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:$377.63 Million  (7/1/19)
Category:Foreign Large Cap Growth
Benchmark:Morningstar Global Markets ex-US
Related Material:
   Fund Fact Sheet Q2 2019
   PM Commentary Q1 2019
   Summary Prospectus

For a full transcript of this video, click here.

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 396 Foreign Large Growth funds as of 6/30/19.

Investment Style

Portfolio Manager 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 6/30/193 MO YTD 1 YR 3 YR5 YR10 YRSince Inception
(9/28/07)
BUFFALO INTERNATIONAL FUND - Investor6.8418.845.3513.216.529.264.68
BUFFALO INTERNATIONAL FUND - Institutional6.8818.935.5113.376.689.434.84
  Morningstar Global Markets ex-US Index2.7413.160.779.252.737.161.92
  Lipper International Fund Index3.5414.540.088.812.637.221.81
  Morningstar Foreign Large Growth Category4.8118.292.259.634.098.202.26
As of 6/30/193 MO YTD 1 YR 3 YR5 YR10 YRSince Inception
(9/28/07)
BUFFALO INTERNATIONAL FUND - Investor6.8418.845.3513.216.529.264.68
BUFFALO INTERNATIONAL FUND - Institutional6.8818.935.5113.376.689.434.84
  Morningstar Global Markets ex-US Index2.7413.160.779.252.737.161.92
  Lipper International Fund Index3.5414.540.088.812.637.221.81
  Morningstar Foreign Large Growth Category4.8118.292.259.634.098.202.26

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.

As of July 27, 2018 the Morningstar Global Markets ex-U.S. Index has replaced the Russell Global (ex-US) Index as the Fund’s primary benchmark. The Advisor believes that the new index is more appropriate given the Fund’s holdings.

3 Year Risk Metrics
BUFIX vs Morningstar Global Markets ex-US Index (As of 6/30/19)
Upside Capture107.02
Downside Capture83.18
Alpha4.00
Beta0.97
Sharpe Ratio1.01
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 6/30/19) 
 
# of Holdings86
Median Market Cap$26.44 B
Weighted Average Market Cap$59.13 B
3-Yr Annualized Turnover Ratio9.20%
Active Share93.66%
Market Capitalization

As of 6/30/19. Market Cap percentages may not equal 100% due to rounding.

Top 10 Holdings
Name of HoldingTickerCountrySector% of Net
Assets
KeringKERFranceConsumer Discretionary2.38%
SAP SESAPGermanyTechnology2.32%
Sartorius Stedim BiotechDIMFranceHealth Care2.20%
Carl Zeiss MeditecAFXGermanyHealth Care2.17%
Taiwan Semiconductor ManufacturingTSMTaiwan (China)Technology2.06%
AonAONEnglandFinancial Services2.00%
LindeLINIrelandMaterials1.99%
Schneider ElectricSUFranceIndustrials1.98%
Davide Campari-MilanoCPRItalyConsumer Staples1.93%
LVMH Moet HennessyMCFranceConsumer Discretionary1.92%
TOP 10 HOLDINGS TOTAL20.95%
As of 3/31/19. 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 6/30/19. 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
Germany21.91%
France19.20%
United Kingdom9.65%
Netherlands7.16%
Switzerland5.00%
Japan4.59%
Ireland3.32%
Hong Kong2.59%
Spain2.28%
Norway2.28%
TOP 10 TOTAL77.98%

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 3/31/19) — The 1st quarter of 2019 provided a wave of relief across global equity markets as capital markets rebounded from the steep losses of the prior quarter. The positive equity markets can largely be attributed to the Federal Reserve’s dovish change in the direction of monetary policy as they put short-term interest rate hikes on hold and announced an end to its balance sheet runoff. Additionally, prospects for a trade agreement between the U.S. and China appeared to improve, and concerns over the likelihood of a hard exit for Britain leaving the European Union (Brexit) have mostly abated. The Morningstar Global Markets ex-U.S. Index advanced 10.14% during the quarter, virtually recouping the losses incurred in the prior quarter. Investors across the globe basically took the “glass half-full” point of view, as, aside from Fed dovishness, fundamentally not much changed in the global economy.

PERFORMANCE COMMENTARY

(As of 3/31/19) — The Buffalo International Fund produced a return of 11.23% for the 1st quarter of 2019, outperforming the Morningstar Global Markets ex-U.S. Index return of 10.14%. Outperformance versus the benchmark was driven by stock selection as sector positioning had a negative impact overall, primarily due to our underweight in Energy and Real Estate, two of the stronger performing areas within the benchmark during the period. Cash was also a drag on relative results given the market’s significant advance. The Fund’s cash position was somewhat elevated throughout the quarter, despite our efforts to continually add to positions during the market weakness of the prior quarter. On the other hand, portfolio weights in Technology (overweight) and Financials (underweight) helped partially offset the negative allocation impact during the quarter.

Top contributors in the period included Sartorius, Kering, and Tomra. Suffice it to say, most stocks were blasting higher and most moves simply reflected reversals of prior quarter declines.

While we experienced positive stock selection overall, our position in Wirecard was the one major detractor to quarterly results. Wirecard, which we’ve discussed in previous updates, was once again beset by short-sellers as they found three new avenues to needle company. While none of the approaches outlined by the short community can be characterized as material to the company’s operations in our view, management continues to have its credibility tested as they search for the appropriate informational response to these sorts of confrontations. Some would say the company’s meteoric rise may have contributed to these attacks as we perceive detailed policies and procedures (bureaucracy) may not have expanded as fast as the company’s revenue. The stock has made a strong contribution to performance for our portfolio since the initial investment, and we have recently reduced our weighting more in line with our view of its current risk profile.

OUTLOOK

(As of 3/31/19) — Despite the central bank-driven ebullient market performance, global economic growth has continued to languish. We see the potential for global growth to pick up as we move in to the 2nd half of the year as renewed China stimulus, reduced trade tension, and Brexit exhaustion drive sentiment and economic activity. Of course, politics seems to be at the root of much of the current tension, and as political dynamics change, so too may our view of future economic prospects. We will continue to monitor the effects on the industries and companies in which we invest, paying close attention to downside risks while taking advantage of short-term volatility to invest in those companies we believe have solid long-term prospects.

While not immune to a global economic slowdown, we believe our investment approach positions us to identify companies with the potential to grow throughout the economic cycle. Our view is that stocks outside the U.S. have become even less expensive relative to their domestic counterparts, and the heightened level of trade tension with the U.S. may actually increase the potential for internationally-based companies to increase market share. We hope to use any significant market dislocation caused by slowing economic growth or trade concerns to add to positions in companies whose long-term prospects remain unchanged, in our view.

Economic conditions may ebb and flow, but our focus remains steadfast on investing in attractively-priced, financially-strong, well-managed companies with innovative strategies fueled by secular growth trends. We believe this discipline should 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 $377.63 Million  (7/1/19)
Expense Ratio 1.06% / 0.91%
Benchmark Morningstar Global Markets ex-US

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.

Literature

General Account
Forms
Investor
Class
Institutional
Class
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  New Account Application
  New Account Application - Entity
  Change or Add Account Details
  Cost Basis Method Election
  Power of Attorney
Individual Retirement Account (IRA) Forms
  IRA Account Application
  IRA Beneficiary Addition / Change
  IRA Required Minimum Distribution (RMD)
  IRA / Qualified Plan Distribution Request
  IRA Transfer
Coverdell Education Savings Accounts (ESA) Forms
  Coverdell ESA Application
  Coverdell ESA Distribution Request
  Coverdell ESA Transfer
Retirement Information
  Retirement Savings Options for Individuals

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 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.

The Case for Investing Internationally

The Case for Investing Internationally

“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

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

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FOR INDIVIDUAL INVESTORS

Trump Tariffs & the Current State of International Markets

Media Coverage

The Buffalo International Fund (BUFIX) portfolio managers, Bill Kornitzer, CFA, and Nicole Kornitzer, CFA, recently held a live Q&A session for investment advisors, 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 advisors@buffalofunds.com.

HIGHLIGHT

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

LEARN MORE

Annualized Performance (%)

As of 6/30/193 MO YTD 1 YR 3 YR5 YR10 YRSince Inception
(9/28/07)
BUFFALO INTERNATIONAL FUND - Investor6.8418.845.3513.216.529.264.68
BUFFALO INTERNATIONAL FUND - Institutional6.8818.935.5113.376.689.434.84
  Morningstar Global Markets ex-US Index2.7413.160.779.252.737.161.92
  Lipper International Fund Index3.5414.540.088.812.637.221.81
  Morningstar Foreign Large Growth Category4.8118.292.259.634.098.202.26

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.

Sign Up for Automatic Updates

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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

“Why Invest Internationally Now?”

“Why Invest Internationally Now?”

Discover in-depth insights on current and prospective trends from the viewpoint of our international portfolio managers.

Over the past 9 months, we have detected a change in market leadership, as international equities have started to outperform their domestic counterparts. In this latest report, learn why now might be the time to rethink your international equity exposure and possibly increase your international allocation levels.

The portfolio managers of the Buffalo International Fund go in-depth on current and prospective trends that investors and their advisors should be aware of when examining their investment strategy.

In this report, we cover:

  • International vs domestic U.S. investment universe
  • Economic cycles and GDP growth trends
  • Global savings rates and the affect they can have on investable assets
  • Credit cycles and the relationship between interest rates and dividend yields
  • Relative valuations and P/E ratios
  • Examples of long-term investor portfolio allocations

Discover how our International Fund portfolio managers, who operate within the international equity asset classes on a daily basis, view today’s international markets. See for yourself why we believe now is the time for investors to rethink international equity exposure and consider increasing international stock allocations.

Request More Information

Are you an investment professional?

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 received 4 stars among 325 for the 3-year, 4 stars among 280 for the 5-year, and 5 stars among 192 Foreign Large Growth funds for the 10-year period ending 9/30/17.

©2017 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.


Click here for current ratings of the Buffalo Funds.

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.

While the U.S. News Mutual Fund Score combines all five equally weighted category scores to achieve its weighting, Lipper intends its measures to be used as individual assessments of a fund's ability to meet specific goals, rather than as a cumulative measure of fund quality. Lipper rankings are comprised of five unique measures (Total Return, Consistent Return, Preservation, Expense, and Tax Efficiency), each with a 1-to-5 score, ranking each fund against its peers. The highest 20% of funds in each peer group are named Lipper Leaders, the next 20% receive a rating of 4, the middle 20% are rated 3, the next 20% are rated 2, and the lowest 20% are rated 1. The overall calculation is based on an equal-weighted average of percentile ranks for each measure over three-, five-, and ten-year periods (if applicable). Lipper Ratings for Total Return reflect funds’ historical total return performance relative to peers. Lipper Ratings for Consistent Return reflect funds’ historical risk-adjusted returns, relative to peers. Lipper Ratings for Preservation reflect funds’ historical loss avoidance relative to other funds within the same asset class. Lipper Ratings for Tax Efficiency reflect funds’ historical success in postponing taxable distributions relative to peers. Lipper Ratings for Expense reflect funds’ expense minimization relative to peers with similar load structures.

The Zacks Mutual Fund Rank ranks funds on a scale from 1 to 5, with 1 being a Strong Buy and 5 being a Strong Sell. Each quarter, Zacks updates their Mutual Fund Rank by evaluating the average Zacks Rank for the stocks owned by the fund and blending this with other criteria their studies show is beneficial in finding funds that will outperform in the future. In general, the higher the average Zacks Rank for the stocks in the fund, then the higher the Zacks Mutual Fund Rank.

TheStreet.com Ratings Investment Ratings for Funds condense the available fund performance and risk data into a single composite opinion of each fund's risk-adjusted performance. “A (Buy) Excellent” rating means the fund has an excellent track record of maximizing performance while minimizing risk, thus delivering the best possible combination of total return on investment and reduced volatility. “B (Buy) Good” rating means the fund has a good track record of balancing performance with risk. “C (Hold) Fair” rating ratings means the fund has a track record which is about average. “D (Sell) Weak” rating means the fund has underperformed the universe of other funds given the level of risk in its underlying investments, resulting in a weak risk-adjusted performance. “E (Sell) Very Weak” rating means the fund has significantly underperformed most other funds given the level of risk in its underlying investments, resulting in a very weak risk-adjusted performance. The plus sign (+) is an indication that the fund is in the top third of its letter grade. The minus sign (-) is an indication that the fund is in the bottom third of its letter grade. “U Unrated” rating means the fund does not have sufficient history to make a reliable assessment of its risk-adjusted performance.

The CFRA Rankings range from five-star (highest) to one-star (lowest) and follow a normalized distribution curve, based upon the fund’s rank in its Category. Top 10% receive five stars, next 20% receive four stars, middle 40% receive three stars, next 20% receive two stars, and the bottom 10% receive one star. Rankings are refreshed on a weekly basis to incorporate the latest inputs from the holdings-based analysis and the latest relative performance review.

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.

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.

Top 20 Female Portfolio Managers in America

Top 20 Female Portfolio Managers in America

Media Coverage

Overview

CityWire recently completed an analysis of 15,000 portfolio managers around the world and created a ranking of the top 20 female portfolio managers in the United States. Buffalo Funds portfolio manager Nicole Kornitzer was included in the list. We believe this a strong testament to the quality of fund managers we have on staff, and are proud of Nicole’s accomplishments.

Nicole, who was ranked #7, co-manages the Buffalo International Fund.

Click here to read the full CityWire article.

An explanation of ‘manager ratio’ and how manager ratings are assigned can be found 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.

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.

HIGHLIGHT

Buffalo Funds portfolio manager Nicole Kornitzer included in the Top 20 list

MEDIA CONTACT

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

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