Quick Facts
Investor Institutional
Daily Pricing:  
As of 2/23/2024  
NAV: $21.93 $21.95
$ Change: $0.02 $0.02
% Change:
0.09% 0.09%
3.64% 3.68%
Inception Date: 9/28/2007 7/1/2019
Expense Ratio: 1.04% 0.89%
Total Net Assets: $748.45 Million  (9/30/23)
Morningstar Category: Foreign Large Cap Growth
Benchmark Index: FTSE All World Ex-US
Related Material:
   Fund Fact Sheet Q4 2023
   PM Commentary Q4 2023
   Portfolio Manager Q&A
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 394 Foreign Large Growth funds as of 1/31/24

PM Insights

International Equities
— The New Market Leaders?

Access Report >>

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 1/31/243 MOYTD1 YR3 YR5 YR10 YRSince Inception
BUFFALO INTERNATIONAL FUND - Investor14.24-1.466.472.659.047.445.42
BUFFALO INTERNATIONAL FUND - Institutional14.32-1.466.612.809.207.605.57
  FTSE All World Ex-US Index13.39-0.996.631.886.094.922.89
  Lipper International Fund Index13.08-0.807.212.746.944.942.96
As of 12/31/233 MOYTD1 YR3 YR5 YR10 YRSince Inception
BUFFALO INTERNATIONAL FUND - Investor11.1618.3318.333.0410.777.065.54
BUFFALO INTERNATIONAL FUND - Institutional11.1818.4718.473.2010.947.225.70
  FTSE All World Ex-US Index9.7616.2016.202.307.854.552.97
  Lipper International Fund Index10.4317.5317.532.738.564.563.03

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 12/31/23)
Upside Capture122.90
Downside Capture109.49
Sharpe Ratio0.04
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 12/31/23) 
# of Holdings81
Median Market Cap$45.46 B
Weighted Average Market Cap$91.45 B
3-Yr Annualized Turnover Ratio8.04%
Active Share89.31%
Market Capitalization

As of 12/31/23. Market Cap percentages may not equal 100% due to rounding.

Top 10 Holdings
Name of HoldingTickerCountrySector% of Net
Linde plcLINSwMaterials2.32
Renesas Electronics Corporation6723 JPJapanInformation Technology2.03
Schneider Electric SESU FPFranceIndustrials1.95
Novo Nordisk A/S Sponsored ADR Class BNVODenmarkHealth Care1.84
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADRTSMTaiwanInformation Technology1.82
BayCurrent Consulting, Inc.6532 JPJapanIndustrials1.80
Aon Plc Class AAONUnited KingdomFinancials1.73
Ashtead Group plcAHT LNUnited KingdomFinancials1.71
MercadoLibre, Inc.MELIArgentinaConsumer Discretionary1.64
Siemens AktiengesellschaftSIE GRGermanyIndustrials1.55
As of 9/30/23. 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 12/31/23. 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 Kingdom11.24%
TOP 10 TOTAL89.10%
As of 12/31/23
Emerging Markets:7.23%
Developed Markets:92.77%
As of 12/31/23


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

Frank Deibold
Research Analyst

12 Years of Experience

 View full bio



(As of 12/31/23)

The Buffalo International Fund posted a return of 11.16% for the quarter, outperforming the
broad prospectus index, FTSE All-World ex-US index, which posted a return of 9.75%. The
Buffalo International Fund’s outperformance was mostly due to stock selection, which was
partially offset by a cash position that weighed on performance during the market rally.

Top Contributors

Top contributors in the period included Shin-Etsu Chemical Company, Adyen NV,
and IMCD N.V. Shin-Etsu is a Japanese chemical company that manufactures PVC for
construction and silicon wafers for semiconductors. Management’s positive comments
about both PVC pricing and silicon wafer demand supported the company’s share price
during the quarter. The company should benefit from increasing demand for large silicon
wafers, partially due to generative AI, and supply constraints in the industry. Adyen, a
global payment solutions provider headquartered in the Netherlands, reassured investors
after reporting disappointing results in the prior quarter. The company reported growth that rebounded from the prior period, issued more appropriate mid-term guidance, and responded to several investor concerns. We believe Adyen has the most compelling payment solutions platform for global companies. Finally, IMCD, a specialty chemical distributor, saw its stock rise after a third quarter report delivering better margins than expected. Previous quarters had been challenged due to customer destocking, but management commentary and similar statements from peers seemed to suggest a potential bottom in the industry.

Top Detractors

Top detractors in the quarter were Li Ning, Julius Baer Gruppe AG, and Aon Plc. Li Ning, one of the largest sportswear brands in China, reported disappointing third-quarter results, partially due to a clamp-down on cross-selling among distributors, but also due to the weak consumer sentiment in China and heightened competition among brands in a promotional environment. We remain on the sidelines in terms of an investment with the company given the difficult backdrop, despite favorable long-term trends that should underpin sales of sporting goods in China. Second, Julius Baer, the third-largest private bank in Switzerland, revealed that it had financed the now troubled real estate developer, Ren Benko, up to $500 million in Swiss Francs and has taken a write-down of $82 million Swiss Francs thus
far. The stock price dropped on fear that the write-downs will increase. We continue to hold Julius Baer with the expectation that the stock should recover once it becomes clear that this situation is a one-off event and that the associated risk is manageable. Management does not have a history of poor risk making decisions and the balance sheet is strong enough to absorb further potential write-offs. Over the medium-term the company should benefit from trends in increased wealth and demand for global wealth managers. Finally, Aon, a global reinsurance broker, announced the acquisition of NFP, a middle market insurance broker, for what appears to be a high valuation. The company will take a near-term hit to earnings and cash flows, as the deal will be accretive starting only in 2027. While we think the company
has some work to do in terms of proving the value creation potential of the deal, we give management the benefit of the doubt given their track record in creating value for shareholders. Over the long term the acquisition should boost free cash flow to this historically strong generator of free cash. Aon’s business model remains attractive, and we remain optimistic about the company’s ability to bring value through its data analytics when competing in the middle-market segment.


(As of 12/31/23)

We are cautiously optimistic about the prospects for international equity markets in 2024. While we could witness slower global economic growth, inflation should continue to recede, and we expect interest rates to decline in much of the world sometime during the year (perhaps not as quickly as markets might hope). If the United States avoids a recession it should help to prop up the global economy. Across the Atlantic, European economies are clearly weakening, data suggests waning consumer and business confidence, but the continent might be able to avoid a deep recession, given strength in the labor market, positive real wage growth, and healthy consumer savings. In Asia, we continue to be optimistic about the future in Japan. An end to deflation and the new focus on corporate governance and corporate value improvements through the Tokyo Stock Exchange’s 2023 policy initiative bode well for positive economic growth and stock performance.

Overall significant risks remain that could weigh on international equity markets. Geopolitical tensions and several political elections around the world are top of mind. Further disruptions to supply chains and additional inflation shocks have been a recent market concern. China is clearly a concerning piece in the global economy, as recent data shows further deflation, steeper declines in the housing market and weaker consumption. Strong government stimulus is necessary to turn things around but is still nowhere to be found. The weakness in China continues to weigh on many of our portfolio companies, though they are adapting to a less optimistic future and expectations are being reset. On balance, while we acknowledge there are still risks to the global outlook, we believe there is potential for greater optimism
later in the year that could overshadow the lingering negatives as interest rates begin to recede.

Whatever the future brings, we will continue to look for opportunities over the short term to invest with a long-term view. We pay attention to the valuation of the companies in our portfolio and will seek out opportunities during periods of market weakness using volatility to buy high quality growth companies at attractive valuations. Our strategy remains unchanged, focus on companies that can benefit from long term secular growth trends and seek quality companies that have sound, sustainable business models, competitive advantages, that generate consistent free cash flow and strong returns on their investments. We especially like proven management teams that are focused on creating value for shareholders. We believe that by continuing our disciplined strategy we should be able to post attractive 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.


Buffalo International Fund
  Fact Sheet12/31/23
  Quarterly Q&A12/31/23
  Full Fund Holdings6/30/23
  Statement of Additional Information7/28/23
  Annual Report3/31/23
  Semi-Annual Report9/30/22
  Tax Guide - 20231/8/24
General Account
  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.

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 4 stars among 394 for the 3-year, 4 stars among 336 for the 5-year, and 5 stars among 229 Foreign Large Growth funds for the 10-year period ending 1/31/24. Other share classes may have different performance characteristics based on risk-adjusted returns.