Inception Date
  September 28, 2007

Total Fund Assets
  $245.70 Million  (9/30/17)

Expense Ratio

Benchmark Index
  Russell Global ex-US


Overall Morningstar™ rating out of 327 Foreign Large Growth funds as of 11/30/17 (derived from a weighted average of the fund’s 3-, 5-, and 10-year risk adjusted return measure).


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


Low High

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 327 funds in the Foreign Large Growth category, as of 11/30/17.


“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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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.

2 pages | October 2017

Why Invest Internationally Now?

13 pages | October 2017

View Press Release Download White Paper

Performance (%)

As of 11/30/173 MOYTD1 YR3 YR5 YR10 YRSince Inception
Buffalo International Fund3.3428.1831.928.439.544.574.51
  Russell Global ex-US Index4.7524.8627.936.377.661.911.96
  Lipper International Fund Index4.6824.8327.196.558.552.182.20
  Morningstar Foreign Large Growth4.8328.8530.177.358.832.452.28
As of 9/30/173 MOYTD1 YR3 YR5 YR10 YRSince Inception
Buffalo International Fund5.1126.1921.239.139.894.434.42
  Russell Global ex-US Index6.1521.4219.445.247.491.711.71
  Lipper International Fund Index5.8922.0819.476.018.682.012.01
  Morningstar Foreign Large Growth6.5125.3718.476.968.812.252.04
YearBuffalo International FundRussell Global ex-US IndexMorningstar Foreign Large Growth
* Partial year. Inception to year-end.
(As of 9/30/17)

vs Russell Global ex-US Index
Upside Capture98.42
Downside Capture77.68
Sharpe Ratio0.77

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 9/30/17)

# of Holdings75
Median Market Cap$20.16 B
Weighted Average Market Cap$51.35 B
3-Yr Annualized Turnover Ratio8.02%
Name of HoldingTickerCountrySector% of Net Assets
Fresenius SE & Co KGaAFREGermanyHealth Care2.76%
SAP SESAPGermanyTechnology2.74%
KeringKERFranceConsumer Discretionary2.56%
Taiwan Semiconductor Manufacturing LtdTSMTaiwan (China)Technology2.49%
Davide Campari-MilanoCPR IMItalyConsumer Staples2.30%
Broadcom LtdAVGOSingaporeTechnology2.24%
Linde AGLINGermanyMaterials2.01%
Henkel AG & Co KGaAHENGermanyConsumer Staples1.92%
AonAONEnglandFinancial Services1.88%
View Full Holdings

As of 6/30/17. 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 6/30/17. 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 TOTAL78.9%
United Kingdom8.9%
Hong Kong3.6%
As of 6/30/17. 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.

Global equity markets continued their positive momentum into the 3rd quarter of 2017, supported by the most synchronized global expansion in years. With global economic growth coupled with low inflation, recession risk is low, and the normalization of monetary policy should keep inflation in check.

In the Eurozone, both the core and periphery are enjoying a period of expansion, despite a more worrisome situation in the United Kingdom. In Asia, China has benefited from the weaker U.S. dollar, and emerging markets have benefited from rebounding global trade and China’s rising imports. Amidst the steady backdrop, international markets continued to perform well relative to the U.S. market, with the Russell Global ex-U.S. Index advancing 6.23% versus the Russell 3000 Index’s return of 4.57%.


The Buffalo International Fund produced a return of 5.11% for the quarter and slightly underperformed the Russell Global ex-U.S. return of 6.15%. Fund performance lagged the index slightly primarily due to our lack of exposure to energy companies, the best performing benchmark sector during the period.

Overall, performance in the period was mostly driven by stock selection, and the top contributors in the quarter were Wirecard, a provider of internet payment and processing services, Kering SA, a Paris-based luxury group with a brand portfolio that includes Gucci Group, among others, and ASML Holding NV, a producer of semiconductor manufacturing equipment. Wirecard and Kering both reported 2nd quarter 2017 financial results that exceeded expectations. At Kering this was mostly due to the continued success of the Gucci brand and overall better management and use of direct-to-consumer and online commerce across all brands. Meanwhile Wirecard, one of the fastest-growing online payment companies, continued to see strong organic volume growth and has begun to benefit from prior acquisitions. Finally, ASML benefited from semiconductor manufacturers’ increased spending on new production lines. The company is making progress at the 7nm node, and its EUV throughput issues appear to be improving.

Top detractors during the period included Trivago and Allergan Plc. Trivago, an online travel search platform, was negatively impacted by a decision from one of their customers to reduce spending on performance advertising through several online travel platforms, including Trivago’s, which reduced the company’s potential revenue growth in the near term. We continue to believe that the company’s business model is the right place to be over the long term; however, we will be monitoring the relationships with its advertising customers closely. Meanwhile Allergan, the specialty pharmaceutical company, has been negatively impacted on concerns with pending litigation on the patent of one of its drugs.


The outlook for global growth continues to be positive. For the first time since 2007 all 45 countries tracked by the Organization for Economic Cooperation and Development (OECD) are on pace to growth this year, with growth rates expected to accelerate in 33 of those countries. While we appreciate the positive trend, we will continue to anticipate potential changes and the impact of fiscal tightening by central banks around the world. In Europe, we will continue to watch the United Kingdom, where there is rising inflation and lack of real income growth. In Asia, with the next Chinese National Congress pending, we will be monitoring the government’s focus and the rebalancing of the Chinese economy, where economic expansion could be losing some momentum in the wake of tighter fiscal policy.

Whatever the economic changes are to come, our investment process remains the same. It is designed to favor a long-term secular growth perspective, within the context of our valuation and country-specific macro analyses. As usual, we are taking incremental risks were it makes sense, yet continuing to pursue our strategy of hedging capital from potential downside risks. We always look for opportunities to buy or add to companies that are exposed to secular growth, improving balance sheets, and sustainable business models that possess valuations that could provide appropriate potential returns for our investors.

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 327 for the 3-year, 4 stars among 281 for the 5-year, and 5 stars among 203 Foreign Large Growth funds for the 10-year period ending 11/30/17.

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.

©2017 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.