2019 CFA Society Toronto & Hillsdale Canadian Investment Research Award Winner

Congratulations to the winners of the 2019 CFA Society Toronto & Hillsdale Canadian Investment Research Award. This year’s award winning paper is Does Sub-Advising Abroad Improve the Performance of International Mutual Funds? by Dr. Pauline Shum Nolan and Mr. Michael Densmore of York University, and Dr. Markus Broman, Syracuse University. The winning paper was determined by a panel of judges appointed by CFA Society Toronto.

“This year’s winning paper is especially satisfying as the authors empirically demonstrate that managers with a foreign presence do not have an information edge in international investing.  This is especially important for Canadian managers competing for global equity mandates as it suggests that they are not disadvantaged by being in Canada. said Chris Guthrie, CFA, President and CEO, Hillsdale Investment Management Inc.

CFA Society Toronto and Hillsdale Investment Management Inc. will be awarding the $10,000 CAD prize to the authors of this research paper on 28 February 2019 at CFA Society Toronto’s Annual Awards Reception.

“Be local and think global is an important strategic take away for the Canadian money management industry from this year’s award-winning paper.” said Harry Marmer, CFA, Executive Vice President, Hillsdale Investment Management. “This paper is representative of the numerous, high quality submissions that were received this year and we are very proud to be working with CFA Society Toronto.”

The abstract of the paper:  “We investigate the impact of having a foreign presence in research and asset management on the performance of international equity funds sold in the U.S. Adjusting for global risk factors, we show that hiring sub-advisors abroad does not improve fund performance, suggesting that they are unable to exploit local information. Further, funds that hire outsourced, rather than in-house, international sub-advisors underperform on a risk-adjusted basis by up to 122 bps annually, relative to funds that are not sub-advised. The underperformance can partly be explained by internationally outsourced sub-advisors being less active in managing the assets, particularly in their local holdings.”

“My co-authors and I are delighted to be selected for the 2019 CFA Society Toronto & Hillsdale Canadian Investment Research Award. As researchers, we strive to balance practical relevance and academic rigor in our work, and we are extremely proud of the recognition from such well-respected organizations.” said Mr. Michael Densmore.

To view a copy of the paper click here.

Note to editors:  Dr. Pauline Shum Nolan and Mr. Michael Densmore will give a brief overview of their findings at our Annual Awards Ceremony. The event is open to the media who can register by emailing and interviews are available upon request by emailing The Awards Ceremony will be held on 28 February 2019 from 5:30PM to 7:30PM at TMX Broadcast Centre, TMX Gallery, The Exchange Tower, 130 King Street West, Toronto,ON.   

Media contacts CFA Society Toronto
Jonathan Mai
CFA Society Toronto
Phone: (416) 366-5755 X 235
Twitter: @cfatoronto 

About Hillsdale Investment Management Inc.
Founded in 1996, Hillsdale Investment Management Inc. is one of Canada’s premier investment boutiques, managing over $2.6 billion in equities and absolute return strategies for institutional and private wealth investors. Hillsdale’s proprietary investment process utilizes the best of fundamental, quantitative and capital market research. With over 22 years of experience in disciplined active investment management, Hillsdale is committed to producing the highest quality investment strategies for its clients.

About CFA Society Toronto
CFA Society Toronto is Canada’s largest Society of CFA® Charterholders, dedicated to supporting the professional and business development of over 10,000 members. We provide our membership with a local perspective on a global designation through our member services, which include: educational programs, sponsored events, employment postings, quarterly newsletters and networking opportunities. A not-for-profit organization, CFA Society Toronto is affiliated with CFA Institute, the global body that administers the Chartered Financial Analyst® curriculum and sets voluntary, ethics-based performance-reporting standards for the investment industry. CFA Society Toronto’s members are leaders in ethics in the financial community. For more information, please refer to

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