Hedge funds saw their first month of net outflows in December after five straight months of inflows, but with steady growth, especially for long/short equity strategies, it doesn’t look like people are moving out of hedge funds. Instead, the net outflows (and some sector specific inflows) look like a round of year-end asset reallocation that could give us a hint of what investors expect in 2014. After five consecutive months of positive asset flows; during which the industry witnessed net allocations of $70.2 billion, the month of December saw a sharp detraction from this trend with investors withdrawing a net…