2020 Hillsdale Investment Management – CFA Society Toronto Investment Research Award Winners

TORONTO, 04 December 2020  – Congratulations to the winners of the 2020 Hillsdale Investment Management – CFA Society Toronto Investment Research Award. This year’s award-winning research paper is Complex Instrument Allowance at Mutual Funds by Paul Calluzzo and Selim Topaloglu from Queen's University Smith School of Business and Fabio Moneta from University of Ottawa, Telfer School of Management.

“Completing high-level research for publication takes an extraordinary amount of effort and commitment. The conclusions reached by this paper are more valuable than statements of ‘fact’ that are determined without proper testing,” said Chris Guthrie, CFA, president & CEO, CIO, portfolio manager, and founding partner of Hillsdale Investment Management Inc.

The Hillsdale Investment Management – CFA Society Toronto Investment Research Award is open to global researchers conducting research related to Canadian capital markets including both academics (e.g. professors and students) and practitioners. Research papers are reviewed by a panel of CFA charterholding investment experts to ensure they are in line with the rigorous values and standards embodied in the CFA designation.

"At its roots, Hillsdale believes in and supports applied investment research and the need to continuously invest in our process for the benefit of our clients. Teaming up with CFA Society Toronto to further such research efforts is a natural for us," said Harry Marmer, CFA, executive vice president, and partner of Hillsdale Investment Management Inc.

The abstract of the paper: “We study the loosening of restrictions on the use of leverage, derivatives, and illiquid assets by mutual funds. In contrast to previous studies, we find that the allowance of these complex instruments is associated with poor performance and higher risk. The underperformance is most acute during market downturns and among weakly monitored funds. We also find that mutual funds that actually use these instruments underperform. Overall, our results suggest caution in allowing funds to use these complex instruments.”

Click here to read more about this year’s award-winning research paper. 

About Hillsdale Investment Management Inc.
Celebrating over a quarter of a century of investment excellence, Hillsdale Investment Management is an independent, employee-owned and client-aligned investment boutique managing over $3.5 billion on behalf of a select group of institutional and private wealth investors. Hillsdale engages in disciplined active investment management, specializing in equities, alternatives, ESG and customized mandates. Hillsdale is recognized for both investment and service excellence – a reflection of its relentless pursuit of research and development and the dedication of its partners and employees.  For more information, please refer to

About CFA Society Toronto
Founded in 1936, CFA Society Toronto is part of the worldwide network of CFA Institute member societies that lead the investment profession globally by promoting the highest standards of ethics, education and professional excellence for the ultimate benefit of society. CFA Society Toronto represents the interests of over 10,000 investment professionals in the Greater Toronto Area through advocacy, education, events, and professional development.  For more information visit or follow us on Twitter @cfatoronto and on LinkedIn CFA Society Toronto.

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