That hideous fishwrap HaAretz has a good financial supplement called The Marker. In it, a permanent page of a managed portfolio written by two prominent professional managers (see left). It has the rare quality of being almost honest and almost allowing long term comparison between a well managed portfolio and an index portfolio, After six years,the managed portfolio is 28.4% higher in nominal terms, while the index portfolio is 25.9% higher. Apart from the overall miserable yields, I can see no alpha anywhere. With transaction and management expenses, the result is negative. And these two are probably the best managers in TASE. They apply all the textbook rules of diversification and risk managements.
About ten years ago I abandoned managed funds and invest by ornithomancy (the fly of the birds, specially blue ones). My results are not worse than The Marker's.