Absolutely. Funds of all sorts are simply vehicles to get cheaper access to baskets of securities at a lower cost than entering those positions and maintaining the portfolio manually.
The fund structure doesn't impact or add efficiency to the pricing mechanism as a market functions over time. Pricing is relative, not absolute, for different investors. Even for the exact same asset.
If two things happened, then maybe the market would stop:
1) expectations - all investors agree on the nominal value of all investments
2) needs - all investors have similar needs from investing (I.e. There is the same expected return/discount rate/opportunity cost/etc for all investors)
Over the past few decades, we've made a lot of progress on #1, as trading has become far cheaper and investments are very accessible. However, i don't see a path toward #2. A pension fund, personal retirement fund, hedge fund, PE fund, etc, have different needs and I don't see how those expectations will converge in the future. Two people can value the same asset differently, based on their needs, even if they agree on the theoretical price (present value of future earnings).