Basically it comes down to the following:

1) If you're low risk then stick it in a stable government bond.

2)If you're medium risk stick it in an low-fee index tracker

Most funds under-perform the market. There's no statistically sound way you can differentiate successful funds from lucky funds.

Trying to beat the market is a suckers game. There's no way you can out-analyze an analyst who spends 100 hours/week understanding a sector unless you have inside information or unique expertise. The first is illegal, the second is unlikely.