Quick Facts
Inception Date:9/28/20077/1/2019
Expense Ratio:1.05%0.90%
Total Net Assets:$482.68 Million  (9/30/20)
Category:Foreign Large Cap Growth
Benchmark:Morningstar Global Markets ex-US
Related Material:
   Fund Fact Sheet Q3 2020
   PM Commentary Q3 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?

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Morningstar Rating


Overall Morningstar Rating™ of BUFIX based on risk-adjusted returns among 420 Foreign Large Growth funds as of 9/30/20.

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 9/30/203 MOYTD1 YR3 YR5 YR10 YRSince Inception
BUFFALO INTERNATIONAL FUND - Investor10.505.3315.518.0011.307.615.24
BUFFALO INTERNATIONAL FUND - Institutional10.555.4515.658.1611.467.775.40
  Morningstar Global Markets ex-US Index6.64-5.213.491.366.674.511.87
  Lipper International Fund Index5.92-3.535.281.676.235.091.93
  Morningstar Foreign Large Growth Category9.638.1018.537.179.707.123.21
As of 9/30/203 MOYTD1 YR3 YR5 YR10 YRSince Inception
BUFFALO INTERNATIONAL FUND - Investor10.505.3315.518.0011.307.615.24
BUFFALO INTERNATIONAL FUND - Institutional10.555.4515.658.1611.467.775.40
  Morningstar Global Markets ex-US Index6.64-5.213.491.366.674.511.87
  Lipper International Fund Index5.92-3.535.281.676.235.091.93
  Morningstar Foreign Large Growth Category9.638.1018.537.179.707.123.21
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 9/30/20)
Upside Capture102.07
Downside Capture78.38
Sharpe Ratio0.41
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 9/30/20) 
# of Holdings83
Median Market Cap$36.26 B
Weighted Average Market Cap$78.56 B
3-Yr Annualized Turnover Ratio21.70%
Active Share92.61%
Market Capitalization
As of 9/30/20. Market Cap percentages may not equal 100% due to rounding.
Top 10 Holdings
Name of HoldingTickerCountrySector% of Net
Lonza GroupLONNSwitzerlandHealth Care2.48%
Schneider ElectricSUFranceIndustrials2.26%
Taiwan SemiconductorTSMTaiwan, Province of ChinaTechnology2.20%
ASML HoldingASMLNetherlandsTechnology2.16%
AonAONEnglandFinancial Services2.11%
Ashtead GroupASHTFUnited KingdomIndustrials2.10%
SAP SESAPGermanyTechnology2.07%
Eurofins ScientificERFFranceHealth Care2.00%
Tomra SystemsTMRAFNorwayIndustrials1.92%
As of 6/30/20. 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 9/30/20. 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 Kingdom7.07%
Taiwan, Province of China2.20%
TOP 10 TOTAL72.41%


Nicole Kornitzer, CFA
Portfolio Manager

19 Years of Experience

 View full bio



(As of 6/30/20) — Following the calamitous 1st quarter, global equities rebounded sharply in the 2nd quarter, as central banks and governments around the world announced measures to support economies in the midst of the COVID-19 lockdowns. As countries reopened, optimism for the possibility of a V-shaped recovery drove markets higher. All industry sectors and all geographies rose strongly during the period. While the rise was not quite as dramatic as in the U.S. markets, the MSCI ACWI ex-US Index rose a strong 16.12%, while the MSCI EAFE Index rose 14.88%. Emerging markets, which had suffered the worst decline in the 1st quarter, rebounded 18.08% as measured by the MSCI Emerging Markets Index.


(As of 6/30/20) — The Buffalo International Fund (BUFIX) produced a return of 18.82% for the quarter, outperforming the Morningstar Global Markets ex-US Index’s return of 16.96%. Stock selection was the main driver of performance during the period. The sector allocation impact was fairly neutral during the period, while the Fund’s allocation to cash detracted from relative results during the markets’ strong advance.


Top contributors in the period included Ashtead Group, ASML Holding NV, and Lonza Group AG, which all saw their stocks recover from steep drops in the prior quarter.

Ashtead Group, which provides rental equipment primarily for construction-related activities, has been propelled even higher by expectations for a U.S. infrastructure bill. Whatever the government decides, we feel Ashtead will come out of any economic recession better positioned than ever, and companies may increasingly be likely to rent equipment rather than purchase their own, as they try to maintain larger cash balances.

ASML, one of the world’s largest producers of semiconductor manufacturing equipment, rebounded and climbed even higher, as management expressed confidence in its ability to recoup lost sales and grow for the full year in spite of the pandemic. ASML is the sole provider of certain equipment for semiconductor manufacturing and could be a key beneficiary of some longer-term trends such as spending on elevated logic and memory equipment for artificial intelligence (AI).

Finally, Lonza Group, which produces media and active ingredients that help pharmaceutical companies produce biologic drugs and drug candidates, has had minimal disruption to its business throughout the pandemic. Growth, strategic investments, and portfolio adjustments were all on track, while announced manufacturing agreements with vaccine developers may have given the stock a bit of additional momentum.


Partially offsetting the contributions from above included lagging results from Grifols S.A., Jardine Matheson Holdings Limited, and BAE Systems PLC during the period.

Grifols, a pharma company focused on the plasma derivatives business, had a weak stock performance due to concerns around the collection of plasma from human donors in the face of the circulating virus, as well as recent positive data from a potential future competitor in one business area. While we think the pandemic presents some challenges and will add to costs, the long-term growth of the business continues to be attractive in our view, for a company operating in an industry with high barriers to entry.

Jardine Matheson, a conglomerate of consumer-driven businesses in the Asia-Pacific region, reported results that were pressured by pandemic-related declines in consumption while BAE Systems also reported greater impacts from COVID-19 disruptions than had been expected.


(As of 6/30/20) — As we have seen over the past month, the prospects of a quick and complete bounce back from the economic pain induced by the lockdowns is proving too optimistic. The pandemic continues to sweep its way across the world, flaring up here and there, and frankly, it is unknown what further measures will be taken to control its spread or how consumers will react to its presence. We expect to see continued market volatility over the next few quarters, as we continue to be in a period of economic uncertainty, and most companies have limited visibility into the near-term future of their businesses.

While the economic impact of the past lockdowns is becoming clearer, we do not yet know exactly in what enduring ways this pandemic might weigh on global economies, nor how behaviors might change for the longer term. Social unrest has risen over the past quarter, and the continued pandemic and ensuing economic stress could cause further unrest. Given the damage to trade that the pandemic has caused, the rising trade tensions between the U.S. and China will also be a factor to monitor. Finally, medical advances or failures with respect to a treatment or a vaccine for coronavirus will have an impact on the outlook for markets. All of these factors create uncertainty and may contribute to market choppiness.

As always, we believe volatility offers opportunity for those investors who take a longer-term view. We will seek out those companies who can survive during this exceptional time and grow throughout the economic cycle beyond. As usual, our focus remains steadfast on investing in attractively-priced, financially-stable, well-managed companies with innovative strategies fueled by secular growth attributes. 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

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 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 3 stars among 420 for the 3-year, 4 stars among 336 for the 5-year, and 4 stars among 243 Foreign Large Growth funds for the 10-year period ending 9/30/20.

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. ©2020 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.