Inception Date
  September 28, 2007

Total Fund Assets
  $277.67 Million  (3/31/18)

Expense Ratio

Benchmark Index
  Russell Global ex-US


Overall Morningstar™ rating out of 345 Foreign Large Growth funds as of 5/31/18 (derived from a weighted average of the fund’s 3-, 5-, and 10-year risk adjusted return measure).


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.).


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.

Risk vs Category



The Morningstar™ Risk vs Category rating is an assessment of the variations in a fund’s monthly returns, with an emphasis on downside variations, in comparison to the 345 funds in the Foreign Large Growth category, as of 5/31/18.


“Why Invest Internationally Now?”

Our International Fund portfolio managers provide a detailed analysis of various global factors they view as key drivers of growth in international markets and discuss why today’s investing environment could be ideal for investors looking to expand their international exposure.


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.

~ Bill Kornitzer, Portfolio Manager


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SPECIAL REPORT: Trump Tariffs & the Current State of International Markets

In a recent Q&A, the Buffalo International Fund (BUFIX) portfolio managers, Bill Kornitzer, CFA, and Nicole Kornitzer, CFA, provided some 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?
  • Can you give us an example of a company in the portfolio that shows your process at work?
  • What differentiates your fund from others?

Access Q&A Recordings >>

Why Invest Internationally Now?

Access Report >>

Performance (%)

As of 5/31/183 MOYTD1 YR3 YR5 YR10 YRSince Inception
Buffalo International Fund2.933.8211.778.578.444.744.75
  Russell Global ex-US Index-2.31-1.6610.
  Lipper International Fund Index-1.36-1.208.674.816.462.662.12
  Morningstar Foreign Large Growth0.200.9312.036.257.373.172.40
As of 3/31/183 MOYTD1 YR3 YR5 YR10 YRSince Inception
Buffalo International Fund1.211.2118.328.818.555.494.57
  Russell Global ex-US Index-1.18-1.1816.836.796.803.282.01
  Lipper International Fund Index-0.74-0.7416.346.307.123.442.20
  Morningstar Foreign Large Growth0.200.2020.067.357.623.902.38
YearBuffalo International FundRussell Global ex-US IndexMorningstar Foreign Large Growth
(As of 3/31/18)

vs Russell Global ex-US Index
Upside Capture89.23
Downside Capture79.06
Sharpe Ratio0.71

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.

Growth of $10k

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.


(As of 3/31/18)

# of Holdings81
Median Market Cap$28.32 B
Weighted Average Market Cap$53.50 B
3-Yr Annualized Turnover Ratio7.65%
Name of HoldingTickerCountrySector% of Net Assets
KeringKERFranceConsumer Discretionary3.12%
SAP SESAPGermanyTechnology2.59%
Taiwan Semiconductor Manufacturing LtdTSMTaiwan (China)Technology2.49%
Davide Campari-MilanoCPR IMItalyConsumer Staples2.22%
Fresenius SE & Co KGaAFREGermanyHealth Care2.22%
Linde AGLINGermanyMaterials2.18%
Broadcom LtdAVGOSingaporeTechnology2.17%
Carl Zeiss MeditecAFXGermanyHealth Care1.92%
View Full Holdings

As of 12/31/17. Top 10 Holdings for the quarter are not disclosed until 60 days after quarter end. Those listed are for the previous quarter. Fund holdings are subject to change and are not recommendations to buy or sell any securities.

Buffalo publishes this listing of securities held as of the most recent calendar-quarter end, with a 30 or 60 day lag depending on the portfolio. Buffalo may exclude any portion of holdings from publication when deemed in the best interest of the portfolio.

The portfolio data and its presentation here may differ from the complete schedules of investments in regulatory filings due to differing accounting and reporting requirements.

As of 3/31/18. 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 TOTAL81.8%
United Kingdom8.7%
Hong Kong3.1%
As of 12/31/17. Top 10 Holdings for the quarter are not disclosed until 60 days after quarter end. Those listed are for the previous quarter. Fund holdings are subject to change and are not recommendations to buy or sell any securities.

Buffalo publishes this listing of securities held as of the most recent calendar-quarter end, with a 30 or 60 day lag depending on the portfolio. Buffalo may exclude any portion of holdings from publication when deemed in the best interest of the portfolio.

The portfolio data and its presentation here may differ from the complete schedules of investments in regulatory filings due to differing accounting and reporting requirements.


Commentary for Q1 2018   (As of 3/31/18)


(As of 3/31/18) — The long streak of low volatility and positively-skewed equity performance ended in the 1st quarter of 2018. Strong gains in January were erased in February and March, leaving many global equity markets in slightly negative territory for the quarter.

Volatility increased substantially as worries about increasing interest rates, possible trade wars, and elevated political uncertainty offset generally strong economic data, pushing the Russell Global ex-U.S. Index down 1.02% in the 1st quarter.


(As of 3/31/18) — For the 1st quarter of 2018, the Buffalo International Fund produced a return of +1.21%, outperforming the Russell Global ex-U.S. Index by over 2.0%. The Fund’s outperformance versus the benchmark was primarily driven by stock selection as our sector allocations had limited impact on relative returns.

Top contributors in the period were Naturex, YOOX Net aPorter, and Sartorius. Shares of both Naturex and YOOX were driven by acquisition offers – presumably as the acquirers perceived value opportunities similar to what we’ve identified through our own analysis of each company.

Sartorius, a leading equipment supplier to the biopharmaceutical industry, benefited as investors once again looked at the long-term opportunity of providing “picks and shovels” to the burgeoning biotechnology field, rather than worrying about temporary supply constraints within the industry.

Top detractors in the period were Linde, Eurofins, and DUFRY. Linde, which provides industrial and medical gases for numerous industries around the globe, saw its stock price suffer as investors feared regulators could block a significant planned merger with Praxair. Eurofins, which offers laboratory safety and purity analysis, came under pressure primarily due to currency headwinds that reduced earnings estimates for the year. Meanwhile DUFRY AG, which operates duty-free and retail shops in airports around the globe, saw shares of its stock decline as investors became concerned that the company’s future revenue growth and margins profile could be hindered as travel growth has slowed and competitive pressures have increased.


(As of 3/31/18) — Global growth has been relatively robust, but concerns that we may be late in an extended business cycle in the U.S. and globally could put a damper on further multiple expansion. The “easy” financial conditions being promulgated by central banks and governments provide a benign economic backdrop for further growth. That said, equity market participants are increasingly wary of any stimuli that could upset the applecart, be it trade wars, inflation, rising interest rates, or geopolitical actions, any of which could lead to increased market volatility.

With respect to concerns of escalating protectionism and possible trade wars, we remain somewhat sanguine. Free trade in an economic sense is best for everyone. While governments may have a duty to act in best interest of their country and citizens, corporations as stateless entities have the ability to flex their operations to different locales and can generally produce and sell where it’s most prudent.

Our investment philosophy is based on identifying secularly-growing companies with non-government mandated
competitive advantages, and, as such, are generally outside the milieu of those industries ripe for trade actions, except from perhaps a very broad economic perspective. In this more unstable environment, the Buffalo International Fund seeks to use the added volatility to trim or exit holdings in which we have modest expectations for risk-adjusted returns, or to add to higher conviction stocks in which we anticipate superior risk-adjusted returns.

Economic conditions may ebb and flow, but our focus remains steadfast on investing in attractively-priced, financially strong, well-managed companies with innovative strategies, fueled by the Buffalo Secular Growth Trends, by our own internal analysis. We believe this discipline could 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. Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Earnings growth is not representative of the fund’s future performance.

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.

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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 received 4 stars among 345 for the 3-year, 4 stars among 307 for the 5-year, and 4 stars among 216 Foreign Large Growth funds for the 10-year period ending 5/31/18.

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.

©2018 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.