Quick Facts
Inception Date:9/28/20077/1/2019
Expense Ratio:1.05%0.90%
Total Net Assets:$545.64 Million  (3/31/21)
Category:Foreign Large Cap Growth
Benchmark:Morningstar Global Markets ex-US
Related Material:
   Fund Fact Sheet Q1 2021
   PM Commentary Q1 2021
   Summary Prospectus
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.
ESG Integration

Management of the Buffalo International Fund integrates ESG (Environmental, Social, and Governance) related factors into the investment decision making process. ESG-related factors material to the risk and return of investments are explicitly considered, alongside traditional financial factors, when making investment decisions.

Learn More About ESG Integration

Morningstar Rating


Overall Morningstar Rating™ of BUFIX based on risk-adjusted returns among 381 Foreign Large Growth funds as of 5/31/21.

Investment Style
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 5/31/213 MOYTD1 YR3 YR5 YR10 YRSince Inception
BUFFALO INTERNATIONAL FUND - Investor10.4611.0742.4014.1315.278.766.74
BUFFALO INTERNATIONAL FUND - Institutional10.5111.1742.6014.3015.448.926.90
  Morningstar Global Markets ex-US Index7.6210.0043.389.1611.045.873.70
  Lipper International Fund Index8.8210.5243.109.7910.986.463.76
  Morningstar Foreign Large Growth Category6.376.5940.3813.1313.348.024.55
As of 3/31/213 MOYTD1 YR3 YR5 YR10 YRSince Inception
BUFFALO INTERNATIONAL FUND - Investor2.242.2451.7911.9713.518.426.17
BUFFALO INTERNATIONAL FUND - Institutional2.342.3452.1212.1513.698.586.33
  Morningstar Global Markets ex-US Index3.583.5851.536.7410.025.433.28
  Lipper International Fund Index4.784.7854.067.6910.176.133.40
  Morningstar Foreign Large Growth Category0.310.3154.2311.0512.287.674.13
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 3/31/21)
Upside Capture100.19
Downside Capture81.41
Sharpe Ratio0.63
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 3/31/21) 
# of Holdings85
Median Market Cap$43.90 B
Weighted Average Market Cap$98.90 B
3-Yr Annualized Turnover Ratio13.91%
Active Share92.06%
Market Capitalization
As of 3/31/21. Market Cap percentages may not equal 100% due to rounding.
Top 10 Holdings
Name of HoldingTickerCountrySector% of Net
Lonza GroupLONNSwitzerlandHealth Care2.92%
Taiwan SemiconductorTSMTaiwan, Province of ChinaTechnology2.39%
Sartorius Stedim BiotechDIMFranceHealth Care2.35%
Schneider ElectricSUFranceIndustrials2.33%
Eurofins ScientificERFFranceHealth Care2.18%
SAP SESAPGermanyTechnology2.02%
AonAONEnglandFinancial Services1.89%
Tomra SystemsTMRAFNorwayIndustrials1.87%
As of 12/31/20. 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 3/31/21. 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 Kingdom7.57%
Taiwan, Province of China2.94%
TOP 10 TOTAL83.29%


Nicole Kornitzer, CFA
Portfolio Manager

21 Years of Experience

 View full bio



(As of 3/31/21) — Equity markets outside the U.S. rose in the quarter, as the vaccine rollouts and more U.S. fiscal stimulus fueled hopes of global economic recovery. Compared to the S&P 500 Index return of 6.17%, the MSCI All-Country World ex-USA Index returned 2.95%, and the Morningstar Global Markets ex-U.S. Index returned 3.58%. However, the MSCI All-Country World ex-USA Growth Index posted a return of only -0.8%. The period was marked by outperformance of more cyclical and so-called value sectors globally, as the market rotation that began in the last quarter of 2020 became even more pronounced. Meanwhile, an increase in the 10-Year U.S. Treasury yield during the quarter weighed on sentiment towards growth stocks.

Geographically, developed markets performed a bit better than emerging markets in the quarter. The MSCI EAFE Index, a developed market index, rose 2.83%, while the MSCI Emerging Markets Index gained 1.95%. European equities advanced, with the Energy and Financial sectors performing especially strongly, as well as the Consumer Discretionary sector, driven by automakers. United Kingdom (U.K.) equities performed especially well, driven by more domestically focused companies and improved forward-looking economic data. Vaccination rates in the U.K. have been strong, as in the U.S., whereas on continental Europe they have been lagging. In Asia, Japanese equities were also positive, as corporate earnings reports were strong, but the yen weakened versus the dollar. Emerging markets rose, but sentiment weakened later in the quarter, as vaccination rates are lagging the developed markets, virus cases are rising in a number of countries, and the stronger U.S. dollar was a headwind. Brazil and China posted negative returns.


(As of 3/31/21) — The Buffalo International Fund (BUFIX) produced a return of 2.24% for the quarter, underperforming the Morningstar Global Markets ex-U.S. Index’s return of 3.58%. Sector allocation contributed to the underperformance versus the Morningstar index, as the Fund was underweight some of the strongest performing sectors in the quarter like Energy, Financials, and Telecom. The Fund was also overweight Healthcare, an underperforming sector in the quarter. Stock selection in Consumer Discretionary was also a negative factor, as the Fund was underweight automotive stocks, which outperformed.


Top contributors in the period included ASML Holding NV, Ashtead Group Plc, and Sartorius Stedim Biotech SA. ASML, a Dutch company, is facing strong demand for its photolithography systems that are used in the manufacturing of leading-edge semiconductors. ASML is the sole provider of this equipment for semiconductor manufacturing, an industry benefiting from growth due to some longer-term trends, such as digitalization, electric vehicles, and artificial intelligence. Ashtead, an equipment rental company headquartered in the U.K., generates the majority of its revenue in the U.S. The stock benefited from momentum in more cyclically-driven stocks in the quarter, though the longer-term outlook is underpinned by a secular trend toward outsourcing among construction companies, Ashtead’s largest customer base, and the expansion of the equipment rental market into other areas such as entertainment/media and sports. Sartorius Stedim Biotech, headquartered in France, is a global provider of equipment used in manufacturing biologic drugs. Such therapies include vaccines, among many other types of therapy, thus the company has benefited recently from the ramp-up in vaccine production.


Top detractors in the quarter were Lonza Group AG, Tomra Systems ASA, and Omron Corporation. All three stocks were victims of the investor shift out of secular growth companies with higher valuations, toward more cyclical companies and perceived value sectors. Lonza, the world’s largest contract development and manufacturing organization, underperformed the market, along with healthcare and other COVID-related businesses. Longer term, the company appears poised to benefit from exposure to high-growth segments of drug development, margin expansion from operating leverage, and its attractive cash position post the recent divestment of its specialty ingredients business. Tomra, a leading global manufacturer of machines used for recycling and sorting based in Norway, saw its stock price pull back from all-time highs on a lack of near-term catalysts. We continue to believe the longer term outlook is bright, however, as increased regulation and the need to resolve waste recycling problems compels more and more governments to purchase Tomra’s machines. Omron, a manufacturer of electronic components and equipment used for factory automation, reported good quarterly results, but after the year-end rally at the end of 2020, the stock traded off its peak. Worries over supply chain issues may have also added some pressure. We believe the outlook for trends in factory automation, as well as the recovery in industrial capital spending, is positive for Omron.


(As of 3/31/21) — Now that vaccinations are ramping up in the U.S. and the ensuing economic momentum is apparent, there is much enthusiasm for the same to be seen around the world. Despite Europe’s hiccups and slower rollout of vaccines, there is optimism that a similar economic recovery could happen come summertime. Meanwhile, many emerging markets, Brazil and India among them, are seeing a strong resurgence in virus cases and are on a potential path for more negative economic impact. In reality, the exact timeline is not yet known for a widespread global economic recovery, but, despite continued potential setbacks from vaccine supply hiccups and variants, there is good reason to believe the worst is now behind us in terms of global economic paralysis. Much of the recent debate revolves around inflation, which we are seeing mostly in the U.S. and in some global commodity prices. The possibility of a more persistent upswing in global inflation, however, is not yet fully clear. For now, it seems that vaccine and virus news could continue to cause volatility in international markets, as well as signs of inflation.

Throughout the continued volatility, our strategy remains the same, as we will seek opportunities to invest in high quality companies with sound business models whose secular growth opportunities can generate growth for years to come. 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

7 Buffalo Funds Named to IBD Best Mutual Funds 2021 List

Seven Buffalo Funds were named to Investor’s Business Daily Best Mutual Funds 2021 list, including the Best U.S. Diversified, Growth, Large Cap, Mid Cap, Small Cap, International, and U.S. Taxable Bond Fund categories.

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 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
  • 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 4 stars among 381 for the 3-year, 4 stars among 322 for the 5-year, and 4 stars among 226 Foreign Large Growth funds for the 10-year period ending 5/31/21.

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. ©2021 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.