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The performance of mutual fund portfolios has been the subject of extensive examination in the literature of finance. Performance evaluation measures of this sort have typically employed a one parameter risk return benchmark like those developed by different scholars. Such investigations have effectively focused on fund managers’ security selection skills, diversification etc which can rightly be grouped as micro security selection skills. Besides, portfolio managers’ performance might attract greater insights in terms of return by engaging in successful macro market timing activities. Timing ability is the most welcoming feature expected from a fund manager where he has to be efficient enough to foresee these changes in the market, or enter into transactions in the market at the most appropriate time. This paper has made an attempt to evaluate the market timing ability of the fund managers of UTI with reference to its select schemes on the basis of Hendrickson and Merton method. For this purpose the models developed and tested by experts have been made use of.