Quick Facts
Investor Institutional
Ticker: BUFIX BUIIX
Daily Pricing:  
As of 6/12/2024  
NAV: $22.43 $22.46
$ Change: $0.30 $0.30
% Change:
1.36% 1.35%
YTD:
6.00% 6.09%
Inception Date: 9/28/2007 7/1/2019
Expense Ratio: 1.04% 0.89%
Total Net Assets: $1.08 Billion  (3/31/24)
Morningstar Category: Foreign Large Cap Growth
Benchmark Index: FTSE All World Ex-US
Related Material:
   Fund Fact Sheet Q1 2024
   PM Commentary Q1 2024
   Portfolio Manager Q&A
Morningstar Ratings

     

Overall Morningstar Rating™ of BUFIX based on risk-adjusted returns among 378 Foreign Large Growth funds as of 5/31/24

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.

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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 5/31/243 MOYTD1 YR3 YR5 YR10 YRSince Inception
BUFFALO INTERNATIONAL FUND - Investor1.244.4410.610.959.377.355.67
BUFFALO INTERNATIONAL FUND - Institutional1.284.5310.791.119.547.515.83
  FTSE All World Ex-US Index4.405.9517.410.977.564.733.25
  Lipper International Fund Index5.207.8318.331.898.545.023.42
As of 3/31/243 MOYTD1 YR3 YR5 YR10 YRSince Inception
BUFFALO INTERNATIONAL FUND - Investor5.435.4310.894.109.597.645.79
BUFFALO INTERNATIONAL FUND - Institutional5.485.4811.084.249.767.805.95
  FTSE All World Ex-US Index4.544.5413.992.556.704.953.20
  Lipper International Fund Index5.865.8614.723.087.615.113.34

20132014201520162017201820192020202120222023
BUFFALO INTERNATIONAL FUND - Investor19.29-2.04-0.453.1929.33-8.8528.0219.1018.21-21.7918.33
BUFFALO INTERNATIONAL FUND - Institutional19.46-1.89-0.303.3429.53-8.7128.2019.2418.42-21.6518.47
  FTSE All World Ex-US Index15.62-3.04-4.465.1227.47-13.8722.2011.528.66-15.2216.20
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 3/31/24)
Upside Capture128.29
Downside Capture109.78
Alpha1.60
Beta1.11
Sharpe Ratio0.07
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

Portfolio Characteristics
(As of 3/31/24) 
 
# of Holdings82
Median Market Cap$44.45 B
Weighted Average Market Cap$106.20 B
3-Yr Annualized Turnover Ratio7.35%
Active Share89.53%
Market Capitalization

As of 3/31/24. Market Cap percentages may not equal 100% due to rounding.

Top 10 Holdings
Name of HoldingTickerCountrySector% of Net
Assets
Novo NordiskNVODenmarkHealth Care2.29
LindeLINSwitzerlandMaterials2.02
Taiwan Semiconductor Manufacturing Co.TSMTaiwanInformation Technology1.99
Schneider Electric SE483410FranceIndustrials1.95
ICONICLRIrelandHealth Care1.87
Lonza Group AG733337SwitzerlandHealth Care1.83
MercadoLibre, Inc.MELIArgentinaConsumer Discretionary1.79
Renesas Electronics Corporation6723JapanInformation Technology1.66
AstrazenecaAZNUnited KingdomHealth Care1.61
SAP SESAPGermanyInformation Technology1.58
TOP 10 HOLDINGS TOTAL18.59%
As of 3/31/24. 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 3/31/24. 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.

Countries
TOP 10 COUNTRIES% of Portfolio
Net Assets
France18.31%
Germany13.04%
Switzerland11.81%
United Kingdom11.59%
Japan10.02%
Ireland8.31%
Canada5.35%
Netherlands4.43%
Denmark3.02%
Sweden2.68%
TOP 10 TOTAL88.56%
As of 3/31/24
MARKET CLASSIFICATION
Emerging Markets:7.66%
Developed Markets:92.34%
As of 3/31/24

Management

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 Diebold
Research Analyst

12 Years of Experience

 View full bio

Commentary

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.

Literature

Buffalo International Fund
Documents
Last
Updated
  Fact Sheet3/31/24
  Quarterly Q&A3/31/24
  Full Fund Holdings3/31/24
  Prospectus7/28/23
  Statement of Additional Information7/28/23
  Annual Report3/31/24
  Semi-Annual Report9/30/23
  Tax Guide - 20231/8/24
General Account
Forms
Investor
Class
Institutional
Class
Both
  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.

©2024 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 378 for the 3-year, 4 stars among 333 for the 5-year, and 4 stars among 222 Foreign Large Growth funds for the 10-year period ending 5/31/24. Other share classes may have different performance characteristics based on risk-adjusted returns.