Quick Facts
Inception Date:9/28/20077/1/2019
Expense Ratio:1.05%0.90%
Total Net Assets:$545.64 Million  (3/31/21)
Category:Foreign Large Cap Growth
Benchmark:Morningstar Global Markets ex-US
Related Material:
   Fund Fact Sheet Q4 2020
   PM Commentary Q4 2020
   Summary Prospectus
PM Insights

International Equities
— The New Market Leaders?

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The Case for Investing Internationally

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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 >>

Morningstar Rating


Overall Morningstar Rating™ of BUFIX based on risk-adjusted returns among 383 Foreign Large Growth funds as of 3/31/21.

Investment Style
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.

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 3/31/213 MOYTD1 YR3 YR5 YR10 YRSince Inception
BUFFALO INTERNATIONAL FUND - Investor2.242.2451.7911.9713.518.426.17
BUFFALO INTERNATIONAL FUND - Institutional2.342.3452.1212.1513.698.586.33
  Morningstar Global Markets ex-US Index3.583.5851.536.7410.025.433.28
  Lipper International Fund Index4.784.7854.067.6910.176.133.40
  Morningstar Foreign Large Growth Category0.310.3154.2311.0512.287.674.13
As of 3/31/213 MOYTD1 YR3 YR5 YR10 YRSince Inception
BUFFALO INTERNATIONAL FUND - Investor2.242.2451.7911.9713.518.426.17
BUFFALO INTERNATIONAL FUND - Institutional2.342.3452.1212.1513.698.586.33
  Morningstar Global Markets ex-US Index3.583.5851.536.7410.025.433.28
  Lipper International Fund Index4.784.7854.067.6910.176.133.40
  Morningstar Foreign Large Growth Category0.310.3154.2311.0512.287.674.13
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 12/31/20)
Upside Capture103.20
Downside Capture81.43
Sharpe Ratio0.59
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 Characteristics
(As of 12/31/20) 
# of Holdings87
Median Market Cap$48.95 B
Weighted Average Market Cap$97.03 B
3-Yr Annualized Turnover Ratio13.47%
Active Share91.34%
Market Capitalization
As of 12/31/20. Market Cap percentages may not equal 100% due to rounding.
Top 10 Holdings
Name of HoldingTickerCountrySector% of Net
Lonza GroupLONNSwitzerlandHealth Care2.62%
Taiwan SemiconductorTSMTaiwan, Province of ChinaTechnology2.42%
Sartorius Stedim BiotechDIMFranceHealth Care2.36%
Schneider ElectricSUFranceIndustrials2.29%
Eurofins ScientificERFFranceHealth Care2.28%
SAP SESAPGermanyTechnology2.09%
AonAONEnglandFinancial Services2.05%
Tomra SystemsTMRAFNorwayIndustrials2.05%
As of 9/30/20. 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 12/31/20. 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
United Kingdom6.28%
Taiwan, Province of China2.42%
TOP 10 TOTAL78.89%


Nicole Kornitzer, CFA
Portfolio Manager

21 Years of Experience

 View full bio



(As of 12/31/20) — Global equity markets soared in the 4th quarter with the MSCI ACWI Index returning 14.35%, outperforming the S&P 500 Index, which returned 12.15%. Excitement and hope for a return to economic normality after the approval of COVID-19 vaccines, followed by resolution of the uncertainty surrounding the U.S. elections, fueled global market euphoria. All sectors rose during the period, led by Energy and Financials, followed by Technology and Materials, while the Healthcare and Consumer Staples sector performance were not as robust. Value performed better than Growth, and smaller companies had strong performance. The global stock markets were particularly boosted by the performance of emerging markets, which posted their strongest quarter in over a decade, helped by the decline in the value of the U.S. dollar. The MSCI Emerging Markets Index rose 19.70% in the quarter, boosting the returns of the MSCI ACWI ex-US Index, which rose 16.67%. The MSCI EAFE Index, a developed market index, rose 15.75%.


(As of 12/31/20) — The Buffalo International Fund (BUFIX) produced a return of 13.08% for the quarter, trailing the Morningstar Global Markets ex-U.S. Index’s return of 17.28%. Sector allocation was the main driver of underperformance during the period, as an overweight in Healthcare, which lagged on a relative basis, coupled with underweight positions in Energy and Financials (stronger performing sectors) were all considerable drags on performance versus our benchmark. The Fund’s allocation to cash also detracted from relative results during the markets’ strong advance. Geographically, the Fund is underweight in emerging markets, a strongly outperforming region, which was also a drag on relative results.


Top contributors in the period included Taiwan Semiconductor Manufacturing Company, Ltd. (TSM), ASML Holding NV, and ICICI Bank. TSM, the largest contract semiconductor manufacturer in the world, continues to benefit from its technology leadership and dominant market share with higher growth and improving margins. ASML, a Dutch company, is facing strong demand for its photolithography systems that are used in the manufacturing of leading-edge semiconductors — ASML is the largest supplier in the world for these systems. Along with TSM, ASML could be a beneficiary of some longer-term trends affecting the semiconductor industry, such as spend on elevated logic and memory equipment for artificial intelligence. ICICI Bank, India’s second largest private bank, benefited from the trend of private banks taking share from public banks. Its prior restructuring and digitalization efforts appear to be paying off, leaving it well-positioned to potentially benefit from normalizing business volume when the pandemic recedes.


Top detractors in the quarter were SAP SE, Alibaba, and Symrise AG. SAP, a developer of global business software for enterprise management, lowered its financial targets because of a push toward faster movement of their customers into cloud-based software, which puts near-term pressure on growth and margins. We continue to have faith in the longer-term outlook for the company, but acknowledge the next year or two could be less interesting in terms of growth. For now, we maintain the stock at a reduced weight in the portfolio. Alibaba, the largest ecommerce company in China, saw a dramatic reduction in its stock price after it confronted some issues in the quarter with the Chinese central government. The government is increasing regulation of the ecommerce and fintech industries in China, and put a stop to the initial offering (IPO) of one of Alibaba’s equity holdings until such regulations are clear. While the IPO valuation has been significantly affected, we do not see the future earnings power of Alibaba as having been materially reduced, thus we hold our modest position and monitor new regulations to assess the company’s long term potential. Finally, Symrise, a global player in the flavor and fragrance market, with a focus on natural products, posted slightly disappointing results in the 3rd quarter and suffered from a cyber-attack to production. The forward outlook for continued above-market organic sales growth and further margin expansion, however, looks intact. The company stands to benefit from increased product reformulations, driven by consumer trends toward natural, plant-based or health and wellness products.


(As of 12/31/20) — As we saw in November after the initial approval of vaccines, there is considerable potential for strong market movement when cash is redeployed into markets from the sidelines, and we could see further market strength from enthusiasm linked to the pandemic recovery. The initial euphoria, however, has been tempered by the continued difficulty in moving past the pandemic, given new virus mutations and high rates of transmission. The first half of 2021 seems to be poised for a tug of war between the speed and efficacy of vaccination efforts and the rate of transmission of the virus. It will be difficult to get to a strong full economic recovery until we can attain some level of herd immunity, so we would not be surprised to see continued market volatility over the next quarter or two, especially if corporate earnings get pushed more and more toward the back half of the year.

While there are still some unknowns in terms of the recovery, and indeed the question of potential inflation is another one we will monitor closely, we remain optimistic that the back half of the year could yield more optimism about a return to global growth. We continue to note that stocks outside the U.S. are generally less expensive relative to their domestic counterparts, providing a potential platform for relative outperformance.

As always, our focus remains steadfast on seeking out the opportunities available in non-U.S. companies that are attractively-priced, financially-strong, and fueled by secular growth trends, in our opinion. 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

7 Buffalo Funds Named to IBD Best Mutual Funds 2021 List

Seven Buffalo Funds were named to Investor’s Business Daily Best Mutual Funds 2021 list, including the Best U.S. Diversified, Growth, Large Cap, Mid Cap, Small Cap, International, and U.S. Taxable Bond Fund categories.

Top 20 Female Portfolio Managers in America 2019

List of the “Top 20 Female Portfolio Managers in the U.S.” according to Citywire includes Buffalo Fund manager Nicole Kornitzer, one of only 7 women to be included in consecutive years.

Kiplinger: Top-Performing Mutual Funds

Kiplinger recognized the Buffalo Small Cap and the Buffalo International funds as “Top-Performing Mutual Funds” in their recent fund analysis.

Recent Recognition
  • Investor’s Business Daily “Best Mutual Funds List” – March 22, 2021
  • Investor’s Business Daily “Best Mutual Funds List” – March 23, 2020
  • Citywire “Top 20 Female Portfolio Managers in the U.S.” – December 20, 2019
  • Kiplinger Top-Performing Mutual Fund (5 Years) – November 15, 2019
  • US News & World Reports – Best Mutual Funds – August 15, 2019
  • Zacks “4 Non-U.S. Mutual Funds to Buy Now” – July 3, 2019
  • Zacks “3 Non-U.S. Mutual Funds Worth Taking a Look” – May 3, 2019
  • Morningstar 5-star Overall Rating – March 31, 2019out of 373 Foreign Large Growth funds*
  • Morningstar 5-star Overall Rating – December 31, 2018out of 364 Foreign Large Growth funds*
  • Zacks “Consider These Non-U.S. Mutual Funds for Excellent Returns” – October 25, 2018
  • Morningstar 5-star Overall Rating – September 30, 2018out of 347 Foreign Large Growth funds*
  • Citywire “Winning Women – Top 20 Female Portfolio Managers in the U.S.” – August 31, 2018
  • Citywire “International Stars to Watch” – August 10, 2018
  • Morningstar 5-star Overall Rating – September 30, 2017out of 325 Foreign Large Growth funds*
  • Zacks “Four #1 Non-U.S. Mutual Funds” – September 22, 2017
  • Citywire “Alpha Female 2017 – The Top Female Fund Managers in 7 Major Markets” – August 8, 2017
  • Zacks “3 Strong Buy Non-U.S. Mutual Funds” – June 7, 2017
  • Citywire Top 20 Female Portfolio Managers in the U.S. – December 7, 2016

*Overall Morningstar Rating derived from a weighted average of the fund’s 3-, 5-, and 10-year risk adjusted return.


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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 383 for the 3-year, 4 stars among 320 for the 5-year, and 4 stars among 224 Foreign Large Growth funds for the 10-year period ending 3/31/21.

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. ©2021 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.