While the hedge fund community has once again failed to take advantage of what so many predicted would be a new “golden age” for the 2 and 20 crowd as a result of a collapse in pairwise correlations, largely as a result of short stocks squeezing higher and hurting performance, it has been a different story for the “long only” mutual fund group, which according to a new analysis by Bank of America enjoyed its best quarter and 1H half in eight years, specifically “over half (54%) of large cap fund managers beat their benchmarks in the first half of the year- for the first time since 2