The leading hedge fund company is managed by Warren Buffett, with aa portfolio of $132 billion.
Total holdings of >150 hedge funds is $544 billion. That gives to the operators of these funds a decisive influence in getting priority access the largest available gains that the stock market makes potentially available. Mutual funds, and particularly index funds, can only end up collecting whatever are the residual profits.
Hedge funds are the primary source of exceptional profits and of wealth accumulation that is realized by investors that represent the top 0.1% of the population.