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Hedge fund favorites amid recovering economy

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As the economy and consumer sentiment continue to improve, several specific sectors are seeing a boost in hedge fund investments, according to a recent look into quarterly filings.

"The economy is recovering and the sectors you would expect to do well are overweight," said Maz Jadallah, founder and CEO of AlphaClone, a firm that tracks hedge fund activity.

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Hedge funds have been bullish on the consumer discretionary, technology and financial sectors, according to Jadallah.

Hedge fund investors have invested more in companies like Time Warner Cable, Disney, Exxon Mobil, Apple, Bank of America and MasterCard , Jadallah said.

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Many hedge funds invested in Time Warner, a company that's seen improved ad revenue and top-line growth of about 7 percent, a sign of a recovering economy, Jadallah noted.

He said he expects hedge funds to be net bullish on the stock over the next few quarters.

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