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Hedge funds loaded up on financial and tech stocks in the first quarter—Here's what they picked

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TPG Inc,Avis Budget Group Inc,Spirit Aerosystems Holdings Inc

These stocks saw the most increases in hedge fund ownership over the past quarter.

Hedge funds added more exposure to financial and tech names in the last quarter, according to Morgan Stanley. In a recent report, the bank examined the latest form 13F filings with the Securities and Exchange Commission by large investors to find stocks with the greatest ownership increases. Strategist Todd Castagno noted that this was a beneficial exercise for investors who want to get ahead of the game.

Earlier this week, UBS upgraded shares of Universal Health Services to a buy rating from neutral. "We expect UHS to return to its longer term trend of 3-4% volume growth in the segment. Pricing should also remain strong, which will make up for any bumps in the road on the volume side," wrote analyst A.J. Rice. Hedge funds have recently increased their ownership shares in retailer Bath & Body Works by 2.5%.

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