omewhat offset by bad market timing skills. This downplaying effect of negative market timing ability on alpha is also presumed to be in for example AMANX and KUTEQIS58, which have insignificant alphas when estimated with Jensen's model but have significantly positive alphas when applying Treynor and

TY FUND ALGLBTE LT CG Global HC, IT Saudi Arabia USD HSBC INS TAKAFUL GLOBAL FUND KEPTAKA LT CG Global Singapore SGD AMANA INCOME FUND AMANX CP Global United States USD NORIBA GLOBAL EQUITY FUND UBSISGE LT CG Global HC. BM Luxembourg USD AMANAH EQUITY FUND NTUAMEQ LT CG Glob