International Markets Offering Low Valuations and Faster Pace of Growth
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.
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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.
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.
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