Quick Facts
Inception Date:9/28/20077/1/2019
Expense Ratio:1.04%0.89%
Total Net Assets:$619.49 Million  (9/30/21)
Morningstar Category:Foreign Large Cap Growth
Benchmark Index:Morningstar Global Markets ex-U.S.
Related Material:
   Fund Fact Sheet Q3 2021
   PM Commentary Q3 2021
   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 381 Foreign Large Growth funds as of 11/30/21.

Morningstar Sustainability Rating™ of BUFIX out of 7,139 Global Equity Large Cap funds as of 9/30/21, based on 100% of AUM

Carbon Metric Rating of BUFIX as of 6/30/21 in the Foreign Large Growth category, based on 94% 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 11/30/213 MOYTD1 YR3 YR5 YR10 YRSince Inception
BUFFALO INTERNATIONAL FUND - Investor-4.1914.0119.3918.3016.1011.026.69
BUFFALO INTERNATIONAL FUND - Institutional-4.1414.2119.5518.4816.2711.196.85
  Morningstar Global Markets ex-US Index-5.424.069.8810.339.547.293.16
  Lipper International Fund Index-4.667.1313.0112.1610.358.113.40
  Morningstar Foreign Large Growth Category-5.864.6010.2916.7313.679.544.25
As of 9/30/213 MOYTD1 YR3 YR5 YR10 YRSince Inception
BUFFALO INTERNATIONAL FUND - Investor1.1212.6627.3914.2114.2411.846.68
BUFFALO INTERNATIONAL FUND - Institutional1.1212.8127.5714.3814.4012.006.84
  Morningstar Global Markets ex-US Index-2.386.6725.118.439.218.053.38
  Lipper International Fund Index-1.438.1226.329.309.668.953.51
  Morningstar Foreign Large Growth Category-1.525.3620.3013.0712.1810.504.36

BUFFALO INTERNATIONAL FUND - Investor-13.8219.0119.29-2.04-0.453.1929.33-8.8528.0219.10
BUFFALO INTERNATIONAL FUND - Institutional-13.6919.1819.46-1.89-0.303.3429.53-8.7128.2019.24
  Morningstar Global Markets ex-US Index-13.8917.3615.71-3.62-3.655.4527.37-14.1721.5711.17
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 9/30/21)
Upside Capture109.28
Downside Capture86.54
Sharpe Ratio0.76
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 9/30/21) 
# of Holdings89
Median Market Cap$39.50 B
Weighted Average Market Cap$88.76 B
3-Yr Annualized Turnover Ratio21.70%
Active Share91.86%
Market Capitalization
As of 9/30/21. Market Cap percentages may not equal 100% due to rounding.
Top 10 Holdings
Name of HoldingTickerCountrySector% of Net
ASML HoldingASMLNetherlandsTechnology3.00%
Ashtead GroupAHT LNEnglandIndustrials2.65%
Sartorius Stedim BiotechDIM FPFranceHealth Care2.63%
Taiwan SemiconductorTSMTaiwan, Province of ChinaTechnology2.62%
HexagonHEXA B SSSwedenTechnology2.41%
Schneider ElectricSU FPFranceIndustrials2.36%
Eurofins ScientificERF FPFranceHealth Care2.29%
LindeLIN GRIrelandMaterials2.28%
Lonza GroupLONN SWSwitzerlandHealth Care2.15%
Carl Zeiss MeditecAFX GRGermanyHealth Care2.13%
As of 6/30/21. 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 9/30/21. 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% of Portfolio
Net Assets
United Kingdom8.13%
Taiwan, Province of China2.62%
TOP 10 TOTAL84.69%
As of 6/30/21.
Emerging Markets:5.34%
Developed Markets:94.66%
As of 6/30/21.


Nicole Kornitzer, CFA
Portfolio Manager

21 Years of Experience

 View full bio

Pat Srinivas
International Equity Research Analyst

15 Years of Experience

 View full bio



(As of 9/30/21) — Equity markets outside the U.S. were weak in the quarter in U.S. Dollar terms, as COVID Delta variant infections rose, supply chain bottlenecks worsened, and an energy price spike weighed on the global recovery. While developed markets were flat-to-slightly down, emerging markets were down considerably, driven by a sell-off in China. Concerns surrounding Chinese property developer Evergrande’s ability to service its massive debts ballooned into broader growth concerns within China, and later led to fears of contagion and the potential effects on global growth. As reports of rising costs multiplied, inflation fears also weighed on the markets. While the S&P 500 Index was nearly flat, producing a return of 0.58% during the quarter, the MSCI ACWI ex-US Index was down -2.99%, and the MSCI ACWI ex USA Growth Index was down -3.58%.


(As of 9/30/21) — The Buffalo International Fund (BUFIX) produced a return of 1.12% for the quarter, outperforming the MSCI All-Country World Ex USA Growth Index, which posted a negative return of -3.58%, and also the more broad Morningstar Global Markets ex-US Index, which posted a negative return of -2.38%. Compared to the Morningstar indices, outperformance was due mostly to stock selection. Sector allocation was a bit of a drag, as our lack of Energy weighed on relative performance. Geographically, however, our lower allocation to China was a contributing factor to the better relative performance.


Top contributors in the period included Sartorius Stedim Biotech SA, IMCD N.V., and Aon Plc. Sartorius Stedim, a global provider of equipment used in manufacturing biologic drugs, reported better results than expected and raised its guidance for the year on a record 80% increase in orders. Biologic drugs are in ever higher demand due to increases in biosimilars, new treatment modalities and emerging markets. IMCD, a global distributor of specialty chemicals, continues to benefit from the growing market for outsourcing by chemical companies. While chemical companies rationalize the number of distributors for efficiency gains, large players like IMCD are able to gain market share. Aon, a risk and insurance brokerage consulting company, saw its stock rise after mutual cancellation of a merger with Willis Towers Watson, a deal that had been weighing on the share price due a potential lengthy legal fight and surrounding uncertainty.


Top detractors in the quarter were Kering, Tencent Holdings, and Anheuser-Busch. Kering, like other global luxury goods stocks, declined on fears surrounding China’s Common Prosperity policy goals. We continue to own and have slightly increased our position on weakness, as we believe the large aspirational middle class will still be the most significant driving force for consumption of luxury goods within China, while consumption of luxury goods in the United States is trending further upward. Tencent, a social networking payment and mobile games company in China, saw continued pressure on its stock price, as China announced policy intentions surrounding restricting video games for minors, breaking down “walled gardens”, state ownership of data, and a need for internet companies to no longer focus solely on profitability. For now we have decided to step to the sidelines and have sold our position until there is clearer visibility on the outlook and future prospects for the internet giant. Finally, Anheuser-Busch, the multinational beer giant, saw a declining stock price, as concerns over slowing hard seltzer sales and loss of share to craft beers and spirits weighed on the stock. We are currently reevaluating our position.


(As of 9/30/21) — Going forward, market volatility will most likely continue. On the one hand, global economies continue to recover, as vaccination rates rise and mobility and overall economic activity improves. On the other hand, however, uncertainty around future growth and inflation will most likely continue to weigh on the market. Supply chain bottlenecks continue around the globe, with shortages of semiconductors affecting the automotive and technology industries, while factory closures due to COVID and delays at ports wreak havoc on retailers. Companies in nearly every industry are now reporting cost inflation, whether it be from labor costs, raw materials, transportation, or energy. Recent worries related to China’s slowing economic growth and the secondary effects have become a global concern, as the country is dealing with regulatory measures that have now affected most industries.

Despite the clouds appearing on the horizon, we will continue to stick to our strategy of seeking high quality companies that have sound business models, competitive advantages, and secular growth drivers with the potential to lead to growth for the long term. Targeted companies are attractively-priced, financially-stable, and well-managed with innovative strategies. 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

Kiplinger: Top-Performing Mutual Funds

Kiplinger recognized the Buffalo Small Cap, Early Stage Growth, and International funds as “Top-Performing Mutual Funds” in their recent fund analysis.

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.

Recent Recognition
  • 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
  • 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.

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.

©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 Buffalo International Fund (BUFIX) received 4 stars among 381 for the 3-year, 4 stars among 324 for the 5-year, and 4 stars among 220 Foreign Large Growth funds for the 10-year period ending 11/30/21. 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.