Fund net loss of high-position most serious of which, passive management of index funds to bear the brunt.

基金净亏损高的位置最严重的是，指数基金的被动管理首当其冲。

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Average returns after fees was 1.3 percent compared to -0.91 percent for passive funds.

FORBES: Active Money Management Gets Back Their MoJo

For example, passive funds (i.e. index funds and ETFs) are based more on algorithms than fundamentals and valuation.

FORBES: Stock Market Logic

The general market sentiment has been that of cautious optimism, and this became more evident with investors increasing their exposure to passive funds.

FORBES: State Street Stock Is Worth A Few More Bits To $48