Hedge Funds: a cog in the wheel?

Given the underperformance of hedge funds/active managers in general, I can’t help but think hedge funds, in aggregate, are now simply keeping public markets “well-oiled” so to speak aka efficient, and no longer providing alpha for investors. The information gap is shrinking (ex. everybody uses Bloomberg etc.), and I think performance as a whole will converge to market returns. Any thoughts from experienced monkeys? Where will the opportunities be in public markets (if any) in the next 5-10 years and beyond ? What strategies are poised to deliver performance amid this trend? gone are the days of the paul Tudor Jones and soros of the world; are there any stand out managers left in the business?