Investor Login Advisors Contact Us FAQs Search INTERNATIONAL FUND QUICK FACTS Investor Institutional Ticker: BUFIX BUIIX Inception Date: 9/28/2007 7/1/2019 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 385 Foreign Large Growth funds as of 10/31/21. 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? Access Report >> The Case for Investing Internationally Access Report >> PERFORMANCE (%) MONTH - END QUARTER - END CALENDAR YEAR As of 10/31/21 3 MO YTD 1 YR 3 YR 5 YR 10 YR Since Inception BUFFALO INTERNATIONAL FUND - Investor 1.95 17.35 37.89 19.00 15.84 11.08 6.95 BUFFALO INTERNATIONAL FUND - Institutional 2.03 17.55 38.12 19.18 16.02 11.24 7.11 Morningstar Global Markets ex-US Index 1.02 8.94 30.54 12.37 10.02 7.22 3.51 Lipper International Fund Index 1.48 11.72 34.40 13.78 10.84 8.26 3.72 Morningstar Foreign Large Growth Category 1.07 9.03 27.70 18.35 13.76 9.74 4.59 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 Capture 109.28 Downside Capture 86.54 Alpha 5.98 Beta 0.93 Sharpe Ratio 0.76 HYPOTHETICAL GROWTH OF $10,000 Buffalo International Fund - Investor Class Morningstar Global Markets ex-US Index 2008 2010 2012 2014 2016 2018 2020 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 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 PORTFOLIO CHARACTERISTICS (As of 9/30/21) # of Holdings 89 Median Market Cap $39.50 B Weighted Average Market Cap $88.76 B 3-Yr Annualized Turnover Ratio 21.70% Active Share 91.86% MARKET CAPITALIZATION Small Cap ($1.5B - $4.5B): 2.0% Mid Cap ($4.5B - $30B): 34.4% Large Cap (>$30B): 63.6% As of 9/30/21. Market Cap percentages may not equal 100% due to rounding. TOP 10 HOLDINGS Name of Holding Ticker Country Sector % of Net Assets ASML Holding ASML Netherlands Technology 3.00% Ashtead Group AHT LN England Industrials 2.65% Sartorius Stedim Biotech DIM FP France Health Care 2.63% Taiwan Semiconductor TSM Taiwan, Province of China Technology 2.62% Hexagon HEXA B SS Sweden Technology 2.41% Schneider Electric SU FP France Industrials 2.36% Eurofins Scientific ERF FP France Health Care 2.29% Linde LIN GR Ireland Materials 2.28% Lonza Group LONN SW Switzerland Health Care 2.15% Carl Zeiss Meditec AFX GR Germany Health Care 2.13% TOP 10 HOLDINGS TOTAL 24.52% 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. View Full Holdings SECTOR WEIGHTING 9.4 8.9 0.0 11.3 18.3 16.3 19.6 9.4 0.0 0.3 0.0 6.6 15.0 8.1 3.7 17.6 9.2 13.1 15.0 8.6 3.5 2.8 3.6 0.0 Buffalo International Fund Morningstar Global ex-US Index Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Telecommunications Utilities Cash 0% 5% 10% 15% 20% 25% 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. COUNTRIES TOP 10 COUNTRIES % of Portfolio Net Assets Germany 21.32% France 16.98% Netherlands 8.82% Ireland 8.34% United Kingdom 8.13% Switzerland 6.77% Japan 5.75% Sweden 3.22% Luxembourg 2.74% Taiwan, Province of China 2.62% TOP 10 TOTAL 84.69% As of 6/30/21. MARKET CLASSIFICATION Emerging Markets: 5.34% Developed Markets: 94.66% As of 6/30/21. MANAGEMENT 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 COMMENTARY Q3 2021 Commentary CAPITAL MARKET OVERVIEW PERFORMANCE COMMENTARY (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 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 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. OUTLOOK 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 Nov 18, 2021 Kiplinger recognized the Buffalo Small Cap and International Funds as “Top-Performing Mutual Funds” in their recent fund analysis. KIPLINGER: TOP-PERFORMING MUTUAL FUNDS Aug 18, 2021 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 Mar 22, 2021 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. BUFFALO FUNDS NAMED TO IBD BEST MUTUAL FUNDS 2020 Mar 23, 2020 BUFIX and BUFHX were named to the Investor’s Business Daily Best Mutual Funds 2020 list in the International Stock Fund and U.S. Taxable Bond Funds categories, respectively. 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, 2019 – out of 373 Foreign Large Growth funds* Morningstar 5-star Overall Rating – December 31, 2018 – out 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, 2018 – out 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, 2017 – out 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. LITERATURE Buffalo International Fund Documents Last Updated Fact Sheet 9/30/21 Quarterly Commentary 9/30/21 Full Fund Holdings 9/30/21 Summary Prospectus 7/29/21 Prospectus 7/29/21 Statement of Additional Information 7/29/21 Annual Report 3/31/21 Semi-Annual Report 9/30/20 Tax Guide - 2020 1/10/21 General Account Forms Investor Class Institutional Class Both New Account Application New Account Application - Entity Change or Add Account Details Cost Basis Method Election Power of Attorney Individual Retirement Account (IRA) Forms IRA Account Application IRA Beneficiary Addition / Change IRA Required Minimum Distribution (RMD) IRA / Qualified Plan Distribution Request IRA Transfer Coverdell Education Savings Accounts (ESA) Forms Coverdell ESA Application Coverdell ESA Distribution Request Coverdell ESA Transfer Retirement Information Retirement Savings Options for Individuals MORNINGSTAR RATING™ The Buffalo International Fund (BUFIX) received 3 stars among 385 for the 3-year, 4 stars among 326 for the 5-year, and 4 stars among 223 Foreign Large Growth funds for the 10-year period ending 10/31/21. Other share classes may have different performance characteristics based on risk-adjusted returns. MORNINGSTAR SUSTAINABILITY RATING™ MORNINGSTAR LOW CARBON DESIGNATION™ OUR FUNDS Discovery Fund Dividend Focus Fund Early Stage Growth Fund Flexible Income Fund Growth Fund High Yield Fund International Fund Large Cap Fund Mid Cap Fund Small Cap Fund INVEST WITH US Open an Account Directly Work with a Financial Advisor Platform Availability RESOURCES Account Forms Advisors Coverdell Accounts CUSIP IDs FAQs Investor Login IRA Accounts Literature Prospectus Tax Information ABOUT US Who We Are Investment Strategy Our Team Our History LinkedIn Prospectus Privacy Policy Definitions © 2021 Buffalo Funds. All rights reserved. Before you invest in the Buffalo Funds, please refer to the summary or statutory prospectus for important information about the investment company, including investment objectives, risks, charges and expenses. You may also obtain a hard copy of the prospectus by calling (800) 49-BUFFALO. The prospectus should be read carefully before you invest or send money. Mutual fund investing involves risk; Principal loss is possible. The Buffalo Dividend Focus, Flexible Income, Early Stage Growth, Small Cap, Mid Cap, Discovery, Growth, and International Funds invest in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The Dividend Focus, High Yield, Early Stage Growth, Small Cap, Mid Cap, Discovery, Growth, Large Cap and International Fund may invest in foreign securities which will involve political, economic and currency risks, greater volatility and differences in accounting methods. The International Fund may invest in emerging markets, which are generally more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries and securities markets that are substantially smaller, less liquid, more volatile and may have a lower level of government oversight than securities markets in more developed countries. The Flexible Income and High Yield Funds may invest in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. The Flexible Income Fund may invest in MLPs which are subject to certain risks inherent in the structure of MLPs, including complex tax structure risks, limited ability for election or removal of management, limited voting rights, potential dependence on parent companies or sponsors for revenues to satisfy obligations, and potential conflicts of interest between partners, members and affiliates. Investors should be aware of risks involved with investing REITs and real estate securities, such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments. The Buffalo Funds are offered only to United States residents, and information on this site is intended only for such persons. Nothing on this website should be considered a solicitation to buy or an offer to sell shares of any Buffalo Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction. Kornitzer Capital Management is the advisor to the Buffalo Funds, which are distributed by Quasar Distributors, LLC.