At this point, Mutual Funds are the bottom of the barrel with respect to attracting talent for active management. There are plenty of examples of active funds that have consistently beat the market.
ex: Since Horseman's inception in February 2001, the fund has achieved annualized returns of 14.79%, according to HSBC.
According to A Random Walk Down Wall Street, there are many examples of funds that have consistently beat the market over 5-10 years, but there are very few that outperform the market over a longer time horizon, and oftentimes they underperforming in the subsequent time periods (Peter Lynch's Magellan fund is the one counterexample given).
ex: Since Horseman's inception in February 2001, the fund has achieved annualized returns of 14.79%, according to HSBC.
http://www.bloomberg.com/news/articles/2016-01-06/horseman-c...