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Hedge funds piled into these stocks in the first quarter

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The hedge fund community bought a slew of stocks with conviction during first quarter's market turmoil, according to Morgan Stanley.

The Wall Street firm analyzed hundreds of 13F filings last week to find the most popular stocks hedge funds picked up over the volatile quarter. Money managers with more than $100 million in assets under management are required to disclose long positions with the Securities and Exchange Commission 45 days after a quarter ends.

Western Alliance, in particular, has been struggling amid concerns about deposit outflows. The impact of higher interest rates led to a run on deposits at Silicon Valley Bank, Signature Bank and First Republic, which were all seized by regulators in the span of a few weeks. Western Alliance has tumbled more than 40% this year, while Western Union is down about 11%.

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