Quick Facts
Investor Institutional
Daily Pricing:  
As of 6/8/2023  
NAV: $20.54 $20.56
$ Change: $0.14 $0.14
% Change:
0.69% 0.69%
14.17% 14.22%
Inception Date: 9/28/2007 7/1/2019
Expense Ratio: 1.03% 0.88%
Total Net Assets: $610.59 Million  (3/31/23)
Morningstar Category: Foreign Large Cap Growth
Benchmark Index: FTSE All World Ex-US
Related Material:
   Fund Fact Sheet Q1 2023
   PM Commentary Q1 2023
   Summary Prospectus
Fund Objective & Investment Philosophy

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.

In selecting securities for the International Fund, the Fund managers use a bottom-up approach in choosing investments, seeking companies expected to experience growth based on the identification of long-term, measurable industry, technological, global or other trends. Companies are screened using in-depth, in-house research to identify those which the Fund managers believe have favorable attributes, including: attractive valuation, strong management, conservative debt, free cash flow, scalable business models, and competitive advantages.

In making portfolio selections the Fund managers will also consider the economic, political and market conditions of the various countries in which the Fund may invest.

Morningstar Ratings


Overall Morningstar Rating™ of BUFIX based on risk-adjusted returns among 403 Foreign Large Growth funds as of 4/30/23

Morningstar Sustainability Rating™ of BUFIX out of 7,800 Global Equity Large Cap funds as of 3/31/23, based on 100% of AUM

Carbon Metric Rating of BUFIX as of 3/31/23 in the Foreign Large Growth category, based on 100% of AUM; long positions only


Historical Sustainability Score Rank of BUFIX

PM Insights

International Equities
— The New Market Leaders?

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The Case for Investing Internationally

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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 4/30/233 MOYTD1 YR3 YR5 YR10 YRSince Inception
BUFFALO INTERNATIONAL FUND - Investor3.2013.019.0012.637.247.735.47
BUFFALO INTERNATIONAL FUND - Institutional3.2513.069.1712.807.417.895.63
  FTSE All World Ex-US Index0.578.513.2110.543.144.642.65
  Morningstar Global Markets ex-US Index0.398.122.279.992.55--
  Lipper International Fund Index1.8010.717.0011.673.775.172.77
  Morningstar Foreign Large Growth Category1.7210.944.207.984.155.612.75
As of 3/31/233 MOYTD1 YR3 YR5 YR10 YRSince Inception
BUFFALO INTERNATIONAL FUND - Investor12.5112.51-0.2115.587.397.975.47
BUFFALO INTERNATIONAL FUND - Institutional12.5012.50-0.0915.767.558.135.63
  FTSE All World Ex-US Index6.576.57-4.8212.623.154.852.54
  Morningstar Global Markets ex-US Index6.276.27-5.7212.222.55--
  Lipper International Fund Index8.468.46-2.1013.733.585.342.65
  Morningstar Foreign Large Growth Category9.609.60-5.6210.633.935.782.69

BUFFALO INTERNATIONAL FUND - Investor19.29-2.04-0.453.1929.33-8.8528.0219.1018.21-21.79
BUFFALO INTERNATIONAL FUND - Institutional19.46-1.89-0.303.3429.53-8.7128.2019.2418.42-21.65
  FTSE All World Ex-US Index15.62-3.04-4.465.1227.47-13.8722.2011.528.66-15.22
  Morningstar Global Markets ex-US Index15.71-3.62-3.655.4527.37-14.1721.5711.178.41-16.15
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 FTSE All World Ex-US Index (As of 3/31/23)
Upside Capture130.68
Downside Capture112.09
Sharpe Ratio0.74
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 3/31/23) 
# of Holdings81
Median Market Cap$39.75 B
Weighted Average Market Cap$90.44 B
3-Yr Annualized Turnover Ratio11.46%
Active Share90.64%
Market Capitalization
As of 3/31/23. Market Cap percentages may not equal 100% due to rounding.
Top 10 Holdings
Name of HoldingTickerCountrySector% of Net
LindeLIN GRIrelandMaterials2.88%
Schneider ElectricSU FPFranceIndustrials2.36%
MerckMRK GRGermanyHealth Care2.32%
Ashtead GroupASHTYUnited KingdomIndustrials2.28%
Novo-NordiskNVODenmarkHealth Care1.95%
HexagonHEXA B SSSwedenTechnology1.92%
AstraZenecaAZNCFUnited KingdomHealth Care1.85%
As of 12/31/22. 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 3/31/23. 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% of Portfolio
Net Assets
United Kingdom13.21%
United States7.04%
Hong Kong2.56%
TOP 10 TOTAL87.06%
As of 3/31/23
Emerging Markets:2.25%
Developed Markets:97.75%
As of 3/31/23


Nicole Kornitzer, CFA
Portfolio Manager

23 Years of Experience

 View full bio

Pat Srinivas
International Equity Research Analyst

17 Years of Experience

 View full bio



(As of 3/31/23) — Global equity markets, as measured by the MSCI ACWI ex-USA Index, advanced 6.90% in the first quarter in sympathy with the S&P 5OO Index advance of 7.50% during the quarter. Most markets abroad outperformed the US in US dollar terms during the first month of the quarter, in large part due to the weakening of the US dollar, but also due to cash flows abroad. However, global markets experienced considerable volatility during the last two months of the quarter, as expectations for the US Federal Reserve’s monetary policy fluctuated, and bank failures in the US and the near failure of Credit Suisse rocked markets. Investor sentiment subsequently shifted away from inflation fears toward greater concerns about the broader global economy.

European markets were especially strong in the quarter, as measured by the STOXX Europe 600 Index which advanced 7.75% in local currency, and 9.34% in US dollar terms. With China emerging from its zero-COVID policy, enthusiasm for European companies with exposure to China drove the luxury sector and certain industrials. Meanwhile semiconductors and technology were also strong performing sectors.

In Asia, Japan’s Nikkei Index advanced 7.46% in the quarter (6.05% in USD terms), while Hong Kong’s Hang Seng Index rose 2.49% in USD terms. The Korean market rose 7.34%, while domestic Chinese markets rose about 5.00% (both in USD terms). Some other notable emerging markets countries declined, notably India, which fell -3.44% and Brazil pulled back -3.09% (in USD terms).


(As of 3/31/23) — The Buffalo International Fund produced a return of 12.51% for the quarter, a result that outperformed the prospectus benchmark FTSE All-World ex-US Index return of 6.57%. The fund outperformed two growth indexes, the MSCI All-Country World ex-US Growth Index and the and the developed country MSCI EAFE Growth Index, which posted returns of 8.69% and 11.21%, respectively. Compared to the prospectus FTSE All-World ex-US Index, the Buffalo International Fund’s outperformance was due to stock selection, while the fund’s cash position was a small drag on performance.


Top contributors in the period included Renesas Electronics Corporation, MercadoLibre Inc., and BayCurrent Consulting, Inc. Renesas is a global semiconductor manufacturer, headquartered in Japan. Renesas shares rose after fourth quarter sales and profits came in ahead of expectations, driven by continued strong demand for their Automotive and Industrial IoT chips. Renesas is exposed to two big changes that are happening currently in the Auto industry, namely EV (electric vehicles) and ADAS (Advanced Driver-Assistance Systems), which we expect to drive demand for their products over the next several years. Even after the current share price run-up, Renesas continues to trade at a 30% – 40% discount to global peers with similar growth and profitability metrics, according to our analysis. BayCurrent consulting is benefiting from the structural growth in digitization/SaaS in Japan. Headed into the year, there were concerns about a slowdown in IT spend impacting BayCurrent, but the results and the guidance for the year is proving that with overall IT spend, digitization trend in Japan is proving to be recession resilient due to the delayed digital transformation in Japan (Japan, while the 3rd largest IT spender globally behind the US and Europe, has lagged behind in digitization and SaaS over the past decade). Finally, MercadoLibre, the largest ecommerce platform in South America, had a strong quarter driven by margin expansion and operating leverage. Their recent initiatives to manage credit quality appear to be working, as delinquencies reduced sequentially. We believe MercadoLibre will have a strong 2023, with incremental growth and margin expansion coming from their Fintech initiatives and continued operating leverage.


Top detractors in the quarter were Nintendo Co., Ltd., L’Occitane International S.A. and Nordic Semiconductor ASA. Nintendo, the Japanese gaming company, cut their sales and profit outlook for the year ending March 2023 due to lackluster sales of their Switch console. The Switch console is six years old while rival Sony’s PlayStation 5 is just over two years old. However, we continue to like Nintendo as a business over the medium to long term. Currently they have over 100 million active Switch users, which will undoubtedly continue to buy games over the next several years. In addition, management is now focusing more on monetizing their IP through partnerships. They opened a Super Mario World theme park at Universal Studios Hollywood in Feb 2023, and they plan to release The Super Mario Bros. movie in April. While we believe hardware and software will remain their core business, this newer initiative could increase brand awareness and provide SG&A leverage to sell more games.

L’Occitane also detracted from fund performance the quarter, after reporting a worse than expected third quarter driven by weak sales trends in China, due to COVID disruption and inflation-driven consumption weakness in Europe. This prompted management to lower both sales and profit guidance. We believe the stock is undervalued post the sell-off, and that the risk-reward profile is favorable. The post-COVID recovery in China and the steady pick-up in travel retail sales should help sales to recover over the next couple of quarters, while the long term growth potential is still attractive with the company’s multi-brand strategy and global footprint.

Finally, Nordic Semiconductor’s stock fell sharply as their guidance was poor, driven by weakness in consumer electronics, specifically in China. China went from 25% of revenue to less than 10% in a little over a year. In prior meetings with investors management was optimistic due to their strong order backlog, but this quarter painfully reminded us that order backlogs are not always a good indicator of real demand or future earnings. Considering management’s inability to read into the backlog issues and hence manage investor expectations, we decided to exit our position and take tax losses to offset realized gains in the portfolio.


(As of 3/31/23) — Looking forward, we continue to closely monitor the outlook for the United States economy, as the signs of an economic slowdown have been growing. We would anticipate that for the fund’s companies that sell into the US, this slowdown could start to appear in management comments or in the reported numbers over the next few quarters. Fortunately for many portfolio companies, the economies of the Eurozone have been more resilient this year than expected, and the recovery in China appears to be gaining momentum. So far, the Chinese recovery has led to increased spending by the wealthy, benefiting luxury goods. Consumer confidence is only beginning to return to a level where the Chinese middle class can feel comfortable enough to increase spending, which could boost businesses investment. For our global companies, we are optimistic that economic malaise will not occur in all regions simultaneously. Depending on the size of the potential slowdown in the US, however, we know that an impact felt will be felt by the rest of the world in time.

Nevertheless, we continue to seek out high quality companies that have sound, sustainable business models, competitive advantages, benefiting from secular growth drivers that should continue beyond an economic downturn. We prefer businesses that have strong balance sheets and generate consistent free cash flow. In this inflationary environment we also favor companies that can pass off cost pressures, such as those with competitive advantages, high recurring revenues, or companies whose products make up a small cost of a larger product. Faced with a potential recession, we are emphasizing companies that can preserve margins even in a weaker economic environment. This may include businesses that are asset light, have low fixed costs, or have the means to drive efficiency improvements through a downturn. As always, we are paying close attention to the valuation of the companies in our portfolio, and seek out opportunities during periods of market weakness or volatility to buy high quality growth companies at attractive valuations. We believe that by continuing this time-tested, disciplined investment strategy we should be able to produce 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

Kiplinger: Top-Performing Mutual Funds

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

Kiplinger: Top-Performing Mutual Funds

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

Recent Recognition
  • Investor’s Business Daily “Best Mutual Funds List” – April 21, 2022
  • Kiplinger’s “Top Performing Mutual Funds” – April 18, 2022
  • Kiplinger’s “Top Performing Mutual Funds” – March 10, 2022
  • Kiplinger’s “Top Performing Mutual Funds” – January 24, 2022
  • Kiplinger’s “Top Performing Mutual Funds” – December 21, 2021
  • Kiplinger’s “Top Performing Mutual Funds” – November 18, 2021
  • Kiplinger’s “Top Performing Mutual Funds” – August 18, 2021
  • 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

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


General Account
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  Coverdell ESA Application
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Retirement Information
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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.

Morningstar Rating™

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 Morningstar Rating does not include any adjustment for sales loads. 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.

©2022 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 Buffalo International Fund (BUFIX) received 5 stars among 403 for the 3-year, 4 stars among 350 for the 5-year, and 5 stars among 234 Foreign Large Growth funds for the 10-year period ending 4/30/23. Other share classes may have different performance characteristics based on risk-adjusted returns.
Morningstar Sustainability Rating™

The Morningstar Sustainability Rating™ is intended to measure how well the issuing companies of the securities within a fund’s portfolio holdings are managing their financially material environmental, social and governance, or ESG, risks relative to the fund’s Morningstar Global Category peers. The Morningstar Sustainability Rating calculation is a five -step process. First, each fund with at least 67% of assets covered by a company-level ESG Risk Score from Sustainalytics receives a Morningstar Portfolio Sustainability Score. The Morningstar Portfolio Sustainability Score is an asset weighted average of company-level ESG Risk Scores. The Portfolio Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk. Second, the Historical Sustainability Score is an exponential weighted moving average of the Portfolio Sustainability Scores over the past 12 months. The process rescales the current Portfolio Sustainability Score to reflect the consistency of the scores. The Historical Sustainability Score ranges between 0 to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies with high ESG Risk, on a consistent historical basis. Third, the Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Global Categories in which at least thirty (30) funds receive a Historical Sustainability Score and is determined by each fund’s Morningstar Sustainability Rating Score rank within the following distribution: High (highest 10%), Above Average (next 22.5%), Average (next 35%), Below Average (next 22.5%), and Low (lowest 10%). Fourth, Morningstar applies a 1% rating buffer from the previous month to increase rating stability. This means a fund must move 1% beyond the rating breakpoint to change ratings. Fifth, they adjust downward positive Sustainability Ratings to funds with high ESG Risk scores. The logic is as follows: If Portfolio Sustainability score is above 40, then the fund receives a Low Sustainability Rating. If Portfolio Sustainability score is above 35 and preliminary rating is Average or better, then the fund is downgraded to Below Average. If the Portfolio Sustainability score is above 30 and preliminary rating is Above Average, then the fund is downgraded to Average. If the Portfolio Sustainability score is below 30, then no adjustment is made. The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe. Since a Sustainability Rating is assigned to all funds that meet the above criteria, the rating it is not limited to funds with explicit sustainable or responsible investment mandates. Morningstar updates its Sustainability Ratings monthly. The Portfolio Sustainability Score is calculated when Morningstar receives a new portfolio. Then, the Historical Sustainability Score and the Sustainability Rating is calculated one month and six business days after the reported as-of date of the most recent portfolio. As part of the evaluation process, Morningstar uses Sustainalytics’ ESG scores from the same month as the portfolio as-of date. Please click on http://corporate1.morningstar.com/SustainableInvesting/ for more detailed information about the Morningstar Sustainability Rating methodology and calculation frequency. Sustainalytics is an independent ESG and corporate governance research, ratings, and analysis firm. Morningstar, Inc. holds a non-controlling ownership interest in Sustainalytics.

Morningstar Low Carbon Designation™

The Morningstar® Low Carbon Designation™ is intended to allow investors to easily identify low-carbon funds across the global universe. The designation is an indicator that the companies held in a portfolio are in general alignment with the transition to a low-carbon economy. The designation is given to portfolios that have low carbon-risk scores and low levels of exposure to fossil fuels. To determine carbon-risk scores and fossil fuel involvement, Morningstar uses Sustainalytics' company-level data. The Morningstar® Portfolio Carbon Risk Score™ measures the risk that companies in a portfolio face from the transition to a low-carbon economy. The Morningstar® Portfolio Fossil Fuel Involvement™ percentage assesses the degree to which a portfolio is exposed to thermal coal extraction and power generation as well as oil and gas production, power generation, and products & services. To receive a Morningstar Portfolio Carbon Risk Score, at least 67% of portfolio assets must have a carbon-risk rating from Sustainalytics. The percentage of assets covered is rescaled to 100% before calculating the score. To receive the designation, a portfolio must meet two criteria: 1) a 12-month trailing average Morningstar Portfolio Carbon Risk Score below 10 and 2) a 12-month trailing average exposure to fossil fuels less than 7% of assets, which is approximately a 33% underweighting to the global equity universe. Funds receive the Low Carbon designation based on the most recent quarterly calculations of their 12- month trailing average Morningstar Portfolio Carbon Risk Scores and Morningstar Portfolio Fossil Fuel Involvement. Funds holding the Low Carbon designation that no longer meet the criteria will not receive the designation for the subsequent quarter. All Morningstar Portfolio Carbon Metrics, including the Morningstar Portfolio Carbon Risk Score, Morningstar Portfolio Fossil Fuel Involvement, and the Morningstar Low Carbon Designation, are calculated quarterly. Please visit http://corporate1.morningstar.com/SustainableInvesting/ for more detail information about the Morningstar Low Carbon Designation and its calculation. Sustainalytics is an independent ESG and corporate governance research, ratings, and analysis firm. Morningstar, Inc. holds a non-controlling ownership interest in Sustainalytics.