Any "active manager" can outperform evidence-based investing as long as they are lucky enough to have larger amounts invested in securities or asset classes that are currently out-performing vs. under-performing. Easier said than done! And you only know if you were successful when all the dust has settled.
But it has been done. The article points out that as more people find out about this skilled (actually lucky) manager, that they all want to pile on. But the winning stops when it gets too big, or as the article is titled "scale works against active skill". (Or when the luck runs out, whichever occurs first.)
Here's the article.... Swedroe: Scale Works Against Active Skill