Quick Facts
Inception Date:9/28/20077/1/2019
Expense Ratio:1.06%0.91%
Total Net Assets:$361.63 Million  (3/31/20)
Category:Foreign Large Cap Growth
Benchmark:Morningstar Global Markets ex-US
Related Material:
   Fund Fact Sheet Q1 2020
   PM Commentary Q1 2020
   Summary Prospectus
Fundamental Growth Investors

Portfolio Managers Bill Kornitzer and Nicole Kornitzer discuss how they attempt to find the most appropriate stocks to invest in from the thousands of companies worldwide.

“Unlike many of our peers, we aren’t trying to pick stocks that are going to be the best performers in the next week or the next quarter, but trying to strive for the best long term performance on a risk adjusted basis over time.”
  ~ Bill Kornitzer, CFA

Morningstar Rating


Overall Morningstar Rating™ of BUFIX based on risk-adjusted returns among 420 Foreign Large Growth funds as of 4/30/20.

Investment Style
PM Insights

International Equities
— The New Market Leaders?

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The Case for Investing Internationally

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Trump Tariffs & the Current State of International Markets

In a recent Q&A, BUFIX portfolio managers provided 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?

Access Q&A Recordings >>

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.

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 4/30/203 MOYTD1 YR3 YR5 YR10 YRSince Inception
BUFFALO INTERNATIONAL FUND - Investor-11.65-12.91-4.304.734.946.203.84
BUFFALO INTERNATIONAL FUND - Institutional-11.59-12.85-4.144.895.106.363.99
  Morningstar Global Markets ex-US Index-15.59-17.89-11.59-0.330.363.380.78
  Lipper International Fund Index-15.02-17.36-10.85-0.410.263.750.75
  Morningstar Foreign Large Growth Category-10.78-12.21-3.843.622.785.421.68
As of 3/31/203 MOYTD1 YR3 YR5 YR10 YRSince Inception
BUFFALO INTERNATIONAL FUND - Investor-19.78-19.78-7.673.053.575.273.18
BUFFALO INTERNATIONAL FUND - Institutional-19.78-19.78-7.573.193.725.433.33
  Morningstar Global Markets ex-US Index-24.01-24.01-16.12-2.16-0.192.520.16
  Lipper International Fund Index-23.35-23.35-14.49-1.94-0.542.850.15
  Morningstar Foreign Large Growth Category-19.08-19.08-8.322.031.794.461.03
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 3/31/20)
Upside Capture98.68
Downside Capture79.81
Sharpe Ratio0.09
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 3/31/20) 
# of Holdings85
Median Market Cap$25.23 B
Weighted Average Market Cap$58.76 B
3-Yr Annualized Turnover Ratio13.91%
Active Share92.36%
Market Capitalization
As of 3/31/20. Market Cap percentages may not equal 100% due to rounding.
Top 10 Holdings
Name of HoldingTickerCountrySector% of Net
Taiwan SemiconductorTSMTaiwan, Province of ChinaTechnology2.28%
KeringKERFranceConsumer Discretionary2.26%
Sartorius Stedim BiotechDIMFranceHealth Care2.24%
AonAONEnglandFinancial Services2.12%
ICICI BankIBNIndiaFinancial Services2.02%
SAP SESAPGermanyTechnology2.01%
Schneider ElectricSUFranceIndustrials2.00%
Carl Zeiss MeditecAFXGermanyHealth Care1.93%
LVMH Moet HennessyMCPFranceConsumer Discretionary1.90%
As of 12/31/19. 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 3/31/20. 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 Kingdom8.90%
Taiwan, Province of China2.24%
TOP 10 TOTAL76.11%


Bill Kornitzer, CFA
Portfolio Manager

27 Years of Experience

 View full bio

Nicole Kornitzer, CFA
Portfolio Manager

19 Years of Experience

 View full bio



(As of 3/31/20) — Global equity markets fell sharply in the first quarter of 2020 in reaction to the global spread of COVID-19. As the case count increased exponentially, the only effective response was for countries to go into lockdown. The economic impact of these actions became clear as the quarter progressed and virtually all asset classes suffered as a result. Within developed international markets, the United Kingdom and Australia were among the biggest decliners while Switzerland held up relatively well. Counterintuitively, China was a relatively strong country performer, posting a relatively modest 10% decline, while Brazil was among the worst losing 50%.

From a sector perspective, Energy and Consumer Discretionary suffered the most as the Saudis and Russians engaged in an oil price war and consumers globally went into quarantine. The Health Care and Real Estate sectors were relative outperformers during the quarter, but still managed to decline in the double digits giving small cap investors very few places to hide.


(As of 3/31/20) — The Buffalo International Fund (BUFIX) declined by 19.78% during the quarter, outperforming the Morningstar Global Markets ex-US Index’s drop of 24.01%.


One of the contributors to our relative outperformance for the period was Sartorius Stedim Biotech, which supplies equipment and disposables for the biological pharmaceutical industry. As you can imagine, with the rush to find prophylactics and treatments for COVID-19, suppliers to this supply chain have been relative beneficiaries. So too with our investment in Lonza Group, which produces media and active ingredients and helps pharmaceutical companies produce their biologic drugs and drug candidates. Interxion Holdings was also among the group of top contributors, as the company provides cloud and internet gateway access and was acquired in the quarter.


Top detractors from portfolio performance included ICICI Bank, CTS Eventim, and Ashtead Group. ICICI Bank provides financial services throughout India, and, as the COVID-19 virus brought many businesses to a standstill, investors worried about deteriorating health in their loan book, as was the case with all financial institutions. CTS Eventim provides tickets for large gatherings like concerts and sporting events. With social distancing and stay-at-home orders, these large gatherings have been completely canceled until further notice. We exited the position during the period, as we try to assess how and when these gatherings might return. Ashtead Group provides rental equipment primarily for construction related activities. The company’s stock was hit unduly due to fears of a complete economic shutdown. We feel Ashtead will come out of a recession better positioned than ever, and companies may increasingly be likely to rent equipment rather than purchase their own as they try to maintain larger cash balances.


(As of 3/31/20) — In Europe, in an eventual post-crisis economic recovery, fiscal deficits and populism may continue to weigh on sentiment, spending, and investment. Emerging signs of stabilizing growth in the continent earlier this year now seem like a distant memory. In Japan, structural reforms have had limited success, and the consumer tax hike in October 2019 contributed to a sharp economic contraction in the 4th quarter. This market period has obviously been extremely volatile and difficult to navigate. As we saw signs of the virus spreading rapidly, we began taking action by trimming positions where valuation was getting full and/or where an eventual recovery may take longer. We initiated new positions in a few stocks we have been watching and waiting for a more attractive entry point, provided the nature of their businesses would still thrive in such an odd economic period.

The markets will have to endure some very terrible economic data for at least several quarters, and most companies have very little visibility into forward business. While we do not want to underestimate the impact of the coronavirus outbreak, history shows that events like this tend to offer opportunities for investors that are long-term oriented. Despite the uptick in market volatility, we will continue to invest in businesses we believe have durable competitive advantages and superior growth profiles trading at attractive valuations. We believe a portfolio of these companies will continue to offer attractive risk-adjusted returns over the long haul.

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

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 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 420 for the 3-year, 4 stars among 348 for the 5-year, and 4 stars among 249 Foreign Large Growth funds for the 10-year period ending 4/30/20.

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. ©2020 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.