He says he is baffled at how the market's rally this year has essentially been devoid of improved investor sentiment and big inflows into domestic equity funds.

他说他被今年市场如何反弹难住了，反弹本质上是由于缺乏改善投资者的情绪和大笔资金注入国内股票基金。

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The latest five-year data for domestic equity funds can be interpreted favorably by proponents of passive management.

FORBES: Active Funds Continue to Struggle

Over the last five years, approximately 24 percent of domestic equity funds, 22 percent of international equity funds and 15 percent of fixed income funds merged or liquidated.

FORBES: Indexes Beat Active Funds Again in S&P Study

Data published by the Investment Company Institute shows that the amount of weekly estimated outflows from domestic equity mutual funds has decreased during four out of the past five weeks.

FORBES: Investor Optimism At Highest Level Since August