- Business
- Buffalo International Fund (BUFIX) is an actively managed open-end mutual fund that seeks long-term growth of capital through investments primarily in equity securities of established, high-quality non-U.S. companies with exposure to secular growth trends, strong operating models, and attractive risk/reward profiles; it offers Investor Class shares (BUFIX, inception September 28, 2007, expense ratio 1.04%) and Institutional Class shares (BUIIX, inception July 1, 2019, expense ratio 0.89%), with net assets of approximately $900 million as of mid-2025. The fund emphasizes a bottom-up fundamental approach combined with top-down trend identification, targeting primarily large-cap growth stocks in the Foreign Large Growth category (Morningstar), with sector allocations led by technology (around 22%), industrials (20%), and healthcare (18%), and geographic focus on developed markets in the Eurozone (37%), Europe ex-Euro (16%), Japan (12%), and the United Kingdom (12%); top holdings as of March 31, 2025, include BayCurrent Inc., SAP SE, Schneider Electric SE, MercadoLibre Inc., and Taiwan Semiconductor Manufacturing Co Ltd. Launched in 2007 and advised by Kornitzer Capital Management, Inc., the fund is part of the Buffalo Funds family, which was founded in 1994 and is headquartered in Mission, Kansas; portfolio management is led by Nicole Kornitzer, CFA, since 2009, supported by analysts Pat Srinivas and Frank Diebold, CFA. Recent developments include quarterly commentaries and fact sheets for Q2 2025 highlighting market positioning and performance amid global trends, alongside annual dividend distributions such as $0.174 per share (BUFIX) and $0.212 per share (BUIIX) paid December 2024, and scheduled 2025 distributions on December 17 (net investment income) and December 4 (capital gains if any); in early 2023, parent adviser Kornitzer Capital Management announced leadership succession with Joe Neuberger as President of KCM and Laura Symon Browne as President of Buffalo Funds, marking a strategic transition while founders remain involved as portfolio managers. The fund operates without load fees, maintains low turnover (3-year annualized 6.5%), and is available through major brokerages for U.S. investors seeking international diversification beyond benchmarks like the FTSE All-World ex-US Index.