picking premier growth stocks based on in-depth analysis of company fundamentals and highlights the team’s long-term investment philosophy that focuses less on short-term market movements.

We need to be able to answer the question of why is the company going to continue growing.
~ Nicole Kornitzer, CFA

Nicole also discusses several foreign large-cap stocks in the BUFIX/BUIIX portfolio which illustrate the Fund’s investment process in action:

  • Sartorius Stedim Biotech – DIM.France
  • Tomra – TOM.Norway
  • LVMH Moet Hennessy – MC.France
  • Kering – KER.France
By clicking the button, you are leaving the Buffalo Funds website and entering a third-party website. The Fund is not responsible for, nor can guarantee the accuracy of, any information contained on a third-party website.
Diversification does not assure a profit, nor does it protect against a loss in a declining market. Past performance does not guarantee future results. Earnings growth is not representative of the fund’s future performance.

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.

Annualized Performance (%)

As of 10/31/193 MOYTD1 YR3 YR5 YR10 YRSince Inception
(9/28/07)
BUFFALO INTERNATIONAL FUND - Investor3.5520.8013.7712.107.988.014.69
BUFFALO INTERNATIONAL FUND - Institutional3.6220.9613.9512.278.158.184.85
  Morningstar Global Markets ex-US Index3.1915.4011.208.114.525.572.03
  Lipper International Fund Index3.8716.9310.857.974.355.811.93
  Morningstar Foreign Large Growth Category2.9620.5314.789.615.566.842.35

The expense ratio for BUIIX is 0.91% and 1.06% for BUFTX. 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 cost. Current performance of the fund may be lower of higher than the performance quoted and can be found here; quarter-end performance can be found here. Performance is annualized for periods greater than 1 year.

BUFIX/BUIIX Portfolio Managers
– Bill Kornitzer, Nicole Kornitzer
HIGHLIGHT

Nicole Kornitzer, Buffalo International Fund co-portfolio manager, discusses her team’s approach to finding premier growth companies that are poised to take advantage of global trends.

MEDIA CONTACT

Joel Crampton
Director of Marketing
(913) 647-9881
Email

Related Articles


The Case for Investing Internationally

In this report, we provide insights into several areas that show the potential for increasing returns of international stocks over the long term.

These European Companies Benefit from High Health-care Prices in the U.S.

These European Companies Benefit from High Health-care Prices in the U.S.

Media Coverage

International Equity Funds

Overview

Buffalo Funds International co-portfolio manager Nicole Kornitzer, CFA, was recently interviewed by MarketWatch about her team’s top-down strategy of focusing on secular growth trends. She goes in-depth to discuss two trends around health care — “cost containment and increasing consumption as the middle class quickly expands in developing countries and as populations age”. She also provided several examples of European companies within the Fund’s portfolio that highlight their investment strategy at work:

  • Fresenius SE – FRE.XE
  • Grifols SA – GRF.MC
  • Sartorius Stedim Biotech – DIM.FR

The concern about health-care pricing is not limited to U.S. companies, it is a concern for all companies around the world that sell in the U.S. market. ~ Nicole Kornitzer, CFA, Co-Portfolio Manager, Buffalo International Fund

To access the MarketWatch article click here.

HIGHLIGHT

During an interview with MarketWatch, Nicole Kornitzer, CFA, (Buffalo International Fund co-portfolio manager) described her team’s top-down strategy when studying secular growth trends within the health care industry and identifies 3 companies which are well-positioned to benefit from these long-term trends.

MEDIA CONTACT

Joel Crampton
Director of Marketing
(913) 647-9881
Email

Opinions expressed are those of the author or Funds as of 6/27/19 and are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice. Past performance does not guarantee future results. 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. All charts provided by MarketWatch.

4 star Overall Morningstar Rating™ of BUFIX based on risk-adjusted returns among 396 Foreign Large Growth funds as of 6/30/19. The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The Buffalo International Fund (BUFIX) received 5 stars among 396 for the 3-year, 4 stars among 336 for the 5-year, and 4 stars among 247 Foreign Large Growth funds for the 10-year period ending 6/30/19. In each Morningstar Category, the 10% of funds with the lowest measured risk are described as Low Risk, the next 22.5% Below Average, the middle 35% Average, the next 22.5% Above Average, and the top 10% High. Morningstar Risk is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the fund. Funds with less than three years of performance history are not rated. ©2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The Morningstar Style Box™ reveals a fund’s investment strategy by showing its investment style and market capitalization based on the fund’s portfolio holdings.

Sign Up for Automatic Updates

Stay up-to-date with the most recent media coverage and press releases about the Buffalo Funds.

FOR FINANCIAL PROFESSIONALS

Terms of Use – Email lists are created for use by U.S. investment professionals only and are published strictly for informational purposes. Providing access to the content of these emails does not explicitly or implicitly constitute a solicitation of services or products of the Buffalo Funds, Kornitzer Capital Management, or any of their affiliates. The information contained in the emails is not intended for distribution to, or for use by, investment professionals in a jurisdiction where distribution or purchase is not authorized. The information contained in these emails is not appropriate for use by individual investors. By registering for any of these emails, you agree to Buffalo's terms and conditions and that you are qualified as an institutional investor or otherwise member of a registered broker/dealer, registered investment advisor, or investment consulting firm.

FOR INDIVIDUAL INVESTORS

The Case for Investing Internationally

The Case for Investing Internationally

International Equity Funds

“International equities appear ready to take a leadership role, and the international market cycle has a long recovery ahead.”

Based on a multitude of global market factors, including cheaper valuations in international stocks and an accommodative credit cycle in global markets, we believe now is the time for investors to rethink international equity exposure and consider increasing international stock allocations.

However, due to a lack of insight and a bias towards domestic U.S. stocks, many investors only allocate a minimal exposure to the international equities asset class when devising an investment plan.

In this report, we provide insights into several areas that show the potential for increasing returns of international stocks over the long term:
  • Impact of trade war rhetoric and actions
  • Economic cycles and global gross domestic product trends
  • Credit cycles and monetary policy
  • Relative valuations for international stocks

“With the potentially faster pace of global economic growth overseas, we believe now is the right time to rethink international equity exposure.”

Bill Kornitzer, CFA, has 26 years of professional investment experience, including portfolio management of the Buffalo International Fund (BUFIX) since the Fund’s inception in 2007.

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.

Fundamental Approach

We get to know the companies we invest in and learn how they run their business.

Top-Down & Bottom-Up

We identify Top-Down broad, secular growth trends and search for companies from the Bottom-Up.

Proprietary Philosophy

We construct our portfolios based on our own proprietary investment strategy.

Disciplined Investing

Sticking to our disciplined investment strategy ensures we maintain a consistent, balanced approach.

International Markets Offering Low Valuations and Faster Pace of Growth

International Markets Offering Low Valuations and Faster Pace of Growth

Media Coverage

International Equity Funds

Overview

Buffalo Funds International co-portfolio manager Bill Kornitzer, CFA, was recently interviewed by The Wall Street Transcript about the ongoing trade war rhetoric and how they might impact the International Fund. He also provides insights into the importance of investing internationally and cites several examples of companies within his portfolio that highlight his team’s investment strategy at work:

  • Dassault Systemes (France) – OTCMKTS:DASTY
  • Sartorius Stedim Biotech (France) – EPA:DIM
  • HDFC Bank (India) – NYSE:HDB
  • ICICI Bank (India) – NYSE:IBN

While they’re not immune from the turbulence caused by these changing tariff regimes, our process naturally pushes us away from heavily cyclical and commodity-oriented type companies, which are frequently the direct point of trade actions and where the real issue could be on a company-specific basis. ~ Bill Kornitzer, CFA, Co-Portfolio Manager, Buffalo International Fund

To access The Wall Street Transcript article click here.

Diversification does not assure a profit, nor does it protect against a loss in a declining market.

Opinions expressed are those of the author or Funds as of 7/30/18 and are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice.

Past performance does not guarantee future results.

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.

WTO stands for World Trade Organization. FDA stands for Food & Drug Administration. Cash flow is a measure of the cash produced by the firm in a given period on behalf of equity holders. The true measure of the value of a firm’s equity is considered to be the present value of all free cash flows. Tier-1 capital ratio is the ratio of a bank’s core equity capital to its total risk-weighted assets (RWA). Risk-weighted assets are the total of all assets held by the bank weighted by credit risk according to a formula determined by the regulator (usually the country’s central bank). ROE stands for return on equity and is the amount of net income returned as a percentage of shareholders’ equity. The book value of a company is the total value of the company’s assets, minus the company’s outstanding liabilities. GDP stands for gross domestic product.

All charts provided by The Wall Street Transcript.

HIGHLIGHT

Bill Kornitzer, BUFIX co-portfolio manager, discusses the accelerated pace of the growth of global economies outside the U.S. and why, given where valuations are today, there are many opportunities to invest internationally at this time.

MEDIA CONTACT

Joel Crampton
Director of Marketing
(913) 647-9881
Email

Sign Up for Automatic Updates

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