  We study the UV properties of the three-dimensional ${\cal N}=4$ SUSY
nonlinear sigma model whose target space is $T^*(CP^{N-1})$ (the cotangent
bundle of $CP^{N-1}$) to higher orders in the 1/N expansion. We calculate the
$\beta$-function to next-to-leading order and verify that it has no quantum
corrections at leading and next-to-leading orders.
