1.  CalSTRS declined to provide any details about holdings or performance of its active money managers, although it acknowledged that they were picking up some of these stocks.

2.  Equally passionate are the active money managers.

3.  The firm uses a combination of index investing and active money management to ensure that small markets occupy a significant weight in the portfolio.

4.  This small fund is designed, in part, to fill in gaps left by the active money managers, according to Brad Pacheco, a CalPERS spokesperson.

5.  What that leads Olstein to conclude is a return to active money management, the type of hands-on stockpicking that comes from analyzing balance sheets and income statements.