This study investigates the performance persistence of 78 mutual funds of Pakistan for the period 2009-2015. The sample period is divided into two sub-periods, based on movement of KSE 100 index closing value. A skilled manager is a manager who can outclass the market consistently during both sub-periods. This study first estimates outer performance, selectivity, market timing and volatility timing skills using Capital Asset Pricing Model. The results show absence of persistence regarding Jensen alpha, selectivity and market timing skill. The study is making novel contribution by investigating persistence in volatility timing skill. The result reveals week evidence of persistence for volatility timing skill under four-index model.