The Standard & Poor's 500 Index could gain 10 to 15 percent for the rest of the year, says Pimco Deputy Chief Investment Officer Virginie Maisonneuve.

A 15 percent gain from Friday's close of 1,857.62 would put the index at 2,136.

Stocks will benefit from a "very benign growth-inflation environment" in the United States and the Federal Reserve's gradual tapering of its quantitative easing, she told CNBC. "I think that is very bullish for equities."

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Rising capital expenditures and strong balance sheets will also be supportive, Maisonneuve said.

In addition to U.S. stocks, she finds emerging markets attractive, based on valuations and vibrant global economic growth.

"I became more positive on emerging markets a couple of months ago when valuations were really very, very cheap," Maisonneuve said.

Investors flocked to emerging markets when interest rates fell after the 2008-09 financial crisis, as investors sought yield, she said.

"When the seed of tapering came, a lot of that money came out, putting pressure on currencies and those markets. And clearly, countries that had a current account deficit suffered more."

And that sell-off turned emerging markets into a bargain, Maisonneuve said.

While the S&P 500 is little changed over the past few weeks, investors have shifted among stocks.

"The broader thing still seems to be the sector rotation going out of growth [stocks] and into value [stocks]," Sahak Manuelian, managing director at Wedbush Securities, told The Wall Street Journal.

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