Note(s): The table above presents the results of panel regressions of stock-selection timing on fund characteristics $tˆ$_i,t = c + $∑k=1KδkXi,k,t−1$ + ε_i,t, where $tˆ$_i,t represents the t-statistic of fund i's stock-selection timing coefficient from the regression in Eq. (2) over the rolling [t, t+1] months. X_i,k,t-1 denotes the fund's k^th characteristic, including active share, fund size, fund age, expense ratio, fund return, return volatility, normalized fund flow, cash holdings, the number of stocks in the portfolio, and ESG score. d is a dummy variable equaling 1 if the fund active share is above the sample median and zero otherwise. Following the literature (Kacperczyk et al., 2008), we use log values for fund size and fund age. All variables are lagged by one month, except for the ESG score, which is lagged by twelve months. We include time fixed effects in all regressions and use robust standard errors clustered at the fund level. ** denotes statistical significance at the 5% level. The sample period spans from January 1, 2012, to December 31, 2024