The results are in. A little short of 10 years later and the results aren't even close. The S&P Index gains of 65% while the hedge funds came in a little above 21%. (http://fortune.com/2016/05/11/warren-buffett-hedge-fund-bet/)
So with this being the case, why would anyone ever put money in a hedge fund?
Mutual Funds are no better. Here's what the data shows: 96% of actively managed mutual funds FAIL to beat the S&P over any sustained period of time. (Money: Master The Game) That means you have a 4% chance of picking the right fund. ONLY 4%!! To give contrast, if you played blackjack or as it's known 21, and had two cards that added up to 20, and told the dealer to hit you instead holding, you have an 8% chance of getting an ace. 8%!!!
Your best bet... Do what Warren Buffet did in the bet and what he advises his wife to do when he passes away. Put your money in a low fee S&P Index Fund and avoid Fund managers and mutual funds all together.
NOTE: This advice is for those who are not willing to become financially educated enough to invest in assets they control. That's ALWAYS the best route. Yes, it takes more time, energy and risk, but the rewards far outweigh anything available any of the above models. Invest in assets you control and creating cash flow is a cornerstone principal of capitalism.