Media Coverage

Trump Tariffs & the Current State of International Markets

March 29, 2018

The Buffalo International Fund (BUFIX) portfolio managers, Bill Kornitzer, CFA, and Nicole Kornitzer, CFA, recently held a live Q&A session for investment advisors, who posed questions 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?

Bill Kornitzer (4:20)

What is your opinion on President Trump’s recent announcement regarding tariffs?

Bill Kornitzer (8:10)

Nicole Kornitzer (0:58)


The BUFIX portfolio managers also gave more insight into their process and investment philosophy:

Can you give us an example of a company in the portfolio that shows your process at work?

Bill Kornitzer (5:36)

Nicole Kornitzer (3:26)

What differentiates your fund from others?

Bill Kornitzer (2:34)

Nicole Kornitzer (1:08)

If you are a financial professional and would like to set up a call with one of our portfolio managers, please send a request to


World markets are relatively inexpensive compared to the U.S., by the widest margin in 10 years. Given the credit backdrop and where we are in the economic cycles and where stocks are priced, the opportunity is really skewed more favorably towards the international scene.

~ Bill Kornitzer, Co-Portfolio Manager, Buffalo International Fund


BUFIX Fund Managers

Annualized Performance (%)

As of 12/31/223 MOYTD1 YR3 YR5 YR10 YRSince Inception
BUFFALO INTERNATIONAL FUND - Investor15.64-21.79-21.793.
BUFFALO INTERNATIONAL FUND - Institutional15.67-21.65-21.653.425.307.314.91
  FTSE All World Ex-US Index14.36-15.22-15.220.911.584.492.16
  Morningstar Global Markets ex-US Index14.15-16.15-16.150.351.07--
  Lipper International Fund Index15.81-17.14-17.141.301.764.882.14
  Morningstar Foreign Large Growth Category13.77-25.29-

Annual expense ratio: 1.05%. The Morningstar category average represents a universe of funds with similar objectives. Average annual total return represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate and redemption value may be more or less than original cost. Fund performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained here.

Opinions expressed are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice.

As of 12/31/17, the Buffalo International Fund held CTS Eventim (1.05%) and Sartorius Stedim Biotech (1.50%). Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security.

ECB stands for European Central Bank. “S&P trailing PE” references the S&P 500 price-to-earnings ratio, based on the trailing twelve months. The S&P 500 is a capitalization weighted index of 500 large capitalization stocks which is designed to measure broad domestic securities markets. The Russell Global is an unmanaged index that measures the performance of the global equity market based on all investable equity securities, excluding companies assigned to the United States. It is not possible to invest directly in an index. EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. R&D is research and development. FDA is the Food and Drug Administration. TPP stands for Trans-Pacific Partnership. UK stands for United Kingdom. EU stands for European Union. VAT stands for Value-Added Tax. GDP stands for Gross Domestic Product.

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