You have collected 6 years of monthly data on return of funds ABC and XYZ as well as on S&P/TSX composite index and the government short term bills (risk-free). You have run two (excess return) index-model regressions for the two bonds and the results are as follows:

For ABC, rp rf = 0.01 + 1.4(rM rf) + 2.2(rM rf)2 R2=0.96

For XYZ, rp rf = 0.02 + 2(rM rf) - 3.2(rM rf)2 R2=0.80

a) Which manager shows a better ability to time the market? Why?