Quick Facts
Inception Date:9/28/20077/1/2019
Expense Ratio:1.06%0.91%
Total Net Assets:$432.04 Million  (12/31/19)
Category:Foreign Large Cap Growth
Benchmark:Morningstar Global Markets ex-US
Related Material:
   Fund Fact Sheet Q4 2019
   PM Commentary Q3 2019
   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 405 Foreign Large Growth funds as of 12/31/19.

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 12/31/193 MOYTD1 YR3 YR5 YR10 YRSince Inception
BUFFALO INTERNATIONAL FUND - Investor9.6728.0228.0214.709.177.775.12
BUFFALO INTERNATIONAL FUND - Institutional9.6828.2028.2014.879.337.935.28
  Morningstar Global Markets ex-US Index9.1921.5721.579.946.195.592.44
  Lipper International Fund Index9.1423.4123.419.975.945.822.35
  Morningstar Foreign Large Growth Category9.3627.9427.9412.965.936.602.81
As of 12/31/193 MOYTD1 YR3 YR5 YR10 YRSince Inception
BUFFALO INTERNATIONAL FUND - Investor9.6728.0228.0214.709.177.775.12
BUFFALO INTERNATIONAL FUND - Institutional9.6828.2028.2014.879.337.935.28
  Morningstar Global Markets ex-US Index9.1921.5721.579.946.195.592.44
  Lipper International Fund Index9.1423.4123.419.975.945.822.35
  Morningstar Foreign Large Growth Category9.3627.9427.9412.965.936.602.81
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 12/31/19)
Upside Capture104.27
Downside Capture73.00
Sharpe Ratio1.17
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 12/31/19) 
# of Holdings90
Median Market Cap$31.72 B
Weighted Average Market Cap$63.88 B
3-Yr Annualized Turnover Ratio9.63%
Active Share92.99%
Market Capitalization
As of 12/31/19. Market Cap percentages may not equal 100% due to rounding.
Top 10 Holdings
Name of HoldingTickerCountrySector% of Net
Carl Zeiss MeditecAFXGermanyHealth Care2.40%
Sartorius Stedim BiotechDIMFranceHealth Care2.16%
AonAONEnglandFinancial Services2.16%
Taiwan SemiconductorTSMTaiwan, Province of ChinaTechnology2.09%
SAP SESAPGermanyTechnology2.03%
KeringKERFranceConsumer Discretionary1.96%
Schneider ElectricSUFranceIndustrials1.95%
InterXion HoldingINXNNetherlandsTechnology1.89%
Smith & NephewSNNEnglandHealth Care1.88%
As of 9/30/19. 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 12/31/19. 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 Kingdom9.52%
Taiwan, Province of China2.09%
Hong Kong2.03%
TOP 10 TOTAL79.46%


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 9/30/19) — Global equity markets were mixed in the 3rd quarter of 2019. Developed markets made minor gains while emerging markets were in decline. The trade dispute continued, and economic data pointed to an ongoing slowdown, while central banks remained accommodative. In the Eurozone, stock indices advanced on the new stimulus measures announced by the European Central Bank, while stocks in the United Kingdom rose, despite uncertainty regarding Britain’s exit from the European Union (Brexit). Japanese shares also gained with election results in the House that were favorable toward Prime Minister Abe’s party. Emerging markets, on the other hand, were negatively affected by the continuing U.S.-China trade dispute and global growth concerns. In the end, the Morningstar Global Markets ex-U.S. Index declined -1.50% versus the S&P 500 Index’s positive return of 1.70% during the period.

(As of 9/30/19) — The Buffalo International Fund produced a return of -1.67% for the quarter and slightly underperformed the Morningstar Global Markets ex-U.S. Index. The Fund’s relative underperformance was primarily related to stock selection. Overall, both sector and country allocation decisions were fairly neutral to our portfolio, while the portfolio’s allocation to cash was a benefit to relative results given declining international markets.


Top contributors in the quarter were Taiwan Semiconductor Manufacturing Company, ASML Holding NV, and Carl Zeiss Meditec AG. Taiwan Semiconductor, widely believed to be the most efficient and technologically-advanced semiconductor manufacturer, saw its stock recover in July after reporting good results and a positive outlook. The shares had declined in May due to trade war related worries. ASML, a supplier of semiconductor manufacturing equipment to Taiwan Semiconductor and others, also saw its stock recover after reporting better-than-expected results in the 2nd quarter despite trade war concerns. Demand for extreme ultraviolet lithography tools is growing as Taiwan Semiconductor is shifting to 7 and 5 nanometer technology. Meanwhile, in the Health Care sector, Carl Zeiss Meditec, a leading global provider of ophthalmic equipment and solutions based in Germany, continued to benefit from demographic trends and strong growth, especially in Asia.


Top detractors during the period included Tomra, SAP, and Kering.

Tomra, a Norwegian manufacturer of systems for the collection and sorting of waste, had disappointing 2nd quarter results, as order intake and backlog declined related to weak demand in the food segment in the U.S., because of the U.S.-China trade conflict. Near term results could be volatile, but we continue to believe that the company’s products will be in increasing demand over the mid-to-long term as the world must invest more in the collecting and recycling of the growing amount of global trash, particularly plastic.

SAP, a German multinational software company and a global leader in enterprise management software, declined after reporting 2nd quarter results in July that missed analyst estimates, with weak sales growth in China and a lack of margin expansion. We continue to believe that SAP is on track to meet its full year guidance and that the long-term trends of moving more and more into the cloud will benefit the company, while a recent stronger focus on profitability will keep management focused on improving margins.

Kering, a French luxury brand conglomerate, saw pressure on its stock price due to investor concerns around slowing growth of the Gucci brand and the potential short-term impact on sales from the political unrest in Hong Kong.


(As of 9/30/19) — We are in a period of uncertainty with respect to global growth. With the trade war still unresolved, and Brexit uncertainty still weighing, industries such as autos are in decline and businesses are holding back investments, while in emerging markets there are some signs that the consumer is beginning to tighten its purse strings. Global growth has been slowing and some economists are warning that a worsening of the tariff conflict could tip the world into a recession. The million-dollar question has now become what will happen in 2020, but the answer is not yet given.

On the other hand, there also are reasons to be optimistic. Global employment is strong, wages have been increasing, and consumer confidence in much of the world has remained resilient. While global trade has been weakening and manufacturing has been in decline, the services sector has remained strong. Finally, global central banks remain accommodative, and China is willing to inject more fiscal stimulus into its economy. Though, as we have written before, we view further loose monetary policies as more a means of pushing up financial asset prices than as major economic stimulus.

Whatever the economic outcome in the next quarter or the next year, we continue to have confidence in our investment process, and it remains steadfast. It is designed to identify companies that can grow throughout the economic cycle, and we believe that stocks outside the U.S. have become even less expensive relative to their domestic counterparts over the last few years. We hope to take advantage of any significant market movements caused by slowing economic growth or trade concerns by adding to our positions in those companies whose long-term prospects remain unchanged, in our view. Ups and downs in the global economy are inevitable. Yet, we believe that by remaining focused on investing in well-managed and innovative companies, which are benefiting from secular growth trends and are trading at attractive valuations, can 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

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
  • 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.


General Account
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Retirement Information
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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 405 for the 3-year, 4 stars among 338 for the 5-year, and 4 stars among 246 Foreign Large Growth funds for the 10-year period ending 12/31/19.

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.