Efficient Market Hypothesis - Active Portfolio Management

One of the questions states that under what financial market condition can active portfolio management outperform a passive index tracking strategy consistently over time. Active management -

A. Cannot outperform if markets are weakform efficient

B. Can outperform if markets are weak form efficient but not semi strong efficient

C. Can outperform if markets are semi strong efficient but not strong efficient.

Correct answer is B, but in the readings no where explicitly mentioned that active portfolio management can outperform a passive strategy in weak form efficient markets.

The weak form EMH says includes all current market data, and therefore technical analysis will not produce extra return. However, it does not include all publicly available information. Therefore, under weak form EMH you can achieve superior returns by undertaking fundamental analysis.

However, semi-strong EMH says that prices adjust rapidly to all publicaly available information. Here, fundamental active management will not produce superior returns and as such you should implement a passive approach.

It might not explicitly say that active management can outpeform under weak EMH but you can infer that it does by the rules of weak and semi strong EMH.