Hedge funds reported the best first half since 2009 as equity managers capitalized on the surge in stocks. Funds rose 5.7% from January through June, according to Hedge Fund Research Inc.’s asset-weighted index of managers. Equity funds were the best-performing broad strategy, gaining almost 9% in the period. “It’s a stock-picking market, definitely,” Rob Christian, head of investment research at K2 Advisors, said on Bloomberg Television.