Novices sometimes beating pros is something you'd expect to be true the more performance was due to luck rather than strategy.
If it was strongly strategy-dependent, best-information would win predictably and consistently.
If it was strongly strategy-dependent, best-information would win predictably and consistently.
Regardless of your objective - hosting a contest like this or allocating to individual institutions and strategies - you'll always face this problem. Good allocation decisions are tactical, taking both the logic of the strategy and the broader portfolio into account. Bad allocation decisions chase returns.
[1] https://en.wikipedia.org/wiki/Multiple_comparisons_problem
[2] https://en.wikipedia.org/wiki/Regression_toward_the_mean