Interpret the following results:

$$CoefficientsP$-$valueIntercept$0\mathrm{.}0360\mathrm{.}003$Mkt$-$RF$1\mathrm{.}230\mathrm{.}000008($Mkt$-$RF$)^20\mathrm{.}560\mathrm{.}025$

The fund is a market timer.$$On average it has outperformed the market even after controlling for market timing.

The fund is a market timer.$$On average it has outperformed the market and its outperformance$$is entirely due to market timing.

The fund is not a market timer but it contains growth firms.$$On average it has outperformed the market model even after controlling for growth and market timing.

The fund is not a market timer.$$On average it has outperformed the market model.