2023 Hillsdale Investment Management – CFA Society Toronto Research Award Winner

Congratulations Steven J. Riddiough, Associate Professor of Finance at University of Toronto and Wei Opie, Senior Lecturer at Deakin University in Australia.

Toronto, Oct 11, 2023 (GLOBE NEWSWIRE) -- Congratulations to the winners of the 2023 Hillsdale Investment Management – CFA Society Toronto Research Award. This year’s award-winning paper entitled “On the Use of Currency Forward: Evidence from International Equity Mutual Funds” is authored by Steven J. Riddiough, Associate Professor of Finance, University of Toronto and  Wei Opie, Senior Lecturer, Deakin University in Australia.

“I believe this paper is one of the first to seriously study currency hedging in the domain of equity mutual funds. Using hand-collected data the paper documents important empirical patterns of how international equity mutual funds use currency derivatives for their diverse purposes and objectives. The paper identifies  a link between the use of currency derivatives in the equity fund management industry and currency factor premiums such as carry and momentum”. said Chris Guthrie, CFA, President and CEO, Hillsdale Investment Management Inc. 

For more than a decade, Hillsdale Investment Management and CFA Society Toronto have partnered to offer this award. It is open to global researchers conducting research related to Canadian capital markets and has brought to light new ideas and innovative concepts for the benefit of the entire investment community. 

The joint effort of Riddiough and Opie is a paper that highlights the boom in international investing over the past 30 years. The paper details how allocating more weight to foreign securities increases diversification, enhancing risk-adjusted returns relative to a purely domestic portfolio. But with foreign investments comes exchange rate exposure that could also increase portfolio volatility and reduce the final return.  

Submitted papers are reviewed by a panel of CFA charterholder investment experts to ensure they are in line with the rigorous values and standards embodied in the CFA designation.  

“It is a privilege to support the applied research efforts of this award. Over the past 13 years, we received numerous submissions presenting innovative concepts helping to shape the investment landscape.” said Harry Marmer, CFA, Executive Vice President, and Partner, Hillsdale Investment Management Inc.

Visit to see all events and activities planned for the coming weeks.

Research Paper Abstract
The purpose of the study is to provide the most comprehensive account of exchange rate management within the investment management industry. We concentrate attention on the international equity mutual fund industry in the United States, which has grown to nearly $3 trillion in assets under management—making it critical to assess whether the industry’s practice is consistent with cutting-edge research findings. Our focus is on achieving a better understanding of the rationales for, and consequences of, decisions made at both the industry and fund levels. We ask three primary research questions: First, which funds choose to use currency forwards—the derivative contract that is used almost exclusively to manage exchange rate exposure—and how do they use them? Second, at the currency level, what are the main determinants of currency forward usage, and do the currency forwards enhance the investment performance of the fund? Third, among funds which do not use currency forwards, to what extent are they leaving “money-on-the-table” for their investors?

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 is the largest Society in over 160 global financial markets representing the interests of more than 11,000 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.  

About Hillsdale Investment Management Inc.
Celebrating over a quarter of a century of investment excellence, Hillsdale Investment Management is an independent, employee-controlled, and client-aligned investment boutique serving 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 investment and service excellence – a reflection of its relentless pursuit of research and development and of the dedication of its employees. For more information, please refer to

Chartered Financial Analyst® and CFA® are registered trademarks owned by CFA Institute.