mutual fund holdings study found that:

A. Funds hold stocks that underperform the general market before subtracting out fees, and once returns are estimated net of fees, the underperformance gets worse.

B. Funds hold stocks that outperform the general market before subtracting out fees, and once returns are estimated net of fees, the funds underperform the market.

C. Funds hold stocks that underperform the general market before subtracting out fees, and once returns are estimated net of fees, the funds outperform the market.

D. Funds hold stocks that outperform the general market before subtracting out fees, and once returns are estimated net of fees, the funds still outperform the market