U.S. industrial stocks remain a popular pick for money managers as many are multinational companies that benefit from a weak dollar, pay a dividend and still can sell their goods abroad. Given hopes of a global recovery as well as the creation of a middle class in many emerging markets, these stocks still remain attractive, money managers say.

Nolte picks out Caterpillar ( CAT), Air Products ( APD) and Emerson Electric ( EMR) as his best plays in the industrial sector for very simple reasons.

"All of those companies have international exposure, so they're not strictly domestic companies," he says. "They all have good revenue growth, good access to capital. Even if the market or the economy slows down, they will continue to do well and take market share from the weaker companies."

Pavlik also likes the industrial sector as a play on global recovery. "I still think the world is in a growth phase and it's still early on," he says. "I don't think it is as tenuous as people treat it to be."

Pavlik singles out Boeing ( BA) and 3M ( MMM), noting dividend yields that are just under 2.5% on each stock.

For Boeing, he says the stock has and will continue to benefit on expectations for the delivery of the company's 787 Dreamliner jet. In regards to 3M, Pavlik says people will have more discretionary income, leading to the purchase of 3M's consumer-driven products.

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