Studies of the Performance of Professionally Managed Mutual Funds Find

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

A) do not outperform a market index. Assuming mutual fund managers rely primarily on public information, this finding refutes the semi-strong form of the efficient market hypothesis.
B) do not outperform a market index. Assuming mutual fund managers rely primarily on public information, this finding supports the semi-strong form of the efficient market hypothesis.
C) outperform a market index. Assuming mutual fund managers rely primarily on public information, this finding does not refute the semi-strong form of the efficient market hypothesis.
D) outperform a market index. Assuming mutual fund managers rely primarily on public information, this finding supports the semi-strong form of the efficient market hypothesis.