Studies of the performance of professionally managed mutual funds find that these funds typically

1)

Do not outperform a market index. Thisrefutesthe semi-strong form of the efficient market hypothesis

2)

Out-perform a market index. Thisrefutesthe semi-strong form of the efficient market hypothesis

3)

Do not outperform a market index. Thissupportsthe semi-strong form of the efficient market hypothesis

4)

Out-perform a market index. Thissupportsthe semi-strong form of the efficient market hypothesis

5)

Use their inside information to gain acompetitiveadvantage over other investors