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An award-winning research paper has some good news for Canadian managers competing for global equity markets
International subadvisors don't have a performance edge - An award-winning research paper has some good news for Canadian managers competing for global equity markets
Internationally based subadvisors don’t measurably improve the performance of mutual funds that focus on markets abroad, according to the winning research paper of this year’s CFA Society Toronto and Hillsdale Canadian Investment Research Award.
The paper, Does Subadvising Abroad Improve the Performance of International Mutual Funds?, by Pauline Shum Nolan and Michael Densmore of York University, and Markus Broman of Syracuse University, finds that “managers with a foreign presence do not have an information edge in international investing,” Chris Guthrie, president and CEO at Hillsdale Investment Management Inc., says in a statement.