RT Journal Article SR Electronic T1 On the Market Timing of Hedge Fund Managers JF The Journal of Wealth Management FD Institutional Investor Journals SP 26 OP 38 DO 10.3905/jwm.2002.320431 VO 5 IS 1 A1 Greg N. Gregoriou A1 Fabrice Rouah A1 Komlan Sedzro YR 2002 UL https://pm-research.com/content/5/1/26.abstract AB In this article, the authors evaluate whether directional hedge fund managers benefit from market timing in investment strategies. Analysis of a sample of current and defunct onshore and offshore funds does not reveal any significant market-timing alpha. Most hedge fund managers exhibit good security selection skill, which tends to be negatively correlated with market-timing ability, but not correlated with asset size or age of the fund. Tests of single- and multi-index models are consistent with published findings in the mutual fund literature that the hedge fund returns exhibit low correlation with market index returns.