With U.S. stocks trading at near-record highs, equity investors looking for the biggest bang for their buck should instead head overseas, according to Stephen Parker, head of multiasset strategies at JPMorgan Private Bank.

"We have benefited from our U.S. bias over the last few years, but we have been steadily increasing allocations to international markets in portfolios," said Parker, whose firm oversees $935 billion in assets.

Parker told CNBC's "Halftime Report" on Wednesday that he is focusing on Europe.

"Europe is no longer trading at distressed valuations, but European companies have a lot of operating leverage on the earnings front if we get even modest growth," he said. "While profit margins in the US.. remain near record levels, European margins have not recovered since the crisis."

(Read more: Why a top market bear's turning bullish)

These conditions have led the portfolio manager to believe European companies have the ability to post double-digit earnings growth this year.

Parker is not alone in his bullish view.

According to Bank of America's most recent fund manager survey, 46 percent of asset allocators said they were overweight European equities—the highest reading since 2007.

(Read more: Fund managers love euro zone equities: Survey)

Europe isn't the only area on his radar.

"Emerging market equities remain one of our top contrarian tactical trades," Parker said. "The stocks have lagged but are starting to perform better. The growth outlook is improving, but more importantly, the increasing likelihood that the Fed taper gets pushed into next year should ease the currency and financing stresses."

—By CNBC's Katie Young. Follow her on Twitter: @katiecnbc.