1.   And they point to the years that they beat the index.

2.   Active managers across the industry beat the indexes and posted strong returns.

3.   But he says that is not because of closet indexing, noting that many large Fidelity funds beat the index last year.

4.   But in the end the winner was Fidelity Disciplined Equity, which owns many of the same stocks but tries to beat the index by using a computer model.

5.   Calpers, the largest U.S. public pension fund, has to date put so much in passive management because its large size makes it difficult to beat an index.

6.   Deciding how much to invest with a particular manager depends, in part, on the margin by which he has beaten the index.

7.   Eventually, he says, disenchanted indexers will move back to actively managed funds, as most begin to beat the index.

8.   I think the trends in terms of the dollar and small-cap stocks have made it very difficult for them to beat the index.

9.   In other words, investors will loosen the straitjacket they have placed on that manager, by reducing the short-term pressure to beat an index.

10.   In some years, more than three-quarters of the small caps beat the index.