The tech industry will benefit from the economic expansion, he said. "They don't really have the constraints that companies dependent on debt would, because most tech companies have no debt," he said. He also expects "old world" tech companies, which are relatively new to shareholder payouts, will continue to raise dividends ahead.
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In addition, the financial sector is set for a boost, he said. "Financial companies, banks, insurance companies, brokerage firms (and) money management firms, all will do extremely well in a rising interest rate environment because their margins will actually expand," Crofton said.
In the sector, he likes large "deposit gatherers" as they will benefit as the yield curve steepens.
"While the cost of deposits won't go up because (short-term) interest rates will stay low … the amount they can generate from loan payments will go up as longer-term interest rates go up so banks' net interest margin spread should improve," he said.
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He expects sector winners will include big players JPMorgan, Citigroup, Bank of America andWells Fargo, as well as some of the "super-regionals," such as PNC and US Bancorp.
"Banks that will lose will be community banks, regional banks that don't have a diverse product offering or a diverse client base," he said.
In addition, "I would try to avoid particularly the U.S. domestic bond market. All phases of the domestic bond market are very much ahead of themselves" with rates about to rise, Crofton said. "I wouldn't own anything with a maturity longer of than say five years. Or I would own longer dated securities that have a low cost basis and high coupons."
—By CNBC.Com's Leslie Shaffer; Follow her on Twitter @LeslieShaffer1