The performance record of active$-$equity mutual fund managers can be summarized by the following.

Select one

A$.$ All active$-$equity mutual fund managers have underperformed.

B$.$ All active$-$equity mutual fund managers have underperformed, net of fees.

C$.$ Large$-$cap U$.$S$.$ active$-$equity mutual funds have tended to underperform while small$-$cap growth managers have outperformed.

D$.$ Large$-$cap U$.$S$.$ active$-$equity mutual funds have tended to outperform while small$-$cap growth managers have underperformed.