This research analyzes market-timing skill of 213 mid-cap equity funds during the period January 2009 to December 2017. There are quite a few studies in the existing literature concerning timing ability shown by fund managers and, at best, results are mixed. This research documents not only positive timing ability by fund managers, but also show only a small portion of funds show negative timing skill. Moreover, a greater percentage of positive timing funds are statistically significant compared to negative timing funds. The results further strengthened the argument that security selection alone may not be the most important tool used by fund managers; asset allocation is also important to achieve above normal performance.
Mutual Funds, Performance, Timing Skill.