Mutual fund investors who put their money in index-based investments edged out others who bet on actively managed funds in all but one of the major style categories, according to a newly released study by Standard & Poor's. Only large-cap actively managed mutual funds beat out their index-based competitors in the same style category.

The results in 2004 were only slightly better than the previous year, when index funds dominated actively managed funds in five of nine major style categories and tied in one category.

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