3. Which of the following is not a contributing factor for why mutual funds have not outperformed the market (after fees) in the past thirty years?

A. Mutual fund fees are large enough to account for a portion of the stock-picking ability of the fund manager

B. Many mutual funds can only invest 5-10% of the funds assets in any one stock or bond

C. Many mutual fund managers are paid based on the total funds, not on their performance

D. Mutual funds frequently sell off stocks sooner than one year, so investors must pay the ordinary tax income rate on these capital gains

E. All of the above are reasons why mutual funds have not outperformed the market