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The Jensen Study tracked 1,150 Mutual Fund's performance over a 10-year period.  After calculating the alpha for each of the funds, Jensen determined that, if any given year, only about 50% of mutual fund managers outperform the market - and only 50% of those funds outperform the market the following year. The probability of a particular mutual fund beating the market for the five consecutive years is only about 3% (3 out of every 100 funds). 

As you can now invest in the underlying index (ETFs) which have lower fees and a more consistent long-term return, why would you invest in a mutual fund?