It's a good point, while it's exodus out of active equity MFs, active bond MFs are seeing net inflows. Vast majority of those inflows are into funds benched against the hapless 'agg' index which is like the Appalachian State of benchmarks- cupcake opponent. Stock pickers meanwhile have to play Alabama and George in the SPX and QQQ. This is arguably the biggest underreported story in investing, or at least funds.(Eric Balchunas)