In short: Buffalo Funds (International Fund): held as a top-ten position (2.17%) for exposure "to secular trends that we believe to be at least partially insulated from these potential risks, among them trends related to AI, Electrification, and Defense." The criteria rather than the company do the work here: "companies that are benefiting from secular growth trends, sound business models and competitive advantages," which "generate consistent and strong free cash flow, with management teams that focus on generating returns above the cost of capital." Disco supplies the precision dicing, grinding and polishing tools that every advanced-packaging and HBM stack passes through — but note the letter excerpt is portfolio commentary, not a company write-up.
Disco makes the machines that cut, grind and polish silicon wafers — an unglamorous step that every advanced chip, and especially every stacked memory package, has to pass through. Buffalo holds it as a top-ten position for exposure to trends they consider durable: AI, electrification and defence.
Their stated criteria are worth more than the write-up itself, which is portfolio commentary rather than a company case: businesses with a real competitive advantage that generate consistent free cash flow, run by managers who earn returns above their cost of capital. Disco qualifies because its tools are hard to replace once designed into a production line.
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