...the new secular bull market has made fools of so-called “market neutral” managers...
This is kind of an odd comment because their is nothing inherently foolish about running a market neutral strategy just because the stock market went up a lot (assumes the market neutral strategy in question came reasonably close to the expectation it set for investors). Similarly, market neutral managers will not be transformed into geniuses the next time the market cuts in half.
I have an article up today at TheStreet that mentions how poorly the Market Vectors Gold Miners did last year. In a similar vein the Tocqueville Gold Fund (TGLDX) was down 44% for the last twelve months per Google Finance.
The last year has been lousy for precious metals so logically anything that invests in precious metals likely had a bad year. Fund's don't market this way but a fund that only owns airlines might as well say when airlines do well we're gonna do well and when airlines stink we're gonna stink. If the prospects for airlines look lousy, the airline fund is still going to own airlines which does not mean the managers are fools, just a bad time for prospective buyers of an airline fund.