When John Muresianu left his post at Fidelity in the summer of 2002 to start managing his own fund, many watched closely to see if the long-only superstar could deliver in a long/short equity setting. But his initial results at $120 million Lyceum Capital, the Concord, Mass.-based hedge fund he founded in October 2002, were disastrous. From its inception to June 2003, the fund posted a 21.8% loss. Happily, the last half of 2003, however, was a different story with the fund netting a 25% gain. The positive run continued in January with a 3.3% gain.